Wednesday 3 June 2026
The Mighty Headlines
Economics: Canada enters “technical” recession
Business and markets: Rheinmetall makes €5.7bn deal with Romania
Foreign Affairs: General Strike takes places in Portugal over labour reforms
Security and intelligence: Bill Pulte appointed as new US intelligence chief
Domestic politics: UK seeks to cut greenhouse gases by 87 per cent by 2040
The Mighty Stats
FTSE = 10,373.51 (up 0.33%)
S&P 500 = 7,609.78 (up 0.13%)
Nasdaq = 27,093.90 (up 0.026%)
Stoxx 600 = 625.34 (up 0.66%)
£1 = $1.35 / €1.15
Lab / Con / Reform / Green = 18 / 18 / 27 / 15 per cent (YouGov, 31 May – 1 June)
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The Mighty Detail
Economics: Canada has entered a “technical recession” after two consecutive quarters of negative growth. The Canadian economy contracted by 1 per cent in Q4 2025 and by 0.1 per cent in Q1 2026.
Speaking yesterday, Prime Minister Mark Carney indicated that the contraction was the result of cuts to immigration and weaker growth in federal government spending.
Business and markets: Rheinmetall, the German defence giant, has secured a €5.7 billion contract with Romania to provide it with military equipment. Romania will receive Skyranger air defence systems, four naval vessels, 298 Lynx armoured vehicles and ammunition.
Foreign Affairs: A General Strike is taking place in Portugal today. The strike has been brought by the General Confederation of Portuguese Workers trade union over the Government’s planned changes to labour laws.
Transport services including rail and air transport, as well as health and education services, retail and manufacturing are all expected to be affected.
Security and intelligence: President Trump has appointed Bill Pulte as the Acting Director of National Intelligence (DNI). It follows the resignation of Tulsi Gubbard. As DNI Acting Director, Pulte will be Trump’s principal intelligence advisor and oversee US intelligence agencies including the CIA and National Security Agency.
Pulte is currently head of the Federal Housing Finance Agency to which he was appointed by President Trump in 2025.
Pulte is also heir to the Pulte Group real estate fortune.
Domestic politics: The UK Energy Secretary, Ed Miliband, has proposed a legally binding target to reduce greenhouse gas emissions in the UK by 87 per cent by 2040. The target forms part of the carbon budget for 2038 to 2042.
The Mighty Calendar
What’s happening today?
European Court of Justice rules on Facebook’s “gatekeeper” designation
Prime Minister’s Questions in UK House of Commons
Company results from: Broadcom, Inditex, CrowdStrike, Medtronic
Lookahead to tomorrow
Former MI6 Director, John Sawers, appears before Lords International Relations and Defence Committee to discuss multilateralism
Women’s semi-finals at French Open (tennis)
Company results from: Mitie
The Mighty Finale
🌤️Weather today
Rain across the UK. High of 18C and low of 13C in London.
✏️Life coaching quote of the day
“The thing always happens that you really believe in; and the belief in a thing makes it happen.” – Frank Lloyd Wright, architect
Mighty takeaway: Do you fully believe that you are capable of achieving the outcome you want, or do only half believe it? If you only half believe it, it will never happen.
That’s it for this Wednesday morning. We’ll see you again on Friday.
Cheerio!
The Mighty Memo team
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