Wednesday 5 November 2025
The Mighty Headlines
Economics: Russian oil exports drop after sanctions and Ukraine strikes
Business and markets: US stock markets fall amid concerns of a bubble
Foreign Affairs: EU says it could add new member states by 2030
Security and intelligence: North Koreans sanctioned over cyber attacks
Domestic politics: UK Chancellor paves the way for tax rises
The Mighty Stats
FTSE = 9,714.96 (up 0.14%)
S&P 500 = 6,771.55 (down 1.17%)
Nasdaq = 23,348.64 (down 2.04%)
CAC40 = 8,067.53 (down 0.52%)
£1 = $1.30 / €1.13
Lab / Con / Reform = 20 / 16 / 27 per cent (YouGov poll, 2-3 November)
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The Mighty Detail
Economics: Exports of Russian oil fell by 190,000 barrels in the four weeks to the 2nd November as US sanctions start to take effect.
Concurrently, the profits of some oil companies – Shell, Exxon, Chevron and Total – have benefitted from sanctions and Ukrainian attacks on Russian oil infrastructure.
Their collective profits rose by 61 per cent in Q3 2025 from their refining operations.
Business and markets: The main US stock market indices all fell yesterday. It comes after the CEOs of Goldman Sachs and Morgan Stanley warned that current stock market valuations were too high and could be due for a 10 per cent to 15 per cent drawdown.
Shares in tech company Palantir, for example, fell by 7.94 per cent yesterday despite strong earnings and after rising by nearly 400 per cent since last year.
Foreign Affairs: The European Commission has said that the EU could admit new member countries by 2030. Montenegro is said to be the most advanced candidate country but Albania, Ukraine and Moldova were all praised for their progress. The EU criticised Serbia, however, and accused Georgia of “serious democratic backsliding”.
Security and intelligence: The US has sanctioned eight North Korean individuals and two companies. The US Government accuses them of involvement in cyber-related money laundering schemes and of providing funding for North Korean weapons development.
Domestic politics: In a speech widely considered to be laying the ground for tax increases, UK Chancellor Rachel Reeves said that she would make “necessary choices” at the Budget on 26 November. The Labour Party manifesto also promised, however, not to raise income tax, VAT or National Insurance.
The Mighty Calendar
What’s happening today?
Guy Fawkes Day (Bonfire Night)
Supermoon visible in the UK
US Supreme Court hearing on President’s tariff powers
Prime Minister’s Questions in UK Parliament
Former CIA Director John Brennan talks to Lords Committee on UK-US relations
Company results from: Novo Nordisk, M&S, McDonald’s, Toyota, Qualcomm, DoorDash, Persimmon, Barratt Redrow, Orsted, New York Times
Lookahead to tomorrow
Bank of England interest rate decision
Brazil’s President Lula hosts COP30 leaders’ summit
UK House of Commons in recess until the 11th November
Company results from: National Grid, Sainsbury’s, Warner Bros. Discovery, Airbnb, News Corp, AstraZeneca, Air France, Commerzbank, ArcelorMittal, ConocoPhillips, MetLife
The Mighty Finale
🌤️Weather today
Rain in the west of England. Dry with a mixture of sunshine and clouds in the east. High of 17C and low of 13C in London. Light rain for most of the day in Belfast. Heavy rain for most of the day in Edinburgh.
✏️Life coaching quote of the day
“We tend to live up to our expectations.” – Earl Nightingale, writer
Mighty takeaway: If you’re not satisfied with the way things are in your life, why not change your expectations of yourself?
That’s it for this Wednesday morning. Thanks for reading!
Cheerio!
The Mighty Memo team
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