Wednesday 7 May 2025
The Mighty Headlines
Economics: EU prepares €100 billion of tariffs on US goods
Business: Kellogg sales fall after weaker consumer demand
Markets: Tesla shares decline after UK and German sales fall
Foreign Affairs: US stops bombing Houthis
Security and intelligence: Poland accuses Russia of election interference
Domestic politics: UK and India agree trade deal
The Mighty Stats
FTSE = 8,597.42 (up 0.012%)
S&P 500 = 5,606.91 (down 0.77%)
Nasdaq = 17,689.66 (down 0.87%)
CAC40 = 7,696.92 (down 0.4%)
£1 = $1.34 / €1.18
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*India-Pakistan special update: Late last night, India announced that it had fired missiles at sites in Pakistan. The Indian Government said it hit “terrorist infrastructure”. The Pakistani military said it would respond to the attacks.
The Mighty Detail
Economics: It is being reported that the EU is prepared to impose tariffs on €100 billion worth of US goods if trade talks fail. The US has imposed tariffs of 25 per cent on EU steel, aluminium and cars and 10 per cent tariffs on other EU goods. These are currently subject to a 90-day pause which ends on the 8th July.
Business: The cereal producer WK Kellogg has announced a fall in sales of 6.2 per cent in Q1 2025. Sales fell from $707 million at the start of 2024 to $663 million at the start of 2025. The US company blamed the decline on weaker consumer demand and customers choosing healthier breakfast cereals.
Markets: Shares in Tesla fell by 1.75 per cent during trading yesterday. It comes after Tesla sales in the UK and Germany fell to their lowest level since 2023 even as demand for electric vehicles on the whole is growing.
Foreign Affairs: The US Government has said that it will stop bombing the Houthi rebels in Yemen with immediate effect. It comes after President Trump said that the Iran-backed group had agreed to stop hitting US shipping in the Red Sea. The Houthis have been targeting shipping in the Red Sea since the start of Israel’s offensive against Hamas in 2023. The Houthis said that they would continue to attack Israel.
Security and intelligence: Poland’s Deputy Prime Minister accused Russia yesterday of an “unprecedented attempt” to interfere with its presidential election on the 18th May. Deputy Prime Minister Krzysztof Gawkowski said that Russia was attacking Polish critical infrastructure, including energy, water and sewage companies, to paralyse the country.
Domestic politics: The UK and India have agreed a trade deal to lower tariffs on each other’s goods. British and Indian workers temporarily transferred to each other’s countries will also benefit from a three-year exemption from social security payments. This means that social security will be paid by employers and employees only in their home countries rather than in both countries.
The Mighty Calendar
What’s happening today?
Papal conclave begins
UK Foreign Secretary attends EU Foreign Ministers’ meeting
Prime Minister’s Questions in UK Parliament
US Federal Reserve interest rate decision
EU retail sales data (March)
UK construction data (April)
Company results from: BMW, Uber, Novo Nordisk, Walt Disney, New York Times, DoorDash
Lookahead to tomorrow
VE Day 80th Anniversary celebrations
King and Queen attend VE Day service at Westminster Abbey
Environment Questions in UK Parliament
Bank of England interest rate decision
UK house price data (April)
Germany trade data (March)
Japan household spending data (March)
US initial jobless claims (weekly)
Company results from: Toyota, Nintendo, Warner Bros, Paramount, Coinbase, News Corp
The Mighty Finale
🌤️Weather today
Sunny spells in England. High of 17C and low of 7C. Bright sunshine in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“To live is the rarest thing in the world. Most people exist, that is all.” – Oscar Wilde, writer
Mighty takeaway: Don’t let the days pass you by. Don’t live in a trance. Don’t let other people make decisions for you. Decide for yourself.
That’s it for this Wednesday morning. Thanks for reading and we’ll see you tomorrow.
Cheerio!
The Mighty Memo team