Wednesday 9 April 2025
The Mighty Headlines
Economics: US tariffs on China reach 104 per cent
Business: Italian state railway to run cross-Channel train
Markets: UK equity funds post worst quarter on record
Foreign Affairs: South Korea fires warning shots at North Korea
Security and intelligence: NATO chief says cannot be “naïve” about China
Domestic politics: Starmer rejects retaliatory tariffs and “Buy British” campaign
The Mighty Stats
FTSE = 7,910.53 (up 2.71%)
S&P 500 = 4,982.77 (down 1.57%)
Nasdaq = 15,267.91 (down 2.15%)
CAC40 = 7,100.42 (up 2.5%)
£1 = $1.28 / €1.17
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The Mighty Detail
Economics: US tariffs on Chinese imports of 104 per cent are coming into effect today. President Trump said the additional tariffs are in response to China’s retaliatory tariffs on US goods. *This could change at the last minute.*
Business: The Italian state railway company Ferrovie dello Stato has said that it plans to launch a London to Paris rail service by 2029. It will invest €1 billion in the project. It comes after the UK rail regulator effectively ended Eurostar’s monopoly last week by stating that Eurostar was required to share its rail depot in east London. Virgin has also announced plans for its own rail service.
Markets: UK-focused investment funds had their worst quarter on record between January and March 2025. Investors took out £3.5 billion from UK equity funds over the first three months of the year and put £1.8 billion in North American equity funds – the third highest inflow into such funds on record.
Foreign Affairs: South Korea’s military fired warning shots at North Korea yesterday after a number of North Korean soldiers crossed the demilitarised zone. South Korean media reports suggest that the North’s incursion may have been accidental. The demilitarized zone is 248 kilometres long, 4 kilometres wide and contains an estimated 2 million landmines.
Security and intelligence: The head of NATO, Mark Rutte, said yesterday that NATO countries “cannot be naïve” about China’s military build-up. Speaking on a visit to Japan, he listed concerns about China’s support for Russia, the increasing strength of its armed forces and its military drills around Taiwan. During Rutte’s visit, Japan has said it would be interested in participating in NATO’s Ukraine assistance operations.
Domestic politics: The UK Prime Minister Sir Keir Starmer told the Liaison Committee yesterday that the Government would not rush into a response to US tariffs and that “an arrangement which mitigates tariffs is better”. The Government also rejected the idea of a “Buy British” campaign yesterday.
The Mighty Calendar
What’s happening today?
King addresses joint session of Italian Parliament
King and Queen’s 20th wedding anniversary
UK Parliament in Easter Recess
US Treasury Secretary speaks at American Bankers Association summit
US tariffs come into effect for EU, China, Japan and India
China CPI inflation data (March)
Company results from: Delta Airlines
Lookahead to tomorrow
“Coalition of the Willing” Defence Minister meet in Brussels
China’s retaliatory tariffs on the US take effect
UK Parliament in Easter Recess
The Masters (golf) begins
UK, France, Italy, Germany, China, Japan consumer sentiment data (February)
US CPI inflation data (March)
US jobless claims (weekly)
Company results from: Tesco
The Mighty Finale
🌤️Weather today
Sunny across the UK. Again! High of 16C and low of 5C in London.
✏️Life coaching quote of the day
“Age is of no importance unless you’re a cheese.” – Billie Burke, actress
Mighty takeaway: Are you cheese? Unlikely, which means your age is a number. Nothing more. Don’t let it define you.
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Bye!
The Mighty Memo team