Friday, 31 January 2025

The Mighty Headlines

• Economics: ECB cuts interest rates to 2.75 per cent

• Business: Toyota remains world’s best-selling vehicle brand

• Markets: FTSE 100 reaches record high

• Foreign Affairs: Guantanamo Bay to hold criminal migrants from US

• Security and intelligence: Chinese state-linked subterfuge in Spanish floods

• Domestic politics: House of Commons passes new Charter of Budget Responsibility

The Mighty Stats

• FTSE = 8.646,88 (up 1.04 per cent)

• S&P500 = 6.071,17 (up 0.53 per cent)

• Nasdaq = 19,681.75 (up 0.25 per cent)

• CAC40 = 7.941,64 (up 0.88 per cent)

• £1 = $1.24 / €1.19

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The Mighty Detail

Economics: The European Central Bank has cut interest rates to 2.75 per cent. This comes as inflation nears 2 per cent and economic growth remains weak. Eurozone GDP did not grow in Q4 2024. Portugal grew the most at 1.5 per cent. Ireland’s economy contracted the most at -1.3 per cent.

Business: Toyota has retained its spot as the world’s best-selling vehicle brand for the fifth year running. The Japanese company sold more than 10.8 million units in 2024, although this is a decrease of 3.7 per cent on 2023.

Markets: The FTSE 100 closed at a record high at the end of trading yesterday. This was helped by the value of shares in Shell, St James’s Place and Endeavour Mining increasing by 2.6 per cent, 6.7 per cent and 7.2 per cent respectively.

Foreign Affairs: President Trump has announced plans for Guantanamo Bay in Cuba to accommodate 30,000 criminal migrants. Trump said that “some of them are so bad…we don’t want them coming back”. Guantanamo Bay is best known for holding people the US Government suspects of terrorism activities.

Security and intelligence: There are reports that a Chinese state-linked group spread disinformation about the floods in Spain last year in a bid to destabilise the Spanish Government. Intelligence firm Graphika said that the Chinese campaign known as “Spamouflage” circulated content on social media calling for the Spanish administration to be overthrown.

Domestic politics: The House of Commons has passed a new Charter of Budget Responsibility into law. It includes a spending review every two years and a single tax event each year. A stability rule and an investment rule seek to ensure that day-to-day spending is met by revenue – not borrowing – and that debt falls as a share of the economy.

The Mighty Calendar

What’s happening today?

• China, Hong Kong public holiday (new year)

• UK house price data (January)

• France CPI inflation data (January)

• Germany unemployment rate (January)

• US personal spending and income data (December)

• South Korea trade data (January)

• Company results from: ExxonMobil, Chevron

Lookahead to the weekend

Saturday

• Six Nations Rugby - Scotland vs Italy

• Six Nations Rugby – Ireland vs England

• Launch of Japanese JAXA H3 rocket

Sunday

• Groundhog Day, United States and Canada

• Chinese New Year parade, Trafalgar Square, London

• Annual clown service, All Saints Church, Hackney, London

The Mighty Finale

🌤️Weather today

Rain in southeast England in the morning. Dry elsewhere. High of 8C and low of 3C in London. Sunny in Belfast. Light cloud in Edinburgh.

✏️Life coaching quote of the day

“Everything you want is on the other side of fear.” – Jack Canfield, motivational speaker

Mighty takeaway: Don’t let fear hold you back. Go for it and live your life!

That’s about it for today’s edition and for this week. We hope you enjoy the weekend and we’ll see you on Monday.

Adios!

The Mighty Memo team

Thursday, 30 January 2025

The Mighty Headlines

• Economics: EU to cut red tape to boost competitiveness

• Business: Morrisons increases sales to £15.2 billion

• Markets: Aluminium price increases ahead of Russian import ban

• Foreign Affairs: France’s budget talks at risk of collapse

• Security and intelligence: North Korea calls for increased nuclear capabilities

• Domestic politics: UK Government backs third runway at Heathrow

The Mighty Stats

• FTSE = 8,557.81 (up 0.28 per cent)

• S&P500 = 6,039.31 (down. 0.47 per cent)

• Nasdaq = 19,632.32 (down 0.51 per cent)

• CAC40 = 7,872.48 (down 0.32 per cent)

• £1 = $1.24 / €1.19

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The Mighty Detail

Economics: The EU has announced an “unprecedented simplification” plan to increase the bloc’s economic growth and increase competitiveness. The European Commission President, Ursula von der Leyen, said the plan would reduce administrative costs for companies by 25 per cent.

Business: New data shows that sales at supermarket chain Morrisons increased to £15.2 billion in the year ending October 2024. Revenue the previous year was £14.7 billion. The company said it had made improvements which had led to “better availability in our shops, sharper prices, more effective promotions and a strong and growing loyalty scheme.“

Markets: The price of aluminium rose during trading yesterday as the EU prepares to impose a ban on importing the metal from Russia. The new system would allow buyers in Europe to purchase 275,000 tonnes of aluminium for a year before the ban comes into effect.

Foreign Affairs: Budget talks in France may again be at the point of collapse after the Socialist Party withdrew from discussions. This follows Prime Minister Bayrou’s remarks that many French people feel “submerged” by immigration. No party has overall control in the French Assembly and a lack of agreement on a budget led to the collapse of the previous Government in December.

Security and intelligence: The leader of North Korea, Kim Jong Un, has called for his country’s nuclear capabilities to be increased further following a visit to a nuclear facility earlier this week. It is thought that North Korea may have enough nuclear material for up to 90 warheads.

Domestic politics: In a major speech yesterday, the UK Chancellor Rachel Reeves has confirmed the Government’s support for a third runway at Heathrow in a bid to increase economic growth. Reeves also refused to rule out further tax rises on businesses.

The Mighty Calendar

What’s happening today?

• Tulsi Gubbard confirmation hearing as US National Intelligence Director

• China, South Korea, Hong Kong, Singapore public holiday (new year)

• European Central Bank interest rate decision

• Eurozone GDP data (Q4 2024)

• Eurozone unemployment data (December)

• Spain CPI inflation data (January)

• US unemployment data (weekly)

• Company results from: Apple, Shell, Intel, Caterpillar, Nokia

Lookahead to tomorrow

• China, Hong Kong public holiday (new year)

• UK house price data (January)

• France CPI inflation data (January)

• Germany unemployment rate (January)

• US personal spending and income data (December)

• South Korea trade data (January)

• Company results from: ExxonMobil, Chevron

The Mighty Finale

🌤️Weather today

A day of sun for most of England. High of 8C and low of 2C in London. Sunny and dry in Belfast and Edinburgh too.

✏️Life coaching quote of the day

“Leaders spend 5 per cent of their time on the problem and 95 per cent of their time on the solution.” – Tony Robbins, motivational speaker

Mighty takeaway: Become solution orientated. Do not focus on the problem.

That’s about it for today’s edition.

Adios!

The Mighty Memo team

Wednesday, 29 January 2025

The Mighty Headlines

• Economics: Republic of Ireland’s economy shrinks

• Business: HSBC to end some investment banking operations in UK, EU and US

• Markets: Foxton’s shares rise by over 6 per cent

• Foreign Affairs: EU hardens stance against President Trump’s Greenland claims

• Security and intelligence: President Trump orders “Iron Dome” defence system

• Domestic politics: Omagh Bombing Inquiry begins in Northern Ireland

The Mighty Stats

• FTSE = 8.533,87 (up 0.35 per cent)

• S&P500 = 6,067.70 (up 0.92 per cent)

• Nasdaq = 19,733.59 (up 2.03 per cent)

• CAC40 = 7,897.37 (down 0.12 per cent)

• £1 = $1.24 / €1.19

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The Mighty Detail

Economics: The Republic of Ireland recorded a decrease in GDP of 1.3 per cent in Q4 2024. This follows an increase of GDP of 3.5 per cent in the previous quarter. It comes as Eurozone GDP and unemployment data is released later this week and the European Central Bank announces its latest interest rate decision on Thursday.

Business: HSBC is to end some of its investment banking operations in the UK, Europe and the Americas. It comes as part of a global restructuring programme which is seeing the bank split its activities between Asia and the West. HSBC set out plans last year to make around $3 billion of savings.

Markets: Shares in the London estate agent Foxton’s increased by 6 per cent during trading yesterday. This follows news that revenue for 2024 increased by 11 per cent compared with 2023 and reached £163 million. An increase in buyer activity ahead of the stamp duty rise in April may have played a part in increasing revenue.

Foreign Affairs: Senior European politicians hardened their position on Greenland yesterday following President Trump’s recent remarks about taking the country. Germany’s Chancellor, Olaf Scholz, said that “borders may not be moved by force”. The European Defence Commissioner, Andrius Kubilius, and France’s Foreign Minister, Jean-Noël Barrot, added that they would stand with Denmark.

Security and intelligence: President Trump has ordered the construction of an “Iron Dome” air missile defence system for the US. The system will provide defence against “ballistic, hypersonic, advanced cruise missiles” and is inspired by Israel’s famous “Iron Dome” defence system.

Domestic politics: The Omagh Bombing Inquiry began taking evidence in County Tyrone yesterday. The bombing in Omagh by the Real IRA in August 1998 was the single largest atrocity of The Troubles and killed 29 people. The Inquiry seeks to find whether UK authorities could have prevented the bombing.

The Mighty Calendar

What’s happening today?

• Chinese new year: Year of the Snake

• China, South Korea, Hong Kong, Singapore public holiday (new year)

• UK Chancellor Rachel Reeves delivers speech on growth

• Robert Kennedy Jr.’s confirmation hearing as US Health Secretary

• Bank of Canada interest rate decision

• Japan household confidence data (January)

• Spain GDP data (Q4 2024)

• Italy business and consumer confidence data (January)

• Company results from: Microsoft, Meta, Tesla, IBM, ASML

Lookahead to tomorrow

• Tulsi Gubbard confirmation hearing as National Intelligence Director

• China, South Korea, Hong Kong, Singapore public holiday (new year)

• European Central Bank interest rate decision

• Eurozone GDP data (Q4 2024)

• Eurozone unemployment data (December)

• Spain CPI inflation data (January)

• US unemployment data (weekly)

• Company results from: Apple, Shell, Intel, Caterpillar, Nokia

The Mighty Finale

🌤️Weather today

Rain in the south of England, dry elsewhere. High of 8C and low of 5C in London. Sunny intervals in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Problems are guidelines, not stop signs!” – Robert H. Schuller

Mighty takeaway: Don’t change direction or give up at the first sight of problems or obstacles.

That’s about it for today’s edition.

Adios!

The Mighty Memo team

Tuesday, 28 January 2025

The Mighty Headlines

• Economics: Manufacturing slows down in China

• Business: Polish Minister calls for Tesla boycott

• Markets: Nvidia shares fall heavily

• Foreign Affairs: Colombia relents on migrants after US tariff threats

• Security and intelligence: City in the Democratic Republic of Congo seized by rebels

• Domestic politics: UK Government puts sanctions on Belarus after election

The Mighty Stats

• FTSE = 8.503,71 (up 0.016 per cent)

• S&P500 = 6.012,28 (down 1.46 per cent)

• Nasdaq = 19,341.83 (down 3.07 per cent)

• CAC40 = 7,906.58 (down 0.27 per cent)

• £1 = $1.25 / €1.19

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The Mighty Detail

Economics: Manufacturing activity in China contracted in January for the first time in four months. The latest PMI data shows activity of 49.1 in January, down from 50.1 in December. Any number below 50 indicates a contraction.

Business: A Government Minister in Poland has called for Tesla to be boycotted. This comes after Elon Musk addressed a rally of the far-right German AfD party on the eve of Holocaust Memorial Day and said that there was “too much focus on past guilt” in Germany. Tesla was the most popular electric vehicle brand in Poland in 2024, with 4,400 cars sold.

Markets: AI chipmaker Nvidia saw its shares fall by over 18 per cent yesterday. It lost over $500 billion in market value, which is the largest suffered by any company in stock market history. It comes as Deepseek, a Chinese AI company, released a new AI model at the weekend which runs on less advanced computer chips.

Foreign Affairs: After the US Government threatened to impose 25 per cent tariffs on Colombia, the Colombian Government has now agreed to take back migrants from the US. This follows the news that Colombia was refusing to let US airplanes returning migrants land in Colombia.

Security and intelligence: A Rwandan-backed rebel group says that it has taken control of the city of Goma in the Democratic Republic of Congo. The DRC’s Foreign Minister, Thérèse Kayikwamba Wagner, accused Rwanda of “a declaration of war”. There are concerns of a wider regional conflict.

Domestic politics: The UK Government has imposed sanctions on Belarus and condemned the country’s “sham elections” which took place on Sunday. President Alexander Lukashenko, a close ally of President Putin, won a seventh term and took 87 per cent of the vote. He has been in power for 31 years.

The Mighty Calendar

What’s happening today?

• Inquiry into the Omagh bombing begins

• China, South Korea public holiday (new year)

• Japan CPI inflation data (yearly)

• France consumer confidence data (January)

• Spain unemployment data (Q4 2024)

• US house price data (November)

• Company results from: Boeing, Starbucks, General Motors, Lockheed Martin,

Lookahead to tomorrow

• Chinese new year: Year of the Snake

• China, South Korea, Hong Kong, Singapore public holiday (new year)

• Rachel Reeves delivers speech on growth

• Robert Kennedy Jr.’s confirmation hearing as US Health Secretary

• Bank of Canada interest rate decision

• Japan household confidence data (January)

• Spain GDP data (Q4 2024)

• Italy business and consumer confidence data (January)

• Company results from: Microsoft, Meta, Tesla, IBM, ASML

The Mighty Finale

🌤️Weather today

Rain in much of England. High of 10C and low of 5C. Patchy rain in Belfast. Light rain in Edinburgh.

✏️Life coaching quote of the day

“Success is liking yourself, liking what you do, and liking how you do it.” – Maya Angelou, writer

Mighty takeaway: What you think of yourself is the key to your happiness and success.

That’s about it for today’s edition.

Adios!

The Mighty Memo team

Monday, 27 January 2025

The Mighty Headlines

• Economics: Argentina’s economy begins to grow

• Business: WH Smith looks to sell its high street business

• Markets: European stocks increased by 1 per cent last week

• Foreign Affairs: Colombia and Mexico refuse migrant airplanes from US

• Security and intelligence: Declassified CIA report shows Covid-19 from Chinese lab

• Domestic politics: President Trump says relationship with Starmer is “very good”

The Mighty Stats

• FTSE = 8,502.35 (down 0.73 per cent)

• S&P500 = 6,101.24 (down 0.29 per cent)

• Nasdaq = 19,954.30 (down 0.5 per cent)

• CAC40 = 7,927.62 (up 0.44 per cent)

• £1 = $1.25 / €1.19

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The Mighty Detail

Economics: Newly published data shows that Argentina’s economy grew for the first time since May. The country’s economy grew by 0.1 per cent in November. This is in contrast to the 0.6 per cent contraction that had been expected. President Milei is enacting major free-market reforms to Argentina to try to increase growth.

Business: WH Smith has said that it is looking to sell its high street operation and focus solely on its travel business. The high-street business employees around 5,000 people and includes 500 shops. The travel business includes 1,200 shops in airports, train stations and hospitals in 32 countries. It accounts for 75 per cent of WH Smith’s overall revenue.

Markets: The pan-European Stoxx 600 index closed down by 0.05 per cent on Friday but gained more than 1 per cent over the week. Decent earnings growth in European companies and confidence in US economic growth after Donald Trump’s inauguration may have played a part in the increase.

Foreign Affairs: The Colombian President Gustavo Petro has said that he will not allow US airplanes returning migrants to land in the country. There are also reports that Mexico is refusing entry to a US military plane scheduled to return migrants to Mexico.

Security and intelligence: A newly declassified CIA report claims that the origin of Covid-19 most likely came from a laboratory leak in China although it says this is not conclusive. The report was compiled under President Biden’s CIA Director, William Burns, but has only just been declassified by the new CIA Director, John Ratcliffe.

Domestic politics: President Trump has said that he has a “very good relationship” with UK Prime Minister Sir Keir Starmer who has done a “very good job so far”. There have previously been concerns about Trump’s attitude to the UK Government, given that some Labour Party workers campaigned for Kamala Harris and the Foreign Secretary made derogatory comments about Donald Trump while in opposition.

The Mighty Calendar

What’s happening today?

• King Charles attends Liberation of Auschwitz ceremony

• EU Foreign Ministers meeting, Brussels

• Germany business climate data (January)

• Spain consumer confidence data (December)

• Company results from: Ryanair, AT&T, Fujitsu

Lookahead to tomorrow

• Inquiry into the Omagh bombing begins

• China, South Korea public holiday (new year celebrations)

• Japan CPI inflation data (yearly)

• France consumer confidence data (January)

• Spain unemployment data (Q4 2024)

• US house price data (November)

• Company results from: Boeing, Starbucks, General Motors, Lockheed Martin,

The Mighty Finale

🌤️Weather today

Basically, there is rain everywhere today. North, south, east and west. High of 9C and low of 8C in London.

✏️Life coaching quote of the day

“If you run into a wall, don’t turn around and give up. Figure out how to climb it.” – Michael Jordan, basketball player

Mighty takeaway: Don’t give up when you face obstacles. Find solutions to them.

That’s about it for today’s edition. See you tomorrow.

Adios!

The Mighty Memo team

Friday, 24 January 2025

The Mighty Headlines

• Economics: US urges OPEC to increase oil production

• Business: Stellantis to invest $5 billion in the US

• Markets: FTSE 100 closes at near record high

• Foreign Affairs: ICC issues arrest warrants for Taliban leaders

• Security and intelligence: John Ratcliffe confirmed as CIA Director

• Domestic politics: UK Government changes policy on non-doms

The Mighty Stats

• FTSE = 8,565.20 (up 0.23 per cent)

• S&P500 = 6,118.71 (up 0.53 per cent)

• Nasdaq = 20,053.68 (up 0.22 per cent)

• CAC40 = 7,892.61 (up 0.7 per cent)

• £1 = $1.24 / €1.19

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The Mighty Detail

Economics: In a wide-ranging speech on the economy, Donald Trump urged OPEC to increase oil production in a bid to lower oil prices and precipitate an end to the war in Ukraine. President Trump also said that interest rates should "drop immediately" and that companies which don't wish to pay US tariffs should manufacture their goods in the US instead.

Business: European car maker Stellantis has said that it is set to invest more than $5 billion in the US. Stellantis owns brands such as Chrysler, Jeep and Fiat and will seek to increase sales numbers and market share in America.

Markets: The FTSE 100 closed at a near record high yesterday. It follows a week where President Trump stopped short of imposing tariffs and announced a $500 billion investment in Artificial Intelligence, which caused technology shares to increase in value.

Foreign Affairs: The International Criminal Court is seeking arrest warrants for two senior Taliban leaders. ‎The ICC states that Taliban's Supreme Leader, Haibatullah Akhundzada, and Afghanistan's Chief Justice, Abdul Hakim Haqqani, are complicit in the persecution of women and girls. Women are barred from secondary education, public spaces and most work in the country.

Security and intelligence: John Ratcliffe has been confirmed as the Director of the CIA. Ratcliffe, 59 years old, was Director of National Intelligence in President Trump’s first administration. He previously worked as federal prosecutor in Texas before being elected to Congress in 2014.

Domestic politics: The UK Chancellor Rachel Reeves has said she will soften the Government's policy on non-doms. ‎The Labour Party had previously promised to abolish the regime, which allows wealthy foreigners in the UK not to pay tax on assets and income earned overseas. It has been suggested the change may be due to the fact that 10,800 millionaires left the UK in 2024.

The Mighty Calendar

What’s happening today?

o   UK, US, Eurozone manufacturing growth data (January)

o   US services growth data (January)

o   Company results from: American Express, Burberry

Lookahead to the weekend

Saturday

o   Burn’s night

o   Pegasus World Cup (horse racing), Florida, USA

o   Australian Open Women’s Final (tennis)

Sunday

o   Australian Open Men’s Final (tennis)

o   Snow Polo World Cup Final, St Moritz, Switzerland

o   Annual march commemorating Charles I, The Mall, London

The Mighty Finale

🌤️Weather today

Red alert for wind in Northern Ireland and central Scotland. Rain in the morning in much of England but sunny later. High of 11C and low of 4C.

✏️Life coaching quote of the day

“Working hard for something we don't care about is called stress. Working hard for something we love is called passion.” – Simon Sinek, writer

Mighty takeaway: Spend more time on activities that inspire you and less time on activities that drain you.

That’s about it for this Friday and for this week. We’ll see you next week.

Adios!

The Mighty Memo team

Thursday, 23 January 2025

The Mighty Headlines

• Economics: JP Morgan and Goldman Sachs positive about tariffs

• Business: easyJet increases revenue to £2 billion in Q4

• Markets: Netflix shares rise by over 10 per cent

• Foreign Affairs: US to send 1,000 more troops to Mexico border

• Security and intelligence: Nuclear watchdog warns about Iran’s nuclear programme

• Domestic politics: UK Government may overrule Heathrow environmental concerns

The Mighty Stats

• FTSE = 8,545.13 (down 0.037 per cent)

• S&P500 = 6,086.37 (up 0.61 per cent)

• Nasdaq = 20,009.34 (up 1.28 per cent)

• CAC40 = 7,837.40 (up 0.86 per cent)

• £1 = $1.23 / €1.18

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: The CEOs of JP Morgan and Goldman Sachs have both said that potential tariffs imposed by the Trump administration could be positive. Jamie Dimon of JP Morgan said that tariffs could be “good for national security”. David Solomon of Goldman Sachs said that they would rebalance trade which could be “constructive for US growth if it’s handled right”.

Business: In its latest earnings results, easyJet said that its revenue increased by 13 per cent to £2.04 billion and that quarterly passenger growth increased to 21.2 million. It expects to report a pre-tax profit of £709 million in 2025.

Markets: Shares in Netflix rose by more than 10 per cent during trading yesterday. This comes as the company recorded strong results in Q4‎, during which it added 19 million new users. Total revenue year-on-year has increased by 16 per cent to $10.25 billion.

Foreign Affairs: The Trump administration is sending an additional 1,000 troops to patrol the border with Mexico. They will join the 2,200 members of the National Guard already stationed there. Mexico is building giant shelters in the border town of Ciudad Juarez to prepare for an influx of deported migrants.

Security and intelligence: The head of the International Atomic Energy Agency, Rafael Grossi, has warned that Iran is “pressing the gas pedal” on nuclear enrichment. Grossi added that Iran now has around 200kg of uranium enriched to 60 per cent. Around 42kg of uranium enriched at 90 per cent is needed to produce a nuclear bomb. Iran denied yesterday that it was developing a bomb.

Domestic politics: The Chancellor of the Exchequer, Rachel Reeves, has suggested that she could overrule environmental objections to a third runway at Heathrow. She added that the Government was “determined to grow the economy”.

The Mighty Calendar

What’s happening today?

• NATO chief Mark Rutte speaks at WEF summit at Davos

• Argentinian President Javier Milei speaks at WEF summit at Davos

• Sajid Javid appears before UK Covid inquiry

• Cabinet Office Questions in UK Parliament

• Oscar nominations announced

• UK, Eurozone consumer confidence data (January)

• US unemployment data (weekly)

• Canada retail sales data (November)

• Japan manufacturing growth data (January)

• Bank of Japan interest rate decision

• Company results from: American Airlines, Mitie

Lookahead to tomorrow

• UK, US, Eurozone manufacturing growth data (January)

• US services growth data (January)

• Company results from: American Express, Burberry

The Mighty Finale

🌤️Weather today

Rain in most parts of England. High of 12C and low of 4C in London. Rain in Belfast and Edinburgh as well.

✏️Life coaching quote of the day

“You create your opportunities by asking for them.” – Shakti Gawain, motivational speaker

Mighty takeaway: Ask for what you want and take action. Nothing will come to you without you taking action.

That’s about it for this Thursday. We’ll see you tomorrow morning.

Adios!

The Mighty Memo team

Wednesday, 22 January 2025

The Mighty Headlines

• Economics: China warns against a trade war with the US

• Business: Waterstones quadruples profits

• Markets: US stock markets rise on tariff delay

• Foreign Affairs: Yemen says Trump’s election is a turning point against the Houthis

• Security and intelligence: Zelensky warns Europeans to “step up” defence

• Domestic politics: UK Government sacks head of competition regulator

The Mighty Stats

• FTSE = 8,548.29 (up 0.33 per cent)

• S&P500 = 6,049.24 (up 0.88 per cent)

• Nasdaq = 19,756.78 (up 0.64 per cent)

• CAC40 = 7,770.95 (up 0.48 per cent)

• £1 = $1.23 / €1.18

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: Chinese Vice Premier Ding has warned that there would be ‎"no winners" in a trade war. Ding Xuexiang is likely to have been referring to potential tariffs from the United States. Although President Trump has not yet imposed tariffs on China, he suggested yesterday that his administration could impose tariffs on China if it didn't agree to a deal on TikTok.

Business: Bookshop chain Waterstones reported pre-tax profits of nearly £43 million ‎for the year ending April 2024. This is nearly quadruple the £11.2 million recorded the previous year. Waterstones has said that tourism and people returning to the office in city centres are likely to have been factors in the increase.

Markets: Stock markets in the US rose yesterday as traders reacted to the news that President Trump did not immediately levy tariffs on Canada, Mexico or China. Instead, federal agencies have been directed to study the countries’ ‘unfair’ trade practices.

Foreign Affairs: Yemen's Vice President has said that Donald Trump's inauguration is a turning point in the fight against the Iranian-backed Houthi rebels. Aidarous Al-Zubaidi said that Trump is a "strong decision maker". He expects talks with the US Government on resolving the situation in Yemen to begin shortly. The Houthis have been attacking shipping in the Red Sea since 2023.

Security and intelligence: Speaking at the World Economic Forum in Davos, President Zelensky has said that Europe must "step up". He contrasted what he sees as the strength of the Trump administration with the timidity of European politicians, whom he said are "reduced to posting on X" and may not even have a seat at the negotiating table when the war in Ukraine ends.

Domestic politics: The UK Government has sacked the chair of the Competition and Markets Authority, Marcus Kokkerink, after the regulator failed to convince ministers that it was sufficiently focused on growth. Kokkerink will be replaced temporarily by former Amazon UK boss, Doug Gurr.

The Mighty Calendar

What’s happening today?

• Prime Minister’s Questions in UK Parliament

• UK Government debt data (December)

• South Korea GDP data (Q4 2024)

• Japan trade data (December)

• Company results from: easyJet, Johnson & Johnson

Lookahead to tomorrow

• NATO chief Mark Rutte speaks at WEF summit at Davos

• Argentinian President Javier Milei speaks at WEF summit at Davos

• Cabinet Office Questions in UK Parliament

• UK, Eurozone consumer confidence data (January)

• US unemployment data (weekly)

• Canada retail sales data (November)

• Japan manufacturing growth data (January)

• Bank of Japan interest rate decision

• Company results from: American Airlines, Mitie

The Mighty Finale

🌤️Weather today

Generally dry in England. High of 5C and low of 2C in London. Foggy but dry in Belfast. Overcast but dry in Edinburgh.

✏️Life coaching quote of the day

“Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy.” – Norman Vincent Peale, motivational speaker

Mighty takeaway: Nothing further to add!

That’s it for today’s edition. See you tomorrow!

Adios!

The Mighty Memo team

Tuesday, 21 January 2025

The Mighty Headlines

• Economics: EU approves France’s budget deficit plans today

• Business: Santander poised to leave the UK

• Markets: Bitcoin reaches record high

• Foreign Affairs: China executes two prisoners

• Security and intelligence: Venezuela sends troops to border with Colombia

• Domestic politics: UK Government provides leave for parents of babies in neonatal care

The Mighty Stats

• FTSE = 8,520.54 (up 0.18 per cent)

• S&P500 = 5,996.66 (up 1 per cent)

• Nasdaq = 19,630.20 (up 1.51 per cent)

• CAC40 = 7,733.50 (up 0.31 per cent)

• £1 = $1.23 / €1.18

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

US Presidential update: Donald Trump was inaugurated as the 47th President of the United States yesterday. He has signed a number of Executive Orders on immigration, trade and climate change. The BBC has a list of the key Executive Orders here.

The Mighty Detail

Economics: The EU will approve the French Government’s new budget deficit proposals today. The EU requires that France’s budget deficit should be below 3 per cent of GDP by 2029. It currently stands at 6.1 per cent.

Business: Santander bank is poised to leave the UK following concerns over the level of regulation in the country. Santander has 14 million customers in the UK and is facing a compensation bill of up to £1.9 billion for victims of a car financing scandal.

Markets: The price of bitcoin reached $108,000 for the first time during trading yesterday. This came as Donald Trump, who is expected to introduce cryptocurrency-friendly regulations, was inaugurated.

Foreign Affairs: China executed two men yesterday. Fan Weiqu, aged 62, was convicted of driving into a crowd and Xu Jiajin, aged 21, was convicted of killing people in a stabbing attack. It is reported that China executes more prisoners every year than the rest of the world combined.

Security and intelligence: Venezuela is sending troops to its border with Colombia to provide aid, following a surge in gang-related violence in Colombia. More than 80 people have died and 11,000 people have fled the fighting between the ELN group and a group of former FARC members known as the 33rd Front.

Domestic politics: The UK Government has announced that parents with babies in neonatal care will be entitled to receive time off from the day they start a new job. The regulation will take effect in April following an Act of Parliament passed by the previous Government in 2023.

The Mighty Calendar

What’s happening today?

o   UK Chancellor Rachel Reeves attends WEF summit at Davos

o   Ukrainian President Volodymyr Zelensky speaks at WEF summit at Davos

o   European Commission President Ursula von der Leyen speaks at WEF summit at Davos

o   Polish Prime Minister Donald Tusk addresses European Parliament

o   Treasury Questions in UK Parliament

o   UK, Germany, Italy, France car registrations data (December)

o   UK unemployment data (November)

o   Company results from: Netflix

Lookahead to tomorrow

o   Prime Minister’s Questions in UK Parliament

o   UK Government debt data (December)

o   South Korea GDP data (Q4 2024)

o   Japan trade data (December)

o   Company results from: easyJet, Johnson & Johnson

The Mighty Finale

🌤️Weather today

Dry for most of England apart from the northwest. High of 6C and low of 3C in London. Dry in Belfast and Edinburgh too.

✏️Life coaching quote of the day

“Everyone is born unique but most of us die copies.” – Les Brown, motivational speaker

Mighty takeaway: Follow your own dreams and live your own unique life.

That’s about it for this Tuesday. We’ll see you tomorrow.

Adios!

The Mighty Memo team

Monday, 20 January 2025

The Mighty Headlines

• Economics: Inflation increases to 2.4 per cent in the Eurozone

• Business: No carmaker to face UK fines for missing electric vehicle targets

• Markets: FTSE 100 reaches record high on Friday

• Foreign Affairs: Donald Trump to sign “record setting” executive orders

• Security and intelligence: Mauritius PM says Chagos deal is a “sell out”

• Domestic politics: Jeremy Corbyn interviewed by The Met under caution

The Mighty Stats

• FTSE = 8,505.22 (up 1.35 per cent)

• S&P500 = 5,996.66 (up 1 per cent)

• Nasdaq = 19,630.20 (up 1.51 per cent)

• CAC40 = 7,709.75 (up 0.98 per cent)

• £1 = $1.22 / €1.18

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: Inflation in the Eurozone rose by 2.4 per cent in December. This is the third consecutive monthly increase. In November, inflation stood at 2.2 per cent. Ireland recorded the lowest inflation (1 per cent). Romania recorded the highest (5.5 per cent).

Business: It is being reported that no UK carmaker will pay fines for missing electric vehicle sales targets in 2024. Under current targets, carmakers face fines of up to £15,000 for every car they sell above their quota of conventional cars. The Government is likely to adjust the rules as buyers fail to buy electric cars in sufficient numbers.

Markets: The FTSE 100 reached an all-time high of 8,533.43 during trading on Friday. A factor in the rise is the increased probability of an interest rate cut next month, following weak UK retail sales, industrial production and growth data.

Foreign Affairs: The new US President, Donald Trump, takes office today. The inauguration ceremony will take place at 5.00pm UK time. At the weekend, Trump said that he would set a “record setting” number of executive orders after taking office and that deportations of undocumented immigrants would begin “very early, very quickly.”

Security and intelligence: The new Prime Minister of Mauritius, Navin Ramgoolam, has described the Chagos Islands deal with the UK as a “sell out”. Under the deal, the Chagos Islands – which contain UK and US military bases – would be returned to Mauritius but leased back to the UK for 99 years. The new Trump administration opposes the deal.

Domestic politics: The former leader of the Labour Party, Jeremy Corbyn, and the former Shadow Chancellor, John McDonnell, have agreed to be interviewed under caution by the Metropolitan Police. This follows disruption at a pro-Palestine rally in London on Saturday which they attended.

The Mighty Calendar

What’s happening today?

o   United States public holiday (Martin Luther King Jr Day)

o   Donald Trump’s inauguration (5.00pm UK time)

o   World Economic Forum (WEF) summit begins, Davos, Switzerland

o   Chris Whitty and Jonathan Van-Tam at UK Covid inquiry

o   Housing Questions in UK Parliament

o   Germany and South Korea PPI inflation data (December)

o   Eurozone construction data (November)

Lookahead to tomorrow

o   Ukrainian President Volodymyr Zelensky speaks at WEF summit at Davos

o   European Commission President Ursula von der Leyen speaks at WEF summit at Davos

o   Polish Prime Minister Donald Tusk addresses European Parliament

o   Treasury Questions in UK Parliament

o   UK, Germany, Italy, France car registrations data (December)

o   UK unemployment data (November)

o   Company results from: Netflix

The Mighty Finale

🌤️Weather today

Dry for most of England. High of 7C and low of 0C in London. Dry in Belfast and Edinburgh too.

✏️Life coaching quote of the day

“It's not what we do once in a while that shapes our lives. It's what we do consistently.” – Tony Robbins, motivational speaker

Mighty takeaway: Small consistent actions often have more impact than one big action.

That’s it for this morning. Thanks for reading and we’ll see you again soon.

Bye!

The Mighty Memo team 

Friday, 17 January 2025

The Mighty Headlines

• Economics: UK Chancellor tells regulators to cut red tape

• Business: Donald Trump may delay US TikTok ban

• Markets: Morgan Stanley shares rise after beating earnings expectations

• Foreign Affairs: French PM survives vote of no confidence

• Security and intelligence: Japan establishes NATO mission

• Domestic politics: Russian diplomats breach security at UK Parliament

The Mighty Stats

• FTSE = 8,391.90 (up 1.09 per cent)

• S&P500 = 5,937.34 (down 0.21 per cent)

• Nasdaq = 19,338.29 (down 0.89 per cent)

• CAC40 = 7,634.74 (up 2.14 per cent)

• £1 = $1.22 / €1.19

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: The UK Chancellor, Rachel Reeves, met UK regulators today in a bid to cut regulation and increase growth. The leaders of the Competition and Markets Authority, the Environment Agency, Ofcom, Ofgem, Ofwat and others attended the meeting where Reeves said they had to “tear down regulatory barriers”.  

Business: There are reports that Donald Trump is to suspend the upcoming US ban on TikTok. The ban, which the Supreme Court has upheld and which has received bipartisan support, comes into effect on Sunday.

Markets: Shares in Morgan Stanley rose by more than two per cent yesterday after it beat earnings expectations. Other banks, including JP Morgan and Goldman Sachs, also saw their shares increase after they beat earnings expectations this week.

Foreign Affairs: The French Prime Minister, François Bayrou, has survived a vote of no confidence in the French Assembly. Left-wing parties called for the vote after Bayrou outlined his government’s programme on Tuesday. His predecessor, Michel Barnier, was voted out after presenting a budget, which Bayrou has yet to do.

Security and intelligence: Japan has formally inaugurated a diplomatic representation to NATO. Following Russia’s invasion of Ukraine and the stronger ties between Moscow and Beijing, NATO has sought to increase ties with Japan and other countries in the Indo-Pacific region including Australia, New Zealand and South Korea.

Domestic politics: Russian diplomats breached security to access a private area of the UK Parliament late last year. The news was revealed yesterday. Although Russian diplomats have been banned from entering Parliament since 2022, these diplomats are believed to have joined a tour in December and broken away from the group.

The Mighty Calendar

What’s happening today?

• German Chancellor Scholz receives Swedish Prime Minister Kristersson

• Russian President Putin meets Iranian President Pezeshkian in Moscow

• UK retail sales data (December)

• Eurozone CPI inflation data (December)

• US industrial and manufacturing production data (December)

• US housing construction data (December)

Lookahead to the weekend

Saturday

• Protest rally in Washington DC ahead of inauguration

• Free entry to Hampton Court Palace gardens (ends Sunday)

Sunday

• Donald Trump attends pre-inauguration rally, Washington DC

• Deadline for ByteDance to sell TikTok

• Masters final (snooker), Alexandra Palace, London

The Mighty Finale

🌤️Weather today

Sunny intervals. High of 7C and low of 1C in London. Same weather in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Too many of us are not living our dreams because we are living our fears.” – Les Brown, motivational speaker

Mighty takeaway: Don’t let your fears hold you back!

That’s it for this week. We hope you enjoy the weekend and we’ll see you next week.

Adios!

The Mighty Memo team

Thursday, 16 January 2025

The Mighty Headlines

• Economics: UK house prices rise by 3.3 per cent

• Business: UK business confidence falls to lowest level since Liz Truss

• Markets: Goldman Sachs’ shares rise by over 6 per cent following earnings results

• Foreign Affairs: Poland to fast-track Ukraine’s EU membership

• Security and intelligence: Biden restricts more computer chip exports to China

• Domestic politics: UK Government to prevent payout to Sinn Féin’s Gerry Adams

The Mighty Stats

• FTSE = 8,301.13 (up 1.21 per cent)

• S&P500 = 5,949.91 (up 1.83 per cent)

• Nasdaq = 19,511.23 (up 2.45 per cent)

• CAC40 = 7,474.59 (up 0.69 per cent)

• £1 = $1.22 / €1.19

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: According to the latest data from the Office for National Statistics, UK house prices grew by 3.3 per cent in November. This is an increase from the 3 per cent growth recorded the previous month. The average property price in the UK now stands at £290,000.

Business: Business confidence in the UK has fallen to its lowest level since the mini-Budget presented by Liz Truss's Government in 2022. According to data from accountancy body ICAEW, business confidence fell to 0.2 in Q4 2024 - its lowest level since Q4 2022. In Q3 2024, business confidence was at 14.4.

Markets: Goldman Sachs’ shares rose by more than 6 per cent during trading yesterday. This follows news that the investment bank more than doubled its profits in Q4 2024 to $4.1 billion. The increase was due to its asset management business increasing in size and an unexpected receipt of $472 million from its stock traders.

Foreign Affairs: The Polish Prime Minister, Donald Tusk, has said that Poland will fast-track Ukraine's application to join the EU. Poland currently holds the rotating presidency of the EU until June 2025 and has significant influence on the topics for discussions between EU member states during that time.

Security and intelligence: In one of its final acts, the Biden administration is publishing further regulations to prevent the world's top chip manufacturers from sending products to China. TSMC, Samsung and Intel, will be affected by the law which will increase licensing requirements and due diligence on potential sales.

Domestic politics: The Government has said that it will look at “every conceivable way” to stop a payout to Gerry Adams, the former leader of Sinn Féin and alleged IRA member. This comes after it decided to repeal the Legacy Act, passed by the previous Conservative Government, which stops people who were unlawfully detained by British authorities during the Troubles from receiving compensation.

The Mighty Calendar

What’s happening today?

• Culture, Media and Sports Questions in UK Parliament

• Former UK Health Secretary Matt Hancock appears at UK Covid Inquiry

• UK GDP data (November)

• China GDP data (Q4 2024)

• UK industrial production and manufacturing production data (November)

• US jobless claims (weekly)

• US, China retail sales data (December)

• China unemployment rate (December)

• Company results from: Morgan Stanley, Bank of America, Taylor Wimpey

Lookahead to tomorrow

• German Chancellor Scholz receives Swedish Prime Minister Kristersson

• Russian President Putin meets Iranian President Pezeshkian in Moscow

• UK retail sales data (December)

• Eurozone CPI inflation data (December)

• US industrial and manufacturing production data (December)

• US housing construction data (December)

The Mighty Finale

🌤️Weather today

Light cloud but dry. High of 9C and low of 3C in London. Sunny intervals in Belfast and bright sunshine in Edinburgh.

✏️Life coaching quote of the day

“Everyone of us is the sum total of his own thoughts.” – Earl Nightingale, motivational speaker

Mighty takeaway: You are what you are and where you are today because of the thoughts‎ in your mind.

That’s about it for this Thursday. We’ll see you tomorrow morning.

Adios!

The Mighty Memo team

Wednesday, 15 January 2025

The Mighty Headlines

• Economics: US inflation increases by 0.2 per cent

• Business: Lloyds bank ties bonuses to 2 days a week in the office

• Markets: JP Morgan issues warning about the UK’s economic policies

• Foreign Affairs: Irregular migration to the EU falls by 38 per cent

• Security and intelligence: NATO chief announces more surveillance in the Baltic Sea

• Domestic politics: UK Treasury Minister resigns

The Mighty Stats

• FTSE = 8,201.54 (down 0.28 per cent)

• S&P500 = 5,842.91 (up 0.11 per cent)

• Nasdaq = 19,044.39 (down 0.23 per cent)

• CAC40 = 7,423.67 (up 0.2 per cent)

• £1 = $1.22 / €1.18

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: US wholesale inflation rose by 0.2 per cent in December. The increase was less than expected and was helped by falling food prices and the lack of change in the cost of services. This makes it less likely that the Federal Reserve will cut interest rates.

Business: Lloyds Bank has said that senior staff who do not attend the office at least twice a week may have their bonuses cut. Separately, more than 10,000 staff at advertising giant WPP have signed an online petition against returning to the office four days a week.

Markets: JP Morgan has warned‎ that UK policy credibility is "coming under pressure" because of the continuing unease in the UK gilt markets. It warns that higher borrowing costs and weaker growth will push the budget deficit higher and limit room for future spending. In the House of Commons yesterday, Rachel Reeves said that she would go “further and faster” to improve economic growth.

Foreign Affairs: ‎Irregular migration into the EU fell by 38 per cent in 2024 according to the EU's border agency. The total number of irregular border crossings came to just over 239,000. Frontex also said that the number of crossings into the EU from its borders with Belarus and Russia increased by 192 per cent to 17,000.

Security and intelligence: The Secretary General of NATO, Mark Rutte, has said that NATO is to increase its surveillance in the Baltic Sea with maritime drones, frigates and maritime patrol aircraft. This follows the sabotage of critical undersea infrastructure in the Baltic in the last two months.

Domestic politics: A UK Treasury Minister, Tulip Siddiq, has resigned. Siddiq, whose ministerial responsibilities included tackling corruption, was under pressure to quit following her association with an embezzlement and anti-corruption investigation in Bangladesh.

The Mighty Calendar

What’s happening today?

• NATO defence chiefs meeting, Brussels (ends tomorrow)

• Confirmation hearing for US Secretary of State nominee Marco Rubio

• Prime Minister’s Questions in UK Parliament

• UK CPI and PPI inflation data (December)

• US, France, Spain CPI inflation data (December)

• Japan PPI inflation data (December)

• South Korea interest rate decision

• Company results from: Citigroup, JP Morgan, Wells Fargo, Currys, Hays

Lookahead to tomorrow

• Culture, Media and Sports Questions in UK Parliament

• Former UK Health Secretary Matt Hancock appears at UK Covid Inquiry

• UK GDP data (November)

• China GDP data (Q4 2024)

• UK industrial production and manufacturing production data (November)

• US jobless claims (weekly)

• US, China retail sales data (December)

• China unemployment rate (December)

• Company results from: Morgan Stanley, Bank of America, Taylor Wimpey

The Mighty Finale

🌤️Weather today

Largely dry. High of 10C and low of 6C in London. Bright sunshine in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Stand up to an obstacle. Just stand up to it, that's all, and don't give way under it, and it will finally break. You will break it. Something has to break, and it won't be you, it will be the obstacle.” – Norman Vincent Peale, motivational speaker

Mighty takeaway: Whatever obstacles you face, you can defeat them.

That’s it for today. See you on Thursday.

Adios!

The Mighty Memo team

Tuesday, 14 January 2025

The Mighty Headlines

• Economics: China’s trade surplus reaches nearly $1 trillion

• Business: Tesla sales overtake Audi sales

• Markets: Dollar reaches two-year high

• Foreign Affairs: Russia and Iran to sign strategic partnership agreement

• Security and intelligence: Israel and Hamas presented with final truce deal

• Domestic politics: UK Prime Minister confirms Chancellor remains in post

The Mighty Stats

• FTSE = 8,224.19 (down 0.29 per cent)

• S&P500 = 5,836.22 (up 0.16 per cent)

• Nasdaq = 19,088.10 (down 0.38 per cent)

• CAC40 = 7,408.64 (down 0.3 per cent)

• £1 = $1.22 / €1.19

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: China’s trade surplus increased to nearly $1 trillion in 2024. This is a 21 per cent increase on 2023. Factors behind the increase include record exports to the US, as companies seek to buy goods before the Trump administration imposes tariffs, and a weak level of imports because of low domestic demand in China.

Business: Sales of Tesla vehicles have overtaken those of Audi for the first time. Tesla sold 1.79 million vehicles in 2024, a fall of one per cent from the previous year. Audi sold 1.67 million vehicles last year, a fall of 12 per cent on the previous year.

Markets: The dollar hit a two-year high against the world’s major currencies during trading yesterday. This follows strong US jobs data published late on Friday which indicates a growing economy and makes further cuts to US interest rates unlikely. The pound fell to a 14-month low against the dollar.

Foreign Affairs: It is being reported that Russian President Vladimir Putin and Iranian President Masoud Pezeshkian will meet in Moscow on Friday to sign a comprehensive strategic partnership agreement. The deal is expected to cover trade and military cooperation among others. Russia signed a similar agreement with North Korea last June.

Security and intelligence: Israel and Hamas negotiators were presented with a final truce deal in Qatar yesterday. Difficulties reportedly remain over which hostages and prisoners will be freed and Hamas’s request that Israel withdraw from the Philadelphia corridor – a strip of land between Gaza and Egypt.

Domestic politics: The office of the UK Prime Minister has confirmed that the UK Chancellor, Rachel Reeves, will remain in the post for the duration of the Parliament. Reeves had been facing criticism over rising interest rates on UK Government debt and the falling value of sterling.  

The Mighty Calendar

What’s happening today?

• NATO Baltic summit, Finland

• Impeachment trial of South Korean President due to begin

• Confirmation hearing for US Defence Secretary nominee Pete Hegseth

• Russian Foreign Minister Lavrov holds annual press conference

• French Prime Minister Bayrou outlines vision for his new Government

• Sri Lanka’s President begins four-day visit to China

• Foreign Office Questions in UK Parliament

• Italy industrial production data (November)

• US CPI and PPI inflation data (December)

• South Korea trade data (December)

Lookahead to tomorrow

• NATO defence chiefs meeting, Brussels (ends tomorrow)

• Confirmation hearing for US Secretary of State nominee Marco Rubio

• UN Secretary General outlines priorities for 2025

• Prime Minister’s Questions in UK Parliament

• UK CPI and PPI inflation data (December)

• US, France, Spain CPI inflation data (December)

• Japan PPI inflation data (December)

• South Korea interest rate decision

• Company results from: Citigroup, JP Morgan, Wells Fargo, Currys, Hays

The Mighty Finale

🌤️Weather today

Light clouds and winds but dry. High of 9C and low of 5C in London. Same weather in Belfast but sunny intervals in Edinburgh.

✏️Life coaching quote of the day

“The art of competing, I’d learned from track, was the art of forgetting, and I now reminded myself of that fact. You must forget your limits. You must forget your doubts, your pain, your past.” – Phil Knight, founder of Nike

Mighty takeaway: Our limitations are self-imposed. Remove them!

That’s about it for this Tuesday and we’ll see you tomorrow.

Adios!

The Mighty Memo team

Monday, 13 January 2025

The Mighty Headlines

·        Economics: UK Chancellor agrees trade deals worth £600 million with China

·        Business: Morrisons voices support for UK farmers in inheritance tax dispute

·        Markets: Pound may fall by up to 8 per cent this week according to traders

·        Foreign Affairs: US Government sanctions more Russian oil producers and oil tankers

·        Security and intelligence: Iran to launch new warship and add 1000 drones to arsenal

·        Domestic politics: UK Government sanctions Maduro regime in Venezuela

The Mighty Stats

·        FTSE = 8,248.49 (down 0.86 per cent)

·        S&P500 = 5,827.04 (down 1.54 per cent)

·        Nasdaq = 19,161.63 (down 1.63 per cent)

·        CAC40 = 7,431.04 (down 0.79 per cent)

·        £1 = $1.22 / €1.19

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: Chancellor Rachel Reeves has said that she has secured trade and finance agreements with China that will add £600 million to the UK economy over five years. The agreement was announced at the weekend in the first high-level economic summit between the UK and China in six years.

Business: UK supermarket chain Morrisons is publicly voicing support for farmers in their dispute with the Government over inheritance tax. In a video released on Saturday, the supermarket said that it “understood farmers’ anger” and that it would continue to raise the issue at the “highest levels of government”.

Markets: Currency traders are prepared for the value of sterling to fall further this week, after it fell last week to its lowest level against the dollar since November 2023. Demand in the options market – derivative products – suggests that the pound could fall by up to 8 per cent.

Foreign Affairs: The US Government has imposed sanctions on Russian oil producers and 183 oil-carrying ships. The intention is to weaken demand for Russia’s oil – a major source of the country’s income. The move will also force China and India, some of the largest buyers of Russian oil, to source their oil from the Middle East, Africa and the Americas instead.

Security and intelligence: Iran is to launch a new warship and add around 1,000 advanced drones to its military capabilities in the coming days. According to Iranian Rear Admiral Habibollah Sayyari, the drones will be “long-range” and have “stealth capabilities”.

Domestic politics: The UK Government has imposed sanctions on 15 new people associated with the regime of the Venezuelan President Nicolas Maduro. The UK Government disputes the validity of the election result last July which saw Maduro win the Presidency for a third six-year term. Separately, the US has announced a $25 million reward for Maduro’s arrest.

The Mighty Calendar

What’s happening today?

o   Japan public holiday (Respect for the Aged Day)

o   President Biden delivers final foreign policy speech, US State Department, Washington DC

o   Prime Minister Starmer launches AI Opportunities Action Plan

o   Home Office Questions in UK Parliament

o   India CPI inflation data (December)

Lookahead to tomorrow

o   NATO Baltic summit, Finland

o   Impeachment trial of South Korean President due to begin

o   Confirmation hearing for US Defence Secretary nominee Pete Hegseth

o   Russian Foreign Minister Lavrov holds annual press conference

o   Foreign Office Questions in UK Parliament

o   Italy industrial production data (November)

o   US CPI and PPI inflation data (December)

o   South Korea trade data (December)

The Mighty Finale

🌤️Weather today

Partly cloudy. High of 6C and low of 1C in London. Light rain in Belfast and heavy rain in Edinburgh.

✏️Life coaching quote of the day

“Success is the doing, not the getting; in the trying, not the triumph. Success is a personal standard, reaching for the highest that is in us, becoming all that we can be. If we do our best, we are a success.” – Zig Ziglar, motivational speaker

Mighty takeaway: Nothing further to add to this!

That’s it for this morning. Thanks for reading and we’ll see you again tomorrow.

Bye!

The Mighty Memo team

Friday, 10 January 2025

The Mighty Headlines

• Economics: Canada could impose retaliatory tariffs on the US

• Business: M&S and Tesco’s strong sales over Christmas

• Markets: Price of copper reaches three-week high

• Foreign Affairs: Lebanese army chief elected President

• Security and intelligence: US gives $500 million in military aid to Ukraine

• Domestic politics: Sir Keir Starmer meets President Macron in Buckinghamshire

The Mighty Stats

• FTSE = 8,319.69 (up 0.83 per cent)

• S&P500 = 5,918.25 (up 0.16 per cent)

• Nasdaq = 19,478.88 (down 0.055 per cent)

• CAC40 = 7,490.28 (up 0.51 per cent)

• £1 = $1.23 / €1.20

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: It is being reported that Canada will impose retaliatory tariffs on American orange juice and some steel products if Donald Trump delivers on his threat to impose 25 per cent tariffs on Canadian goods. Speaking about Canadian products this week, Donald Trump said “we don’t need anything they have”.

Business: Marks and Spencer and Tesco both saw sales increase during the Christmas trading period. M&S saw food sales increased by 8.7 per cent and clothing, home and beauty increase by 1 per cent. Tesco food sales increased by 4.7 per cent. Shares in both companies fell, however, with financial prospects partly dampened by inflation, the Budget and interest rates.

Markets: The price of copper has reached a three-week high following strong demand from China. Copper futures, tradeable contracts whose values are based on their underlying assets, rose to over $4.30 yesterday. China is the world’s largest copper supplier and consumer.

Foreign Affairs: The head of the Lebanese army, Joseph Aoun, has been elected as Lebanon’s new President. The position has been vacant since 2022. Aoun, a Maronite Christian, was supported by France, the United States and Saudi Arabia. He has vowed to ensure that only the state has the right to carry arms, in contradiction of the activities of the Iran-backed Hezbollah group.

Security and intelligence: In its final days, the Biden administration has pledged a further $500 million in military aid to Ukraine. The aid will be delivered before Donald Trump’s inauguration. The US has provided around $50 billion in military aid to Ukraine since 2022.

Domestic politics: The UK Prime Minister, Sir Keir Starmer, hosted French President Emmanuel Macron at his official country residence in Buckinghamshire yesterday evening. The leaders discussed the war in Ukraine, the Middle East and UK-EU relations.

The Mighty Calendar

What’s happening today?

• Nicolas Maduro begins new term as Venezuela’s President

• US Supreme Court hears case on TikTok ban

• France consumer spending data (November)

• Italy retail sales data (November)

• US unemployment rate (December)

• Company results from: Walgreens Boots Alliance, Delta Airlines

Lookahead to the weekend

Saturday

• UK Chancellor Rachel Reeves scheduled to visit China

Sunday

• Croatia Presidential Election (second round)

• Australian Open (tennis) continues, Melbourne, Australia

• The Masters (snooker) begins, Alexandra Palace

• Annual Blessing of the River Thames, London Bridge

The Mighty Finale

🌤️Weather today

Another sunny and dry day in almost all of the UK. Still cold though! High of 2C and low of -3C in London.

✏️Life coaching quote of the day

“Excuses are the nails used to build a house of failure.” – Jim Rohn, motivational speaker

Mighty takeaway: Take responsibility for what happens in your life and makes changes if you have to. Excuses will get you nowhere.

That’s about it this week. We hope you have a good weekend and we’ll see you on Monday!

Adios!

The Mighty Memo team 

Thursday, 9 January 2025

The Mighty Headlines

• Economics: India’s growth rate slows to 6 per cent

• Business: UK bicycle manufacturer Raleigh announces losses of over £30 million

• Markets: UK government bond yields reach their highest level since 2008

• Foreign Affairs: US Government shifts military aid from Israel and Egypt to Lebanon

• Security and intelligence: France and Germany push back on Trump’s Greenland claims

• Domestic politics: Sir Olly Robbins appointed new head of the UK Foreign Office

The Mighty Stats

• FTSE = 8,251.03 (up 0.07 per cent)

• S&P500 = 5,918.25 (up 0.16 per cent)

• Nasdaq = 19,478.88 (down 0.055 per cent)

• CAC40 = 7,452.42 (down 0.49 per cent)

• £1 = $1.24 / €1.20

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The Mighty Detail

Economics: The Indian economy is predicted to grow by 6.4 per cent this year according to the latest Indian Government figures. This is below the average 8 per cent growth seen in the last three years. Yesterday, the rupee hit a record low of 85.87 against the dollar.

Business: UK bicycle maker Raleigh has announced a pre-tax loss of £30.1 million for 2023. Raleigh, which was once the largest bicycle manufacturer in the world, last posted a profit in 2021.

Markets: UK gilt yields hit their highest level since 2008 yesterday. The increase reflects concerns about the strength of the UK economy and greater caution over purchasing UK Government debt. The pound also hit its lowest level against the dollar since April yesterday.

Foreign Affairs: The US Government is moving over $100 million of military aid from Israel and Egypt to Lebanon. In notices provided to the US Congress, the US Government said it would provide $95 million of military aid intended for Egypt and $7.5 million intended for Israel to support the Lebanese army in holding the ceasefire with Israel.

Security and intelligence: France's Foreign Minister, Jean-Noel Barrot, has said that the EU would defend its "sovereign borders" after Donald Trump refused to rule out seizing Greenland by military force. German Chancellor Olaf Scholz also pushed back against Trump’s assertions.

Domestic politics: Sir Olly Robbins has been named as the new head of the UK Foreign Office. Sir Olly takes up the role of Permanent Under-Secretary for a fixed term of five years. He previously served as Theresa May’s Brexit adviser.

The Mighty Calendar

What’s happening today?

• State funeral for former US President Jimmy Carter

• Transport Questions in UK Parliament

• Germany trade data (November)

• Germany industrial production data (November)

• Eurozone retail sales data (November)

• US jobless claims data (weekly)

• Company results from: Marks & Spencer

Lookahead to tomorrow

• President Biden meets Pope Francis at the Vatican

• Nicolas Maduro begins new term as Venezuela’s President

• US Supreme Court hears case on TikTok ban

• France consumer spending data (November)

• Italy retail sales data (November)

• US unemployment rate (December)

• Company results from: Walgreens Boots Alliance, Delta Airlines

The Mighty Finale

🌤️Weather today

Sunshine across all parts of the UK today but very cold! High of 3C and low of -3C in London.

✏️Life coaching quote of the day

"The secret to doing anything is believing that you can do it. Anything that you believe you can do strong enough, you can do. Anything. As long as you believe." – Bob Ross, painter

Mighty takeaway: The only limitations are those you set yourself.

That’s about it for today’s edition. See you tomorrow morning!

Adios!

The Mighty Memo team

Wednesday, 8 January 2025

The Mighty Headlines

• Economics: Eurozone inflation rises to 2.4 per cent

• Business: Next to increase prices because of tax rises

• Markets: Investors concerned about Apple sales in China

• Foreign Affairs: Donald Trump refuses to rule out using military force in Greenland

• Security and intelligence: Damaged undersea cables near Taiwan ‎could be sabotage

• Domestic politics: UK Government launches Steel Council

The Mighty Stats

• FTSE = 8,245.28 (down 0.053 per cent)

• S&P500 = 5,909.03 (down 1.11 per cent)

• Nasdaq = 19,489.68 (down 1.89 per cent)

• CAC40 = 7,489.35 (up 0.59 per cent)

• £1 = $1.25 / €1.21

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: Inflation in the Eurozone‎ rose to 2.4 per cent in December. This is an increase from the 2.2 per cent recorded in November and is the third consecutive rise. A reduction in Eurozone interest rates is now increasingly unlikely.

Business: High street retailer Next has said that it is to apply a 1 per cent increase to its prices this year. The company said this would cover an anticipated £67 million increase to its wage bill following ‎the National Insurance rises announced by the UK Government.

Markets: Shares in Apple are down by 2.2 per cent so far in January. Investors are concerned about continuing weakness in the Chinese market for Apple products, particularly in light of competition from Chinese domestic brands such as Huawei. In 2024, Apples shares rose by more than 30 per cent.  

Foreign Affairs: Donald Trump has refused to rule out using military force to seize control of the Panama Canal and Greenland. He added that Greenland was needed for national security reasons. ‎The Danish Prime Minister, Mette Frederiksen, has said that Greenland is "not for sale" and that only Greenlanders can decide their future.

Security and intelligence: Taiwanese authorities have announced that an undersea cable has been damaged off the northern coast of Taiwan by a Hong-Kong registered ship. Taiwan's Coast Guard Administration has said that it cannot rule out the possibility of Chinese sabotage.

Domestic politics: The UK Government has launched a new Steel Council. The Council will advise on "rebuilding the industry" and seeks to secure the "future of steel making"‎. Members include Government ministers, steel producers and trade unions.

The Mighty Calendar

What’s happening today?

• Prime Minister’s Questions in UK Parliament

• 5th anniversary of Malaysia Airlines flight MH17 shot down over Ukraine

• France, Australia trade data (November)

• Eurozone business and consumer confidence data (December)

• Eurozone PPI inflation data (November)

• US jobless claims (weekly)

• China CPI and PPI inflation data (December)

Lookahead to tomorrow

• State funeral for former US President Jimmy Carter

• Transport Questions in UK Parliament

• Germany trade data (November)

• Germany industrial production data (November)

• Eurozone retail sales data (November)

• US jobless claims data (weekly)

• Company results from: Marks & Spencer

The Mighty Finale

🌤️Weather today

Light wind and rain in southeast England but bright sunshine almost everywhere else. High of 3C and low of 0C. Sunshine in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Don't worry about the failures, worry about the chances you miss when you don't even try.” – Jack Canfield, motivational speaker

Mighty takeaway: Nothing further to add!

That’s about it for today’s edition. See you tomorrow.

Adios!

The Mighty Memo team

Tuesday, 7 January 2025

The Mighty Headlines

• Economics: German inflation rises higher than expected

• Business: Waterstones mulls potential stock market listing

• Markets: London insurance company goes to New York for listing

• Foreign Affairs: Iran’s nuclear programme near “point of no return”

• Security and intelligence: North Korea launches suspected hypersonic missile

• Domestic politics: UK Government proposes new petrol car ban from 2030

The Mighty Stats

• FTSE = 8,249.66 (up 0.31 per cent)

• S&P500 = 5,975.38 (up 0.55 per cent)

• Nasdaq = 19,864.98 (up 1.24 per cent)

• CAC40 = 7,445.69 (up 2.24 per cent)

• £1 = $1.25 / €1.20

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: Inflation in Germany rose to 2.9 per cent in December. This is an increase from 2.4 per cent in November and higher than the 2.6 per cent predicted by analysts. The Eurozone’s own inflation figures will be published today.

Business: The Managing Director of Waterstones, James Daunt, has said that he is considering an IPO for the company. Waterstones, which also owns the Barnes & Noble bookshop chain in the US, is the largest bookseller by shops in the UK and the US.

Markets: A major London insurance company, Aspen Insurance, has said that it will list in New York rather than in London. Aspen’s listing is expected to be worth around £3 billion and marks the latest in a series of companies preferring to list in the US rather than the UK. Deeper pools of capital in the US and more stringent listing rules in the UK may be factors in these decisions.

Foreign Affairs: France’s President, Emmanuel Macron, has said that Iran’s uranium enrichment programme is nearing the “point of no return”. Iran has said that it is enriching uranium for peaceful purposes but in December the UN said that Iran was close to the 90 per cent level for bomb-grade material.

Security and intelligence: During US Secretary of State Antony Blinken’s visit to South Korea yesterday, North Korea fired a suspected hypersonic missile which landed in the sea. Blinken expressed confidence in South Korea’s institutions as South Korean investigators seek an extension to President Yoon’s arrest warrant which expired yesterday.

Domestic politics: The UK Government has launched a consultation on phasing out new petrol and diesel cars by 2030. The deadline set by the previous Government was 2035.

The Mighty Calendar

What’s happening today?

• Orthodox Christmas

• 10th anniversary of the Charlie Hebdo attack in Paris

• Health Questions in UK Parliament

• UK house price data (December)

• France, Italy, Eurozone CPI inflation data (December)

• US, Canada trade data (November)

• Company results from: Next

Lookahead to tomorrow

• Prime Minister’s Questions in UK Parliament

• 5th anniversary of Malaysia Airlines flight MH17 shot down over Ukraine

• France, Australia trade data (November)

• Eurozone business and consumer confidence data (December)

• Eurozone PPI inflation data (November)

• US jobless claims (weekly)

• China CPI and PPI inflation data (December)

The Mighty Finale

🌤️Weather today

Sunny spells for most of England with some potential for snow. High of 6C and low of -2C. Same weather in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Who you are, what you think, feel, and do, what you love – is the sum of what you focus on.” – Cal Newport, academic

Mighty takeaway: Whatever you think of consistently becomes your reality.

That’s about it for today’s edition. See you tomorrow.

Adios!

The Mighty Memo team

Monday, 6 January 2025

The Mighty Headlines

• Business: UK’s market for new cars rises by 2.4 per cent in 2024

• Markets: US stocks rise on Friday after a difficult week

• Foreign Affairs: Antony Blinken meets South Korea Foreign Minister today

• Security and intelligence: US announces $8 billion worth of weapons for Israel

• Domestic politics: UK Parliament debates a new General Election today

The Mighty Stats

• FTSE = 8,223.98 (down 0.44 per cent at Friday close)

• S&P500 = 5,942.47 (up 1.26 per cent at Friday close)

• Nasdaq = 19,621.68 (up 1.77 per cent at Friday close)

• CAC40 = 7,282.22 (down 1.51 per cent at Friday close)

• £1 = $1.24 / €1.21

• UK: Con / Lab / Reform = 23 / 30 / 22 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Business:  The new car market in the UK increased by 2.6 per cent in 2024 compared with the year before. Around 1.95 million new cars were registered in 2024. The increase was driven by business purchases, which increased by 11.8 per cent. Private purchases fell by 8.7 per cent to around 746,000 vehicles.

Markets: After an uncertain start to the new year, US stocks closed up on Friday. The Nasdaq rose the most during the day, closing up by 1.77 per cent. Tech stocks more broadly continue to rise, with chipmaker Nvidia up by 4.7 per cent on Friday and server maker Super Micro Computer up by 10.9 per cent.

Foreign Affairs: US Secretary of State, Antony Blinken, is in South Korea today where he will meet his counterpart, Cho Tae-yul. Separately, the arrest warrant for President Yoon Suk Yeol also expires today. Yoon unsuccessfully imposed martial law on the country in December. His security guards and the military have prevented his arrest so far.

Security and intelligence: The US Government has notified the US Congress of its intention to deliver $8 billion of weapons to Israel. The weapons would likely take several years to deliver and would bring total US military aid to Israel to nearly $18 billion since October 2023.

Domestic politics: The UK Parliament returns today, after the Christmas recess, where it will discuss a petition on holding another UK General Election. The petition has received 3 million signatures. Any petition which receives over 100,000 signatures is considered for debate in Parliament.

The Mighty Calendar

What’s happening today?

• US Congress Electoral College vote count

• US Secretary of State visits South Korea

• US National Security Adviser visits India

• Defence Questions in UK Parliament

• UK, US, France, Italy, Spain, Germany, Eurozone services growth data (December)

• Germany CPI inflation data (December)

Lookahead to tomorrow

• Orthodox Christmas

• 10th anniversary of the Charlie Hebdo attack in Paris

• Health Questions in UK Parliament

• UK house price data (December)

• France, Italy, Eurozone CPI inflation data (December)

• US, Canada trade data (November)

• Company results from: Next

The Mighty Finale

🌤️Weather today

Gusty wind and light rain in London. High of 12C and low of 1C. Light rain in Belfast. Sleet in Edinburgh.

✏️Life coaching quote of the day

“You draw out of the world what you put into it. ​Want to attract reliable people? Be reliable. Want to attract trustworthy people? Be trustworthy. Want to attract welcoming people? Be welcoming.

Want to attract exceptional people? Be exceptional.” – James Clear, writer and speaker

Mighty takeaway: Be the kind of person you wish to attract into your life.

That’s it for this Monday. We’ll see you tomorrow!

Cheerio!

The Mighty Memo team