Wednesday, 12 February 2025

The Mighty Headlines

·       Economics: UK Chancellor meets UK bank leaders today

·       Business: Chat GPT owner and Elon Musk in public dispute over sale

·       Markets: European stock markets steady despite US tariffs

·       Foreign Affairs: President Trump and King of Jordan discuss Gaza

·       Security and intelligence: UK, US and Australia sanction ransomware syndicate

·       Domestic politics: UK refuses to sign international AI agreement

The Mighty Stats

·       FTSE = 8,777.39 (up 0.11 per cent)

·       S&P 500 = 6,068.50 (up 0.034 per cent)

·       Nasdaq = 19,643.86 (down 0.36 per cent)

·       CAC40 = 8,028.90 (up 0.28 per cent)

·       £1 = $1.24 / €1.20

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The Mighty Detail

Economics: UK Chancellor, Rachel Reeves, is meeting the leaders of the major UK banks today in a bid to increase economic growth. Senior executives from Barclays, Lloyds, NatWest and Nationwide are expected to attend. The latest UK GDP figures are published tomorrow and are expected to show a fall in growth of 0.1 per cent in Q4 2024.

Business: The CEO of OpenAI, Sam Altman, has refused Elon Musk's $97.4 billion offer to buy his company. Altman, whose group is behind Chat GPT, said Musk was a competitor and accused Musk of "trying to slow us down". Musk, who co-founded OpenAI with Altman as a non-profit, is accusing OpenAI of pursuing profit over benefiting humanity.

Markets: The European stock markets were little changed after the EU promised “firm and proportionate countermeasures” to the 25 per cent tariffs the US has imposed on steel and aluminium imports. The pan European Stoxx 600 index closed 0.23 per cent higher yesterday.

Foreign Affairs: In a meeting with the King of Jordan yesterday, President Trump reiterated his Gaza resettlement plan. King Abdullah of Jordan said yesterday that the Arab nations would come to Washington DC with a counteroffer before later posting on social media that the unified Arab position was to rebuild Gaza without displacing Palestinians.

Security and intelligence: The UK, US and Australia have sanctioned the Russia-based IT service provider Zservers. The trio state that Zservers supported the Lockbit ransomware syndicate. Lockbit has operated since 2019 and has taken more than $120 million from victims. It has been linked to attacks on Boeing, Royal Mail and the NHS.

Domestic politics: The UK has refused to sign an AI agreement put forward at this week's Global AI summit in Paris. The UK Government said that the deal did not provide enough clarity on governance or about the threat AI poses to national security. The US also refused to sign the agreement but China and India did sign it.

The Mighty Calendar

What’s happening today?

·       UK chairs Ukraine Defence Contact Group meeting, Brussels

·       US Senate votes on Tulsi Gubbard’s nomination as Director of National Intelligence

·       Indian Prime Minister expected to visit the US

·       Canadian Prime Minister meets European Commission President at EU-Canada summit

·       Prime Minister’s Questions in UK Parliament

·       Italy industrial production data (December)

·       US CPI inflation data (January)

·       Company results from: Heineken International, Kraft Heinz, SoftBank

Lookahead to tomorrow

·       NATO Defence Ministers meeting, Brussels

·       France hosts international conference on Syria

·       Transport Questions in UK Parliament

·       UK GDP data (Q4 2024)

·       UK industrial production and manufacturing data (December)

·       US unemployment data (weekly)

·       US PPI inflation data (January)

·       Company results from: Barclays, Nissan, Honda, Siemens, Sony

The Mighty Finale

🌤️Weather today

Dry in England apart from the northeast. High of 7C and low of 2C in London. Light cloud but largely dry too in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Some people want it to happen, some wish it would happen, and others make it happen.” – Michael Jordan, basketball player

Mighty takeaway: Take action on your goals. Don’t just think about taking action.

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

Adios!

The Mighty Memo team

Tuesday, 11 February 2025

The Mighty Headlines

·       Economics: UK GDP predicted to fall

·       Business: Intel’s new Head of AI leaves to become Nokia CEO

·       Markets: Shares in “meme stock” GameStop rise by over 9 per cent

·       Foreign Affairs: China offers conditional talks with Dalai Lama over Tibet

·       Security and intelligence: Hamas stops hostage release and Trump says he is losing patience

·       Domestic politics: Farmers protests in London

The Mighty Stats

·       FTSE = 8,767.80 (up 0.77 per cent)

·       S&P 500 = 6,066.44 (up 0.67 per cent)

·       Nasdaq = 19,714.27 (up 0.98 per cent)

·       CAC40 = 8,006.22 (up 0.42 per cent)

·       £1 = $1.24 / €1.20

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The Mighty Detail

Economics: UK GDP is expected to fall when the latest figures are announced on Thursday. New analysis suggests that UK economic growth fell by 0.1 per cent between September and December following stagnating growth in the previous quarter.

Business: Intel’s Head of Artificial Intelligence, Justin Hotard, is to leave his role to become the new CEO of Nokia. Nokia has been suffering from lower demand for its 5G equipment but says that Hotard’s expertise in AI and data centre markets are “critical areas for Nokia’s future growth”.

Markets: Shares in video game store, GameStop, rose by more than 9 per cent yesterday. It comes after CEO Ryan Cohen posted a photo of himself with Michael Saylor, the co-founder of the largest corporate holder of bitcoin. GameStop shares are known as a “meme stock” – shares whose value is influenced by social media posts.

Foreign Affairs: China has said that it is open to discussing the Dalai Lama’s future in Tibet as long as he acknowledges that Tibet and Taiwan are “inalienable” parts of China. This follows the death of the Dalai Lama’s older brother, Guo Jiakun, on Saturday who had acted as an unofficial envoy in talks with China. The Dalai Lama turns 90 in July and has expressed a wish to return to Tibet before his death.

Security and intelligence: Hamas has said that it will stop releasing Israeli hostages. It accuses Israel of violating the ceasefire deal by stopping aid and continuing to attack Gaza. Israel said that Hamas’s decision violates the ceasefire deal and that its military would be put on the highest level of readiness. President Trump said on Sunday that the US would at “some point…lose our patience”.

Domestic politics: UK farmers blocked Parliament Square and Whitehall in London yesterday in protest against the UK Government’s proposals to levy inheritance tax on agricultural properties. Reform leader, Nigel Farage, addressed farmers before the rally calling for an end to all “death taxes.”

The Mighty Calendar

What’s happening today?

·       Japan public holiday (national day)

·       President Trump meets King of Jordan, Washington DC

·       President Macron hosts world leaders for plenary session at AI Summit

·       Speech by Bank of England Governor

·       Health Questions in UK Parliament

·       France unemployment data (Q4 2024)

·       US small business confidence data (January)

Lookahead to tomorrow

·       UK chairs Ukraine Defence Contact Group meeting, Brussels

·       US Senate votes on Tulsi Gubbard’s nomination as Director of National Intelligence

·       Indian Prime Minister expected to visit the US

·       Canadian Prime Minister meets European Commission President at EU-Canada summit

·       Prime Minister’s Questions in UK Parliament

·       Italy industrial production data (December)

·       US CPI inflation data (January)

·       Company results from: Heineken International, Kraft Heinz, SoftBank

The Mighty Finale

🌤️Weather today

Largely dry apart from the northeast of England. High of 6C and low of 2C in London. Light rain in Belfast and Edinburgh.

✏️Life coaching quote of the day

“You are everything you choose to be.” – Shad Helmsetter, motivational writer

Mighty takeaway: Who have you chosen to be and who will you choose to become?

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

Bye!

The Mighty Memo team

Monday, 10 February 2025

The Mighty Headlines

·       Economics: New Chinese tariffs on US goods apply from today

·       Business: Lloyds bank reviews 6,000 tech and engineering jobs

·       Markets: US stocks fall ahead of Trump trade announcement

·       Foreign Affairs: Egypt to hold emergency Arab League summit

·       Security and intelligence: Ukraine willing to do deal with US on rare earths

·       Domestic politics: Reform Party leads the polls but Farage proves unpopular

The Mighty Stats

·       FTSE = 8,700.53 (down 0.31 per cent)

·       S&P 500 = 6,025.99 (down 0.95 per cent)

·       Nasdaq = 19,523.40 (down 1.36 per cent)

·       CAC40 = 7,973.03 (down 0.43 per cent)

·       £1 = $1.24 / €1.20

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The Mighty Detail

Economics: New Chinese tariffs on US goods have taken effect today. This includes a 15 per cent tax on US coal and liquified natural gas as well as a 10 per cent tariff on crude oil, agricultural machinery and large-engine cars. The US has levied tariffs of 10 per cent on all Chinese goods.

Business: Lloyds bank has told 6,000 of its tech and engineering employees that their jobs are under review. The company said that it wishes to accelerate its digital banking developments. The banking group employs around 66,000 people in total.

Markets: US stock markets start the week on a low, after falling on Friday. This comes after President Trump announced that he would make a statement today or tomorrow announcing “reciprocal trade”. This would increase US tariffs on foreign goods so that they match the tariffs imposed by other countries on US goods.

Foreign Affairs: The Egyptian Government has announced that it will host an emergency Arab summit to discuss “new and dangerous developments for the Palestinian cause”. The meeting of the Arab League will be held in Cairo on the 27th February and comes after President Trump suggested Palestinians could be resettled from Gaza.

Security and intelligence: President Zelensky has said that he would be willing to do a deal with President Trump on Ukrainian rare earth metals. Ukraine has large deposits of the metals, which are crucial for computer chips, but around half are in Russian-occupied Ukraine. US access would require a strategic approach to ending the war.

Domestic politics: Five opinion polls this week show more support for the Reform Party than the Conservative Party. In four polls, the Reform Party was tied with or was ahead of the Labour Party. A poll published on Saturday, however, shows that the main reason among all voters to vote against Reform was its leader, Nigel Farage.

The Mighty Calendar

What’s happening today?

·       Eurozone investor confidence data (February)

·       Global Summit on Artificial Intelligence begins in Paris

·       Defence Questions in UK Parliament

Lookahead to tomorrow

·       Japan public holiday (national day)

·       President Trump meets King of Jordan, Washington DC

·       President Macron hosts world leaders for plenary session at AI Summit

·       Speech by Bank of England Governor

·       Health Questions in UK Parliament

·       France unemployment data (Q4 2024)

·       US small business confidence data (January)

The Mighty Finale

🌤️Weather today

Rain in almost all of England apart from the far southwest. High of 5C and low of 3C in London. Dry in Belfast in the morning. Raining in Edinburgh all day.

✏️Life coaching quote of the day

“Live out of your imagination, not your history.” – Stephen Covey, author

Mighty takeaway: Look to the future. You don’t have to re-live your past. Each day is an opportunity to start again.

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

Bye!

The Mighty Memo team

Friday, 7 February 2025

The Mighty Headlines

• Economics: Bank of England cuts interest rates and UK GDP growth rate

• Business: AstraZeneca reports $14.9 billion revenue for Q4 2024

• Markets: Ford shares fall by over 7 per cent

• Foreign Affairs: Greenland calls for independence vote

• Security and intelligence: CIA sends unclassified list of employees to the White House

• Domestic politics: UK Government summons Russian ambassador

The Mighty Stats

• FTSE = 8,727.28 (up 1.21 per cent)

• S&P500 = 6,083.57 (up 0.36 per cent)

• Nasdaq = 19,791.99 (up 0.51 per cent)

• CAC40 = 8,007.62 (up 1.47 per cent)

• £1 = $1.24 / €1.20

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The Mighty Detail

Economics: The Bank of England cut interest rates to 4.5 per cent yesterday. At the same time, it halved its forecast for UK economic growth in 2025 from 1.5 per cent to 0.75 per cent.

Business: AstraZeneca has reported revenue of $14.9 billion for Q4 2024. This is an increase of 24 per cent on the previous quarter. For 2024 overall, the pharmaceutical giant reported revenue of $54.1 billion, an increase of 18 per cent over a year.

Markets: Shares in Ford fell by over 7 per cent yesterday as the company forecasts a difficult 2025. In 2024, Ford reported adjusted earnings of $10.2 billion. In 2025, it forecasts adjusted earnings of between $7 billion and $8.5 billion.

Foreign Affairs: Greenland’s ruling Slumut party has said that it plans to hold an independence vote after the General Election on the 11th March. A spokeswoman for the party said that Greenland needed to be independent from Denmark in order to officially participate in negotiations on its future. All political parties in Greenland’s Parliament oppose becoming a part of the United States as proposed by President Trump.

Security and intelligence: In a potential security breach, the CIA has sent the White House an unclassified email which lists all its employees who have been with the agency for less than two years. The email was sent in order to comply with a Presidential Executive Order trying to reduce the number of federal workers.

Domestic politics: The UK Government summoned the Russian Ambassador to the UK Foreign Office yesterday following a spying row. Moscow expelled a British diplomat in November whom it accused of spying. The UK Government has now expelled a Russian diplomat.

The Mighty Calendar

What’s happening today?

• UK house price data (January)

• Germany, France trade data (December)

• Canada unemployment data (January)

• Critics Choice film and television awards, Santa Monica, California

Lookahead to the weekend

Saturday

• China CPI inflation data (January)

• Invictus Games begin, Canada

• Rugby Six Nations, Wales vs Italy and England vs France

Sunday

• General Elections in Liechtenstein, Kosovo and Ecuador

• German election debate with Olaf Scholz and Friedrich Merz

• Rugby Six Nations, Scotland vs Ireland

• NFL Super Bowl (American football final), New Orleans, United States

• Tennis Qatar Open begins, Doha, Qatar

• Hong Kong marathon

The Mighty Finale

🌤️Weather today

Sunny in most parts of England apart from the southeast where rain abounds. High of 5C and low of 3C. Sunny spells in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Don't waste effort on a thing that ends in a petty triumph unless you are happy with a life of petty success.” – John D. Rockefeller, oil tycoon

Mighty takeaway: Don’t limit the size of your dreams and ambitions.

That’s about it for today’s edition and for this week. See you next week.

Adios!

The Mighty Memo team

Thursday, 6 February 2025

The Mighty Headlines

• Economics: US trade deficit increases by 25 per cent in December

• Business: Tesla sales fell by nearly 60 per cent in Germany last month

• Markets: Google shares fall by nearly 7 per cent as sales are missed

• Foreign Affairs: Rwandan-backed fighters take more territory in the Congo

• Security and intelligence: Ukraine calls for its own nuclear weapons

• Domestic politics: UK sets out new rules on nuclear power plants today

The Mighty Stats

• FTSE = 8,623.29 (up 0.61 per cent)

• S&P500 = 6,061.48 (up 0.39 per cent)

• Nasdaq = 19,692.33 (up 0.19 per cent)

• CAC40 = 7,891.68 (down 0.19 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: New data shows that the US's trade deficit increased significantly‎ in the month before Donald Trump took office. America's trade deficit increased by nearly 25 percent in December to $98.4 billion. The US's trade gap for 2024 overall stood at $918.4 billion.

Business: The sale of Tesla vehicles fell by nearly 60 per cent in Germany in January. This compares with a 53.5 per cent increase in the sale of all battery electric vehicles in the country last month. It follows‎ Tesla CEO Elon Musk's recent public interventions in German politics.

Markets: Shares in Google's parent company, Alphabet, fell by nearly 7 per cent during trading yesterday. The tech company missed sales estimates for its cloud services and for the company overall.

Foreign Affairs: Rwandan-backed rebel fighters have taken another city in the Democratic Republic of Congo, further increasing concerns about regional instability. After seizing the city of Goma last month‎, and then declaring a ceasefire on Monday, the M23 rebel group have now taken the city of Nyabibwe.

Security and intelligence: Ukraine's President, Volodymyr Zelensky, has said that his country will need to have nuclear weapons if there is a delay in Ukraine joining NATO. Ukraine previously had nuclear weapons when it was a member of the USSR.

Domestic politics: The UK Government is set to relax the rules on where small nuclear power plants can be built. A consultation on the matter was launched by the previous Conservative Government and the current UK Government is due to make a formal announcement today. Only eight sites in the UK are currently zoned to allow nuclear power plants.‎

The Mighty Calendar

What’s happening today?

• New Zealand public holiday (national day)

• Environment Questions in UK Parliament

• Bank of England interest rate decision

• Eurozone retail sales data (December)

• Eurozone construction data (January)

• US unemployment data (weekly)

• Company results: Amazon, AstraZeneca, ArcelorMittal, Société Générale, Nippon Steel

Lookahead to tomorrow

• UK house price data (January)

• Germany, France trade data (December)

• Canada unemployment data (January)

• Critics Choice film and television awards, Santa Monica, California

The Mighty Finale

🌤️Weather today

Sunny again for most of England. High of 9C and low of 3C in London. Sunny in Belfast and Edinburgh too.

✏️Life coaching quote of the day

"If you find something very difficult to achieve yourself, don't imagine that it is impossible – for anything possible and proper for another person can also be achieved as easily by you.” – Marcus Aurelius, Ancient Roman emperor and philosopher

Mighty takeaway: If someone else has done it before you, it is possible to do it.

That’s about it for today’s edition.

Adios!

The Mighty Memo team

Wednesday, 5 February 2025

The Mighty Headlines

• Economics: US imposes maximum economic pressure on Iran

• Business: Aldi to hire 1,600 more people in the UK

• Markets: Palantir shares rise by nearly 24 per cent

• Foreign Affairs: El Salvador offers to house US criminals

• Security and intelligence: Syria seeks defence deal with Turkey

• Domestic politics: New poll shows two-thirds lack confidence in UK Chancellor

The Mighty Stats

• FTSE = 8,570.77 (down 0.15 per cent)

• S&P500 = 6,037.88 (up 0.72 per cent)

• Nasdaq = 19,654.02 (up 1.35 per cent)

• CAC40 = 7,906.40 (up 0.66 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: President Trump has signed a memo imposing “maximum economic pressure on Iran”. It instructs the US Treasury and State Department to drive “Iran’s oil exports to zero” which will deprive it of funds to build a nuclear weapon. Last year, Iran’s oil exports earned it $54 billion.

Business: Aldi is set to create 1,600 new jobs this year as it expands its operations in the UK. The discount supermarket chain’s approach is in contrast to that of Sainsbury's which has announced 3,000 job cuts.

Markets: Shares in Palantir rose by nearly 24 per cent during trading yesterday. The software company is a major provider of tech services to defence agencies and it saw its Q4 2024 sales reach $828 million. Analysts had predicted sales of around $776 million.

Foreign Affairs: The President of El Salvador, Nayib Bukele, has offered to house US criminals, including those with US citizenship, in his country’s jails for a fee. US Secretary of State, Marco Rubio, said he was "profoundly grateful for the offer". El Salvador is known for its system of mega-jails and tough penal system which have attracted debate.

Security and intelligence: Syria’s interim President, Ahmad al-Sharaa, met Turkish President Recep Tayyip Erdogan yesterday. Al-Sharaa discussed plans for a strategic partnership with Turkey to “confront the security threats in the region”.

Domestic politics: According to a new poll, two-thirds of those surveyed‎ lack confidence in the ability of the UK Chancellor, Rachel Reeves, to manage the UK economy. A little over 70 per cent also said that they have little confidence in the Chancellor's plan to grow the UK economy.

The Mighty Calendar

What’s happening today?

• Prime Minister’s Questions in UK Parliament

• Eurozone, UK services PMI data (January)

• US, Canada, Australia trade data (December)

• Company results from: QUALCOMM, Novo Nordisk, Total, Santander, Disney, News Corp, Ford, Toyota, Credit Agricole

Lookahead to tomorrow

• New Zealand public holiday (national day)

• Environment Questions in UK Parliament

• Bank of England interest rate decision

• Eurozone retail sales data (December)

• Eurozone construction data (January)

• US unemployment data (weekly)

• Company results: Amazon, AstraZeneca, ArcelorMittal, Société Générale, Nippon Steel

The Mighty Finale

🌤️Weather today

Sunny in most parts of England. High of 10C and low of 0C. Bright sunshine in Belfast and Edinburgh. A beautiful day all round!

✏️Life coaching quote of the day

“Very little is needed to make a happy life; it is all within yourself in your way of thinking.” – Marcus Aurelius, Ancient Roman emperor and philosopher

Mighty takeaway: You are as happy as the thoughts you think.

That’s about it for today’s edition.

Adios!

The Mighty Memo team

Tuesday, 4 February 2025

The Mighty Headlines

• Economics: French PM forces through Budget without a vote

• Business: UK manufacturing declines in January

• Markets: US stocks recover after US tariffs on Mexico are delayed

• Foreign Affairs: Panama to end Chinese investment deal after US intervention

• Security and intelligence: Pro-Russia paramilitary leader assassinated in Moscow

• Domestic politics: UK Government seeks Security Partnership with EU

The Mighty Stats

• FTSE = 8,583.56 (down 1.04 per cent)

• S&P500 = 5,994.57 (down 0.76 per cent)

• Nasdaq = 19,391.96 (down 1.20 per cent)

• CAC40 = 7,854.92 (down 1.20 per cent)

• £1 = $1.24 / €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: The French Prime Minister, François Bayrou, used executive powers to pass France’s Budget without a vote yesterday in the French Assembly. This same tactic led to the collapse of the previous French Government in December. Opposition parties have tabled a vote of no confidence in the Government, which will take place on Wednesday.

Business: The UK manufacturing sector continued to decline in January according to the latest Purchasing Managers’ Index data. The Index stood at 48.3 in January, which is up slightly from the 47.0 figure recorded in December. Any figure below 50 indicates contraction.

Markets: The S&P 500 fell by 1.93 per cent yesterday before recovering to end only 0.76 per cent down by market close. This follows news that President Trump has agreed to delay tariffs on Mexico after Mexico said it would take further action on preventing drugs and migrants entering the US. The markets had already closed by the time the delay for Canada had been announced.

Foreign Affairs: The President of Panama, Jose Raul Mulino, has said he would not renew a key investment agreement with China which aims to create a large economic zone in Panama. Mulino added that he may also look to end the agreement early. This follows a visit from the US Secretary of State, Marco Rubio, on Sunday.

Security and intelligence: The leader of a pro-Russian paramilitary group in Ukraine, Armen Sargsyan, was killed in a blast in a Moscow apartment block yesterday. The Ukrainian security services said in December that Sargsyan was recruiting prisoners to fight in Ukraine and that he was on an international wanted list for helping to carry out murders in Kyiv.

Domestic politics: The UK Prime Minister, Sir Keir Starmer, has said that he wants to agree a UK-EU Security Partnership that covers military technology, research and development, and which would improve “the mobility of forces across Europe”.

The Mighty Calendar

What’s happening today?

• President Trump and Prime Minister Netanyahu expected to meet

• UK-EU Forum meeting, Brussels

• Energy Questions in UK Parliament

• South Korea CPI inflation data (January)

• China, Japan services data (January)

• Company results: Google, Spotify, Vodafone, UBS, BNP Paribas, Diageo, Panasonic

Lookahead to tomorrow

• Prime Minister’s Questions in UK Parliament

• Eurozone, UK services PMI data (January)

• US, Canada, Australia trade data (December)

• Company results from: QUALCOMM, Novo Nordisk, Total, Santander, Disney, News Corp, Ford, Toyota, Credit Agricole

The Mighty Finale

🌤️Weather today

Sunny intervals in the southeast and northeast. Rain elsewhere. High of 9C and low of 0C in London. Rain in Belfast and Edinburgh.

✏️Life coaching quote of the day

“He suffers more than necessary, he who suffers before it is necessary.” – Seneca, Ancient Greek philosopher

Mighty takeaway: Don’t worry ahead of time and about things that may never happen.

That’s about it for today’s edition.

Adios!

The Mighty Memo team

Monday, 3 February 2025

The Mighty Headlines

·        Economics: Canada and Mexico’s retaliatory tariffs

·        Business: Business confidence in UK at “historically depressed levels”

·        Markets: Stock markets likely to fall today because of tariffs news

·        Foreign Affairs: Burma extends state of emergency for 6 months

·        Security and intelligence: EU leaders meet to discuss defence today

·        Domestic politics: UK calls for closer relationship with EU but no single market

The Mighty Stats

·        FTSE = 8,673.96 (up 0.31 per cent)

·        S&P500 = 6,040.53 (down 0.5 per cent)

·        Nasdaq = 19,627.44 (down 0.28 per cent)

·        CAC40 = 7,950.17 (up 0.11 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: Canada and Mexico are imposing retaliatory tariffs on the United States tomorrow after the Trump administration said it would impose 25 per cent tariffs on imports from their countries. Canada is imposing 25 per cent tariffs on goods worth $125 billion Canadian dollars. Mexico has not yet specified its rate of tariffs or which products would be affected.

Business: The Institute of Directors has said that business confidence in the UK is at “historically depressed levels”. The Institute’s economic confidence index stood at -59 in January although this is up slightly from the -61 recorded in December.

Markets: According to analysts, stock market indices are likely to fall today as investors react to the news of tariffs imposed by the American, Canadian and Mexican administrations. The Nasdaq could fall by 1.4 per cent today and the FTSE 100 could fall by 0.7 per cent.

Foreign Affairs: Burma’s military government has extended the country’s state of emergency for another six months. Saturday marked the four-year anniversary of the coup which overthrew the elected Government led by Aung San Suu Kyi, the Nobel Peace Prize winner.

Security and intelligence: EU leaders are meeting in Brussels today to discuss their approach to defence. The two key topics on the agenda are which military capabilities to invest in and how to finance this investment. The NATO Secretary General will attend over lunch and the UK Prime Minister will attend over dinner.

Domestic politics: Speaking at a meeting with the German Chancellor Olaf Scholz yesterday, the UK Prime Minister Sir Keir Starmer said that he wants to see a closer relationship with the EU on defence, trade and the economy. The Home Secretary says that joining the single market or customs union are “red lines” in the Government’s discussions with the EU.

The Mighty Calendar

What’s happening today?

o   China public holiday (new year)

o   EU leaders defence meeting, Brussels

o   Work and Pensions Questions in UK Parliament

o   Eurozone, UK, US manufacturing data (January)

o   Eurozone CPI inflation data (January)

Lookahead to tomorrow

o   President Trump and Prime Minister Netanyahu expected to meet

o   UK-EU Forum meeting, Brussels

o   Energy Questions in UK Parliament

o   South Korea CPI inflation data (January)

o   China, Japan services data (January)

o   Company results: Google, Spotify, Vodafone, UBS, BNP Paribas, Diageo, Panasonic

The Mighty Finale

🌤️Weather today

Overcast in southeast England but sunny almost everywhere else. High of 9C and low of 6C in London. Overcast in Belfast and Edinburgh.

✏️Life coaching quote of the day

“There is only one way to happiness and that is to cease worrying about things which are beyond our power or our will.” – Epictetus, Ancient Greek philosopher

Mighty takeaway: Don’t worry about things you can’t control.

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

Bye!

The Mighty Memo team

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

*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: 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

*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: 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

*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: 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

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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

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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