Thursday 10 April 2025

The Mighty Headlines

Economics: China responds to US tariffs

Business: Volkswagen doubles electric car sales in Europe

Markets: US and UK government bond yields rise to highest in decades

Foreign Affairs: Argentina receives $20 billion IMF bailout

Security and intelligence: Russia begins Spring offensive in Ukraine

Domestic politics: UK Chancellor: “imperative” to improve EU trade relations

The Mighty Stats

FTSE = 7,679.48 (down 2.92%)

S&P 500 = 5,460.90 (up 9.52%)

Nasdaq = 17,124.97 (up 12.16%)

CAC40 = 6,863.02 (down 3.34%)

£1 = $1.28 / €1.16

*Follow us on Twitter and Instagram on @MightyMemoUK*

The Mighty Detail

Economics: In response to the US’s 104 per cent tariffs on Chinese goods, China has retaliated with tariffs on US imports of 84 per cent. They are due to take effect today. The US has in turn retaliated with 125 per cent tariffs on China and also paused most other global tariffs for 90 days at 10 per cent.

Business: Volkswagen’s sales of battery electric vehicles have more than doubled in Europe while falling by over a third in China. They increased by 112 per cent in Europe between January and March and fell by 37 per cent in China.  Six out of ten of the best-selling vehicle models in Europe are Volkswagen.

Markets: US and UK government bond yields have risen as investors sell their holdings. Yields on 30-year US government bonds briefly rose to over 5 per cent and to nearly 5.65 per cent for UK gilts – their highest level since May 1998. Investors may sell their bonds if they lose confidence in the government that issued them.

Foreign Affairs: Argentina is set to receive a $20 billion bailout from the International Monetary Fund (IMF) to support its economy. It comes after President Milei has managed to reduce inflation and public spending. Argentina already owes the IMF more than $40 billion and has received 22 loans from the IMF since 1958.

Security and intelligence: Ukraine has said that Russia has started its Spring offensive, with a doubling of frontline operations. There are reports that Russia is close to entirely pushing out Ukrainian troops from Kursk, a part of Russia held by Ukraine since August.

Domestic politics: The UK Chancellor, Rachel Reeves, has said that it is “imperative” that the UK improve its trading relationship with the EU following “Russia’s invasion of Ukraine” and the “challenges in global trade”. The UK and EU are due to hold a summit on 19 May.

The Mighty Calendar

What’s happening today?

• “Coalition of the Willing” Defence Minister meet in Brussels

• China’s retaliatory tariffs on the US take effect

• UK Parliament in Easter Recess

• The Masters (golf) begins

• UK, France, Italy, Germany, China, Japan consumer sentiment data (February)

• US CPI inflation data (March)

• US jobless claims (weekly)

• Company results from: Tesco

Lookahead to tomorrow

• UK convenes Ukraine Defence Contact Group meeting in Brussels

• UK Parliament in Easter Recess

• UK GDP data (February)

• UK industrial and manufacturing data (February)

• Company results from: Wells Fargo, Morgan Stanley, JPMorgan Chase, BNY Mellon, Blackrock

The Mighty Finale

🌤️Weather today

Sunny, sunny, sunny! High of 17C and low of 5C in London.

✏️Life coaching quote of the day

“Our greatest fear should not be of failure but of succeeding at things in life that don’t really matter.” – Francis Chan, writer

Mighty takeaway: Don’t forget what life’s true priorities are.

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

Bye!

The Mighty Memo team

Wednesday 9 April 2025

The Mighty Headlines

Economics: US tariffs on China reach 104 per cent

Business: Italian state railway to run cross-Channel train

Markets: UK equity funds post worst quarter on record

Foreign Affairs: South Korea fires warning shots at North Korea

Security and intelligence: NATO chief says cannot be “naïve” about China

Domestic politics: Starmer rejects retaliatory tariffs and “Buy British” campaign

The Mighty Stats

FTSE = 7,910.53 (up 2.71%)

S&P 500 = 4,982.77 (down 1.57%)

Nasdaq = 15,267.91 (down 2.15%)

CAC40 = 7,100.42 (up 2.5%)

£1 = $1.28 / €1.17

*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 tariffs on Chinese imports of 104 per cent are coming into effect today. President Trump said the additional tariffs are in response to China’s retaliatory tariffs on US goods. *This could change at the last minute.*

Business: The Italian state railway company Ferrovie dello Stato has said that it plans to launch a London to Paris rail service by 2029. It will invest €1 billion in the project. It comes after the UK rail regulator effectively ended Eurostar’s monopoly last week by stating that Eurostar was required to share its rail depot in east London. Virgin has also announced plans for its own rail service.

Markets: UK-focused investment funds had their worst quarter on record between January and March 2025. Investors took out £3.5 billion from UK equity funds over the first three months of the year and put £1.8 billion in North American equity funds – the third highest inflow into such funds on record.

Foreign Affairs: South Korea’s military fired warning shots at North Korea yesterday after a number of North Korean soldiers crossed the demilitarised zone. South Korean media reports suggest that the North’s incursion may have been accidental. The demilitarized zone is 248 kilometres long, 4 kilometres wide and contains an estimated 2 million landmines.

Security and intelligence: The head of NATO, Mark Rutte, said yesterday that NATO countries “cannot be naïve” about China’s military build-up. Speaking on a visit to Japan, he listed concerns about China’s support for Russia, the increasing strength of its armed forces and its military drills around Taiwan. During Rutte’s visit, Japan has said it would be interested in participating in NATO’s Ukraine assistance operations.

Domestic politics: The UK Prime Minister Sir Keir Starmer told the Liaison Committee yesterday that the Government would not rush into a response to US tariffs and that “an arrangement which mitigates tariffs is better”. The Government also rejected the idea of a “Buy British” campaign yesterday.

The Mighty Calendar

What’s happening today?

• King addresses joint session of Italian Parliament

• King and Queen’s 20th wedding anniversary

• UK Parliament in Easter Recess

• US Treasury Secretary speaks at American Bankers Association summit

• US tariffs come into effect for EU, China, Japan and India

• China CPI inflation data (March)

• Company results from: Delta Airlines

Lookahead to tomorrow

• “Coalition of the Willing” Defence Minister meet in Brussels

• China’s retaliatory tariffs on the US take effect

• UK Parliament in Easter Recess

• The Masters (golf) begins

• UK, France, Italy, Germany, China, Japan consumer sentiment data (February)

• US CPI inflation data (March)

• US jobless claims (weekly)

• Company results from: Tesco

The Mighty Finale

🌤️Weather today

Sunny across the UK. Again! High of 16C and low of 5C in London.

✏️Life coaching quote of the day

“Age is of no importance unless you’re a cheese.” – Billie Burke, actress

Mighty takeaway: Are you cheese? Unlikely, which means your age is a number. Nothing more. Don’t let it define you.

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

Bye!

The Mighty Memo team

Tuesday 8 April 2025

The Mighty Headlines

Economics: EU offers to reduce tariffs as US threatens more action

Business: McCain potatoes increases revenue to £800 million

Markets: Companies pause IPOs because of market turmoil

Foreign Affairs: 1000-year-old cherry tree blooms in Japan

Security and intelligence: China allegedly targets Mark Carney

Domestic politics: UK Government reviews all quangos

The Mighty Stats

FTSE = 7,702.08 (down 4.38%)

S&P 500 = 5,062.25 (down 0.23%)

Nasdaq = 15,603.26 (up 0.099%)

CAC40 = 6,927.12 (down 4.78%)

£1 = $1.27 / €1.17

*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!*

*Trump administration special: Stock markets went up and down yesterday, following the rumour that President Trump may impose a 90-day pause on US tariffs. The FTSE 100 closed down but shares in US tech companies Google, Amazon, Facebook and Nvidia rose by around 1 per cent. Shares in McDonald’s fell on fear of a recession and oil prices fell to a four-year low.  

The Mighty Detail

Economics: The EU has offered to reduce its tariffs on industrial goods to 0 per cent if the US does the same. Over €380 billion in EU goods will be affected by the US tariffs. Meanwhile, President Trump has said he will increase tariffs on China to 104 per cent if China proceeds with reciprocal tariffs on the US.

Business: The UK subsidiary of McCain Foods, the potato chip maker, increased its profits to £98.7 million in the year to June 2024. It has doubled its profits since 2021. Overall, the potato company increased its revenue to just under £800 million.  

Markets: Klarna has paused its decision to list on the New York Stock Exchange this month following the stock market turmoil. Along with the Buy Now Pay Later company, the ticketing company Stubhub and the trading platform Etoro have also paused their plans to go public.

Foreign Affairs: A cherry tree reported to be 1000 years old has bloomed in Japan. The tree is called the Daigo Cherry Tree after the Emperor Godaigo who was said to have praised its beauty in the 1300s.

Security and intelligence: There are reports that an online operation linked to the Chinese Communist Party is targeting Canadian Prime Minister Mark Carney. Canadian security officials said the material has appeared on the social media platform WeChat and targets Carney’s experience, credentials and political positions.

Domestic politics: The UK Government has said that it will review the continuing existence of every quango (quasi autonomous non-governmental organisations). Departments must justify all arms-length bodies, such as the Environment Agency and British Film Institute, or they will be closed, merged or be brought back to departments.

The Mighty Calendar

What’s happening today?

• King and Queen begin state visit to Italy

• UK Prime Minister appears at Liaison Committee hearing

• US Trade Representative appears at Senate Committee hearing

• Treasury Questions in UK Parliament

• France trade data (February)

• US small business optimism data (March)

Lookahead to tomorrow

• King addresses joint session of Italian Parliament

• King and Queen’s 20th wedding anniversary

• UK Parliament in Easter Recess

• US Treasury Secretary speaks at American Bankers Association summit

• US tariffs come into effect for EU, China, Japan and India

• China CPI inflation data (March)

• Company results from: Delta Airlines

The Mighty Finale

🌤️Weather today

Another sunny day across the UK! High of 17C and low of 3C in London.

✏️Life coaching quote of the day

“You're only given a little spark of madness. You mustn't lose it.” – Robin Williams, actor

Mighty takeaway: Never forget or hide the talent that make you who you are.

That’s it for this Tuesday morning. See you tomorrow!

Bye!

The Mighty Memo team

Monday 7 April 2025

The Mighty Headlines

Economics: US Treasury Secretary denies recession

Business: Minecraft movie grosses $300 million at opening weekend

Markets: S&P 500 loses $5.4 trillion in two days

Foreign Affairs I: France’s Le Pen vows to fight on

Foreign Affairs II: Massive housing protests in Spain

Domestic politics: UK to “turbocharge” competitiveness after US tariffs

The Mighty Stats

FTSE = 8,054.98 (down 4.95%)

S&P 500 = 5,074.08 (down 5.97%)

Nasdaq = 15,587.79 (down 5.82%)

CAC40 = 7,274.95 (down 4.26%)

£1 = $1.29 / €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 Treasury Secretary Scott Bessent denied suggestions of a US recession following the new US tariffs regime. Bessent added that countries trading with the US had been “bad actors for a long time” and that trade issues could not be negotiated away in a few days or weeks. On Saturday, President Trump urged the American people to “hang tough”.

Business: The film “A Minecraft Movie” has had the highest grossing opening weekend of any film this year. It took in around $300 million globally this weekend. The film is based on “Minecraft”, one of the world’s best-selling video games which has sold over 300 million copies. The production budget is reported to have been around $150 million.

Markets: Former US Treasury Secretary Larry Summers has warned of further market turbulence after the S&P 500 lost $5.4 trillion in two days last week. Summers said stock movements last week were the highest since World War Two after the 1987 crash, the 2008 crisis and the Covid-19 outbreak. He suggested there would be a $30 trillion hit to the US economy.

Foreign Affairs: At a rally in Paris yesterday, the leader of the France’s National Rally party Marine Le Pen called her conviction for embezzlement a “witch hunt”. The conviction effectively bans her for standing for the Presidency in 2027. She said her fight against the conviction would be “peaceful” and that she would follow Martin Luther King Jr as an example.

Foreign Affairs II: Hundreds of thousands of Spaniards took to the streets on Saturday demanding access to affordable housing. There are reports of a 150,000-strong protest group in Madrid and protests in 40 other cities. Public housing for rent makes up only 2 per cent of housing in Spain compared to 16 per cent in the UK and 34 per cent in the Netherlands.

Domestic politics: The UK Government has promised to move “further and faster” in response to US tariffs. In the coming days, the UK Prime Minister Sir Keir Starmer said he would “turbocharge plans” to improve UK competitiveness which include easing regulation on electric car manufacturers.

The Mighty Calendar

What’s happening today?

President Macron visit Egypt

Housing Questions in UK Parliament

UK Prime Minister gives speech on US tariffs

EU Trade Ministers discuss US tariffs

UK house price data (March)

Germany trade data (February)

Lookahead to tomorrow

King and Queen begin state visit to Italy

UK Prime Minister appears at Liaison Committee hearing

US Trade Representative appears at Senate Committee hearing

Treasury Questions in UK Parliament

France trade data (February)

US small business optimism data (March)

The Mighty Finale

🌤️Weather today

Sunny and dry across the UK. High of 16C and low of 3C in London.

✏️Life coaching quote of the day

“Everything passes if you learn to hold things lightly.” – Oprah Winfrey

Mighty takeaway: What we resists persists. Let go!

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

Bye!

The Mighty Memo team

Thursday 3 April 2025

The Mighty Headlines

Economics: President Trump imposes global tariffs

Business: UK law firm makes bonus dependent on staff using AI

Markets: Tesla shares fall on plunging sales

Foreign Affairs: US-Mexico border crossings lowest on record

Security and intelligence: US sends B-2 bombers to Diego Garcia

Domestic politics: UK won’t retaliate against US tariffs

The Mighty Stats

FTSE = 8,608.48 (down 0.3%)

S&P 500 = 5,670.97 (up 0.67%)

Nasdaq = 17,601.05 (up 0.87%)

CAC40 = 7,836.23 (down 0.51%)

£1 = $1.30 / €1.19

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The Mighty Detail

Economics: President Trump has announced tariffs of 10 per cent on the UK, 20 per cent on the EU and 34 per cent on China. The tariffs take effect from today. A 25 per cent tariff on all cars imported to the US also applies from today.

Business: The UK law firm Shoosmiths has said that it will make a £1 million bonus pot available for staff who use AI. Under the initiative, employees will be required to use Microsoft’s AI “Copilot” tool a million times together over the next year. This is around four times a day for each employee. Shoosmiths said that using AI would give staff more time to spend “on human-to-human work.” Last year the firm made over £200 million in revenue.

Markets: Tesla stock fell yesterday after the company reported its worst sales in almost three years. Tesla sold 336,681 cars last quarter. This is down by 13 per cent and 50,000 fewer cars than in the same period last year. Tesla shares have fallen by 44 per cent since their all-time high in December.

Foreign Affairs: According to the US Government figures, the number of migrants caught crossing the US-Mexico border has dropped to its lowest level on record. In March, around 7,180 migrants were arrested. Over the last four years, the monthly average was 155,000 migrants.

Security and intelligence: Amid mounting tension in Iran, the US is reinforcing its capabilities in the Middle East. It is being reported that six B-2 bombers have arrived at the US-British military base on Diego Garcia. B-2 bombers have stealth technology and are capable of carrying nuclear weapons.

Domestic politics: The UK Chancellor, Rachel Reeves, has said that the UK would not retaliate against US tariffs. Speaking at the Treasury Committee, she said that the Government would “approach this in a clear-headed way.”

The Mighty Calendar

What’s happening today?

NATO Foreign Ministers meeting, Brussels

Labour Party’s local election launch

Culture Questions in the UK Parliament

UK, US, EU services growth data (March)

US trade data (February)

US jobless claims (weekly)

Lookahead to tomorrow

China and Hong Kong public holiday (Ching Ming Festival)

US Federal Reserve Chair speaks about US economic outlook

Fifth anniversary of Sir Keir Starmer becoming Labour Party leader

Eurozone industrial production data (March)

UK construction data (March)

The Mighty Finale

🌤️Weather today

Another sunny, dry day across the UK…except for Cornwall (strong winds and rain for you). High of 19C and low of 8C in London.

✏️Life coaching quote of the day

“It is never too late to be what you might have been.' – George Eliot, author

Mighty takeaway: It is not too late for you to start over if you wish. Make the most of your one life!

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

Cheerio!

The Mighty Memo team

Wednesday 2 April 2025

The Mighty Headlines

Economics: Eurozone inflation falls to 2.2 per cent

Business: Volkswagen and others fined nearly €600 million over a cartel

Markets: Newsmax shares increase by over 2,000 per cent in two days

Foreign Affairs: Israeli PM arrives in Hungary today despite arrest warrant

Security and intelligence: Russia rejects US ceasefire proposals

Domestic politics: UK Government’s new sentencing bill

The Mighty Stats

FTSE = 8,634.80 (up 0.61%)

S&P 500 = 5,633.07 (up 0.38%)

Nasdaq = 17,449.89 (up 0.87%)

CAC40 = 7,876.36 (up 1.1%)

£1 = $1.29 / €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!*

*US special: President Trump is due to announce tariffs globally today but their exact level and the timing of the announcement are not clear.

The Mighty Detail

Economics: Eurozone inflation fell to 2.2 per cent in March, increasing prospects of a cut in Eurozone interest rates later this month. Inflation in February was at 2.3 per cent. The pan-European Stoxx 600 index closed 1.07 per cent higher on the news after four days of consecutive falls.

Business: Volkswagen, Stellantis and a number of other car makers have been hit with fines of nearly €600 million by antitrust regulators in the EU and UK. Regulators say that the car manufacturers were in a cartel which supressed customer awareness of vehicle recycling and demand for more environmentally friendly products.

Markets: ‎Shares in Newsmax have risen by more than 2000 per cent since it was listed on the New York Stock Exchange on Monday. Newsmax is a right-wing cable news channel in the US, a supporter of the Trump administration and the fourth most-watched cable news channel after Fox, MSNBC and CNN. The company is now worth $26.5 billion.

Foreign Affairs: Israel's Prime Minister, Benjamin Netanyahu, is starting a four-day visit to Hungary today despite a warrant for his arrest by the International Criminal Court (ICC). As a signatory to the ICC, Hungary is legally required to arrest Netanyahu but Hungary's Prime Minister Viktor Orban, a supporter of Netanyahu, is unlikely to allow this to happen.

Security and intelligence: The Russian Government has said that it cannot accept the US's ceasefire proposals in Ukraine. Russian Deputy Foreign Minister Sergei Ryabkov said they did not "solve the problems related to the root of this conflict". Russia wants to take all of the four Ukrainian regions it has invaded, it wants the size of Ukraine's army to be restricted and it wants Ukraine to drop its ambition to join NATO.

Domestic politics: ‎The UK Government has introduced new legislation in Parliament to ensure that people from ethnic minorities are not given more favourable treatment in sentencing. Guidelines published by the independent Sentencing Council last month would have required judges to seek more information when deciding sentences for people from ethnic minorities.

The Mighty Calendar

What’s happening today?

• US tariffs on steel, aluminium and cars expected to take effect

• EU Defence Ministers meeting, Brussels

• Prime Minister’s Questions in UK Parliament

• Chancellor Rachel Reeves attends Treasury Committee hearing

• China, Japan services growth data (March)

• Company results from: Raspberry Pi, Blackberry

Lookahead to tomorrow

• NATO Foreign Ministers meeting, Brussels

• Labour Party’s local election launch

• Culture Questions in the UK Parliament

• UK, US, EU services growth data (March)

• US trade data (February)

• US jobless claims (weekly)

The Mighty Finale

🌤️Weather today

Sun across the UK! High of 15C and low of 8C in London.

✏️Life coaching quote of the day

“There is only one success – to be able to spend your life in your own way.” – Christopher Morley, writer

Mighty takeaway: Don’t chase someone else’s dream or ideal. Live life on your own terms.

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

Adios!

The Mighty Memo team

Tuesday 1 April 2025

The Mighty Headlines

Economics: Italy’s birth rate at lowest level since 1861

Business: Competition regulator rules in favour of Virgin Group

Markets: S&P 500 falls to lowest level since September before rising again

Foreign Affairs: Hard-right candidate set to win Romania’s election

Security and intelligence: Poland signs $2 billion defence deal with US

Domestic politics: Bank of England increases deposit protection scheme

The Mighty Stats

FTSE = 8,582.81 (down 0.88%)

S&P 500 = 5,611.85 (up 0.55%)

Nasdaq = 17,299.29 (down 0.14%)

CAC40 = 7,790.71 (down 1.58%)

£1 = $1.29 / €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!*

*France update: Marine Le Pen has been given a four-year prison sentence and has been banned from holding public office for five years. The leader of the National Rally was found guilty of using EU funds to finance her national party. It is understood she will appeal. Le Pen reached the final two in elections for the French Presidency in 2017 and 2022.

The Mighty Detail

Economics: The number of births in Italy has declined to its lowest recorded level since the country was unified in 1861. In 2024, there were 370,000 births in Italy and 651,000 deaths. The total population fell by 37,000 in 2024 and has fallen by nearly 1.9 million since 2014. The declining birth rate could lead to economic and social security issues.

Business: Virgin‎ Group has said that there are "no more major hurdles" to it operating cross-Channel rail services. It comes as the competition regulator said that Eurostar should make room at a north-east London depot for more trains. Eurostar had previously blocked new operators by saying that the depot was full.

Markets: The S&P 500 briefly fell to its lowest level since September yesterday in anticipation of the US administration's large scale‎ tariffs due to come into effect tomorrow. The Trump administration is also expected to announce reciprocal tariffs on all countries that impose tariffs on US goods tomorrow.

Foreign Affairs: New polling suggests that a hard-right candidate is on course for victory in a re-run of Romania's presidential election in May. Ultranationalist George Simion supports returning Romania's borders to their pre-World War Two area which includes parts of Ukraine, Bulgaria and Moldova. The election in December was declared void on the grounds of Russian interference.

Security and intelligence: Poland is signing a $2 billion deal with the United States ‎to support its air defence systems. The agreement will see the US provide further technical support for Poland’s Patriot defences against short-range ballistic missiles. Poland is the biggest defence spender in NATO relative to GDP and is due to spend 4.7 per cent of GDP this year.

Domestic politics: The Bank of England is proposing to increase the level of bank deposit insurance to £110,000. This is the maximum amount that savers are entitled to from their account if a bank collapses. It currently stands at £85,000. It follows a review of the collapse of Silicon Valley Bank two years ago.

The Mighty Calendar

What’s happening today?

• NASA press conference with astronauts Wilmore and Williams

• UK Home Secretary hosts Border Security Summit

• Foreign Office Questions in the UK Parliament

• Russia and China’s Foreign Ministers meet in Moscow

• Forbes publishes its global billionaires list

• UK house price index (March)

• Eurozone CPI inflation data (March)

• US manufacturing data (March)

• Company results from: CLS Holdings

Lookahead to tomorrow

• US tariffs on steel, aluminium and cars expected to take effect

• EU Defence Ministers meeting, Brussels

• Prime Minister’s Questions in UK Parliament

• Chancellor Rachel Reeves attends Treasury Committee hearing

• China, Japan services growth data (March)

• Company results from: Raspberry Pi, Blackberry

The Mighty Finale

🌤️Weather today

Sunny and dry across England. High of 15C and low of 6C in London. Same fine weather in Belfast and Edinburgh. 

✏️Life coaching quote of the day

“Failure is simply the opportunity to begin again, this time more intelligently.” – Henry Ford, entrepreneur

Mighty takeaway: Nothing more to add!

That’s it for this Tuesday morning. See you tomorrow.

Bye!

The Mighty Memo team

Monday 31 March 2025

The Mighty Headlines

Economics: China gives its banks $69 billion to boost lending

Business: Elon Musk sells X to his own AI company for $33 billion

Markets: European stocks fall as US inflation increases

Foreign Affairs: Greenland’s PM says US “won’t get” Greenland

Security and intelligence: US threatens to bomb Iran over nuclear talks

Domestic politics: Tate Gallery and UK Government return Nazi-looted artwork

The Mighty Stats

FTSE = 8,658.85 (down 0.084%)

S&P 500 = 5,580.94 (down 1.97%)

Nasdaq = 17,322.99 (down 2.7%)

CAC40 = 7,916.08 (down 0.93%)

£1 = $1.29 / €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: China’s Ministry of Finance will provide $69 billion to four of the country’s biggest state banks in order to support lending. The banks are currently facing slowing profit growth and an increase in bad (unpaid) debt.

Business: Elon Musk has sold his social media company X to his own artificial intelligence company, which is called xAI. The deal is worth $33 billion. Commenting on the deal, Musk said that “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution, and talent.”

Markets: European stock markets fell on Friday after economic news from the US suggested that inflation was higher than expected. The pan-European Stoxx 600 closed 0.77 per cent lower, while the German Dax and French CAC40 fell by around 1 per cent. The latest US data puts annual inflation at 2.8 per cent which is more than expected.

Foreign Affairs: The Prime Minister of Greenland has said that United States will not “get” Greenland. In a statement, Jens-Frederik Nielsen said that “President Trump says that the United States is getting Greenland. Let me be clear: The United States won't get that. We do not belong to anyone else. We determine our own future”. On Friday, the US Vice President said that Denmark has “not done a good job” for Greenlanders and suggested the US would do better.

Security and intelligence: President Trump has threatened to bomb Iran and impose further tariffs if it does not make a deal with the US on its nuclear programme. Speaking at the weekend, Trump said “it will be bombing the likes of which they have never seen before”. Western countries believe that Iran is seeking to develop nuclear weapons.

Domestic politics: The Tate Gallery has agreed to return a painting to the heirs of a Jewish Belgian art collector, Samuel Hartveld, who fled to the UK in World War II. The painting, ‘Aeneas and his Family Fleeing Burning Troy’ was looted by the Nazis and bought by the Tate in 1994. The UK Spoilation Advisory Panel recommended that the work be returned and the UK Culture Secretary, whose agreement is required under UK law, agreed.

The Mighty Calendar

What’s happening today?

• Home Office Questions in the UK Parliament

• Liberal Democrats launch local election campaign

• Michelin Guide publishes annual list of best French restaurants

• Italy, Germany CPI inflation data (March)

• Japan unemployment rate (February)

Lookahead to tomorrow

• NASA press conference with astronauts Wilmore and Williams

• UK Home Secretary hosts Border Security Summit

• Foreign Office Questions in the UK Parliament

• Russia and China’s Foreign Ministers meet in Moscow

• Forbes publishes its global billionaires list

• UK house price index (March)

• Eurozone CPI inflation data (March)

• US manufacturing data (March)

• Company results from: CLS Holdings

The Mighty Finale

🌤️Weather today

Sunny and dry across England. High of 17C and low of 5C in London. Cloudy in Belfast. Sunny spells in Edinburgh.

✏️Life coaching quote of the day

“Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minute should be enjoyed and savoured.” – Earl Nightingale, motivational writer

Mighty takeaway: In all the busyness of life, make sure that you are enjoying all its different aspects. Don’t stay on autopilot because that’s the easier option.

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

Bye!

The Mighty Memo team

Friday 28 March 2025

The Mighty Headlines

Economics: US seeks full control of future Ukraine investments

Business: Next reaches £1 billion profit milestone

Markets: European markets fall after US car tariffs announcement

Foreign Affairs: Burma’s military announces elections by the end of 2025

Security and intelligence: Europe rejects Russia’s demand to lift sanctions

Domestic politics: UK Government gives £740 million for SEND places

The Mighty Stats

FTSE = 8,666.12 (down 0.27%)

S&P 500 = 5,693.31 (down 0.33%)

Nasdaq = 17,804.03 (down 0.53%)

CAC40 = 7,990.11 (down 0.51%)

£1 = $1.29 / €1.20

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The Mighty Detail

Economics: The US Government is seeking to have a right of first refusal on investments in all future infrastructure and critical mineral projects in Ukraine. Under the new deal, Ukraine would also put 50 per cent of all income from new projects into an investment fund, which the US would control and have the right to all profits as well as a four per cent annual return.

Business: Next’s pre-tax profits increased by over 10 per cent in 2024 to just over £1 billion. Total sales across the company increased to £6.3 billion. Next is only the fourth retailer after Tesco, Marks & Spencer and Kingfisher to reach the £1 billion profit milestone.

Markets: European markets closed down yesterday, following the news on Wednesday that the US would impose tariffs of 25 per cent on cars made outside of the US. Shares in Stellantis, the owner of Jeep, fell by 4.2 per cent. Shares in Mercedez-Benz and BMW fell by 2.7 per cent and 2.55 per cent respectively.

Foreign Affairs: The head of Burma’s military, Min Aung Hlaing, has said that he will hold a General Election by the end of the year. The democratically elected leader of Burma, Aung San Suu Kyi, was ousted from office by a military coup in 2021. Suu Kyi is currently serving 27 years in prison for convictions which are generally accepted to be politically motivated.

Security and intelligence: The UK, France and the EU have rebuffed Russian proposals that sanctions must be lifted before a ceasefire can take place on shipping in the Black Sea. Sir Keir Starmer said at a meeting to discuss Ukraine in Paris yesterday “now is not the time for pulling back or weakening sanctions – now is the time to increase sanctions to get [Russia] to the table.”

Domestic politics: The UK Government has announced £740 million to support 10,000 new places for pupils with special educational needs in schools. The Government states that fewer than 1 in 10 mainstream schools have specific provision for pupils with special educational needs.

The Mighty Calendar

What’s happening today?

• Private Members’ Bills in the UK Parliament

• Reform UK launches local election campaign

• Former Liverpool mayor Joe Anderson in court on bribery charges

• UK GDP data (Q4 2024)

• UK retail sales data (February)

• US personal income and spending data (February)

• Eurozone consumer confidence data (March)

• Germany unemployment data (March)

Lookahead to the weekend

Saturday

• Partial solar eclipse in the UK (between 9.56am and 12.14pm)

• Côte Chalonnaise Wine Marathon, France

Sunday

• Mothering Sunday in the UK (Don’t forget!)

• FA Cup semi-final draw

• Ulster National Raceday, Co. Down, Northern Ireland

The Mighty Finale

🌤️Weather today

A bit of rain in the morning in the southeast but largely dry elsewhere. High of 14C and low of 3C in London. Light rain in Belfast and Edinburgh.

✏️Life coaching quote of the day

“The older you get, the more fragile you understand life to be. I think that’s good motivation for getting out of bed joyfully each day.” – Julia Roberts, actress

Mighty takeaway: You have the gift of live. Make the most of it.

That’s it for this week. Thanks for reading and we’ll see you again next week.

Adios!

The Mighty Memo team

Thursday 27 March 2025

The Mighty Headlines

Economics: UK house prices increase by 4.9 per cent

Business: Wall Street bonus pool rises to record $47.5 billion

Markets: Tesla shares fall by 6 per cent as European sales fall by 40 per cent

Foreign Affairs: ex-President of Brazil set for trial over alleged coup

Security and intelligence: France holds Ukraine summit but US focuses on China

Domestic politics: UK Chancellor delivers Spring Statement

The Mighty Stats

FTSE = 8,689.59 (up 0.3%)

S&P 500 = 5,712.20 (down 1.12%)

Nasdaq = 17,899.02 (down 2.04%)

CAC40 = 8,030.68 (down 0.96%)

£1 = $1.29 / €1.20

*The Mighty Memo is now on Bluesky. Follows us on @themightymemo.*

The Mighty Detail

Economics: Average UK house prices increased by 4.9 per cent in the year to January. The average UK house price now stands at £269,000. The increase was fastest in the northwest of England, where growth reached 9.1 per cent. It was slowest in London at 2.3 per cent.

Business: Average bonuses on Wall Street rose by nearly one third to a record $244,700 in 2024. The total bonus pool paid out rose to $47.5 billion. This is the largest bonus pool since 1987 when records began. It comes as profits in financial services almost doubled last year.

Markets: Shares in Tesla fell by nearly 6 per cent during trading yesterday. It comes on the news that new Tesla registrations fell by 40 per cent in Europe in the year to February 2025. It also came ahead of President Trump’s announcement that he would impose 25 per cent tariffs on all cars “not made in the United States”.

Foreign Affairs: The former President of Brazil, Jair Bolsonaro, has been ordered by the country’s Supreme Court to stand trial for allegedly attempting a coup after his election defeat in 2022. The coup reportedly included a plan to poison the current President and to kill a Supreme Court judge. Bolsonaro claims that the case against him is politically motivated.  

Security and intelligence: Ahead of a meeting today in Paris to discuss Ukraine, President Macron said that a European peacekeeping force in Ukraine would respond if attacked by Russia.  In a sign of different priorities to Europe, the US intelligence community published its Annual Threat Assessment report yesterday and said that China remained the top military and cyber threat to the US. It added that China seeks to replace the US as the top AI power by 2030.

Domestic politics: The UK Chancellor delivered her Spring Statement yesterday in which growth is forecast to halve this year from 2 per cent to 1 per cent. Other key points include:

·       Inflation to increase to 3.2 per cent in 2025 before falling to 2.6 per cent in 2026

·       Budget to move from a deficit of £36.1 billion this year to surplus of £6 billion in 2027

·       Universal Credit health element cut by 50 per cent and frozen for new claimants

·       Tighter eligibility for disability benefits

·       Voluntary redundancy for civil servants to save £3.5 billion by 2029

·       Defence to receive an extra £2.2 billion next year

The Mighty Calendar

What’s happening today?

Transport Questions in the UK Parliament

France hosts meeting on Ukraine and European security

UN Security Council discusses the Democratic Republic of Congo

US GDP data (Q4 2024)

US jobless claims (weekly)

Japan CPI inflation data (March)

Company results from: NEXT, H&M

Lookahead to tomorrow

Private Members’ Bills in the UK Parliament

Reform UK launches local election campaign

Former Liverpool mayor Joe Anderson in court on bribery charges

UK GDP data (Q4 2024)

UK retail sales data (February)

US personal income and spending data (February)

Eurozone consumer confidence data (March)

Germany unemployment data (March)

The Mighty Finale

🌤️Weather today

Sunny spells in most of England but still a little cloudy in the southwest. High of 17C and low of 8C in London. Heavy rain in Belfast and Edinburgh.

✏️Life coaching quote of the day

“No one knows enough to be a pessimist.” – Wayne Dyer, motivational speaker

Mighty takeaway: If you look at your worries, are you ever 100 per cent certain they will come true? The answer has to be no, because you can’t see into the future.

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

Bye!

The Mighty Memo team

Wednesday 26 March 2025

The Mighty Headlines

Economics: Russian oil exports reach a five-month high

Business: Kingfisher announces 35 per cent drop in profits

Markets: Value of sterling forecast to fall after today’s Spring Statement

Foreign Affairs: EU says “Chinese lithium” cannot be the new “Russian gas”

Security and intelligence: Fallout out from US security leak continues

Domestic politics: UK Government takes first step on an east-west railway

The Mighty Stats

FTSE = 8,663.80 (up 0.3%)

S&P 500 = 5,776.65 (up 0.16%)

Nasdaq = 18,271.86 (up 0.46%)

CAC40 = 8,108.59 (up 1.08%)

£1 = $1.29 / €1.20

*The Mighty Memo is now on Bluesky. Follows us on @themightymemo.*

Ukraine update: The US Government said yesterday that Ukraine and Russia have agreed on a partial ceasefire covering shipping in the Black Sea. ‎Russia has said, however, that the US must lift its sanctions on Russian financial institutions which support agriculture and fertiliser exports before the ceasefire can go ahead.

The Mighty Detail

Economics: Russian oil exports have reached a five-month high. In the month to the 23rd March‎, oil exports increased to 3.45 million barrels a day. This is the highest level since October. Despite sanctions, oil exports are continuing with reports of new shipments to Syria in the last week.

Business: Kingfisher has announced pre-tax profits of £307 million in the year to January 2025. This is a 35 per cent drop on the previous year. The company, which owns B&Q and Screwfix in the UK, said it expected a hit of £145 million this year from higher wages, tax increases and inflation.

Markets: JP Morgan is forecasting a fall in the value of sterling to around 85 pence per euro after the UK Chancellor's Spring Statement today. This is the weakest value since August. ‎Spending cuts, higher borrowing and weaker economic growth in the UK is set against higher growth in the eurozone after Germany approved a €500 billion defence and infrastructure investment plan.

Foreign Affairs: The EU is seeking to fast track 47 projects essential to the mining and processing of critical raw materials. It comes as countries race to secure supplies of technologically important metals such as lithium, cobalt and copper. In a reference to Europe’s former reliance on Russian energy, the EU said that "Chinese lithium will not be tomorrow's Russian gas".

Security and intelligence: At a US Senate Committee hearing yesterday, the CIA Director and the Director of National Intelligence stated that the information leaked about strikes against the Houthis in Yemen was not classified. Democrat Committee members questioned why the information could not be shared immediately with the Committee if it was not classified.

Domestic politics: The Government has appointed Chiltern Railways as the operator for the first stage of a new east to west railway line. East West Rail will link Oxford and Cambridge by the mid-2030s. The first stage will link Oxford and Milton Keynes this year. The Government says East West Rail could generate “£6.7 billion of growth per year” by 2050.

The Mighty Calendar

What’s happening today?

• UK Chancellor delivers the Spring Statement

• Prime Minister’s Questions in UK Parliament

• UK CPI inflation data (February)

• US mortgage applications data (weekly)

• France consumer confidence data (March)

• Company results from: Porsche

Lookahead to tomorrow

• Transport Questions in the UK Parliament

• France hosts meeting on Ukraine and European security

• UN Security Council discusses the Democratic Republic of Congo

• US GDP data (Q4 2024)

• US jobless claims (weekly)

• Japan CPI inflation data (March)

• Company results from: NEXT, H&M

The Mighty Finale

🌤️Weather today

Cloudy in the southwest of England. Sunny spells elsewhere. High of 17C and low of 6C in London. Sunny spells in Belfast. Bright sunshine in Edinburgh.

✏️Life coaching quote of the day

“Do you want to know what you think about most of the time? Take a look at the results you're getting. That will tell you exactly what's going on inside.” – Bob Proctor, motivational speaker

Mighty takeaway: The thoughts you think lead to the outcomes you have in your life. How could it be otherwise? Change your thoughts to change your life.

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

Adios!

The Mighty Memo team

Tuesday 25 March 2025

The Mighty Headlines

Economics: US factory activity contracts in March

Business: Bayer to pay $2.1 billion in weedkiller Roundup cancer case

Markets: SAP becomes Europe’s most valuable public company

Foreign Affairs: $1.45 million for former Japanese death row inmate

Security and intelligence: Turkey’s President condemns protests

Domestic politics: UK and French military chiefs meet in London

The Mighty Stats

FTSE = 8,638.01 (down 0.1%)

S&P 500 = 5,767.57 (up 1.76%)

Nasdaq = 18,188.59 (up 2.27%)

CAC40 = 8,022.33 (down 0.26%)

£1 = $1.29 / €1.20

*The Mighty Memo is now on Bluesky. Follows us on @themightymemo.*

The Mighty Detail

Economics: US factory activity contracted this month. According to the S&P PMI, activity fell from 52.7 in February to 49.8 in March. Any number below 50 indicates a contraction. More expensive materials because of US tariffs may be a factor in the fall in activity.

Business: The pharmaceutical giant Bayer has been ordered to pay $2.1 billion by a court in the US state of Georgia for damages and compensation relating to the weedkiller Roundup. Plaintiffs have argued that Roundup causes cancer. Bayer bought Roundup as part of its acquisition of US agrochemical company Monsanto in 2018. Bayer has already paid $10 billion in cancer-related Roundup legal cases. It is keeping another $5.9 billion for cases which have not yet been settled.

Markets: German software company SAP has become Europe’s most valuable public company. Yesterday, its market capitalisation (the total value of all its shares) reached €312 billion. Its share price has risen by 40 per cent in the last year. Europe’s second most valuable public company is Novo Nordisk, the Danish drug manufacturer.

Foreign Affairs: The President of Turkey, Tayyip Erdogan, has said that the anti-government protests which have followed the imprisonment of the main opposition politician are a “movement of violence”. Prosecutors have charged the opposition figure with corruption. The opposition claims the arrest is politically motivated.

Security and intelligence: A court in Japan has ordered that a man who was wrongly imprisoned for 48 years over a murder he did not commit should receive $1.47 million in compensation. In a retrial last year, it was revealed that investigators had fabricated evidence against Iwao Hakamada, now aged 89. He spent 48 years in prison, 45 years on death row and most of it in solitary confinement.

Domestic politics: UK and French military chiefs met in London yesterday to discuss securing peace in Ukraine and European security. It comes as the UK and France seek to review the 2010 Lancaster House Defence Agreement with stronger arrangements later this year.

The Mighty Calendar

What’s happening today?

• US intelligence chiefs discuss global threats at US Senate hearing

• New German Parliament sits for the first time

• Health Questions in UK Parliament

• UK, France, Italy, Germany, car registration data (February)

• US new homes sales (February)

• Japan CPI inflation data (yearly)

• Company results from: Kingfisher, Smiths Group

Lookahead to tomorrow

• UK Chancellor delivers the Spring Statement

• Prime Minister’s Questions in UK Parliament

• UK CPI inflation data (February)

• US mortgage applications data (weekly)

• France consumer confidence data (March)

• Company results from: Porsche

The Mighty Finale

🌤️Weather today

Dry in the southwest and southeast of England. A chance of light rain in the northwest and northeast. High of 14C and low of 7C in London. Sunny spells in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Life has no limitations, except the ones you make." – Les Brown, motivational speaker

Mighty takeaway: Change your mindset. Think of the possibilities instead of the obstacles.

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

Bye!

The Mighty Memo team

Monday 24 March 2025

The Mighty Headlines

Economics: France’s credit outlook downgraded

Business: Gordon Ramsay’s TV company made over £60 million in 2024

Markets: Ticket reseller StubHub’s New York IPO could raise over $1 billion

Foreign Affairs: Turkey’s main opposition politician jailed amid protests

Security and intelligence: US calls UK approach to Ukraine “simplistic”

Domestic politics: UK Government to cut 10,000 civil service jobs

The Mighty Stats

FTSE = 8,646.79 (down 0.63%)

S&P 500 = 5,667.56 (up 0.082%)

Nasdaq = 17,784.05 (up 0.52%)

CAC40 = 8,042.95 (down 0.53%)

£1 = $1.29 / €1.19

*The Mighty Memo is now on Bluesky. Follows us on @themightymemo.*

Canada special update: Canada’s new Prime Minister, Mark Carney, has called a snap election for 28 April as he seeks to strengthen his Government’s mandate. Carney became Prime Minister earlier this month after Justin Trudeau resigned.

The Mighty Detail

Economics: Morningstar DBRS has issued a negative outlook on France’s creditworthiness. The ratings company said that it was concerned about France’s “large fiscal deficit and high public debt ratio”. France budget deficit stood at 6 per cent of GDP last year. The Government aims to reduce it to 5.4 per cent this year.

Business: Newly filed accounts show that Gordon Ramsay’s television production company, Humble Pie Productions, posted turnover of £60.6 million last year with a profit of £7.1 million. Ramsay’s restaurant business turned over £95.6 million, with a loss of £3.4 million.

Markets: StubHub, the online events ticketing platform, is set to be listed on the New York stock exchange. The move could raise more than $1 billion for the company. StubHub, known as Viagogo outside of the US, was launched in 2000 and bought by eBay for $310 million in 2007. It was bought back by its co-founder Erick Baker for $4 billion in 2020.

Foreign Affairs: The Mayor of Istanbul, Ekrem İmamoğlu, was jailed yesterday while he awaits trial on corruption charges. İmamoğlu is the main opposition figure to President Erdogan. Members of İmamoğlu’s party continued, however, with a Presidential primary yesterday to select him as their Presidential candidate.  

Security and intelligence: US Government envoy Steve Witkoff, has said that the UK’s plan to support a ceasefire in Ukraine with international forces is “simplistic”. Witkoff also said “I don’t regard Putin as a bad guy”. Separately, the US National Security Advisor, Mike Waltz, has suggested a three-stage approach to a ceasefire in Ukraine. It would cover energy infrastructure, stopping hostilities in the Black Sea and then dividing up territories.

Domestic politics: UK Chancellor, Rachel Reeves, said that the UK Government plans to cut government operating costs by 15 per cent and reduce the number of civil servants by 10,000. The announcement comes ahead of the Chancellor’s Spring Statement on Wednesday.

The Mighty Calendar

What’s happening today?

• Bank of England delivers lecture on economic growth

• Ukraine, US, Russia hold separate talks in Riyadh, Saudi Arabia

• Impeachment verdict for South Korea’s Prime Minister Han Duk-soo

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

• UK, US, Eurozone services growth data (March)

Lookahead to tomorrow

• US intelligence chiefs discuss global threats at US Senate hearing

• New German Parliament sits for the first time

• UK, France, Italy, Germany, car registration data (February)

• US new homes sales (February)

• Japan CPI inflation data (yearly)

• Company results from: Kingfisher, Smiths Group

The Mighty Finale

🌤️Weather today

Bright sunshine in the northwest of England. Sunny intervals elsewhere. High of 15C and low of 4C in London. Bright sunshine in Belfast and Edinburgh.

✏️Life coaching quote of the day

“People are frugal in guarding their personal property; but as soon as it comes to squandering time they are most wasteful of the one thing in which it is right to be stingy.” – Seneca, Ancient Roman philosopher

Mighty takeaway: Think carefully about how prioritise and spend your time. Are you spending your time on the right things?

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

Bye!

The Mighty Memo team

Friday 21 March 2025

The Mighty Headlines

Economics: Bank of England keeps interest rates at 4.5 per cent

Business: Elon Musk sues the Indian Government over alleged censorship

Markets: Accenture shares fall by over 7 per cent

Foreign Affairs: Houthis fire missiles at Israel

Security and intelligence: UK shifts away from putting roops in Ukraine

Domestic politics: Protestors disrupt UK House of Lords debate

The Mighty Stats

FTSE = 8,701.99 (down 0.054%)

S&P 500 = 5,662.89 (down 0.22%)

Nasdaq = 19,677.61 (down 0.3%)

CAC40 = 8,094.20 (down 0.95%)

£1 = $1.30 / €1.19

*Are you interested in sponsoring this briefing? Email us at hello@mightymemo.co.uk for more information*

The Mighty Detail

Economics: The Bank of England has kept interest rates at 4.5 per cent. The Bank of England said that “global trade uncertainty has intensified” but Governor Andrew Bailey added that interest rates were on a "gradually declining path.”

Business: Elon Musk is suing the Indian Government alleging that it is unlawfully increasing its censorship powers to make it easier to take down content online. The case comes as Musk is also seeking to launch his Starlink broadband in the country, for which he is seeking the Government’s authorisation.

Markets: Shares in consulting firm Accenture fell by over 7 per cent yesterday. It reported fairly week Q2 revenue of $16.66 billion versus the $16.62 billion that had been expected. It also announced that it had lost US Federal Government contracts amid the Department of Government Efficiency’s crackdown on spending.

Foreign Affairs: The Iran-backed Houthi rebels in Yemen fired two missiles at Israel yesterday. Both missiles were intercepted. The Houthis are increasing their attacks in response to the US increasing its own attacks on the Houthis. There were at least four US strikes on the city of Hodeidah in Yemen yesterday, where the Houthi navy is stationed.

Security and intelligence: There are reports that the UK Prime Minister is moving away from the idea of putting troops on the ground as a security guarantee in Ukraine and that the UK may favour air and naval support instead. Speaking at the NATO Permanent Joint Headquarters in Northwood, Sir Keir said that Ukrainian forces would remain the first line of defence.

Domestic politics: Protestors disrupted a debate in the UK House of Lords yesterday with cries of “Lords out, people in”. The protest was organised by Assemble, a group which promotes citizens’ assemblies. The House of Lords was debating the 80th anniversary of VE Day.

The Mighty Calendar

What’s happening today?

• European Council summit for EU leaders continues, Brussels

• UN Security Council discuss Israel-Gaza conflict

• England vs Albania in World Cup 2026 qualifier

• UK public sector debt data (February)

• EU consumer confidence data (March)

• Company results from: JD Wetherspoon

Lookahead to tomorrow

Saturday

• Liberal Democrat Spring Conference begins

• WWF World Earth Hour, 8.30pm

• Hampton Court Palace gardens (free entry Saturday and Sunday)

Sunday

• Fifth anniversary of UK’s first Covid-19 lockdown

• F1 Chinese Grand Prix (final day)

• World Indoor Athletics Championships (final day)

The Mighty Finale

🌤️Weather today

Spring must be here! Sunny for most of England apart from the southwest where it’s raining. High of 18C and low of 11C in London. Sunshine in Edinburgh too but light rain in Belfast.

✏️Life coaching quote of the day

“When you arise in the morning, think of what a precious privilege it is to be alive – to breathe, to think, to enjoy, to love.” – Marcus Aurelius, Ancient Roman emperor and philosopher

Mighty takeaway: Don’t forget how lucky you are to have a chance at life. Enjoy it!

That’s it for this Friday and this week. Thanks for reading and join us again next week!

Adios!

The Mighty Memo team

Thursday 20 March 2025

The Mighty Headlines

Economics: US Federal Reserve keeps interest rates the same

Business: Ben & Jerry’s accuses Unilever of sacking CEO for political reasons

Markets: German defence stocks fall

Foreign Affairs: Istanbul mayor arrested in political opposition crackdown

Security and intelligence: EU unveils €800 billion defence spending plans

Domestic politics: UK Government departments could see 7 per cent cuts

The Mighty Stats

FTSE = 8,706.66 (up 0.016%)

S&P 500 = 5,675.29 (up 1.08%)

Nasdaq = 17,750.79 (up 1.41%)

CAC40 = 8,171.47 (up 0.7%)

£1 = $1.30 / €1.19

*Are you interested in sponsoring this briefing? Email us at hello@mightymemo.co.uk for more information*

The Mighty Detail

Economics: The US Federal Reserve announced yesterday evening that it would keep interest rates at between 4.25 per cent and 4.5 per cent. Fed Chair Jerome Powell said they would be kept at this level if the economy stays strong and inflation does not fall. The Bank of England’s interest rate decision is published later today.

Business: Ben & Jerry’s is accusing its owner Unilever of unlawfully removing its CEO because of political activism. The details were published as part of an ongoing lawsuit between Ben & Jerry’s and Unilever, which it accuses of silencing Ben & Jerry’s pro-Palestinian statements in the Israel-Gaza war. Unilever bought Ben & Jerry’s for $326 million in 2000 but it plans to sell all its ice-creams businesses by the end the year.

Markets: German defence stocks fell during trading yesterday. It comes after the lower house of the German Parliament agreed to loosen debt rules on defence investment while also creating a €500 billion climate and infrastructure fund. Arms manufacturer Rheinmetall fell by 4.53 per cent and Hensoldt fell by 9.31 per cent.

Foreign Affairs: Police in Turkey have arrested the Mayor of Istanbul in what is being reported as a crackdown against President Erdogan’s political rivals. Mayor Ekrem İmamoğlu has been detained along with 100 other people and is accused of corruption and supporting pro-Kurdish political forces among others.

Security and intelligence: The EU has published plans that could increase EU defence spending by up to €800 billion. An EU loans scheme will provide €150 billion to countries to spend on defence and a loosening of debt restrictions could provide €650 billion of further funding. The EU also said yesterday that Russia would be a “fundamental threat” for the “foreseeable future”.

Domestic politics: There are reports that the UK Chancellor is set to cut public spending more than previously expected in the Spring Statement next week. Some departments could face reduction of around 7 per cent and future budgets could rise by less than previously announced.

The Mighty Calendar

What’s happening today?

• European Council summit for EU leaders, Brussels (ends tomorrow)

• Western military chiefs meet in London to discuss Ukraine peacekeeping

• Prince of Wales begins two-day visit to Estonia

• International Olympic Committee chooses new President

• Bank of England interest rate decision

• Environment Questions in UK Parliament

• UK average earnings data (January)

• UK unemployment rate (January)

• US jobless claims (weekly)

• Japan CPI inflation data (February)

• Company results from: RWE, Nike, FedEx, Prudential

Lookahead to tomorrow

• European Council summit for EU leaders continues, Brussels

• UN Security Council discuss Israel-Gaza conflict

• England vs Albania in World Cup 2026 qualifier

• UK public sector debt data (February)

• EU consumer confidence data (March)

• Company results from: JD Wetherspoon

The Mighty Finale

🌤️Weather today

Another sunny and dry day across the UK. High of 19C and low of 7C in London.

✏️Life coaching quote of the day

“No one can be myself like I can.” – from The One and Only by Chesney Hawkes and Nik Kershaw

Mighty takeaway: Be yourself. Don’t copy others. Find your own path.

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

Bye!

The Mighty Memo team

Wednesday 19 March 2025

The Mighty Headlines

Economics: US Federal Reserve interest rate decision today

Business: Google to acquire tech start-up for $32 billion

Markets: Investors turning away from US stocks towards European stocks

Foreign Affairs: Germany passes new law for defence and infrastructure

Security and intelligence: Poland and Baltic states to leave weapons treaty

Domestic politics: UK Government’s £5 billion reduction to benefits

The Mighty Stats

FTSE = 8,705.23 (up 0.29%)

S&P 500 = 5,614.66 (down 1.07%)

Nasdaq = 17,504.12 (down 1.71%)

CAC40 = 8,114.57 (up 0.5%)

£1 = $1.30 / €1.19

*Are you interested in sponsoring this briefing? Email us at hello@mightymemo.co.uk for more information*

Ukraine update: President Trump spoke to President Putin about Ukraine yesterday. President Putin agreed to a partial ceasefire on energy infrastructure but also demanded that the US stop military aid to Ukraine and that Ukraine stop “forced mobilisation” of troops to effectively stymie Ukraine’s military activities.

The Mighty Detail

Economics: The US Federal Reserve’s interest rate decision is due later today at around 6.30pm GMT. The Fed is expected to keep current rates the same, which stand at 4.25 per cent to 4.5 per cent. The Fed’s interest rate is not a single figure but is expressed as a range.

Business: Google has agreed to pay $32 billion in cash to buy Wiz, a cloud security company. It will be Google’s largest ever acquisition as it attempts to catch up with competitors such as Microsoft and Amazon in cloud infrastructure. Wiz was founded in 2020.

Markets: A survey of fund managers shows that investors are turning away from US stocks and moving towards European stocks. According to the Bank of America Fund Manager Survey, investors reduced their exposure to US stocks to their lowest level since June 2023 and increased their exposure to European stocks to their highest level since the middle of 2021.

Foreign Affairs: Germany has passed historic legislation to exempt borrowing for defence and infrastructure from its strict debt rules. The bill passed with 513 votes in favour – far above the 489 votes required. Soon-to-be Chancellor Friedrich Merz said it was “nothing less than the first major step towards a new European defence community.”

Security and intelligence: Poland and the Baltic states of Estonia, Latvia and Lithuania have announced that they plan to leave an international treaty banning anti-personnel landmines. In a joint statement, they said that the flexibility and freedom to use new weapons systems to bolster NATO’s Eastern flank was “paramount”. Separately, Lithuania left the Convention on Cluster Munitions earlier this month.

Domestic politics: The UK Government has announced a £5 billion reduction to benefits by 2030 to create a “pro-work system”. The welfare bill is still expected to rise, however, from £65 billion this year to over £100 billion by 2029.

The Mighty Calendar

What’s happening today?

• Prime Minister’s Questions in the UK Parliament

• Matt Hancock appears at the UK Covid-19 Inquiry

• US Federal Reserve interest rate decision

• Eurozone CPI inflation data (February)

• Company results from: Tencent

Lookahead to tomorrow

• European Council summit for EU leaders, Brussels

• Western military chiefs meet in London to discuss Ukraine peacekeeping

• Prince of Wales begins two-day visit to Estonia

• International Olympic Committee chooses new President

• Bank of England interest rate decision

• Environment Questions in UK Parliament

• UK average earnings data (January)

• UK unemployment rate (January)

• US jobless claims (weekly)

• Japan CPI inflation data (February)

• Company results from: RWE, Nike, FedEx, Prudential

The Mighty Finale

🌤️Weather today

Another sunny day for most of England and for Belfast and Edinburgh too. High of 16C and low of 7C in London.

✏️Life coaching quote of the day

“Your attention is the most valuable property you can ever possess.” – Dan Sullivan, life coach

Mighty takeaway: Are you spending your time and focusing your attention on things that are meaningful to you?

That’s it for this Wednesday morning. Do join us again tomorrow!

Bye for now!

The Mighty Memo team

Tuesday 18 March 2025

The Mighty Headlines

Economics: OECD downgrades global growth because of US tariffs

Business: Audi to cut 7,500 jobs by 2029

Markets: Oil prices rise after President Trump’s Iran statement

Foreign Affairs: Trump and Putin to discuss Ukraine today

Security and intelligence: China sends 54 warplanes around Taiwan

Domestic politics: Chagossians take legal action against UK Government

The Mighty Stats

FTSE = 8,680.29 (up 0.56%)

S&P 500 = 5,675.12 (up 0.64%)

Nasdaq = 17,808.66 (up 0.31%)

CAC40 = 8,073.71 (up 0.57%)

£1 = $1.30 / €1.19

*Are you interested in sponsoring this briefing? Email us at hello@mightymemo.co.uk for more information*

The Mighty Detail

Economics: The Organisation for Economic Co-operation and Development (OECD) has reduced forecasts of global economic growth this year because of the impact of US tariffs. UK growth has been revised downwards from 1.7 per cent to 1.4 per cent. US growth has been downgraded from 2.4 per cent to 2.2 per cent. Mexico is hardest hit, with growth of 1.2 per cent turning into a contraction of 1.3 per cent.

Business: Audi has said that it is to cut 7,500 jobs in Germany by 2029. The German carmaker said that the roles would be in administration and development and would save €1 billion a year. Volkswagen, which owns Audi, has planned just under 48,000 job cuts across its businesses.

Markets: Oil prices rose yesterday after President Trump said that Iran would be held responsible for “every shot” fired by Houthi rebels in Yemen. Trump said that Iran would “suffer the consequences” which would be “dire”. Brent crude reached a high of $71.76 per barrel.

Foreign Affairs: President Trump is due to speak to President Putin today about Ukraine. Ahead of the call, Trump said that they would be talking about “land”, “nuclear power plants” and “dividing up certain assets”. Russia currently controls the Zaporizhzhia Nuclear Power Plant, the largest nuclear power plant in Europe, after annexing Ukraine’s Zaporizhzhia region. The EU’s Foreign Policy Chief, Kaja Kallas, said yesterday that Putin “cannot be trusted”.

Security and intelligence: China sent 54 warplanes, including J-10 fighter jets and drones, to areas close to Taiwan yesterday as punishment for the Taiwanese Government’s promotion of “separatism”. A spokesman for the Chinese Government added that if Taiwan’s Government “dares to provoke and play with fire, it will only bring about its own destruction.”

Domestic politics: Chagossians living in the UK are taking legal action against the UK Government over a deal set to give the Chagos Islands to Mauritius. Mauritius claims the Islands as its own but Chagossians say they have not been consulted on the deal with Mauritius. The US, which has a military base on the Chagos Islands, has previously objected to the deal on national security grounds.

The Mighty Calendar

What’s happening today?

• President Trump expected to talk to President Putin about Ukraine

• President Macron and Chancellor Scholz discuss Ukraine in Berlin

• German MPs vote on debt plan to allow more defence and infrastructure investment

• Energy Questions in the UK Parliament

• US new housing data (February)

• US industrial and manufacturing production data (February)

• Canada CPI inflation data (February)

• Bank of Japan interest rate decision

• Company results from: Travis Perkins, Eni

Lookahead to tomorrow

• Prime Minister’s Questions in the UK Parliament

• Matt Hancock appears at the UK Covid-19 Inquiry

• US Federal Reserve interest rate decision

• Eurozone CPI inflation data (February)

• Company results from: Tencent

The Mighty Finale

🌤️Weather today

Sunshine across England. High of 11C and low of -1C in London. Sunny spells in Belfast. Sunshine in Edinburgh.

✏️Life coaching quote of the day

“We suffer more often in imagination than in reality.” – Seneca, Ancient Roman philosopher

Mighty takeaway: Your worries are never as bad in reality, so what’s the point of worrying?

That’s it for this morning. Thanks for reading and please join us for another edition tomorrow!

Cheerio!

The Mighty Memo team

Monday 17 March 2025

The Mighty Headlines

Economics: Price of gold reaches $3000 an once for the first time

Business: UK Government takes Apple to court over privacy settings

Markets: US stocks end high after a difficult week

Foreign Affairs: China condemns G7 countries as “arrogant”

Security and intelligence: US vows to continue striking Houthi rebels

Domestic politics: UK Health Secretary says NHS “addicted to spending”

The Mighty Stats

FTSE = 8,632.33 (up 1.05%)

S&P 500 = 5,638.94 (up 2.13%)

Nasdaq = 17,754.09 (up 2.61%)

CAC40 = 8,028.28 (up 1.13%)

£1 = $1.29 / €1.18

*Are you interested in sponsoring this briefing? Email us at hello@mightymemo.co.uk for more information*

The Mighty Detail

Economics: The price of gold reached $3,000 per ounce on Friday for the first time ever. The rise follows economic and trade tensions between the US and its trading partners. Gold is usually seen as a safe alternative in times of economic stress and prices have risen by 14 per cent since the start of the year.

Business: The UK Government is taking Apple to court over the right to access people’s data on Apple devices. The UK Home Office says that it should be able to access people’s data if there is a risk to national security. Apple says it is important to maintain privacy. The case at the Investigatory Powers Tribunal is being held in secret.

Markets: US stocks rose on Friday, after the Trump administration made no new announcements on tariffs. The day of relief for investors saw tech shares perform particularly strongly, with chipmaker Nvidia up by more than 5 per cent and Tesla up by nearly 4 per cent.

Foreign Affairs: China has condemned the G7 countries, calling them “filled with arrogance, prejudice and malicious intentions”. It comes after a meeting of the G7 on Friday, where members called China’s military activities in the South China Sea (particularly around Taiwan and the Philippines) “illicit, provocative, coercive and dangerous”. 

Security and intelligence: The US Defence Secretary, Pete Hegseth, said yesterday that the US would continue to strike the Houthi rebels in Yemen for as long as they continue to disrupt trade in the Red Sea. A US strike on Saturday killed at least 31 people. The Houthis, who started attacking shipping in 2023 in solidarity with Hamas in the Israel-Gaza conflict, have said they will “meet escalation with escalation”.

Domestic politics: The UK Health Secretary, Wes Streeting, has said that the NHS is “addicted to overspending”. He said yesterday that Integrated Care Boards, which were introduced to organise the delivery of health care services across England, have been asked to cut their running costs by 50 per cent.

The Mighty Calendar

What’s happening today?

Republic of Ireland public holiday (St Patrick’s Day)

UN talks on Cyprus begin

Work and Pensions Questions in the UK Parliament

US retail sales data (February)

Italy CPI inflation data (February)

South Korea trade data (February)

Company results from: UBS

Lookahead to tomorrow

President Macron and Chancellor Scholz discuss Ukraine in Berlin

German MPs vote on debt plan to allow more defence and infrastructure investment

Energy Questions in the UK Parliament

US new housing data (February)

US industrial and manufacturing production data (February)

Canada CPI inflation data (February)

Bank of Japan interest rate decision

Company results from: Travis Perkins, Eni

The Mighty Finale

🌤️Weather today

Sunny in the northeast of England. Overcast and dry elsewhere. High of 9C and low of 1C in London. Cloudy and dry in Belfast and Edinburgh.

✏️Life coaching quote of the day

“If you tell yourself that you cannot, what can the only outcome be?” – Shad Helmstetter, motivational writer

Mighty takeaway: What you say to yourself is powerful. Make a conscious effort to say things to yourself that will support you rather than undermine you.

That’s it for this morning. Thanks for reading and do join us for tomorrow’s edition.

Adios!

The Mighty Memo team

Friday 14 March 2025

The Mighty Headlines

Economics: Jobless claims for US federal employees high again

Business: John Lewis scraps staff bonus for a third year

Markets: Intel shares increase by nearly 15 per cent with new CEO

Foreign Affairs: Syria signs temporary constitution guaranteeing women’s rights

Security and intelligence: Huawei’s Brussels HQ searched by police

Domestic politics: UK Cabinet reportedly concerned about welfare cuts

The Mighty Stats

FTSE = 8,542.56 (up 0.019 per cent)

S&P 500 = 5,521.52 (down 1.39 per cent)

Nasdaq = 17,303.01 (down 1.96 per cent)

CAC40 = 7,938.21 (down 0.64 per cent)

£1 = $1.30 / €1.19

*Are you interested in sponsoring this briefing? Email us at hello@mightymemo.co.uk for more information*

The Mighty Detail

Economics: Weekly jobless claims in the US for federal employees remain high for a third week. There were 1,066 initial jobless claims in the week ending 8 March although this is down from 1,580 the previous week. The decision by Elon Musk’s Department of Government Efficiency to cut federal staff is likely to be a significant factor in the news.

Business: John Lewis has scrapped its famous staff bonus for a third year in a row. John Lewis says, however, that it is spending £114 million to increase employee pay this year. Profits before tax at the retailer have nearly tripled from £42 million in 2023 to £126 million in 2024.

Markets: Shares in Intel increased by nearly 15 per cent during trading yesterday. It comes as the technology company appointed Lip-Bu Tan as the new CEO. Tan was formerly CEO of a semiconductor software company. It is hoped that he can turn around Intel’s fortunes after the company’s value fell below $100 billion for the first time in 30 years last December.

Foreign Affairs: Syria’s interim president has signed a new temporary constitution that requires the separation of powers, guarantees women’s political rights and women’s rights to education and work but also puts the country under Islamist rule for a five-year transition phase. This means that Islamic law continues to be the main source of jurisprudence and the head of state is required to be a Muslim. A new committee will draft a permanent constitution.

Security and intelligence: Belgian police have searched Huawei’s headquarters in Brussels amid a corruption probe. There are reports that the Chinese technology company allegedly bribed former and current Members of the European Parliament. Homes in Belgium and Portugal have also been searched for evidence of money laundering, bribery and forgery.

Domestic politics: It is being reported that over half of the UK Cabinet has asked Chancellor Rachel Reeves to reconsider cuts to welfare and spending. Last week, the BBC reported that “several billion pounds” in draft spending cuts to welfare had been planned.

The Mighty Calendar

What’s happening today?

• Mark Carney is sworn in as Canada’s Prime Minister

• China, Russia and Iran meet to discuss nuclear capabilities

• Private Members’ Bills in the UK Parliament

• Cheltenham Gold Cup

• UK GDP data (January)

• UK industrial and manufacturing production data (January)

• France, Germany, Spain CPI inflation data (February)

• Company results from: Daimler, BMW

Lookahead to the weekend

Saturday

• Rugby Six Nations: Italy vs Ireland

• Rugby Six Nations: Wales vs England

• Rugby Six Nations: France vs Scotland

Sunday

• Miami Tennis Open begins

• Australian F1 Grand Prix

• All England Open Badminton Final 2025

• Rome and Los Angeles Marathons

• Bath, Surrey, and New York City Half Marathons

The Mighty Finale

🌤️Weather today

Wet in the southwest and northeast of England. Largely dry elsewhere. High of 9C and low of 1C in London. Dry in Belfast. Sunny spells in Edinburgh.

✏️Life coaching quote of the day

“Go to bed smarter than you woke up.” – Charlie Munger, investor

Mighty takeaway: Nothing to add!

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 13 March 2025

The Mighty Headlines

Economics: Canada and EU impose retaliatory tariffs on the US

Business: Germany’s Rheinmetall announces 36 per cent increase in profits

Markets: US stocks rise on better-than-expected inflation news

Foreign Affairs: Measles outbreak in Morocco continues

Security and intelligence: Iran refuses to engage in nuclear talks

Domestic politics: UK expels Russian diplomats

The Mighty Stats

FTSE = 8,540.97 (up 0.53 per cent)

S&P 500 = 5,599.30 (up 0.49 per cent)

Nasdaq = 17,648.45 (up 1.22 per cent)

CAC40 = 7,988.96 (up 0.59 per cent)

£1 = $1.30 / €1.19

*Are you interested in sponsoring this briefing? Email us at hello@mightymemo.co.uk for more information*

The Mighty Detail

Economics: Canada has announced nearly $30 billion worth of retaliatory tariffs on US steel and aluminium imports after the US’s worldwide tariffs on the same products came into effect yesterday. Canada is the largest supplier of steel and aluminium to the US. The European Union is also affected by the US’s policy and is retaliating with $26 billion worth of tariffs on US goods.

Business: Rheinmetall has announced a 36 per cent increase in sales for 2024. Over the same period, the German arms manufacturer’s operating profit increased by 61 per cent to €1.48 billion. The company predicts that defence sales in 2025 will increase by between 35 and 40 per cent “given the dramatically changed security policy situation.”

Markets: US stock markets rose slightly yesterday on the news that US inflation was lower than expected. US inflation in February stood at 0.2 per cent, with the annual inflation rate at 2.8 per cent. This is lower than the 0.3 per cent and 2.9 per cent that had been expected.

Foreign Affairs: Morocco is dealing with an ongoing measles outbreak of “historic levels”. The Moroccan Government states that the “global anti-vax movement” is responsible for the recent low uptake of vaccinations against the disease. Since late 2023, there have been more 25,000 cases reported and 120 deaths.

Security and intelligence: Iran’s Supreme Leader, Ayatollah Ali Khamenei, yesterday rejected the offer of talks with the US on its nuclear capabilities. Yesterday evening, the UK issued a warning at the UN Security Council that it would trigger UN sanctions on Iran to prevent it developing a nuclear weapon.

Domestic politics: The UK Government has expelled a Russian diplomat after Moscow expelled two British diplomats last week. The UK Foreign Office has said that Russia’s attitude towards British diplomats effectively represents an attempt to close the British Embassy in Moscow.

The Mighty Calendar

What’s happening today?

• Business and Trade Questions in UK Parliament

• UK Prime Minister gives speech on reforms to how government works

• Michelle Obama to speak at South by Southwest Film Festival, Texas

• Data on UK MPs’ expenses published

• UK, France, Italy, Germany, China, Japan consumer sentiment data (March)

• Eurozone industrial production data (February)

• US PPI inflation data

• US jobless claims (weekly)

Lookahead to tomorrow

• China, Russia and Iran meet to discuss nuclear capabilities

• Private Members’ Bills in the UK Parliament

• Cheltenham Gold Cup

• UK GDP data (January)

• UK industrial and manufacturing production data (January)

• France, Germany, Spain CPI inflation data (February)

• Company results from: Daimler, BMW

The Mighty Finale

🌤️Weather today

Sunny spells in the southwest. Light rain elsewhere. High of 8C and low of -1C in London. Dry, with sunny spells in Belfast and Edinburgh.

✏️Life coaching quote of the day

“There is only one person responsible for the quality of life you live and that person is you.” – Jack Canfield, motivational speaker

Mighty takeaway: Take action to live the life you envisage for yourself.

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

Bye!

The Mighty Memo team