Friday 28 February 2025
The Mighty Headlines
Economics: US unemployment rises by largest amount in five months
Business: Nvidia beats Q4 earnings expectations
Markets: Rolls-Royce shares increase by over 15 per cent
Foreign Affairs: Donald Trump hints at UK trade deal
Security and intelligence: FBI blames North Korea for massive cryptocurrency theft
Domestic politics: UK Government set to approve second runway at Gatwick
The Mighty Stats
FTSE = 8,756.21 (up 0.28 per cent)
S&P 500 = 5,861.57 (down 1.59 per cent)
Nasdaq = 18,544.42 (down 2.78 per cent)
CAC40 = 8,102.52 (down 0.51 per cent)
£1 = $1.26 / €1.21
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The Mighty Detail
Economics: The number of people unemployed in the US has risen by the largest figure in five months. The latest figures show that around 242,000 people filed claims for unemployment benefit last week. The number the week before was 220,000. Short-term factors such as the weather and holidays can, however, affect weekly jobless claims.
Business: The chipmaker Nvidia has beaten its Q4 earnings expectations. It reported revenue for the quarter of $39.3 billion versus the $38.2 billion that had been expected. It now expects revenue of $43 billion in Q1 2025 compared to the $42.3 which had been expected. It comes as the company deals with tariffs on chips imported from China to the US and increased controls on chips exported to China.
Markets: The value of shares in Rolls-Royce increased by over 15 per cent yesterday. It comes as the engine manufacturer announced that underlying operating profit had increased by 55 per cent in 2024 to £2.5 billion. The company also announced £500 million of dividends to shareholders and a share buyback scheme worth £1 billion yesterday.
Foreign Affairs: President Trump has suggested that a US-UK trade deal could be reached “fairly quickly.” Trump was speaking at a news conference with UK Prime Minister Starmer which also covered Ukraine and Gaza. Sir Keir Starmer emphasised the need for a lasting peace in Ukraine and the need for a two-state solution for Israel and Palestine.
Security and intelligence: The FBI has said that North Korean hackers are behind a billion dollar cryptocurrency theft. Last week, the cryptocurrency exchange Bybit reported that it had been robbed of $1.5 billion in digital assets. The same hackers are believed to be behind the theft of $305 million from the Japanese cryptocurrency exchange DMM Bitcoin in May 2024.
Domestic politics: The UK Government is set to approve a second runway at Gatwick Airport. The deadline for a final decision has been extended by 9 months, however, pending further consultation. The plan would see the existing emergency runway at Gatwick relocated and put into use.
The Mighty Calendar
What’s happening today?
President Zelensky meets President Trump, Washington DC
Rio Carnival, Brazil
China manufacturing growth data (February)
Germany retails sales data (January)
Germany unemployment data (February)
Canada, France GDP data (Q4 2024)
Germany, France, Italy CPI inflation data (February)
South Korea trade data (February)
UK house price data (January)
Company results from: IAG, BASF
Lookahead to the weekend
Saturday
BRIT awards
Cornish Pasty Crimping World Championships, Truro, Cornwall
Sunday
Academy Awards
Tennis: Indian Wells Open begins (ends 16 March)
Tokyo Marathon
Darts: UK Open final
The Mighty Finale
🌤️Weather today
Sunny and dry across England. High of 10C and low of 0C in London. Sunny and dry in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“You miss 100 per cent of the shots you don’t take.” – Wayne Gretzky, former ice hockey player
Mighty takeaway: If you don’t try, you can’t possibly succeed.
That’s it for this week. We hope you enjoy the weekend and we’ll see you on Monday.
Bye!
The Mighty Memo team