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