Monday, 13 January 2025
The Mighty Headlines
· Economics: UK Chancellor agrees trade deals worth £600 million with China
· Business: Morrisons voices support for UK farmers in inheritance tax dispute
· Markets: Pound may fall by up to 8 per cent this week according to traders
· Foreign Affairs: US Government sanctions more Russian oil producers and oil tankers
· Security and intelligence: Iran to launch new warship and add 1000 drones to arsenal
· Domestic politics: UK Government sanctions Maduro regime in Venezuela
The Mighty Stats
· FTSE = 8,248.49 (down 0.86 per cent)
· S&P500 = 5,827.04 (down 1.54 per cent)
· Nasdaq = 19,161.63 (down 1.63 per cent)
· CAC40 = 7,431.04 (down 0.79 per cent)
· £1 = $1.22 / €1.19
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The Mighty Detail
Economics: Chancellor Rachel Reeves has said that she has secured trade and finance agreements with China that will add £600 million to the UK economy over five years. The agreement was announced at the weekend in the first high-level economic summit between the UK and China in six years.
Business: UK supermarket chain Morrisons is publicly voicing support for farmers in their dispute with the Government over inheritance tax. In a video released on Saturday, the supermarket said that it “understood farmers’ anger” and that it would continue to raise the issue at the “highest levels of government”.
Markets: Currency traders are prepared for the value of sterling to fall further this week, after it fell last week to its lowest level against the dollar since November 2023. Demand in the options market – derivative products – suggests that the pound could fall by up to 8 per cent.
Foreign Affairs: The US Government has imposed sanctions on Russian oil producers and 183 oil-carrying ships. The intention is to weaken demand for Russia’s oil – a major source of the country’s income. The move will also force China and India, some of the largest buyers of Russian oil, to source their oil from the Middle East, Africa and the Americas instead.
Security and intelligence: Iran is to launch a new warship and add around 1,000 advanced drones to its military capabilities in the coming days. According to Iranian Rear Admiral Habibollah Sayyari, the drones will be “long-range” and have “stealth capabilities”.
Domestic politics: The UK Government has imposed sanctions on 15 new people associated with the regime of the Venezuelan President Nicolas Maduro. The UK Government disputes the validity of the election result last July which saw Maduro win the Presidency for a third six-year term. Separately, the US has announced a $25 million reward for Maduro’s arrest.
The Mighty Calendar
What’s happening today?
o Japan public holiday (Respect for the Aged Day)
o President Biden delivers final foreign policy speech, US State Department, Washington DC
o Prime Minister Starmer launches AI Opportunities Action Plan
o Home Office Questions in UK Parliament
o India CPI inflation data (December)
Lookahead to tomorrow
o NATO Baltic summit, Finland
o Impeachment trial of South Korean President due to begin
o Confirmation hearing for US Defence Secretary nominee Pete Hegseth
o Russian Foreign Minister Lavrov holds annual press conference
o Foreign Office Questions in UK Parliament
o Italy industrial production data (November)
o US CPI and PPI inflation data (December)
o South Korea trade data (December)
The Mighty Finale
🌤️Weather today
Partly cloudy. High of 6C and low of 1C in London. Light rain in Belfast and heavy rain in Edinburgh.
✏️Life coaching quote of the day
“Success is the doing, not the getting; in the trying, not the triumph. Success is a personal standard, reaching for the highest that is in us, becoming all that we can be. If we do our best, we are a success.” – Zig Ziglar, motivational speaker
Mighty takeaway: Nothing further to add to this!
That’s it for this morning. Thanks for reading and we’ll see you again tomorrow.
Bye!
The Mighty Memo team