Monday, 24 February 2025
The Mighty Headlines
Economics: UK retail sales rise by 1.7 per cent in January
Business: UK regulator fines five banks over £100 million
Markets: US markets fall after weak economic news
Foreign Affairs: German conservatives top General Election poll
Security and intelligence: Australia, New Zealand and China in military row
Domestic politics: UK puts new sanctions on Russia today
The Mighty Stats
FTSE = 8,659.37 (down 0.042 per cent)
S&P 500 = 6,013.13 (down 1.71 per cent)
Nasdaq = 19,524.01 (down 2.2 per cent)
CAC40 = 8,154.51 (up 0.39 per cent)
£1 = $1.26 / €1.21
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The Mighty Detail
Economics: Retail sales increased by 1.7 per cent in January in the UK. Analysts had expected an increase of only 0.3 per cent. The increase has been driven by food sales, which increased by 5.6 per cent in January. In contrast, non-food sales fell by 0.6 per cent.
Business: The UK competition regulator is fining five of the world’s largest banks over £100 million for anti-competitive behaviour. The Competition and Markets Authority has fined HSBC, Morgan Stanley, Citi Bank, Deutsche Bank and the Royal Bank of Canada after traders shared sensitive information about UK government bonds in online chatrooms.
Markets: US markets ended last week on a low after new data provoked concerns about the health of the US economy. The Dow Jones, S&P 500 and Nasdaq all fell by between 1.7 and 2.2 per cent. Consumer confidence declined by 10 per cent in February and activity in US services also declined.
Foreign Affairs: The conservative CDU party has topped the poll in Germany’s General Election. The far-right AfD party came second while current Chancellor Olaf Scholz’s Socialist Party came third. Friedrich Merz, the leader of the CDU, is likely to be the next Chancellor although Scholz is said to wish to continue in his role as Chancellor.
Security and intelligence: Australia and New Zealand have voiced concerns after the Chinese navy conducted live-fire military drills in international waters near the two countries without prior warning. Three passenger planes were diverted because of the event. China has said the complaints are “hyped up”.
Domestic politics: The UK is announcing new sanctions on Russia today, which is the third anniversary of Russia’s invasion of Ukraine. The UK Foreign Secretary said the sanctions would affect Russia’s revenues and “military machine.”
The Mighty Calendar
What’s happening today?
Japan public holiday (Emperor’s Birthday)
President Macron meets President Trump, Washington DC
G7 Leaders host a virtual summit on Ukraine with President Zelensky
62nd Intergovernmental Panel on Climate Change meeting, China
Home Office Questions in UK Parliament
South Korea interest rate decision
Spain consumer confidence data (January)
Eurozone CPI inflation data (January)
Company results from: Bank of Ireland Group
Lookahead to tomorrow
EU Foreign Ministers meeting, Brussels
UN Security Council debate on the Middle East
UK Environment Secretary address NFU conference
Foreign Office Questions in UK Parliament
UK, Italy, Germany, France new car registrations data (January)
Germany GDP data (Q4 2024)
US house price data (December)
Company results from: Norway’s sovereign wealth fund, ASM International
The Mighty Finale
🌤️Weather today
Light rain in the morning, drier in the late afternoon and evening. High of 13C and low of 7C in London. Wet from the afternoon in Belfast. Dry in Edinburgh.
✏️Life coaching quote of the day
“It's not what happens to you, but how you react to it that matters.” – Epictetus, Ancient Greek philosopher
Mighty takeaway: You decide how you react to an event. Choose a reaction that benefits you rather than undermines you.
That’s it for this Monday. Thanks for reading and we’ll see you tomorrow.
Adios!
The Mighty Memo team