Monday, 3 March 2025
The Mighty Headlines
Economics: China’s manufacturing output grows in February
Business: Business confidence in UK increases to highest since August 2024
Markets: European stocks grow for 10 consecutive weeks
Foreign Affairs: Hamas rejects ceasefire extension
Security and intelligence: European leaders pledge more defence support
Domestic politics: UK Parliamentary committee criticises HS2’s “unacceptable” costs
The Mighty Stats
FTSE = 8,809.74 (up 0.61 per cent)
S&P 500 = 5,954.50 (up 1.59 per cent)
Nasdaq = 18,847.28 (up 1.63 per cent)
CAC40 = 8,111.63 (up 0.11 per cent)
£1 = $1.26 / €1.21
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The Mighty Detail
Economics: Manufacturing activity in China grew in February for the first time in two months. The Purchasing Managers’ Index stood at 50.2 for the month. Any figure above 50 indicates growth in activity.
Business: New data from Lloyds bank suggests that business confidence in the UK increased by 12 points in February. It now stands at the highest level since August 2024. Economic optimism increased by 18 points which is the largest monthly increase since 2020.
Markets: The European stock markets ended Friday with a 10th consecutive week of growth. The pan-European Stoxx 600 grew by more than 3 per cent in February. This compares with a 2.5 per cent fall for the S&P 500 in February. A brighter economic outlook in Europe and the prospect of an end to the war in Ukraine may be factors in higher valuations in Europe.
Foreign Affairs: Israel has accepted the US’s proposal to extend the ceasefire with Hamas but Hamas has rejected it. In response to Hamas’s rejection, Israel has said that it will stop all goods and supplies into Gaza. The first ceasefire expired on Saturday. The new ceasefire would have lasted until the 20th April to cover Ramadan and Passover.
Security and intelligence: European and NATO countries agreed to increase their defence capabilities and their support for Ukraine at a meeting in London yesterday. The UK Prime Minister Sir Keir Starmer reiterated that the UK would put “boots on the ground and planes in the air” to defend Ukraine. The European Commission President, Ursula von der Leyen said that Europe must “urgently” rearm and “prepare for the worst”. An emergency EU summit will be held on Thursday to discuss Ukraine and European defence.
Domestic politics: A UK Parliamentary committee has said that the High Speed 2 rail project between London and Birmingham is a “cautionary tale” on how “not to run a major project”. The Public Accounts Committee, which scrutinises public spending, added that current construction contracts are “unacceptable to the public purse”. HS2 Limited said that it is now taking action to “get the project back on track at the lowest feasible cost”.
The Mighty Calendar
What’s happening today?
· Brazil public holiday (Carnival)
· South Korea public holiday (Independence Movement Day)
· Housing and Local Government Questions in UK Parliament
· UK, US, Eurozone manufacturing growth data (February)
· Eurozone CPI inflation data (February)
· South Korea industrial product and retail sales data (January)
· Japan unemployment data (January)
Lookahead to tomorrow
· Shrove Tuesday
· Brazil public holiday (Carnival)
· President Trump addresses Joint Session of the US Congress
· Treasury Questions in UK Parliament
· US tariffs on Canada and Mexico and further tariffs on Chinese goods expected
· Eurozone unemployment data (January)
· Japan, China services growth data (February)
The Mighty Finale
🌤️Weather today
A dry and sunny day for most of the UK. High of 11C and low of -1C in London. Light cloud in Belfast and sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Don’t wait around for other people to be happy for you. Any happiness you get you’ve got to make yourself.” – Alice Walker, novelist
Mighty takeaway: Only you can decide to be happy.
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Bye!
The Mighty Memo team