Monday 31 March 2025
The Mighty Headlines
Economics: China gives its banks $69 billion to boost lending
Business: Elon Musk sells X to his own AI company for $33 billion
Markets: European stocks fall as US inflation increases
Foreign Affairs: Greenland’s PM says US “won’t get” Greenland
Security and intelligence: US threatens to bomb Iran over nuclear talks
Domestic politics: Tate Gallery and UK Government return Nazi-looted artwork
The Mighty Stats
FTSE = 8,658.85 (down 0.084%)
S&P 500 = 5,580.94 (down 1.97%)
Nasdaq = 17,322.99 (down 2.7%)
CAC40 = 7,916.08 (down 0.93%)
£1 = $1.29 / €1.20
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The Mighty Detail
Economics: China’s Ministry of Finance will provide $69 billion to four of the country’s biggest state banks in order to support lending. The banks are currently facing slowing profit growth and an increase in bad (unpaid) debt.
Business: Elon Musk has sold his social media company X to his own artificial intelligence company, which is called xAI. The deal is worth $33 billion. Commenting on the deal, Musk said that “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution, and talent.”
Markets: European stock markets fell on Friday after economic news from the US suggested that inflation was higher than expected. The pan-European Stoxx 600 closed 0.77 per cent lower, while the German Dax and French CAC40 fell by around 1 per cent. The latest US data puts annual inflation at 2.8 per cent which is more than expected.
Foreign Affairs: The Prime Minister of Greenland has said that United States will not “get” Greenland. In a statement, Jens-Frederik Nielsen said that “President Trump says that the United States is getting Greenland. Let me be clear: The United States won't get that. We do not belong to anyone else. We determine our own future”. On Friday, the US Vice President said that Denmark has “not done a good job” for Greenlanders and suggested the US would do better.
Security and intelligence: President Trump has threatened to bomb Iran and impose further tariffs if it does not make a deal with the US on its nuclear programme. Speaking at the weekend, Trump said “it will be bombing the likes of which they have never seen before”. Western countries believe that Iran is seeking to develop nuclear weapons.
Domestic politics: The Tate Gallery has agreed to return a painting to the heirs of a Jewish Belgian art collector, Samuel Hartveld, who fled to the UK in World War II. The painting, ‘Aeneas and his Family Fleeing Burning Troy’ was looted by the Nazis and bought by the Tate in 1994. The UK Spoilation Advisory Panel recommended that the work be returned and the UK Culture Secretary, whose agreement is required under UK law, agreed.
The Mighty Calendar
What’s happening today?
Home Office Questions in the UK Parliament
Liberal Democrats launch local election campaign
Michelin Guide publishes annual list of best French restaurants
Italy, Germany CPI inflation data (March)
Japan unemployment rate (February)
Lookahead to tomorrow
NASA press conference with astronauts Wilmore and Williams
UK Home Secretary hosts Border Security Summit
Foreign Office Questions in the UK Parliament
Russia and China’s Foreign Ministers meet in Moscow
Forbes publishes its global billionaires list
UK house price index (March)
Eurozone CPI inflation data (March)
US manufacturing data (March)
Company results from: CLS Holdings
The Mighty Finale
🌤️Weather today
Sunny and dry across England. High of 17C and low of 5C in London. Cloudy in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minute should be enjoyed and savoured.” – Earl Nightingale, motivational writer
Mighty takeaway: In all the busyness of life, make sure that you are enjoying all its different aspects. Don’t stay on autopilot because that’s the easier option.
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Bye!
The Mighty Memo team