Thursday, 20 February 2025
The Mighty Headlines
Economics: UK inflation reaches 3 per cent
Business: BAE Systems forecasts over £30 billion of sales in 2025
Markets: Glencore may end its London stock market listing
Foreign Affairs: EU imposes new sanctions on Russia
Security and intelligence: Putin says Ukraine won’t be excluded from talks
Domestic politics: Opposition parties want UK Business Secretary to resign
The Mighty Stats
FTSE = 8,712.53 (down 0.62 per cent)
S&P 500 = 6,144.15 (up 0.24 per cent)
Nasdaq = 20,056.25 (up 0.075 per cent)
CAC40 = 8,110.54 (down 1.17 per cent)
£1 = $1.26 / €1.21
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The Mighty Detail
Economics: UK inflation reached 3 per cent in January. This is its highest level in 10 months. In December, UK inflation stood at 2.5 per cent. Meat, bread, cereals and an increase in private school fees from new VAT rules were factors in the increase.
Business: BAE Systems is forecasting more than £30 billion of sales this year. The defence systems manufacturer expects revenue to increase by around 7 to 8 per cent. In 2024, the company’s total sales were £28.4 billion.
Markets: Mining giant Glencore has said that it may end its London stock market listing. Its adjusted earnings fell from $17.1 billion in 2023 to $14.4 billion in 2024. Chief Executive Gary Nagle said that he wanted to make sure Glencore shares were “traded on the right exchange” and may consider the New York Stock Exchange. Glencore’s departure would be a further blow to the London Stock Exchange which saw 88 companies delisted last year.
Foreign Affairs: The EU imposed a new round of sanctions on Russia yesterday. These include a ban on Russian unworked aluminium and blacklisting more Russian ships suspected as being part of Russia’s “shadow fleet”. The shadow fleet comprises old ships that are secretly involved in ship-to-ship transfers of sanctioned goods such as oil. Over 150 ships are now on the blacklist.
Security and intelligence: President Putin has said that Ukraine will not be excluded from peace negotiations and accused Europeans and Ukraine of refusing to talk to Moscow. Putin also said that US-Russia discussions would need to cover a range of issues beyond Ukraine including the Middle East, energy and space cooperation.
Domestic politics: Opposition parties have called on the UK Business Secretary, Jonathan Reynolds, to resign. They argue that Reynolds previously described himself as a solicitor on LinkedIn despite not qualifying. The Solicitors Regulation Authority contacted Reynolds in January about the issue and says that there is “no need for us to take any action”.
The Mighty Calendar
What’s happening today?
G20 Foreign Ministers meet in South Africa
Final pre-election debate with German Chancellor candidates
US unemployment data (weekly)
UK, Eurozone consumer confidence data (February)
Japan CPI inflation data (January)
Japan manufacturing and services growth data (February)
Company results from: Lloyds, Walmart, Renault, Anglo American, Airbus, Alibaba, Mercedez-Benz
Lookahead to tomorrow
Scottish Labour conference begins
UK government borrowing data (January)
UK retail sales data (January)
UK, US, Eurozone manufacturing and services growth data (February)
Company results from: EDF, Standard Chartered
The Mighty Finale
🌤️Weather today
Rain in southeast and northeast England. A little drier in the southwest and northwest. High of 13C and low of 11C in London. Rain in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“Your life and your dreams are your responsibility. If you don’t prioritise them, nobody will.” – Mel Robbins, motivational speaker
Mighty takeaway: Nothing to add!
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Bye!
The Mighty Memo team