Tuesday 18 March 2025
The Mighty Headlines
Economics: OECD downgrades global growth because of US tariffs
Business: Audi to cut 7,500 jobs by 2029
Markets: Oil prices rise after President Trump’s Iran statement
Foreign Affairs: Trump and Putin to discuss Ukraine today
Security and intelligence: China sends 54 warplanes around Taiwan
Domestic politics: Chagossians take legal action against UK Government
The Mighty Stats
FTSE = 8,680.29 (up 0.56%)
S&P 500 = 5,675.12 (up 0.64%)
Nasdaq = 17,808.66 (up 0.31%)
CAC40 = 8,073.71 (up 0.57%)
£1 = $1.30 / €1.19
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The Mighty Detail
Economics: The Organisation for Economic Co-operation and Development (OECD) has reduced forecasts of global economic growth this year because of the impact of US tariffs. UK growth has been revised downwards from 1.7 per cent to 1.4 per cent. US growth has been downgraded from 2.4 per cent to 2.2 per cent. Mexico is hardest hit, with growth of 1.2 per cent turning into a contraction of 1.3 per cent.
Business: Audi has said that it is to cut 7,500 jobs in Germany by 2029. The German carmaker said that the roles would be in administration and development and would save €1 billion a year. Volkswagen, which owns Audi, has planned just under 48,000 job cuts across its businesses.
Markets: Oil prices rose yesterday after President Trump said that Iran would be held responsible for “every shot” fired by Houthi rebels in Yemen. Trump said that Iran would “suffer the consequences” which would be “dire”. Brent crude reached a high of $71.76 per barrel.
Foreign Affairs: President Trump is due to speak to President Putin today about Ukraine. Ahead of the call, Trump said that they would be talking about “land”, “nuclear power plants” and “dividing up certain assets”. Russia currently controls the Zaporizhzhia Nuclear Power Plant, the largest nuclear power plant in Europe, after annexing Ukraine’s Zaporizhzhia region. The EU’s Foreign Policy Chief, Kaja Kallas, said yesterday that Putin “cannot be trusted”.
Security and intelligence: China sent 54 warplanes, including J-10 fighter jets and drones, to areas close to Taiwan yesterday as punishment for the Taiwanese Government’s promotion of “separatism”. A spokesman for the Chinese Government added that if Taiwan’s Government “dares to provoke and play with fire, it will only bring about its own destruction.”
Domestic politics: Chagossians living in the UK are taking legal action against the UK Government over a deal set to give the Chagos Islands to Mauritius. Mauritius claims the Islands as its own but Chagossians say they have not been consulted on the deal with Mauritius. The US, which has a military base on the Chagos Islands, has previously objected to the deal on national security grounds.
The Mighty Calendar
What’s happening today?
President Trump expected to talk to President Putin about Ukraine
President Macron and Chancellor Scholz discuss Ukraine in Berlin
German MPs vote on debt plan to allow more defence and infrastructure investment
Energy Questions in the UK Parliament
US new housing data (February)
US industrial and manufacturing production data (February)
Canada CPI inflation data (February)
Bank of Japan interest rate decision
Company results from: Travis Perkins, Eni
Lookahead to tomorrow
Prime Minister’s Questions in the UK Parliament
Matt Hancock appears at the UK Covid-19 Inquiry
US Federal Reserve interest rate decision
Eurozone CPI inflation data (February)
Company results from: Tencent
The Mighty Finale
🌤️Weather today
Sunshine across England. High of 11C and low of -1C in London. Sunny spells in Belfast. Sunshine in Edinburgh.
✏️Life coaching quote of the day
“We suffer more often in imagination than in reality.” – Seneca, Ancient Roman philosopher
Mighty takeaway: Your worries are never as bad in reality, so what’s the point of worrying?
That’s it for this morning. Thanks for reading and please join us for another edition tomorrow!
Cheerio!
The Mighty Memo team