Tuesday, 4 February 2025
The Mighty Headlines
Economics: French PM forces through Budget without a vote
Business: UK manufacturing declines in January
Markets: US stocks recover after US tariffs on Mexico are delayed
Foreign Affairs: Panama to end Chinese investment deal after US intervention
Security and intelligence: Pro-Russia paramilitary leader assassinated in Moscow
Domestic politics: UK Government seeks Security Partnership with EU
The Mighty Stats
FTSE = 8,583.56 (down 1.04 per cent)
S&P500 = 5,994.57 (down 0.76 per cent)
Nasdaq = 19,391.96 (down 1.20 per cent)
CAC40 = 7,854.92 (down 1.20 per cent)
£1 = $1.24 / €1.21
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The Mighty Detail
Economics: The French Prime Minister, François Bayrou, used executive powers to pass France’s Budget without a vote yesterday in the French Assembly. This same tactic led to the collapse of the previous French Government in December. Opposition parties have tabled a vote of no confidence in the Government, which will take place on Wednesday.
Business: The UK manufacturing sector continued to decline in January according to the latest Purchasing Managers’ Index data. The Index stood at 48.3 in January, which is up slightly from the 47.0 figure recorded in December. Any figure below 50 indicates contraction.
Markets: The S&P 500 fell by 1.93 per cent yesterday before recovering to end only 0.76 per cent down by market close. This follows news that President Trump has agreed to delay tariffs on Mexico after Mexico said it would take further action on preventing drugs and migrants entering the US. The markets had already closed by the time the delay for Canada had been announced.
Foreign Affairs: The President of Panama, Jose Raul Mulino, has said he would not renew a key investment agreement with China which aims to create a large economic zone in Panama. Mulino added that he may also look to end the agreement early. This follows a visit from the US Secretary of State, Marco Rubio, on Sunday.
Security and intelligence: The leader of a pro-Russian paramilitary group in Ukraine, Armen Sargsyan, was killed in a blast in a Moscow apartment block yesterday. The Ukrainian security services said in December that Sargsyan was recruiting prisoners to fight in Ukraine and that he was on an international wanted list for helping to carry out murders in Kyiv.
Domestic politics: The UK Prime Minister, Sir Keir Starmer, has said that he wants to agree a UK-EU Security Partnership that covers military technology, research and development, and which would improve “the mobility of forces across Europe”.
The Mighty Calendar
What’s happening today?
President Trump and Prime Minister Netanyahu expected to meet
UK-EU Forum meeting, Brussels
Energy Questions in UK Parliament
South Korea CPI inflation data (January)
China, Japan services data (January)
Company results: Google, Spotify, Vodafone, UBS, BNP Paribas, Diageo, Panasonic
Lookahead to tomorrow
Prime Minister’s Questions in UK Parliament
Eurozone, UK services PMI data (January)
US, Canada, Australia trade data (December)
Company results from: QUALCOMM, Novo Nordisk, Total, Santander, Disney, News Corp, Ford, Toyota, Credit Agricole
The Mighty Finale
🌤️Weather today
Sunny intervals in the southeast and northeast. Rain elsewhere. High of 9C and low of 0C in London. Rain in Belfast and Edinburgh.
✏️Life coaching quote of the day
“He suffers more than necessary, he who suffers before it is necessary.” – Seneca, Ancient Greek philosopher
Mighty takeaway: Don’t worry ahead of time and about things that may never happen.
That’s about it for today’s edition.
Adios!
The Mighty Memo team