Tuesday, 4 March 2025
The Mighty Headlines
Economics: US imposes tariffs on Canada, Mexico and China today
Business: UK manufacturing declines to lowest level in 14 months
Markets: Cryptocurrencies rise after US promises a national crypto reserve
Foreign Affairs: Pakistan and Afghanistan trade fire at their border
Security and intelligence: US pauses offensive cyber ops against Russia
Domestic politics: UK Reform Party leader accused of equivocating over Russia
The Mighty Stats
FTSE = 8,871.31 (up 0.7 per cent)
S&P 500 = 5,849.72 (down 1.76 per cent)
Nasdaq = 18,350.19 (down 2.64 per cent)
CAC40 = 8,199.71 (up 1.09 per cent)
£1 = $1.27 / €1.21
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The Mighty Detail
Economics: The US is imposing tariffs today of 25 per cent on Canada and Mexico and tariffs of 20 per cent on China. There are concerns that inflation will increase in the US because tariffs will increase the price of imported goods.
Business: Activity in the UK’s manufacturing sector has dropped to its lowest level in 14 months. The S&P PMI index stands at 46.9. Any figure below 50 indicates a contraction. S&P, which compiled the index, added that the manufacturing industry was losing jobs at its highest rate since mid-2020.
Markets: The price of cryptocurrencies increased to around $90,000 after President Trump announced that he wants that US Government to create a strategic reserve of digital assets. The US Government reserve would include Bitcoin as well as other assets. President Trump will host cryptocurrency leaders at a summit at the White House on Friday.
Foreign Affairs: Pakistani and Afghan forces traded fire yesterday at a northwestern border crossing. The Torkham crossing has been closed for 11 days because Pakistan objects to Afghanistan building a new border post. Around 5,000 lorries are stuck on both sides of the crossing.
Security and intelligence: The US Defence Secretary, Pete Hegseth, has asked the US Cyber Command to pause offensive cyber operations against Russia. A reason for the order has not been given but it could affect Ukraine’s digital defences against Russia. US National Security Advisor, Mike Waltz, said that there would be “all kinds of carrots and sticks to get this war to an end".
Domestic politics: The Leader of the UK Reform Party, Nigel Farage, has been accused by the Conservative and Liberal Democrat parties of equivocating over Russia’s war in Ukraine. Farage said yesterday that President Zelensky had been “rude” to Donald Trump but added that he was not “defending” how President Trump and Vice President Vance behaved.
The Mighty Calendar
What’s happening today?
Shrove Tuesday
Brazil public holiday (Carnival)
President Trump addresses Joint Session of the US Congress
Treasury Questions in UK Parliament
Eurozone unemployment data (January)
Japan, China services growth data (February)
Company results from: Saudi Aramco, CrowdStrike, abrdn
Lookahead to tomorrow
China National People’s Congress begins
India’s Foreign Minister speaks at Chatham House, London
Former UK PM Rishi Sunak’s interview airs on BBC Radio 4 at 8.00pm
Prime Minister’s Questions in the UK Parliament
UK, US, Eurozone services growth data (February)
South Korea CPI inflation data (February)
Company results from: Bayer, Atos
The Mighty Finale
🌤️Weather today
Another sunny day for the UK! High of 12C and low of 0C in London. Sunny in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“The mystery of life isn’t a problem to solve, but a reality to experience.” – Frank Herbert, author
Mighty takeaway: Don’t focus on the challenges in life. Focus on the rich experiences you can create instead.
That’s it for this morning. See you tomorrow.
Adios!
The Mighty Memo team