Wednesday 12 March 2025
The Mighty Headlines
Economics: China sets 5 per cent growth target for 2025
Business: Volkswagen reports 15 per cent drop in operating profit
Markets: Analysts downgrade prospects for US stocks
Foreign Affairs: Separatists in Pakistan take 35 train passengers hostage
Security and intelligence: Ukraine agrees to ceasefire proposal
Domestic politics: Bin workers go on indefinite strike in Birmingham
The Mighty Stats
FTSE = 8,495.99 (down 1.21 per cent)
S&P 500 = 5,572.07 (down 0.76 per cent)
Nasdaq = 17,436.10 (down 0.18 per cent)
CAC40 = 7,941.91 (down 1.31 per cent)
£1 = $1.29 / €1.19
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Breaking: Portugal’s government collapsed late yesterday evening after nearly all opposition parties voted against the government in a motion of confidence. The current centre-right government took office a year ago. Fresh elections are now expected in May.
The Mighty Detail
Economics: China’s annual National People’s Congress finished yesterday after a week of policy discussions. It set a new economic growth target of around 5 per cent for 2025 and a 7.2 per cent increase to the defence budget.
Business: Volkswagen has reported a 15 per cent fall in annual operating profit for 2024. The automaker stated that rising costs and a restructuring of the company were reasons behind the fall. Volkswagen also reported that vehicle sales fell by 3.5 per cent last year, with a particularly strong decline in China.
Markets: Analysts have cut their recommendation for US stocks. Citi Bank has downgraded its rating of US shares from 'overweight' to 'neutral'. Overweight shares outperform the market. Neutral shares keep pace with it. At the same time, Citi Bank has upgraded Chinese stocks to 'overweight'.
Foreign Affairs: A separatist militant group in Pakistan has taken 35 people hostage after blowing up a railway track and attacking a train. The Baloch Liberation Army (BLA) seeks independence from Pakistan and the release of Baloch prisoners. In August last year, the BLA killed 71 people in Balochistan province, accusing the Pakistan Government of selling out Balochistan’s rich natural resources to China.
Security and intelligence: Ukraine has said that it is ready to accept a 30-day ceasefire proposal on land, air and sea. It is being reported that Russia will make a statement once it has been briefed by the US. A US envoy may visit Moscow later this week.
Domestic politics: Bin workers have gone on an indefinite strike in Birmingham. The council has recruited 90 agency crews to fill in for the 200 crews usually on shift. This follows the council’s decision to end the designation of one worker as responsible for safety from the back of bin collection lorries. The Unite union claims that affected workers will lose £8,000 of their salary.
The Mighty Calendar
What’s happening today?
Ireland’s Taoiseach meets President Trump at the White House
G7 Foreign Ministers meet in Quebec, Canada
NASA and SpaceX Crew-10 mission launch expected
Prime Minister’s Questions in UK Parliament
US CPI inflation data (February)
US earnings data (February)
Bank of Canada interest rate decision
South Korea unemployment rate (February)
Company results from: Balfour Beatty, Ferrexpo
Lookahead to tomorrow
Business and Trade Questions in UK Parliament
UK Prime Minister gives speech on reforms to how government works
Michelle Obama to speak at South by Southwest Film Festival, Texas
Data on UK MPs’ expenses published
UK, France, Italy, Germany, China, Japan consumer sentiment data (March)
Eurozone industrial production data (February)
US PPI inflation data
US jobless claims (weekly)
The Mighty Finale
🌤️Weather today
Sunshine and showers in most of England. High of 9C and low of 2C in London. Bright sunshine in Belfast. Light rain in Edinburgh.
✏️Life coaching quote of the day
“If you talk about it, it’s a dream. If you envision it, it’s possible. If you schedule it, it’s real.” – Tony Robbins, motivational speaker
Mighty takeaway: Stop thinking about the goal or dream in your head. Take action to make it a reality.
That’s it for this Wednesday. Thanks for reading and we’ll see you tomorrow.
Bye!
The Mighty Memo team