Wednesday, 15 January 2025
The Mighty Headlines
Economics: US inflation increases by 0.2 per cent
Business: Lloyds bank ties bonuses to 2 days a week in the office
Markets: JP Morgan issues warning about the UK’s economic policies
Foreign Affairs: Irregular migration to the EU falls by 38 per cent
Security and intelligence: NATO chief announces more surveillance in the Baltic Sea
Domestic politics: UK Treasury Minister resigns
The Mighty Stats
FTSE = 8,201.54 (down 0.28 per cent)
S&P500 = 5,842.91 (up 0.11 per cent)
Nasdaq = 19,044.39 (down 0.23 per cent)
CAC40 = 7,423.67 (up 0.2 per cent)
£1 = $1.22 / €1.18
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: US wholesale inflation rose by 0.2 per cent in December. The increase was less than expected and was helped by falling food prices and the lack of change in the cost of services. This makes it less likely that the Federal Reserve will cut interest rates.
Business: Lloyds Bank has said that senior staff who do not attend the office at least twice a week may have their bonuses cut. Separately, more than 10,000 staff at advertising giant WPP have signed an online petition against returning to the office four days a week.
Markets: JP Morgan has warned that UK policy credibility is "coming under pressure" because of the continuing unease in the UK gilt markets. It warns that higher borrowing costs and weaker growth will push the budget deficit higher and limit room for future spending. In the House of Commons yesterday, Rachel Reeves said that she would go “further and faster” to improve economic growth.
Foreign Affairs: Irregular migration into the EU fell by 38 per cent in 2024 according to the EU's border agency. The total number of irregular border crossings came to just over 239,000. Frontex also said that the number of crossings into the EU from its borders with Belarus and Russia increased by 192 per cent to 17,000.
Security and intelligence: The Secretary General of NATO, Mark Rutte, has said that NATO is to increase its surveillance in the Baltic Sea with maritime drones, frigates and maritime patrol aircraft. This follows the sabotage of critical undersea infrastructure in the Baltic in the last two months.
Domestic politics: A UK Treasury Minister, Tulip Siddiq, has resigned. Siddiq, whose ministerial responsibilities included tackling corruption, was under pressure to quit following her association with an embezzlement and anti-corruption investigation in Bangladesh.
The Mighty Calendar
What’s happening today?
NATO defence chiefs meeting, Brussels (ends tomorrow)
Confirmation hearing for US Secretary of State nominee Marco Rubio
Prime Minister’s Questions in UK Parliament
UK CPI and PPI inflation data (December)
US, France, Spain CPI inflation data (December)
Japan PPI inflation data (December)
South Korea interest rate decision
Company results from: Citigroup, JP Morgan, Wells Fargo, Currys, Hays
Lookahead to tomorrow
Culture, Media and Sports Questions in UK Parliament
Former UK Health Secretary Matt Hancock appears at UK Covid Inquiry
UK GDP data (November)
China GDP data (Q4 2024)
UK industrial production and manufacturing production data (November)
US jobless claims (weekly)
US, China retail sales data (December)
China unemployment rate (December)
Company results from: Morgan Stanley, Bank of America, Taylor Wimpey
The Mighty Finale
🌤️Weather today
Largely dry. High of 10C and low of 6C in London. Bright sunshine in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Stand up to an obstacle. Just stand up to it, that's all, and don't give way under it, and it will finally break. You will break it. Something has to break, and it won't be you, it will be the obstacle.” – Norman Vincent Peale, motivational speaker
Mighty takeaway: Whatever obstacles you face, you can defeat them.
That’s it for today. See you on Thursday.
Adios!
The Mighty Memo team