Wednesday 2 April 2025
The Mighty Headlines
Economics: Eurozone inflation falls to 2.2 per cent
Business: Volkswagen and others fined nearly €600 million over a cartel
Markets: Newsmax shares increase by over 2,000 per cent in two days
Foreign Affairs: Israeli PM arrives in Hungary today despite arrest warrant
Security and intelligence: Russia rejects US ceasefire proposals
Domestic politics: UK Government’s new sentencing bill
The Mighty Stats
FTSE = 8,634.80 (up 0.61%)
S&P 500 = 5,633.07 (up 0.38%)
Nasdaq = 17,449.89 (up 0.87%)
CAC40 = 7,876.36 (up 1.1%)
£1 = $1.29 / €1.20
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*US special: President Trump is due to announce tariffs globally today but their exact level and the timing of the announcement are not clear.
The Mighty Detail
Economics: Eurozone inflation fell to 2.2 per cent in March, increasing prospects of a cut in Eurozone interest rates later this month. Inflation in February was at 2.3 per cent. The pan-European Stoxx 600 index closed 1.07 per cent higher on the news after four days of consecutive falls.
Business: Volkswagen, Stellantis and a number of other car makers have been hit with fines of nearly €600 million by antitrust regulators in the EU and UK. Regulators say that the car manufacturers were in a cartel which supressed customer awareness of vehicle recycling and demand for more environmentally friendly products.
Markets: Shares in Newsmax have risen by more than 2000 per cent since it was listed on the New York Stock Exchange on Monday. Newsmax is a right-wing cable news channel in the US, a supporter of the Trump administration and the fourth most-watched cable news channel after Fox, MSNBC and CNN. The company is now worth $26.5 billion.
Foreign Affairs: Israel's Prime Minister, Benjamin Netanyahu, is starting a four-day visit to Hungary today despite a warrant for his arrest by the International Criminal Court (ICC). As a signatory to the ICC, Hungary is legally required to arrest Netanyahu but Hungary's Prime Minister Viktor Orban, a supporter of Netanyahu, is unlikely to allow this to happen.
Security and intelligence: The Russian Government has said that it cannot accept the US's ceasefire proposals in Ukraine. Russian Deputy Foreign Minister Sergei Ryabkov said they did not "solve the problems related to the root of this conflict". Russia wants to take all of the four Ukrainian regions it has invaded, it wants the size of Ukraine's army to be restricted and it wants Ukraine to drop its ambition to join NATO.
Domestic politics: The UK Government has introduced new legislation in Parliament to ensure that people from ethnic minorities are not given more favourable treatment in sentencing. Guidelines published by the independent Sentencing Council last month would have required judges to seek more information when deciding sentences for people from ethnic minorities.
The Mighty Calendar
What’s happening today?
US tariffs on steel, aluminium and cars expected to take effect
EU Defence Ministers meeting, Brussels
Prime Minister’s Questions in UK Parliament
Chancellor Rachel Reeves attends Treasury Committee hearing
China, Japan services growth data (March)
Company results from: Raspberry Pi, Blackberry
Lookahead to tomorrow
NATO Foreign Ministers meeting, Brussels
Labour Party’s local election launch
Culture Questions in the UK Parliament
UK, US, EU services growth data (March)
US trade data (February)
US jobless claims (weekly)
The Mighty Finale
🌤️Weather today
Sun across the UK! High of 15C and low of 8C in London.
✏️Life coaching quote of the day
“There is only one success – to be able to spend your life in your own way.” – Christopher Morley, writer
Mighty takeaway: Don’t chase someone else’s dream or ideal. Live life on your own terms.
That’s it for this Wednesday morning. We’ll see you tomorrow morning.
Adios!
The Mighty Memo team