Wednesday, 26 February 2025
The Mighty Headlines
Economics: Germany’s GDP falls in Q4 2024
Business: CEO of Unilever steps down unexpectedly
Markets: BAE Systems shares rise by 4.7 per cent
Foreign Affairs: Germany seeks to create €200 billion defence fund
Security and intelligence: Undersea cable cut near Taiwan
Domestic politics: UK to increase defence spending to 2.5 per cent by 2027
The Mighty Stats
FTSE = 8,668.67 (up 0.11 per cent)
S&P 500 = 5,955.25 (down 0.47 per cent)
Nasdaq = 19,026.39 (down 1.35 per cent)
CAC40 = 8,051.07 (down 0.49 per cent)
£1 = $1.27 / €1.20
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The Mighty Detail
Economics: Germany's GDP fell by 0.2 per cent in Q4 2024. This compares with a 0.1 per cent increase recorded in the previous quarter. Across the whole year, the German economy reduced in size by 0.2 per cent.
Business: The CEO of Unilever, Hein Schumacher, has been forced out after a year and a half in the role. Schumacher will be replaced by Chief Financial Officer, Fernando Fernandez, who aims to turn around the company more quickly. Pre-tax profits at Unilever fell by 5 per cent in 2024.
Markets: Shares in BAE Systems rose by 4.7 per cent after the UK Government announced that it would invest 2.5 per cent of GDP in defence from 2027. Around 26 per cent of BAE Systems’ sales come from the UK.
Foreign Affairs: Germany's likely next Chancellor, Friedrich Merz, has started talks to fast-track approval of up to €200 billion in defence spending. Due to Germany’s strict borrowing rules, approval would need to be pushed through before the new German Parliament sits on the 24th March.
Security and intelligence: Taiwan has detained a Chinese-crewed ship, which it suspects of sabotaging an undersea cable. A Taiwanese security official said the ship, called the "Hong Tai 58", had “lingered” in the area since Saturday. Taiwan is treating the incident as a national security issue. The Chinese Government has not yet commented.
Domestic politics: The UK Prime Minister, Sir Keir Starmer, has said that the UK will spend 2.5 per cent of GDP on defence by 2027. The increase would be funded by cutting the UK's overseas aid budget from 0.5 per cent to 0.3 per cent of GDP.
The Mighty Calendar
What’s happening today?
India public holiday (Mahashivratri – Hindu celebration)
President Trump holds first Cabinet meeting
G20 meeting of Finance Ministers, South Africa
UK Prime Minister travels to Washington DC to meet President Trump on Thursday
Prime Minister’s Questions in UK Parliament
Japan CPI inflation data
France consumer confidence data (February)
US new home sales (January)
Company results from: Nvidia, Heathrow, E.ON, Just Eat Takeaway, eBay, Paramount
Lookahead to tomorrow
125th anniversary of the founding of the UK Labour Party
UK Prime Minister expected to meet President Trump
Media and Sports Questions in UK Parliament
Germany unemployment rate (February)
Eurozone consumer confidence data (February)
US unemployment data (weekly)
Japan retails sales data (January)
Company results from: Rolls-Royce, Serco, HP, Swiss Re, Qantas, Taylor Wimpey, Ocado, Drax
The Mighty Finale
🌤️Weather today
Rain across England, Wales and Scotland. High of 9C and low of 4C in London. The sun should, however, return by the weekend!
✏️Life coaching quote of the day
“Whatever we are, whatever we make of ourselves, is all we will ever have – and that, in its profound simplicity, is the meaning of life.” – Phil Appleman, writer
Mighty takeaway: You have the power to make your life whatever you wish it to be.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Bye!
The Mighty Memo team