Wednesday 26 March 2025
The Mighty Headlines
Economics: Russian oil exports reach a five-month high
Business: Kingfisher announces 35 per cent drop in profits
Markets: Value of sterling forecast to fall after today’s Spring Statement
Foreign Affairs: EU says “Chinese lithium” cannot be the new “Russian gas”
Security and intelligence: Fallout out from US security leak continues
Domestic politics: UK Government takes first step on an east-west railway
The Mighty Stats
FTSE = 8,663.80 (up 0.3%)
S&P 500 = 5,776.65 (up 0.16%)
Nasdaq = 18,271.86 (up 0.46%)
CAC40 = 8,108.59 (up 1.08%)
£1 = $1.29 / €1.20
*The Mighty Memo is now on Bluesky. Follows us on @themightymemo.*
Ukraine update: The US Government said yesterday that Ukraine and Russia have agreed on a partial ceasefire covering shipping in the Black Sea. Russia has said, however, that the US must lift its sanctions on Russian financial institutions which support agriculture and fertiliser exports before the ceasefire can go ahead.
The Mighty Detail
Economics: Russian oil exports have reached a five-month high. In the month to the 23rd March, oil exports increased to 3.45 million barrels a day. This is the highest level since October. Despite sanctions, oil exports are continuing with reports of new shipments to Syria in the last week.
Business: Kingfisher has announced pre-tax profits of £307 million in the year to January 2025. This is a 35 per cent drop on the previous year. The company, which owns B&Q and Screwfix in the UK, said it expected a hit of £145 million this year from higher wages, tax increases and inflation.
Markets: JP Morgan is forecasting a fall in the value of sterling to around 85 pence per euro after the UK Chancellor's Spring Statement today. This is the weakest value since August. Spending cuts, higher borrowing and weaker economic growth in the UK is set against higher growth in the eurozone after Germany approved a €500 billion defence and infrastructure investment plan.
Foreign Affairs: The EU is seeking to fast track 47 projects essential to the mining and processing of critical raw materials. It comes as countries race to secure supplies of technologically important metals such as lithium, cobalt and copper. In a reference to Europe’s former reliance on Russian energy, the EU said that "Chinese lithium will not be tomorrow's Russian gas".
Security and intelligence: At a US Senate Committee hearing yesterday, the CIA Director and the Director of National Intelligence stated that the information leaked about strikes against the Houthis in Yemen was not classified. Democrat Committee members questioned why the information could not be shared immediately with the Committee if it was not classified.
Domestic politics: The Government has appointed Chiltern Railways as the operator for the first stage of a new east to west railway line. East West Rail will link Oxford and Cambridge by the mid-2030s. The first stage will link Oxford and Milton Keynes this year. The Government says East West Rail could generate “£6.7 billion of growth per year” by 2050.
The Mighty Calendar
What’s happening today?
UK Chancellor delivers the Spring Statement
Prime Minister’s Questions in UK Parliament
UK CPI inflation data (February)
US mortgage applications data (weekly)
France consumer confidence data (March)
Company results from: Porsche
Lookahead to tomorrow
Transport Questions in the UK Parliament
France hosts meeting on Ukraine and European security
UN Security Council discusses the Democratic Republic of Congo
US GDP data (Q4 2024)
US jobless claims (weekly)
Japan CPI inflation data (March)
Company results from: NEXT, H&M
The Mighty Finale
🌤️Weather today
Cloudy in the southwest of England. Sunny spells elsewhere. High of 17C and low of 6C in London. Sunny spells in Belfast. Bright sunshine in Edinburgh.
✏️Life coaching quote of the day
“Do you want to know what you think about most of the time? Take a look at the results you're getting. That will tell you exactly what's going on inside.” – Bob Proctor, motivational speaker
Mighty takeaway: The thoughts you think lead to the outcomes you have in your life. How could it be otherwise? Change your thoughts to change your life.
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Adios!
The Mighty Memo team