Wednesday 5 March 2025
The Mighty Headlines
Economics: Eurozone unemployment remains steady
Business: OPEC set to increase oil production
Markets: US futures rise as US Commerce Secretary suggests tariffs relief
Foreign Affairs: China’s National People’s Congress opened today
Security and intelligence: Russian missile experts visit Iran
Domestic politics: UK Chancellor issues warning about US tariffs
The Mighty Stats
FTSE = 8,759.00 (down 1.27 per cent)
S&P 500 = 5,778.15 (down 1.22 per cent)
Nasdaq = 18,285.16 (down 0.35 per cent)
CAC40 = 8,047.92 (down 1.85 per cent)
£1 = $1.28 / €1.20
*US update: In his address to a Joint Session of the US Congress last night, President Trump touted his actions on tariffs, freezing foreign aid and reducing illegal immigration. He also repeated his wish to take control of Greenland and the Panama Canal.*
The Mighty Detail
Economics: The latest figures shows that Eurozone unemployment remained unchanged in January 2025. Unemployment in the Eurozone stood at 6.2 per cent in January. This is the same figure as December 2024.
Business: OPEC has said that it will increase oil production from April. Over the next 18 months, production will increase to 2.2 million barrels a day. This represents 2 per cent of global demand. The price of crude oil fell to $67.8 per barrel following the news.
Markets: US futures increased in value during late trading yesterday. Futures, which continue to be traded after the stock markets close, rose after US Commerce Secretary Howard Lutnick hinted that tariffs on Mexico and Canada could be reduced. Lutnick said that President Trump would “meet in the middle” and consider reducing tariffs if Mexico and Canada “do more”.
Foreign Affairs: China’s National People’s Congress started today. The Congress, which ends in a week’s time, decides on key government policies for the coming year including an economic growth target.
Security and intelligence: There are reports that seven Russian missile experts travelled to Iran last year. Although it has not been publicly confirmed, the group is likely to have been on official state business. It is thought that they visited Iranian missile production facilities, including two facilities underground.
Domestic politics: The UK Chancellor, Rachel Reeves, has said that the UK will be affected by US tariffs even if they aren’t applied to UK goods. Reeves stated that the UK would be affected “by slowing global trade, by a slower GDP growth and by higher inflation”.
The Mighty Calendar
What’s happening today?
China National People’s Congress begins
India’s Foreign Minister speaks at Chatham House, London
Former UK PM Rishi Sunak’s interview airs on BBC Radio 4 at 8.00pm
Prime Minister’s Questions in the UK Parliament
UK, US, Eurozone services growth data (February)
South Korea CPI inflation data (February)
Company results from: Bayer, Atos
Lookahead to tomorrow
Eurozone interest rate decision
Special European Council on Defence and Ukraine (President Zelensky expected to attend)
US Special Envoy to Ukraine speaks at US Council on Foreign Relations
Cabinet Office Questions in UK Parliament
Eurozone construction growth data (February)
Eurozone retail sales data (January)
US unemployment data (weekly)
Company results from: Lufthansa, Costco, Air France KLM
The Mighty Finale
🌤️Weather today
Sunny in England. High of 15C and low of 4C in London. Cloudy in Belfast and rain in Edinburgh.
✏️Life coaching quote of the day
“It's not what you've got, it's what you use that makes a difference.” – Zig Ziglar, motivational speaker
Mighty takeaway: Nothing to add!
That’s it for this Wednesday morning. Thanks for reading and we’ll see tomorrow.
Bye!
The Mighty Memo team