Your morning
briefing.
Small but
Mighty.
Thursday 6 March 2025
Trump delays automotive tariffs, European summit on defence today, China increases defence spending and more…
The Mighty Headlines
Economics: Trump delays automotive tariffs for one month
Business: IAG CEO’s pay increases to £4.6 million
Markets: Shares in car makers rise
Foreign Affairs: Special European Council summit today on defence
Security and intelligence: China increases defence spending by 7.2 per cent
Domestic politics: UK Government consults on future of the North Sea
The Mighty Stats
FTSE = 8,755.84 (down 0.036 per cent)
S&P 500 = 5,842.63 (up 1.12 per cent)
Nasdaq = 18,552.73 (up 1.46 per cent)
CAC40 = 8,173.75 (up 1.56 per cent)
£1 = $1.29 / €1.20
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The Mighty Detail
Economics: President Trump is to delay automotive tariffs on Canada and Mexico for one month. According to analysts, the tariffs would have disrupted one third of car production in North America within one week.
Business: The CEO of British Airways’ owner IAG has seen his pay increase to £4.6 million for 2024. Luis Gallego’s pay is linked to the increase in value of IAG shares from around 150 pence at the start of 2024 to around 325 pence today. IAG also reported a record operating profit of £3.6 billion in its annual report.
Markets: Shares in car markers increased during trading yesterday, following the announcement that the US would delay automotive tariffs on Canada and Mexico. Shares in Ford, General Motors and Stellantis (which owns Citroen, Chrysler and Fiat among others) rose by more than 5 per cent, 7 per cent and 9 per cent respectively.
Foreign Affairs: The European Council meets for a special summit today to discuss European defence and the Ukraine war. Ahead of the meeting, the European Commission announced plans to generate €800 billion of defence investment over the next four years. Around €150 billion of this would be money borrowed on the capital markets and then lent to member states.
Security and intelligence: China has said that it plans to increase its defence spending by 7.2 per cent this year. This will make its defence budget worth around $245 billion. The growth rate for China’s defence spending was the same in 2024 and in 2023.
Domestic politics: The UK Government is consulting on the future of fossil fuel and renewable energy production in the North Sea. As part of the plans, the existing windfall tax on North Sea oil and gas producers would be removed from 2030 but new drilling licences would be banned.
The Mighty Calendar
What’s happening today?
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
Lookahead to tomorrow
US Federal Reserve Chair addresses the Chicago Booth Monetary Policy Forum
UK and Japan Foreign Ministers and Economy Ministers meeting
Private Members’ Bills debated in UK Parliament
UK house price data (February)
China, France trade data (January)
Eurozone employment data (Q4 2024)
Eurozone GDP data (Q4 2024)
The Mighty Finale
🌤️Weather today
Sunny in most of England apart from the southwest. High of 15C and low of 9C in London. Cloudy in Belfast. Sunny in Edinburgh.
✏️Life coaching quote of the day
“Either you run the day or the day runs you.” – Jim Rohn, motivational speaker
Mighty takeaway: Take control of your day. Schedule your time and make sure you prioritise what really matters to you.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Adios!
The Mighty Memo team
Wednesday 5 March 2025
Eurozone unemployment, China’s National Congress begins, Russian missile experts in Iran and more…
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
Tuesday, 4 March 2025
US imposes more tariffs, UK manufacturing declines, Pakistan and Afghanistan trade fire and more…
The Mighty Headlines
Economics: US imposes tariffs on Canada, Mexico and China today
Business: UK manufacturing declines to lowest level in 14 months
Markets: Cryptocurrencies rise after US promises a national crypto reserve
Foreign Affairs: Pakistan and Afghanistan trade fire at their border
Security and intelligence: US pauses offensive cyber ops against Russia
Domestic politics: UK Reform Party leader accused of equivocating over Russia
The Mighty Stats
FTSE = 8,871.31 (up 0.7 per cent)
S&P 500 = 5,849.72 (down 1.76 per cent)
Nasdaq = 18,350.19 (down 2.64 per cent)
CAC40 = 8,199.71 (up 1.09 per cent)
£1 = $1.27 / €1.21
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The Mighty Detail
Economics: The US is imposing tariffs today of 25 per cent on Canada and Mexico and tariffs of 20 per cent on China. There are concerns that inflation will increase in the US because tariffs will increase the price of imported goods.
Business: Activity in the UK’s manufacturing sector has dropped to its lowest level in 14 months. The S&P PMI index stands at 46.9. Any figure below 50 indicates a contraction. S&P, which compiled the index, added that the manufacturing industry was losing jobs at its highest rate since mid-2020.
Markets: The price of cryptocurrencies increased to around $90,000 after President Trump announced that he wants that US Government to create a strategic reserve of digital assets. The US Government reserve would include Bitcoin as well as other assets. President Trump will host cryptocurrency leaders at a summit at the White House on Friday.
Foreign Affairs: Pakistani and Afghan forces traded fire yesterday at a northwestern border crossing. The Torkham crossing has been closed for 11 days because Pakistan objects to Afghanistan building a new border post. Around 5,000 lorries are stuck on both sides of the crossing.
Security and intelligence: The US Defence Secretary, Pete Hegseth, has asked the US Cyber Command to pause offensive cyber operations against Russia. A reason for the order has not been given but it could affect Ukraine’s digital defences against Russia. US National Security Advisor, Mike Waltz, said that there would be “all kinds of carrots and sticks to get this war to an end".
Domestic politics: The Leader of the UK Reform Party, Nigel Farage, has been accused by the Conservative and Liberal Democrat parties of equivocating over Russia’s war in Ukraine. Farage said yesterday that President Zelensky had been “rude” to Donald Trump but added that he was not “defending” how President Trump and Vice President Vance behaved.
The Mighty Calendar
What’s happening today?
Shrove Tuesday
Brazil public holiday (Carnival)
President Trump addresses Joint Session of the US Congress
Treasury Questions in UK Parliament
Eurozone unemployment data (January)
Japan, China services growth data (February)
Company results from: Saudi Aramco, CrowdStrike, abrdn
Lookahead to tomorrow
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
The Mighty Finale
🌤️Weather today
Another sunny day for the UK! High of 12C and low of 0C in London. Sunny in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“The mystery of life isn’t a problem to solve, but a reality to experience.” – Frank Herbert, author
Mighty takeaway: Don’t focus on the challenges in life. Focus on the rich experiences you can create instead.
That’s it for this morning. See you tomorrow.
Adios!
The Mighty Memo team
Monday, 3 March 2025
China manufacturing increases, UK business confidence increases, Europe’s pledges on defence and more…
The Mighty Headlines
Economics: China’s manufacturing output grows in February
Business: Business confidence in UK increases to highest since August 2024
Markets: European stocks grow for 10 consecutive weeks
Foreign Affairs: Hamas rejects ceasefire extension
Security and intelligence: European leaders pledge more defence support
Domestic politics: UK Parliamentary committee criticises HS2’s “unacceptable” costs
The Mighty Stats
FTSE = 8,809.74 (up 0.61 per cent)
S&P 500 = 5,954.50 (up 1.59 per cent)
Nasdaq = 18,847.28 (up 1.63 per cent)
CAC40 = 8,111.63 (up 0.11 per cent)
£1 = $1.26 / €1.21
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The Mighty Detail
Economics: Manufacturing activity in China grew in February for the first time in two months. The Purchasing Managers’ Index stood at 50.2 for the month. Any figure above 50 indicates growth in activity.
Business: New data from Lloyds bank suggests that business confidence in the UK increased by 12 points in February. It now stands at the highest level since August 2024. Economic optimism increased by 18 points which is the largest monthly increase since 2020.
Markets: The European stock markets ended Friday with a 10th consecutive week of growth. The pan-European Stoxx 600 grew by more than 3 per cent in February. This compares with a 2.5 per cent fall for the S&P 500 in February. A brighter economic outlook in Europe and the prospect of an end to the war in Ukraine may be factors in higher valuations in Europe.
Foreign Affairs: Israel has accepted the US’s proposal to extend the ceasefire with Hamas but Hamas has rejected it. In response to Hamas’s rejection, Israel has said that it will stop all goods and supplies into Gaza. The first ceasefire expired on Saturday. The new ceasefire would have lasted until the 20th April to cover Ramadan and Passover.
Security and intelligence: European and NATO countries agreed to increase their defence capabilities and their support for Ukraine at a meeting in London yesterday. The UK Prime Minister Sir Keir Starmer reiterated that the UK would put “boots on the ground and planes in the air” to defend Ukraine. The European Commission President, Ursula von der Leyen said that Europe must “urgently” rearm and “prepare for the worst”. An emergency EU summit will be held on Thursday to discuss Ukraine and European defence.
Domestic politics: A UK Parliamentary committee has said that the High Speed 2 rail project between London and Birmingham is a “cautionary tale” on how “not to run a major project”. The Public Accounts Committee, which scrutinises public spending, added that current construction contracts are “unacceptable to the public purse”. HS2 Limited said that it is now taking action to “get the project back on track at the lowest feasible cost”.
The Mighty Calendar
What’s happening today?
· Brazil public holiday (Carnival)
· South Korea public holiday (Independence Movement Day)
· Housing and Local Government Questions in UK Parliament
· UK, US, Eurozone manufacturing growth data (February)
· Eurozone CPI inflation data (February)
· South Korea industrial product and retail sales data (January)
· Japan unemployment data (January)
Lookahead to tomorrow
· Shrove Tuesday
· Brazil public holiday (Carnival)
· President Trump addresses Joint Session of the US Congress
· Treasury Questions in UK Parliament
· US tariffs on Canada and Mexico and further tariffs on Chinese goods expected
· Eurozone unemployment data (January)
· Japan, China services growth data (February)
The Mighty Finale
🌤️Weather today
A dry and sunny day for most of the UK. High of 11C and low of -1C in London. Light cloud in Belfast and sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Don’t wait around for other people to be happy for you. Any happiness you get you’ve got to make yourself.” – Alice Walker, novelist
Mighty takeaway: Only you can decide to be happy.
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Bye!
The Mighty Memo team
Friday 28 February 2025
US unemployment rises, Rolls-Royce shares increase, FBI accuses North Korea of crypto theft and more…
The Mighty Headlines
Economics: US unemployment rises by largest amount in five months
Business: Nvidia beats Q4 earnings expectations
Markets: Rolls-Royce shares increase by over 15 per cent
Foreign Affairs: Donald Trump hints at UK trade deal
Security and intelligence: FBI blames North Korea for massive cryptocurrency theft
Domestic politics: UK Government set to approve second runway at Gatwick
The Mighty Stats
FTSE = 8,756.21 (up 0.28 per cent)
S&P 500 = 5,861.57 (down 1.59 per cent)
Nasdaq = 18,544.42 (down 2.78 per cent)
CAC40 = 8,102.52 (down 0.51 per cent)
£1 = $1.26 / €1.21
*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: The number of people unemployed in the US has risen by the largest figure in five months. The latest figures show that around 242,000 people filed claims for unemployment benefit last week. The number the week before was 220,000. Short-term factors such as the weather and holidays can, however, affect weekly jobless claims.
Business: The chipmaker Nvidia has beaten its Q4 earnings expectations. It reported revenue for the quarter of $39.3 billion versus the $38.2 billion that had been expected. It now expects revenue of $43 billion in Q1 2025 compared to the $42.3 which had been expected. It comes as the company deals with tariffs on chips imported from China to the US and increased controls on chips exported to China.
Markets: The value of shares in Rolls-Royce increased by over 15 per cent yesterday. It comes as the engine manufacturer announced that underlying operating profit had increased by 55 per cent in 2024 to £2.5 billion. The company also announced £500 million of dividends to shareholders and a share buyback scheme worth £1 billion yesterday.
Foreign Affairs: President Trump has suggested that a US-UK trade deal could be reached “fairly quickly.” Trump was speaking at a news conference with UK Prime Minister Starmer which also covered Ukraine and Gaza. Sir Keir Starmer emphasised the need for a lasting peace in Ukraine and the need for a two-state solution for Israel and Palestine.
Security and intelligence: The FBI has said that North Korean hackers are behind a billion dollar cryptocurrency theft. Last week, the cryptocurrency exchange Bybit reported that it had been robbed of $1.5 billion in digital assets. The same hackers are believed to be behind the theft of $305 million from the Japanese cryptocurrency exchange DMM Bitcoin in May 2024.
Domestic politics: The UK Government is set to approve a second runway at Gatwick Airport. The deadline for a final decision has been extended by 9 months, however, pending further consultation. The plan would see the existing emergency runway at Gatwick relocated and put into use.
The Mighty Calendar
What’s happening today?
President Zelensky meets President Trump, Washington DC
Rio Carnival, Brazil
China manufacturing growth data (February)
Germany retails sales data (January)
Germany unemployment data (February)
Canada, France GDP data (Q4 2024)
Germany, France, Italy CPI inflation data (February)
South Korea trade data (February)
UK house price data (January)
Company results from: IAG, BASF
Lookahead to the weekend
Saturday
BRIT awards
Cornish Pasty Crimping World Championships, Truro, Cornwall
Sunday
Academy Awards
Tennis: Indian Wells Open begins (ends 16 March)
Tokyo Marathon
Darts: UK Open final
The Mighty Finale
🌤️Weather today
Sunny and dry across England. High of 10C and low of 0C in London. Sunny and dry in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“You miss 100 per cent of the shots you don’t take.” – Wayne Gretzky, former ice hockey player
Mighty takeaway: If you don’t try, you can’t possibly succeed.
That’s it for this week. We hope you enjoy the weekend and we’ll see you on Monday.
Bye!
The Mighty Memo team
Thursday 27 February 2025
US confirms EU tariffs, draft US-Ukraine deal, Iran accelerates uranium enrichment and more…
The Mighty Headlines
Economics: US confirms 25 per cent tariffs on the EU
Business: Aston Martin announces losses of nearly £290 million
Markets: Bitcoin falls by 20 per cent since January
Foreign Affairs: Ukraine-US rare earths deal contains no security guarantees
Security and intelligence: Iran nearly triples its enriched uranium store since November
Domestic politics: UK Government responds to Grenfell Tower Inquiry report
The Mighty Stats
FTSE = 8,731.46 (up 0.72 per cent)
S&P 500 = 5,956.06 (up 0.014 per cent)
Nasdaq = 19,075.26 (up 0.26 per cent)
CAC40 = 8,143.92 (up 1.15 per cent)
£1 = $1.27 / €1.21
*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: At his first Cabinet meeting, President Trump confirmed that he would be imposing 25 per cent tariffs on the EU and said that the bloc had been created to exploit the US. President Trump did not specify which goods would be affected but said that the tariffs would be levied “generally”.
Business: Aston Martin is reporting pre-tax losses of £289 million for 2024 and a three per cent fall in revenue to nearly £1.6 billion. The car maker has said that it will be cutting 170 jobs to save around £25 million. The company said that supply chain disruptions and weaker demand in China were partly to blame.
Markets: The value of Bitcoin has fallen by over 8 per cent in the last two days and by 20 per cent since January. At the end of the UK trading day yesterday, it was worth around $86,400. This compares to over $106,000 at the end of January. The impact of US tariffs and associated economic uncertainty from the new US administration is reported as a factor in the sell-off.
Foreign Affairs: President Zelensky is scheduled to meet President Trump tomorrow to finalise a rare earths metal deal. The draft agreement does not contain any security guarantees for Ukraine, which Zelensky has said will need to be decided jointly by the US and Europe. The will deal require Ukraine to put 50 per cent of all revenues from its natural resources into a “Reconstruction Investment Fund” jointly managed by the US and Ukraine.
Security and intelligence: Iran is accelerating its production of near-weapons grade uranium. The International Atomic Energy Agency says that Iran’s store of 60 per cent-enriched uranium increased from 92kg in November 2024 to 274kg in February 2025. Iran is the only country without nuclear weapons to produce this material. Iran’s overall stockpile of enriched uranium rose from 1,690kg to 8,294kg over the same period.
Domestic politics: The UK Government published its response to the Grenfell Tower Inquiry’s report yesterday. The Government has said it will act on all of the Inquiry’s 58 recommendations, including creating a new, single construction regulator and a legal duty of candour requiring public authorities to disclose the truth.
The Mighty Calendar
What’s happening today?
125th anniversary of the founding of the UK Labour Party
UK Prime Minister meets 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
Lookahead to tomorrow
President Zelensky due to meet President Trump, Washington DC
Rio Carnival, Brazil
China manufacturing growth data (February)
Germany retails sales data (January)
Germany unemployment data (February)
Canada, France GDP data (Q4 2024)
Germany, France, Italy CPI inflation data (February)
South Korea trade data (February)
UK house price data (January)
Company results from: IAG, BASF
The Mighty Finale
🌤️Weather today
A lovely sunny day. High of 10C and low of 0C in London. Sunny in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“Life is a daring adventure or it is nothing at all.” – Helen Keller, writer
Mighty takeaway: Have the courage to take risks in life, to follow your goals and to make mistakes and learn from them.
That’s it for this Thursday morning. Thanks for reading and we’ll see you on Friday.
Adios!
The Mighty Memo team
Wednesday, 26 February 2025
Germany’s GDP falls, undersea cable cut near Taiwan, UK to increase defence spending and more…
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
*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: 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
Tuesday 25 February 2025
Eurozone inflation at 6-month high, US abstains from its own resolution at the UN, EU eases sanctions on Syria and more…
The Mighty Headlines
Economics: Eurozone inflation increases to six-month high
Business: Apple to hire 20,000 more US workers to beat China tariffs
Markets: Just Eat shares increase by over 50 per cent
Foreign Affairs: EU starts to ease sanctions on Syria
Security and intelligence: US abstains from its own UN motion on Ukraine
Domestic politics: UK and India re-start trade negotiations
The Mighty Stats
FTSE = 8,658.98 (down 0.0045 per cent)
S&P 500 = 5,983.25 (down 0.5 per cent)
Nasdaq = 19,286.93 (down 1.21 per cent)
CAC40 = 8,090.99 (down 0.78 per cent)
£1 = $1.26 / €1.21
*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: Eurozone inflation has risen to a six-month high. The latest figures show that inflation reached 2.5 per cent in January. Inflation had hit a three-year low of 1.7 per cent in September but has increased every month since that time.
Business: Apple has said that it is to hire 20,000 more workers in the US over the next four years. The tech company announced the move as part of efforts to protect its operations against new US tariffs on China. Apple produces the majority of its goods in China.
Markets: Shares in food delivery company Just Eat Takeaway increased by over 50 per cent yesterday. It comes after Prosus, a South African technology investment company, offered to buy Just Eat Takeaway for €4.1 billion in an all-cash deal.
Foreign Affairs: The EU has started to ease sanctions on Syria’s energy and transport infrastructure. Oil, gas, electricity and aviation will be the first sectors to benefit. The EU first imposed sanctions on Syria in 2011 after the Syrian Revolution.
Security and intelligence: The US abstained from its own UN resolution on Ukraine yesterday and voted against a separate UN resolution put forward by European nations. The US’s resolution called for an end to the war but failed to mention Russia’s aggression. European countries amended the US’s resolution, however, to reference Russia’s aggression and it passed by 93 votes to 73, with the US abstaining. The Europeans’ separate resolution demanded that Russia immediately withdraw from Ukraine. This passed by 93 votes to 18. The US, Russia, North Korea and Israel were some of the 18 countries which voted against it.
Domestic politics: The UK and India have re-started trade negotiations which could result in a free trade deal and investment treaty. Negotiations had stalled under the previous Conservative Government after it disagreed on increasing visas for Indian citizens and the Indian Government disagreed on opening up its financial and professional services sectors to UK companies.
The Mighty Calendar
What’s happening today?
EU Foreign Ministers meeting, Brussels
UN Security Council debate on the Middle East
UK Environment Secretary address NFU conference
Foreign Office Questions in UK Parliament
UK, Italy, Germany, France new car registrations data (January)
Germany GDP data (Q4 2024)
US house price data (December)
Company results from: Norway’s sovereign wealth fund, ASM International
Lookahead to tomorrow
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
The Mighty Finale
🌤️Weather today
Dry in the southeast and northeast, wet in the northwest and southwest of England. High of 11C and low of 2C in London. Mixture of sunshine and showers in Belfast and Edinburgh.
✏️Life coaching quote of the day
“The only person you are destined to become is the person you decide to be.” – Ralph Waldo Emerson
Mighty takeaway: You are in control of your life. The only obstacle that is stopping you living the life you want is you.
That’s it for this Tuesday morning.
Adios!
The Mighty Memo team
Monday, 24 February 2025
UK retail sales rise, German elections, Australia, New Zealand and China military row and more…
The Mighty Headlines
Economics: UK retail sales rise by 1.7 per cent in January
Business: UK regulator fines five banks over £100 million
Markets: US markets fall after weak economic news
Foreign Affairs: German conservatives top General Election poll
Security and intelligence: Australia, New Zealand and China in military row
Domestic politics: UK puts new sanctions on Russia today
The Mighty Stats
FTSE = 8,659.37 (down 0.042 per cent)
S&P 500 = 6,013.13 (down 1.71 per cent)
Nasdaq = 19,524.01 (down 2.2 per cent)
CAC40 = 8,154.51 (up 0.39 per cent)
£1 = $1.26 / €1.21
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The Mighty Detail
Economics: Retail sales increased by 1.7 per cent in January in the UK. Analysts had expected an increase of only 0.3 per cent. The increase has been driven by food sales, which increased by 5.6 per cent in January. In contrast, non-food sales fell by 0.6 per cent.
Business: The UK competition regulator is fining five of the world’s largest banks over £100 million for anti-competitive behaviour. The Competition and Markets Authority has fined HSBC, Morgan Stanley, Citi Bank, Deutsche Bank and the Royal Bank of Canada after traders shared sensitive information about UK government bonds in online chatrooms.
Markets: US markets ended last week on a low after new data provoked concerns about the health of the US economy. The Dow Jones, S&P 500 and Nasdaq all fell by between 1.7 and 2.2 per cent. Consumer confidence declined by 10 per cent in February and activity in US services also declined.
Foreign Affairs: The conservative CDU party has topped the poll in Germany’s General Election. The far-right AfD party came second while current Chancellor Olaf Scholz’s Socialist Party came third. Friedrich Merz, the leader of the CDU, is likely to be the next Chancellor although Scholz is said to wish to continue in his role as Chancellor.
Security and intelligence: Australia and New Zealand have voiced concerns after the Chinese navy conducted live-fire military drills in international waters near the two countries without prior warning. Three passenger planes were diverted because of the event. China has said the complaints are “hyped up”.
Domestic politics: The UK is announcing new sanctions on Russia today, which is the third anniversary of Russia’s invasion of Ukraine. The UK Foreign Secretary said the sanctions would affect Russia’s revenues and “military machine.”
The Mighty Calendar
What’s happening today?
Japan public holiday (Emperor’s Birthday)
President Macron meets President Trump, Washington DC
G7 Leaders host a virtual summit on Ukraine with President Zelensky
62nd Intergovernmental Panel on Climate Change meeting, China
Home Office Questions in UK Parliament
South Korea interest rate decision
Spain consumer confidence data (January)
Eurozone CPI inflation data (January)
Company results from: Bank of Ireland Group
Lookahead to tomorrow
EU Foreign Ministers meeting, Brussels
UN Security Council debate on the Middle East
UK Environment Secretary address NFU conference
Foreign Office Questions in UK Parliament
UK, Italy, Germany, France new car registrations data (January)
Germany GDP data (Q4 2024)
US house price data (December)
Company results from: Norway’s sovereign wealth fund, ASM International
The Mighty Finale
🌤️Weather today
Light rain in the morning, drier in the late afternoon and evening. High of 13C and low of 7C in London. Wet from the afternoon in Belfast. Dry in Edinburgh.
✏️Life coaching quote of the day
“It's not what happens to you, but how you react to it that matters.” – Epictetus, Ancient Greek philosopher
Mighty takeaway: You decide how you react to an event. Choose a reaction that benefits you rather than undermines you.
That’s it for this Monday. Thanks for reading and we’ll see you tomorrow.
Adios!
The Mighty Memo team
Friday, 21 February 2025
Consumer confidence increases in the EU, Zelenksy meets Kellogg, Saudi Arabia holds Gaza meeting today and more…
The Mighty Headlines
Economics: Consumer confidence increases in the EU
Business: Amazon takes control of the James Bond franchise
Markets: Airbus shares fall after weaker earnings
Foreign Affairs: Saudi Arabia gathers leaders today to talk about Gaza
Security and intelligence: President Zelensky meets US envoy
Domestic politics: UK announces £67 million for cultural projects
The Mighty Stats
FTSE = 8,662.97 (down 0.57 per cent)
S&P 500 = 6,117.52 (down 0.43 per cent)
Nasdaq = 19,962.36 (down 0.47 per cent)
CAC40 = 8,122.58 (up 0.15 per cent)
£1 = $1.27 / €1.21
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The Mighty Detail
Economics: Consumer confidence in the EU and the Eurozone have both increased this month. Consumer confidence in the EU increased by 0.4 points to -12.9 and by 0.6 in the eurozone to -13.6 in February. Confidence remains, however, below the long-term average.
Business: Amazon MGM studios has taken creative control of the James Bond franchise from longtime producers Barbara Broccoli and Michael Wilson. Amazon purchased Bond’s parent studio MGM in 2022. Broccoli, whose father Albert Broccoli launched the films in 1962, will remain a co-owner of the franchise with Michael Wilson and Amazon.
Markets: Shares in Airbus fell by 2 per cent during trading yesterday. Although the aircraft manufacturer posted increased revenues of €69.23 billion for 2024, its adjusted earnings fell by 8 per cent to €5.35 billion. The fall has been partly linked to an ongoing restructuring of Airbus’s space division. The company expects adjusted earnings of €7 billion this year.
Foreign Affairs: Saudi Arabia’s crown prince, Mohammed Bin Salman (MBS), is today expected to host leaders from Egypt, Jordan, Qatar and the UAE to discuss the future of Gaza. MBS acts as the de factor leader of Saudi Arabia and is seeking a counter proposal to President Trump’s relocation plan for Gaza residents.
Security and intelligence: President Zelensky met US Special Envoy Keith Kellogg yesterday. A press conference was cancelled at the US’s request. There are reports the Kellogg is being sidelined by the Trump administration. Separately, France’s Emmanuel Macron and the UK’s Sir Keir Starmer will visit the White House on Monday and Thursday respectively.
Domestic politics: The UK Government has announced £67 million for cultural projects in the UK. This includes £15 million for the National Railway Museum in York and £10 million for a project that will be home to British Library North.
The Mighty Calendar
What’s happening today?
Scottish Labour conference begins
UK government borrowing data (January)
UK retail sales data (January)
UK, US, Eurozone manufacturing and services growth data (February)
Company results from: EDF, Standard Chartered
Lookahead to the weekend
Saturday
March for Ukraine demonstration, London
UK Athletics Indoor Championship (ends Sunday)
Rock ‘n’ Roll Las Vegas Half Marathon
Rugby Six Nations: Wales vs Ireland, Cardiff
Rugby Six Nations: England vs Scotland, Twickenham
Sunday
German parliamentary elections
Screen Actors Guild Awards, Los Angeles
Rugby Six Nations: Italy vs France, Rome
The Mighty Finale
🌤️Weather today
Rain (in a word!). Everywhere. High of 15C and low of 10C in London. Rain in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“Happiness is not reaching your goal. Happiness is being on the way.” – Ingvar Kamprad, founder of IKEA
Mighty takeaway: Try to enjoy the here and now instead of focusing on the past or the future.
That’s it for this morning. We’ll see you next week.
Adios!
The Mighty Memo team
Thursday, 20 February 2025
UK inflation, new EU sanctions on Russia, Putin on Ukraine talks and more…
The Mighty Headlines
Economics: UK inflation reaches 3 per cent
Business: BAE Systems forecasts over £30 billion of sales in 2025
Markets: Glencore may end its London stock market listing
Foreign Affairs: EU imposes new sanctions on Russia
Security and intelligence: Putin says Ukraine won’t be excluded from talks
Domestic politics: Opposition parties want UK Business Secretary to resign
The Mighty Stats
FTSE = 8,712.53 (down 0.62 per cent)
S&P 500 = 6,144.15 (up 0.24 per cent)
Nasdaq = 20,056.25 (up 0.075 per cent)
CAC40 = 8,110.54 (down 1.17 per cent)
£1 = $1.26 / €1.21
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The Mighty Detail
Economics: UK inflation reached 3 per cent in January. This is its highest level in 10 months. In December, UK inflation stood at 2.5 per cent. Meat, bread, cereals and an increase in private school fees from new VAT rules were factors in the increase.
Business: BAE Systems is forecasting more than £30 billion of sales this year. The defence systems manufacturer expects revenue to increase by around 7 to 8 per cent. In 2024, the company’s total sales were £28.4 billion.
Markets: Mining giant Glencore has said that it may end its London stock market listing. Its adjusted earnings fell from $17.1 billion in 2023 to $14.4 billion in 2024. Chief Executive Gary Nagle said that he wanted to make sure Glencore shares were “traded on the right exchange” and may consider the New York Stock Exchange. Glencore’s departure would be a further blow to the London Stock Exchange which saw 88 companies delisted last year.
Foreign Affairs: The EU imposed a new round of sanctions on Russia yesterday. These include a ban on Russian unworked aluminium and blacklisting more Russian ships suspected as being part of Russia’s “shadow fleet”. The shadow fleet comprises old ships that are secretly involved in ship-to-ship transfers of sanctioned goods such as oil. Over 150 ships are now on the blacklist.
Security and intelligence: President Putin has said that Ukraine will not be excluded from peace negotiations and accused Europeans and Ukraine of refusing to talk to Moscow. Putin also said that US-Russia discussions would need to cover a range of issues beyond Ukraine including the Middle East, energy and space cooperation.
Domestic politics: Opposition parties have called on the UK Business Secretary, Jonathan Reynolds, to resign. They argue that Reynolds previously described himself as a solicitor on LinkedIn despite not qualifying. The Solicitors Regulation Authority contacted Reynolds in January about the issue and says that there is “no need for us to take any action”.
The Mighty Calendar
What’s happening today?
G20 Foreign Ministers meet in South Africa
Final pre-election debate with German Chancellor candidates
US unemployment data (weekly)
UK, Eurozone consumer confidence data (February)
Japan CPI inflation data (January)
Japan manufacturing and services growth data (February)
Company results from: Lloyds, Walmart, Renault, Anglo American, Airbus, Alibaba, Mercedez-Benz
Lookahead to tomorrow
Scottish Labour conference begins
UK government borrowing data (January)
UK retail sales data (January)
UK, US, Eurozone manufacturing and services growth data (February)
Company results from: EDF, Standard Chartered
The Mighty Finale
🌤️Weather today
Rain in southeast and northeast England. A little drier in the southwest and northwest. High of 13C and low of 11C in London. Rain in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“Your life and your dreams are your responsibility. If you don’t prioritise them, nobody will.” – Mel Robbins, motivational speaker
Mighty takeaway: Nothing to add!
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Bye!
The Mighty Memo team
Wednesday, 19 February 2025
Elon Musk’s new AI chatbot, US and Russia talks, UK’s new £20 billion defence fund and more…
The Mighty Headlines
Economics: Average pay rises in the UK
Business: Elon Musk unveils new AI chatbot
Markets: HSBC shares reach 20-year high
Foreign Affairs: US and Russia seek to restore relations
Security and intelligence: British couple arrested in Iran on spying charges
Domestic politics: UK to create new £20 billion defence fund
The Mighty Stats
FTSE = 8,766.73 (down 0.015 per cent)
S&P 500 = 6,129.58 (up 0.24 per cent)
Nasdaq = 20,041.26 (up 0.072 per cent)
CAC40 = 8,206.56 (up 0.21 per cent)
£1 = $1.26 / €1.21
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The Mighty Detail
Economics: Average pay in the UK rose by 6 per cent in Q4 2024. Unemployment remains unchanged at 4.4 per cent. Both results are better than had been expected by analysts.
Business: Elon Musk's artificial intelligence company, xAI, has released a new programme which it claims outperforms rivals such as ChatGPT and DeepSeek. xAI's "Grok 3" programme is said to have powerful reasoning capabilities. Last week Musk described Grok 3 as "scary smart".
Markets: Shares in HSBC rose to a 20-year high during trading yesterday in anticipation of its earnings results being announced today. The bank's shares reached 894.70, which is the highest level since 2001. Analysts are predicting that earnings will increase from £24.1 billion in 2023 to £25.2 billion in 2024.
Foreign Affairs: The US and Russia agreed yesterday to restore diplomatic missions in each other's countries. The two countries also agreed to create a high-level team to discuss peace in Ukraine and to explore closer economic relations. President Trump also questioned President Zelensky’s position yesterday and indicated that he would want new elections in Ukraine.
Security and intelligence: Two British citizens detained in Iran have now been charged with spying. Husband and wife Craig and Lindsay Foreman had been on an around-the-world motorcycle tour. Iranian authorities have previously been accused of detaining foreign nationals in return for concessions from foreign governments.
Domestic politics: The UK Defence Secretary has said that the UK faces a “new era of threats” and has announced a new defence investment budget worth £20 billion. A new National Armaments Director will oversee the budget.
The Mighty Calendar
What’s happening today?
President Trump expected to attend Saudi Arabia investment summit in Florida
UK CPI inflation data (January)
US new home construction data (January)
Company results from: HSBC, Glencore, BAE, Rio Tinto, Carrefour
Lookahead to tomorrow
G20 Foreign Ministers meet in South Africa
Final pre-election debate with German Chancellor candidates
US unemployment data (weekly)
UK, Eurozone consumer confidence data (February)
Japan CPI inflation data (January)
Japan manufacturing and services growth data (February)
Company results from: Lloyds, Walmart, Renault, Anglo American, Airbus, Alibaba, Mercedez-Benz
The Mighty Finale
🌤️Weather today
Sunny spells in the southeast and northeast of England. Light rain in the southwest and northwest. High of 10C and low of 7C in London. Light rain in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Perfectionism is a lost cause. Focus your energy on being the best you can be.” – Domonique Bertolucci
Mighty takeaway: It doesn’t always have to be perfect. Sometimes good enough is enough.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Adios!
The Mighty Memo team
Tuesday, 18 February 2025
European defence shares rise, Hamas prepared to give up governing Gaza, UK calls for US backstop on Ukraine and more…
The Mighty Headlines
Economics: UK Government considers freezing income tax thresholds
Business: A third of UK businesses looking to reduce employee numbers
Markets: European defence shares rise by up to 20 per cent
Foreign Affairs: Hamas prepared to give up governing Gaza
Security and intelligence: UK calls for US backstop to Ukrainian peace deal
Domestic politics: UK Treasury looking at spending cuts of 5 or 11 per cent
The Mighty Stats
FTSE = 8,768.01 (up 0.41 per cent)
S&P 500 = US markets closed yesterday for a public holiday
Nasdaq = US markets closed yesterday for a public holiday
CAC40 = 8,189.13 (up 0.13 per cent)
£1 = $1.26 / €1.20
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The Mighty Detail
Economics: The UK Treasury is said to be considering freezing income tax thresholds at the Budget next month. A freeze in the thresholds could raise up to £4 billion a year. The £9.9 billion of flexibility that the Government previously had in its finances has been reduced because of poor economic growth.
Business: New research suggests that around a third of UK businesses are looking to reduce their number of employees. A total of 42 per cent also said they would increase prices. Their decisions are reported as being linked to the increase in the minimum wage and in national insurance announced at the Budget last October.
Markets: Shares in European defence companies rose by as much as 20 per cent during trading yesterday. This comes as traders anticipate an increase in European defence spending as the US retreats from European defence commitments. Shares in BAE Systems rose by nearly 8 percent. Shares in German arms maker Rheinmetall rose by over 14 per cent and shares in Thyssenkrupp rose by nearly 20 per cent.
Foreign Affairs: It is being reported that Hamas is prepared to hand over the governing of Gaza to the Palestinian Authority as the US leads talks to extend the ceasefire. Israeli Prime Minister Netanyahu said, however, that there would be “neither Hamas nor the Palestinian Authority” in Gaza when the war ends and that he was committed to President Trump’s plan of relocating Gaza residents.
Security and intelligence: Following a meeting of European leaders in Paris, UK Prime Minister Sir Keir Starmer has said a Ukrainian peace agreement would require a “US backstop” to prevent future Russian attacks. Separately, the US’s Ukraine Envoy, Keith Kellogg, said yesterday that no-one would impose a peace deal on Ukraine.
Domestic politics: The UK Treasury is asking Government departments to model reductions in public spending as part of a Spending Review due in June. The two models would see departments outside of Health, Education and Defence face spending cuts of around 5 per cent or 11 per cent over three years. The extra money could be invested in defence.
The Mighty Calendar
What’s happening today?
China’s Foreign Minister Wang Yi chairs UN Security Council meeting
UK average earnings data (December)
UK employment data (December)
Canada CPI inflation data (January)
Japan trade data (January)
Lookahead to tomorrow
President Trump expected to attend Saudi Arabia investment summit in Florida
UK CPI inflation data (January)
US new home construction data (January)
Company results from: HSBC, Glencore, BAE, Rio Tinto, Carrefour
The Mighty Finale
🌤️Weather today
A sunny day everywhere in England! High of 7C and low of 1C in London. Light rain in Belfast. Sleet in Edinburgh.
✏️Life coaching quote of the day
“The purpose of life is to live it, to taste experience to the utmost, to reach out eagerly and without fear for newer and richer experience.” – Eleanor Roosevelt, diplomat and activist
Mighty takeaway: Don’t pass on new opportunities. They may not come again.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Adios!
The Mighty Memo team
Monday, 17 February 2025
EU GDP grows by 0.2 per cent, Sony’s records sales, Ukraine talks in Saudi Arabia and Paris, and more…
The Mighty Headlines
Economics: EU GDP grows by 0.2 per cent
Business: Sony sees record sales in 2024
Markets: Goldman Sachs optimistic about European shares
Foreign Affairs: Ukraine rejects US access to rare earth metals
Security and intelligence: US and Russia meet in Saudi Arabia
Domestic politics: New tax relief scheme for film studios in England
The Mighty Stats
FTSE = 8,732.46 (down 0.37 per cent)
S&P 500 = 6,114.63 (down 0.0072 per cent)
Nasdaq = 20,026.77 (up 0.41 per cent)
CAC40 = 8,178.54 (up 0.18 per cent)
£1 = $1.26 / €1.20
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The Mighty Detail
Economics: The EU’s GDP grew by 0.2 per cent in Q4 2024. This is down from the 0.4 per cent growth recorded in the previous quarter. This compares to 0.6 per cent growth in the US and 0.1 per cent growth in the UK.
Business: New data shows that sales at Sony increased to a record $67.5 billion between April and December 2024. The technology company’s operating profit increased by 22.9 per cent to a record $7.8 billion. Sony attributes its strong performance to the sale of video game consoles and music streaming services.
Markets: Goldman Sachs raised its forecast for the performance of the pan-European Stoxx 600 index over the next 12-months. It said that lower inflation, stronger economic growth and improved consumer confidence would support higher valuations of European shares.
Foreign Affairs: The Ukrainian Government has rejected a proposal to give the US access to its rare earth minerals. A Ukrainian official stated that the US proposal saw access to the metals “as compensation” for the support the Biden administration gave to Ukraine and as payment for more aid in the future.
Security and intelligence: The White House’s Middle East envoy, Steve Witkoff, and National Security Advisor, Mike Waltz, are in Saudi Arabia today to discuss the Ukraine war with Russian officials. Secretary of State, Marco Rubio, also said yesterday that Ukraine and Europe would be part of any “real negotiations” to end the war. An emergency summit of European leaders is being held in Paris today to discuss the war.
Domestic politics: From today, film studios in the UK will be eligible for a 40 per cent reduction in their business rates bill. The scheme was announced by the previous Conservative Government and was taken up by the current Labour Government.
The Mighty Calendar
What’s happening today?
· Canada public holiday (Family Day)
· United States public holiday (Washington’s birthday)
· President Macron hosts emergency summit on Ukraine war
· European Commission President hosts US special envoy to Ukraine
· US Secretary of State continues visit to the Middle East
· US Middle East and National Security officials in Saudi Arabia for Ukraine talks
· Eurozone, India trade data (December)
Lookahead to tomorrow
· China’s Foreign Minister Wang Yi chairs UN Security Council meeting
· UK average earnings data (December)
· UK employment data (December)
· Canada CPI inflation data (January)
· Japan trade data (January)
The Mighty Finale
🌤️Weather today
Sunny in the southeast. Wet in the southwest. Cloudy further north. High of 6C and low of 0C in London. Cloudy in Belfast and Edinburgh.
✏️Life coaching quote of the day
“I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.” – Charlie Munger, financier
Mighty takeaway: You don’t have to re-invent the wheel. Learn from other people’s experiences and expertise.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Adios!
The Mighty Memo team
Friday, 14 February 2025
ECB issues Eurozone growth warning, Trump on Ukraine-Russia peace talks, Israel set to strike Iran by midyear and more…
The Mighty Headlines
Economics: ECB issues warning on tariffs and competitiveness
Business: London named ‘unicorn’ capital in Europe for fintech
Markets: Barclays shares fall by over 5 per cent despite high revenue
Foreign Affairs: Trump says Ukraine will be involved in peace talks
Security and intelligence: Israel to strike Iran’s nuclear facilities by midyear
Domestic politics: UK Government receives China’s Foreign Minister
The Mighty Stats
FTSE = 8,764.72 (down 0.49 per cent)
S&P 500 = 6,115.07 (up 1.04 per cent)
Nasdaq = 19,945.64 (up 1.5 per cent)
CAC40 = 8,164.11 (up 1.52 per cent)
£1 = $1.26 / €1.20
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The Mighty Detail
Economics: The European Central Bank has said that tariffs and a lack of EU competitiveness risk slowing Eurozone growth. In Q4 2024, the Eurozone grew by 0.1 per cent. The UK also grew by the same rate in Q4 2024.
Business: London has been named as Europe ‘unicorn’ capital for financial technology (fintech) companies. Unicorns are privately held startup businesses valued at over $1 billion. Revolut, the online bank, is the UK’s most valuable fintech unicorn. It is worth around $45 billion and has 18 million users.
Markets: Shares in Barclays fell by over 5 per cent yesterday. This is despite revenue from Barclays’ equity traders increasing by 40 per cent to £604 million in Q4 2024. Revenue from the bank’s retail division also increased by 46 per cent to £2.62 billion. Barclays left its forecast for the year unchanged, however, causing its share price to fall.
Foreign Affairs: President Trump has said that Ukraine would be involved in peace talks with Russia and that Russia should be re-admitted to the G7 to form the G8. This follows Trump’s call with President Putin on Wednesday and Trump’s suggestion of territorial concessions on behalf of Ukraine, which alarmed European leaders. A Russian Government spokesman said that the Kremlin was “impressed” by the US’s willingness to negotiate.
Security and intelligence: US Government intelligence reports suggest that Israel is to launch a pre-emptive strike on Iran’s nuclear facilities by the middle of the year. In response, Iran’s President Pezeshkian said that “if you strike a hundred of those [facilities], we will build a thousand other ones.”
Domestic politics: UK Foreign Secretary, David Lammy, received China’s Foreign Minister, Wang Yi, in London yesterday. Discussions were held as part of the revived UK-China Strategic Dialogue forum last held in 2018. In a statement, Lammy said that it was important to use such channels for “robust and constructive discussion”.
The Mighty Calendar
What’s happening today?
Munich Security Conference begins, Germany
Eurozone employment data (Q4 2024)
Eurozone GDP data (Q4 2024)
US retail sales data (January 2024)
Company results from: NatWest
Lookahead to the weekend
Saturday
African Union leaders’ summit, Ethiopia
Final of Qatar Women’s Tennis Open 2025
Sunday
BAFTA film and television awards
Final of Welsh Snooker Open, Llandudno
Nascar: Daytona 500, Florida, US
The Mighty Finale
🌤️Weather today
Sunny spells in most of England but wet in the southwest. High of 5C and low of 1C in London. Rain in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Happiness is not something readymade. It comes from your own actions.” – Dalai Lama
Mighty takeaway: Nothing to add to this one.
That’s it for this morning and for this week. Thanks for reading and we’ll see you next week.
Adios!
The Mighty Memo team
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Thursday, 13 February 2025
OPEC forecasts growth in oil demand, Israel calls up reservists, Sudan’s Russian naval base and more…
The Mighty Headlines
· Economics: OPEC predicts strong oil demand in 2025
· Business: Chevron to cut up to 20 per cent of its workforce
· Markets: European stocks rise despite US inflation data
· Foreign Affairs: Israel calls up military reservists
· Security and intelligence: Sudan agrees to host Russian naval base
· Domestic politics: UK discussion with Hong Kong on trade despite pro-democracy trials
The Mighty Stats
· FTSE = 8,807.44 (up 0.34 per cent)
· S&P 500 = 6,051.97 (down 0.27 per cent)
· Nasdaq = 19,649.95 (up 0.031 per cent)
· CAC40 = 8,042.19 (up 0.17 per cent)
· £1 = $1.24 / €1.20
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The Mighty Detail
Economics: OPEC is sticking to its forecast of strong oil demand in 2025 despite disruption to trade following US tariffs. In its latest report, the Organisation of Petroleum Producing Countries said world oil demand would increase by 1.45 million barrels per day in 2025.
Business: Oil company Chevron has said that it will cut up to 20 per cent of its global workforce by the end of 2026. The company aims to make $3 billion of savings and to simplify its business as it faces challenges in production and refining.
Markets: The pan-European Stoxx 600 index closed 0.11 per cent higher yesterday following positive earnings results from European companies such as Heineken. This is despite the news of an increase in US inflation to 3 per cent yesterday which makes US interest rate cuts less likely in the immediate term.
Foreign Affairs: Israel is calling up its military reservists as its prepares for a possible re-start of hostilities with Hamas. Prime Minister Benjamin Netanyahu has given Hamas until Saturday to release more hostages. President Trump has said all hostages should be released by 12.00pm on Saturday.
Security and intelligence: The Sudanese Government has agreed to the construction of a Russian naval base in Sudan. A deal had previously been signed by former Sudanese President al-Bashir but he was overthrown in 2019. The new agreement will help Russia’s influence in the region, given that its naval installations in Syria are now in question.
Domestic politics: It is being reported that UK Chancellor, Rachel Reeves, ordered officials to increase discussions with Hong Kong on financial services trade late last year despite the fact that the high-profile trials of pro-Democracy activists, Jimmy Lai, a British citizen, and Benny Tai, were taking place at the same time.
The Mighty Calendar
What’s happening today?
· NATO Defence Ministers meeting, Brussels
· France hosts international conference on Syria
· Transport Questions in UK Parliament
· UK GDP data (Q4 2024)
· UK industrial production and manufacturing data (December)
· US unemployment data (weekly)
· US PPI inflation data (January)
· Company results from: Barclays, Nissan, Honda, Siemens, Sony
Lookahead to tomorrow
· Munich Security Conference begins, Germany
· Eurozone employment data (Q4 2024)
· Eurozone GDP data (Q4 2024)
· US retail sales data (January 2024)
· Company results from: NatWest
The Mighty Finale
🌤️Weather today
Everywhere is basically dry but cloudy. Belfast and Edinburgh too. High of 6C and low of 1C in London.
✏️Life coaching quote of the day
“When you undervalue what you do, the world will undervalue who you are.” – Oprah Winfrey
Mighty takeaway: Don’t sell yourself short.
That’s it for this morning. We’ll see you again tomorrow.
Bye!
The Mighty Memo team
Wednesday, 12 February 2025
UK Chancellor meets bank leaders today, Chat GPT CEO and Elon Musk in dispute over sale, UK refuses to sign international AI agreement and more…
The Mighty Headlines
· Economics: UK Chancellor meets UK bank leaders today
· Business: Chat GPT owner and Elon Musk in public dispute over sale
· Markets: European stock markets steady despite US tariffs
· Foreign Affairs: President Trump and King of Jordan discuss Gaza
· Security and intelligence: UK, US and Australia sanction ransomware syndicate
· Domestic politics: UK refuses to sign international AI agreement
The Mighty Stats
· FTSE = 8,777.39 (up 0.11 per cent)
· S&P 500 = 6,068.50 (up 0.034 per cent)
· Nasdaq = 19,643.86 (down 0.36 per cent)
· CAC40 = 8,028.90 (up 0.28 per cent)
· £1 = $1.24 / €1.20
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The Mighty Detail
Economics: UK Chancellor, Rachel Reeves, is meeting the leaders of the major UK banks today in a bid to increase economic growth. Senior executives from Barclays, Lloyds, NatWest and Nationwide are expected to attend. The latest UK GDP figures are published tomorrow and are expected to show a fall in growth of 0.1 per cent in Q4 2024.
Business: The CEO of OpenAI, Sam Altman, has refused Elon Musk's $97.4 billion offer to buy his company. Altman, whose group is behind Chat GPT, said Musk was a competitor and accused Musk of "trying to slow us down". Musk, who co-founded OpenAI with Altman as a non-profit, is accusing OpenAI of pursuing profit over benefiting humanity.
Markets: The European stock markets were little changed after the EU promised “firm and proportionate countermeasures” to the 25 per cent tariffs the US has imposed on steel and aluminium imports. The pan European Stoxx 600 index closed 0.23 per cent higher yesterday.
Foreign Affairs: In a meeting with the King of Jordan yesterday, President Trump reiterated his Gaza resettlement plan. King Abdullah of Jordan said yesterday that the Arab nations would come to Washington DC with a counteroffer before later posting on social media that the unified Arab position was to rebuild Gaza without displacing Palestinians.
Security and intelligence: The UK, US and Australia have sanctioned the Russia-based IT service provider Zservers. The trio state that Zservers supported the Lockbit ransomware syndicate. Lockbit has operated since 2019 and has taken more than $120 million from victims. It has been linked to attacks on Boeing, Royal Mail and the NHS.
Domestic politics: The UK has refused to sign an AI agreement put forward at this week's Global AI summit in Paris. The UK Government said that the deal did not provide enough clarity on governance or about the threat AI poses to national security. The US also refused to sign the agreement but China and India did sign it.
The Mighty Calendar
What’s happening today?
· UK chairs Ukraine Defence Contact Group meeting, Brussels
· US Senate votes on Tulsi Gubbard’s nomination as Director of National Intelligence
· Indian Prime Minister expected to visit the US
· Canadian Prime Minister meets European Commission President at EU-Canada summit
· Prime Minister’s Questions in UK Parliament
· Italy industrial production data (December)
· US CPI inflation data (January)
· Company results from: Heineken International, Kraft Heinz, SoftBank
Lookahead to tomorrow
· NATO Defence Ministers meeting, Brussels
· France hosts international conference on Syria
· Transport Questions in UK Parliament
· UK GDP data (Q4 2024)
· UK industrial production and manufacturing data (December)
· US unemployment data (weekly)
· US PPI inflation data (January)
· Company results from: Barclays, Nissan, Honda, Siemens, Sony
The Mighty Finale
🌤️Weather today
Dry in England apart from the northeast. High of 7C and low of 2C in London. Light cloud but largely dry too in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Some people want it to happen, some wish it would happen, and others make it happen.” – Michael Jordan, basketball player
Mighty takeaway: Take action on your goals. Don’t just think about taking action.
That’s it for this morning. We’ll see you tomorrow.
Adios!
The Mighty Memo team
Tuesday, 11 February 2025
Shares in meme stock GameStop rise by over 9 per cent, China offers talks with Dalai Lama, Hamas suspends hostage release and more…
The Mighty Headlines
· Economics: UK GDP predicted to fall
· Business: Intel’s new Head of AI leaves to become Nokia CEO
· Markets: Shares in “meme stock” GameStop rise by over 9 per cent
· Foreign Affairs: China offers conditional talks with Dalai Lama over Tibet
· Security and intelligence: Hamas stops hostage release and Trump says he is losing patience
· Domestic politics: Farmers protests in London
The Mighty Stats
· FTSE = 8,767.80 (up 0.77 per cent)
· S&P 500 = 6,066.44 (up 0.67 per cent)
· Nasdaq = 19,714.27 (up 0.98 per cent)
· CAC40 = 8,006.22 (up 0.42 per cent)
· £1 = $1.24 / €1.20
*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: UK GDP is expected to fall when the latest figures are announced on Thursday. New analysis suggests that UK economic growth fell by 0.1 per cent between September and December following stagnating growth in the previous quarter.
Business: Intel’s Head of Artificial Intelligence, Justin Hotard, is to leave his role to become the new CEO of Nokia. Nokia has been suffering from lower demand for its 5G equipment but says that Hotard’s expertise in AI and data centre markets are “critical areas for Nokia’s future growth”.
Markets: Shares in video game store, GameStop, rose by more than 9 per cent yesterday. It comes after CEO Ryan Cohen posted a photo of himself with Michael Saylor, the co-founder of the largest corporate holder of bitcoin. GameStop shares are known as a “meme stock” – shares whose value is influenced by social media posts.
Foreign Affairs: China has said that it is open to discussing the Dalai Lama’s future in Tibet as long as he acknowledges that Tibet and Taiwan are “inalienable” parts of China. This follows the death of the Dalai Lama’s older brother, Guo Jiakun, on Saturday who had acted as an unofficial envoy in talks with China. The Dalai Lama turns 90 in July and has expressed a wish to return to Tibet before his death.
Security and intelligence: Hamas has said that it will stop releasing Israeli hostages. It accuses Israel of violating the ceasefire deal by stopping aid and continuing to attack Gaza. Israel said that Hamas’s decision violates the ceasefire deal and that its military would be put on the highest level of readiness. President Trump said on Sunday that the US would at “some point…lose our patience”.
Domestic politics: UK farmers blocked Parliament Square and Whitehall in London yesterday in protest against the UK Government’s proposals to levy inheritance tax on agricultural properties. Reform leader, Nigel Farage, addressed farmers before the rally calling for an end to all “death taxes.”
The Mighty Calendar
What’s happening today?
· Japan public holiday (national day)
· President Trump meets King of Jordan, Washington DC
· President Macron hosts world leaders for plenary session at AI Summit
· Speech by Bank of England Governor
· Health Questions in UK Parliament
· France unemployment data (Q4 2024)
· US small business confidence data (January)
Lookahead to tomorrow
· UK chairs Ukraine Defence Contact Group meeting, Brussels
· US Senate votes on Tulsi Gubbard’s nomination as Director of National Intelligence
· Indian Prime Minister expected to visit the US
· Canadian Prime Minister meets European Commission President at EU-Canada summit
· Prime Minister’s Questions in UK Parliament
· Italy industrial production data (December)
· US CPI inflation data (January)
· Company results from: Heineken International, Kraft Heinz, SoftBank
The Mighty Finale
🌤️Weather today
Largely dry apart from the northeast of England. High of 6C and low of 2C in London. Light rain in Belfast and Edinburgh.
✏️Life coaching quote of the day
“You are everything you choose to be.” – Shad Helmsetter, motivational writer
Mighty takeaway: Who have you chosen to be and who will you choose to become?
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Bye!
The Mighty Memo team
Monday, 10 February 2025
Chinese tariffs on the US, Egypt’s emergency Arab League summit, Ukraine deal with US on rare earths and more…
The Mighty Headlines
· Economics: New Chinese tariffs on US goods apply from today
· Business: Lloyds bank reviews 6,000 tech and engineering jobs
· Markets: US stocks fall ahead of Trump trade announcement
· Foreign Affairs: Egypt to hold emergency Arab League summit
· Security and intelligence: Ukraine willing to do deal with US on rare earths
· Domestic politics: Reform Party leads the polls but Farage proves unpopular
The Mighty Stats
· FTSE = 8,700.53 (down 0.31 per cent)
· S&P 500 = 6,025.99 (down 0.95 per cent)
· Nasdaq = 19,523.40 (down 1.36 per cent)
· CAC40 = 7,973.03 (down 0.43 per cent)
· £1 = $1.24 / €1.20
*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: New Chinese tariffs on US goods have taken effect today. This includes a 15 per cent tax on US coal and liquified natural gas as well as a 10 per cent tariff on crude oil, agricultural machinery and large-engine cars. The US has levied tariffs of 10 per cent on all Chinese goods.
Business: Lloyds bank has told 6,000 of its tech and engineering employees that their jobs are under review. The company said that it wishes to accelerate its digital banking developments. The banking group employs around 66,000 people in total.
Markets: US stock markets start the week on a low, after falling on Friday. This comes after President Trump announced that he would make a statement today or tomorrow announcing “reciprocal trade”. This would increase US tariffs on foreign goods so that they match the tariffs imposed by other countries on US goods.
Foreign Affairs: The Egyptian Government has announced that it will host an emergency Arab summit to discuss “new and dangerous developments for the Palestinian cause”. The meeting of the Arab League will be held in Cairo on the 27th February and comes after President Trump suggested Palestinians could be resettled from Gaza.
Security and intelligence: President Zelensky has said that he would be willing to do a deal with President Trump on Ukrainian rare earth metals. Ukraine has large deposits of the metals, which are crucial for computer chips, but around half are in Russian-occupied Ukraine. US access would require a strategic approach to ending the war.
Domestic politics: Five opinion polls this week show more support for the Reform Party than the Conservative Party. In four polls, the Reform Party was tied with or was ahead of the Labour Party. A poll published on Saturday, however, shows that the main reason among all voters to vote against Reform was its leader, Nigel Farage.
The Mighty Calendar
What’s happening today?
· Eurozone investor confidence data (February)
· Global Summit on Artificial Intelligence begins in Paris
· Defence Questions in UK Parliament
Lookahead to tomorrow
· Japan public holiday (national day)
· President Trump meets King of Jordan, Washington DC
· President Macron hosts world leaders for plenary session at AI Summit
· Speech by Bank of England Governor
· Health Questions in UK Parliament
· France unemployment data (Q4 2024)
· US small business confidence data (January)
The Mighty Finale
🌤️Weather today
Rain in almost all of England apart from the far southwest. High of 5C and low of 3C in London. Dry in Belfast in the morning. Raining in Edinburgh all day.
✏️Life coaching quote of the day
“Live out of your imagination, not your history.” – Stephen Covey, author
Mighty takeaway: Look to the future. You don’t have to re-live your past. Each day is an opportunity to start again.
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Bye!
The Mighty Memo team
Friday, 7 February 2025
Bank of England cuts interest rates, CIA sends unclassified list of employees, UK Government summons Russian ambassador and more…
The Mighty Headlines
Economics: Bank of England cuts interest rates and UK GDP growth rate
Business: AstraZeneca reports $14.9 billion revenue for Q4 2024
Markets: Ford shares fall by over 7 per cent
Foreign Affairs: Greenland calls for independence vote
Security and intelligence: CIA sends unclassified list of employees to the White House
Domestic politics: UK Government summons Russian ambassador
The Mighty Stats
FTSE = 8,727.28 (up 1.21 per cent)
S&P500 = 6,083.57 (up 0.36 per cent)
Nasdaq = 19,791.99 (up 0.51 per cent)
CAC40 = 8,007.62 (up 1.47 per cent)
£1 = $1.24 / €1.20
*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: The Bank of England cut interest rates to 4.5 per cent yesterday. At the same time, it halved its forecast for UK economic growth in 2025 from 1.5 per cent to 0.75 per cent.
Business: AstraZeneca has reported revenue of $14.9 billion for Q4 2024. This is an increase of 24 per cent on the previous quarter. For 2024 overall, the pharmaceutical giant reported revenue of $54.1 billion, an increase of 18 per cent over a year.
Markets: Shares in Ford fell by over 7 per cent yesterday as the company forecasts a difficult 2025. In 2024, Ford reported adjusted earnings of $10.2 billion. In 2025, it forecasts adjusted earnings of between $7 billion and $8.5 billion.
Foreign Affairs: Greenland’s ruling Slumut party has said that it plans to hold an independence vote after the General Election on the 11th March. A spokeswoman for the party said that Greenland needed to be independent from Denmark in order to officially participate in negotiations on its future. All political parties in Greenland’s Parliament oppose becoming a part of the United States as proposed by President Trump.
Security and intelligence: In a potential security breach, the CIA has sent the White House an unclassified email which lists all its employees who have been with the agency for less than two years. The email was sent in order to comply with a Presidential Executive Order trying to reduce the number of federal workers.
Domestic politics: The UK Government summoned the Russian Ambassador to the UK Foreign Office yesterday following a spying row. Moscow expelled a British diplomat in November whom it accused of spying. The UK Government has now expelled a Russian diplomat.
The Mighty Calendar
What’s happening today?
UK house price data (January)
Germany, France trade data (December)
Canada unemployment data (January)
Critics Choice film and television awards, Santa Monica, California
Lookahead to the weekend
Saturday
China CPI inflation data (January)
Invictus Games begin, Canada
Rugby Six Nations, Wales vs Italy and England vs France
Sunday
General Elections in Liechtenstein, Kosovo and Ecuador
German election debate with Olaf Scholz and Friedrich Merz
Rugby Six Nations, Scotland vs Ireland
NFL Super Bowl (American football final), New Orleans, United States
Tennis Qatar Open begins, Doha, Qatar
Hong Kong marathon
The Mighty Finale
🌤️Weather today
Sunny in most parts of England apart from the southeast where rain abounds. High of 5C and low of 3C. Sunny spells in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Don't waste effort on a thing that ends in a petty triumph unless you are happy with a life of petty success.” – John D. Rockefeller, oil tycoon
Mighty takeaway: Don’t limit the size of your dreams and ambitions.
That’s about it for today’s edition and for this week. See you next week.
Adios!
The Mighty Memo team