Friday, 18 October 2024

TO:                  Mighty Memo Readers

FROM:             Mighty Memo Editorial Department

SUBJECT:        Additional Polling Information

You will see that we have included seven US states in the polling section of today’s Mighty Memo. These are the key swing states that could decide the US presidential election. The other 43 states roughly vote the same way in each election. We hope this information will help you to better understand the presidential race. If you have any feedback on this or any other part of the Mighty Memo, please contact us at hello@mightymemo.co.uk.

The Mighty Headlines

• Economics: ECB cuts interest rates to 3.25 per cent

• Business: Amazon invests in nuclear energy following Google and Microsoft

• Markets: World’s largest chipmaker posts record sales of over $10 billion

• Foreign Affairs: EU leaders to consider “new ways” to deal with migration

• Security and intelligence: US uses B-2 stealth bombers against Houthis in Yemen

• Domestic politics: Badenoch wins snap poll following TV debate with Jenrick

The Mighty Stats

• FTSE = 8,385.13 (up 0.67 per cent at Thursday close)

• S&P500 = 5,841.47 (down 0.017 per cent at Thursday close)

• Nasdaq = 18,373.61 (up 0.036 per cent at Thursday close)

• CAC40 = 7,583.73 (up 1.22 per cent at Thursday close)

• £1 = $1.30 / €1.20

• US swing states: Trump / Harris

• Michigan           48.3       47.4       Trump +0.9

• Pennsylvania     47.9       47.4       Trump +0.5

• Wisconsin          47.9       47.8       Trump +0.1

• Arizona              48.4       47.3      Trump +1.1

• North Carolina 48.5       47.5      Trump +1.0

• Georgia              48.7       47.8      Trump +0.9

• Nevada               47.7       47.2      Trump +0.5

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The Mighty Detail

Economics: The European Central Bank (ECB) has cut interest rates from 3.5 per cent to 3.25 per cent. President of the ECB Christine Lagarde, cited a fall inflation and weakening business and consumer activity as factors in the decision.

Business: Amazon has announced that it is investing in nuclear energy to power its data centres. The investment in US nuclear company X-energy comes after Google and Microsoft announced similar investments in nuclear energy. The size of Amazon’s investment has not been made public.

Markets:  The world’s largest contract chipmaker, TSMC, reported record sales of $10.1 billion between July and September. Its share price rose by more than 11 per cent on the news. The sales figures are a 54 per cent increase from the same period last year and are driven by demand from AI. As a contract chipmaker, TSMC manufactures chips designed by other companies.

Foreign Affairs: EU leaders agreed to consider “new ways to prevent and counter” irregular migration at the European Council summit yesterday. This effectively gives political approval to consider transferring rejected asylum applicants to locations outside of the EU.  

Security and intelligence: The United States sent B-2 stealth bombers to hit the Houthi’s underground bunkers in Yemen yesterday. The Houthis, an Islamist paramilitary organisation backed by Iran, have been attacking shipping in the Red Sea since the outbreak of the Israel-Gaza conflict. US Defence Secretary, Lloyd Austin, said the strikes were “a unique demonstration of the United States’ ability to target facilities that our adversaries seek to keep out of reach”.

Domestic politics: The two contenders for the leadership of the Conservative Party, Robert Jenrick and Kemi Badenoch, participated in a televised debate yesterday evening. Following questions on prisons, the NHS and the ECHR among others, a poll of audience members indicated greater support for Badenoch than Jenrick.

The Mighty Calendar

What’s happening today?

• The King and Queen begin a tour of Australia

• NATO Defence Ministers meet in Brussels ends

• European Council Meeting ends

• UK retail sales data (September)

• United States housing data (September)

Lookahead to the weekend

Saturday

• G7 Defence Ministers meeting, Naples (end Sunday)

• QIPCO Horse Racing Champions Day

• NASA space telescope lecture, Royal Institution, London

Sunday

• United States Grand Prix

• NFL London Edition: Jacksonville Jaguars vs. New England Patriots

• Amsterdam Marathon

The Mighty Finale

🌤️Weather today

Fog in London (like a Victorian novel!). High of 17oC and low of 13oC. Heavy rain in Belfast. Sunny in Edinburgh.

✏️Life coaching quote of the day

“Every time you are tempted to react in the same old way, ask if you want to be a prisoner of the past or a pioneer of the future.” – Deepak Chopra, spiritual writer

Mighty takeaway: Changing your future requires you to change your habits and actions today.

That’s it for this week. We hope you have a good weekend and see you on Monday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Thursday, 17 October 2024

The Mighty Headlines

• Economics: UK house prices rise by 2.8 per cent

• Business: BMW says that ban on petrol cars by 2035 “no longer realistic”

• Markets: Morgan Stanley shares reach record high

• Foreign Affairs: European Council meeting begins with migration high on the agenda

• Security and intelligence: US warns of North Korea’s military support for Russia

• Domestic politics: IMF warning on the UK’s national debt ahead of UK Budget

The Mighty Stats

• FTSE = 8,329.07 (up 0.97 per cent at Wednesday close)

• S&P500 = 5,842.47 (up 0.47 per cent at Wednesday close)

• Nasdaq = 18,367.08 (up 0.28 per cent at Wednesday close)

• CAC40 = 7,492.00 (down 0.4 per cent at Wednesday close)

• £1 = $1.30 / €1.20

• US: Trump / Harris = 47.5 / 49.2 per cent

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The Mighty Detail

Economics: UK house prices rose by 2.8 per cent in the 12 months to August. The average house price in the UK now stands at £293,000. This comes as inflation fell from 2.2 per cent in August to 1.7 per cent in September – a fall which may encourage the Bank of England to cut interest rates further.

Business: The Chairman of BMW, Oliver Zipse, has said that European regulators should reconsider the 2035 ban on petrol and diesel vehicles. Zipse said that the ban was “no longer realistic” and that continuing with it would risk manufacturers relying on Chinese batteries. European manufacturers are behind China in developing affordable electric cars.

Markets: Shares in US bank Morgan Stanley rose by 7.6 per cent during morning trading yesterday and the bank’s stock reached a record high of $120.80. This came as Morgan Stanley’s profits exceeded expectations at $1.88 per share. Morgan Stanley’s investment banking revenue rose by 56 per cent in Q3 2024.

Foreign Affairs: The European Council summit of EU heads of state and government begins today. The issues of Ukraine, the Middle East, EU competitiveness and migration are on the agenda. Migration is likely to dominate discussions, however, particularly on outsourcing asylum procedures and making deportations quicker.

Security and intelligence: The United States Deputy Secretary of State, Kurt Campbell, is warning that North Korea’s increasing military support for Russia and its war on Ukraine was “creating further instability in Europe.” Ukrainian President, Volodymyr Zelensky, has previously said that North Korea was sending troops to fight against Ukraine.

Domestic politics: The International Monetary Fund has said that debt risks in the UK are “elevated” and that the lack of a credible plan to deal with the national debt could “trigger adverse market reactions”. This comes ahead of the UK Budget on the 30th October in which the Chancellor is widely expected to raise taxes.

The Mighty Calendar

What’s happening today?

• NATO Defence Ministers meet in Brussels (ends Friday)

• European Central Bank interest rate decision

• European Council Meeting (ends Friday)

• Culture, Media and Sport Questions in the UK Parliament

• Robert Jenrick and Kemi Badenoch participate in GB News television debate

• Eurozone and Japan CPI inflation data (September)

• United States unemployment data (weekly)

• United States and China retail sales data (September)

• United States and China industrial production data (September)

• China GDP data (Q3 2024)

Lookahead to tomorrow

• The King and Queen begin a tour of Australia

• NATO Defence Ministers meet in Brussels ends

• European Council Meeting ends

• UK retail sales data (September)

• United States housing data (September)

The Mighty Finale

🌤️Weather today

Sunny and dry in London. High of 18oC and low of 8oC. Rain in Belfast from mid-morning onwards. Sunny and dry in Edinburgh.

✏️Life coaching quote of the day

“Your actions reveal how badly you want something. If you keep saying something is a priority but you never act on it, then you don’t really want it. It’s time to have an honest conversation with yourself. Your actions reveal your true motivations.” – James Clear, writer

Mighty takeaway: If you never take action on your dreams, do you really want that dream to become a reality?

That’s it for today. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Wednesday, 16 October 2024

The Mighty Headlines

• Economics: Donald Trump says tariffs will help the US economy

• Business: LVMH sales fall in Q3 2024

• Markets: Shares in chipmakers ASML and Nvidia fall

• Foreign Affairs: Fatal shootings in Sweden double in a year

• Security and intelligence: Hezbollah calls for action against Israel and a ceasefire

• Domestic politics: Hereditary Peers Bill introduced in the UK House of Commons

The Mighty Stats

• FTSE = 8,249.28 (down 0.52 per cent at Tuesday close)

• S&P500 = 5,815.26 (down 0.76 per cent at Tuesday close)

• Nasdaq = 18,315.59 (down 1.01 per cent at Tuesday close)

• CAC40 = 7,521.97 (down 1.05 per cent at Tuesday close)

• £1 = $1.31 / €1.20

• US: Trump / Harris = 47.6 / 48.9 per cent

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The Mighty Detail

Economics: In a wide-ranging interview yesterday evening, Donald Trump defended his policy on tariffs saying they would protect companies in the United States from competition. He also said that tariffs would raise money for the Government and incentivise foreign companies to open factories in the United States. Last week, Donald Trump suggested he could impose tariffs of over 200 per cent on Mexican vehicle imports.

Business: Luxury fashion retailer, LVMH, saw revenues drop by 3 per cent in Q3 2024. It posted sales of €19.1 billion. Revenue growth of 1 per cent had been expected. The fashion and leather goods division, which makes up nearly half of LVMH’s revenue, saw sales fall by 5 per cent.

Markets: Shares in semiconductor equipment manufacturer, ASML, fell by 15.6 per cent yesterday following a poor set of company results. Net orders for the Dutch company in Q3 2024 came in at €2.6 billion – far below the €5.6 billion that had been estimated. Shares in chipmakers Nvidia and Broadcom fell by 4 per cent on the news.

Foreign Affairs: Fatal shootings in Sweden have more than doubled in a year, with an average of one shooting every day for every 10 million residents. The shootings are linked to a rise in gang-related violence in the country.

Security and intelligence: The Deputy Chief of Hezbollah, Naim Qassem, has said that the group aims to inflict pain on Israel and that it has a right to attack anywhere in Israel. Qassem also added that “the solution is a ceasefire”. Separately, the Israeli Government said that it would listen to the United States in conducting its military campaigns but that it would make “final decisions based on our national interests.”

Domestic politics: The House of Lords (Hereditary Peers) Bill had its Second Reading in the House of Commons yesterday. The Bill will remove the right of the 92 remaining hereditary peers to sit and vote in the House of Lords. The Government says it is a “long-overdue reform.”

The Mighty Calendar

What’s happening today?

• EU-Gulf Cooperation Council summit, Brussels

• Hong Kong Chief Executive delivers annual Policy Address

• Prime Minister’s Questions in UK Parliament

• Assisted Dying Bill introduced to the UK Parliament

• UK CPI, RPI and PPI inflation data (September)

• Canada housing starts data (September)

• United States trade data (September)

• Japan trade data (September)

Lookahead to tomorrow

• NATO Defence Ministers meet in Brussels (ends Friday)

• European Central Bank interest rate decision

• European Council Meeting (ends Friday)

• Robert Jenrick and Kemi Badenoch participate in GB News television debate

• Eurozone and Japan CPI inflation data (September)

• United States unemployment data (weekly)

• United States and China retail sales data (September)

• United States and China industrial production data (September)

• China GDP data (Q3 2024)

The Mighty Finale

🌤️Weather today

Sunny and largely dry in London. High of 21oC and low of 15oC. Light rain in Belfast. Heavy rain in Edinburgh.

✏️Life coaching quote of the day

“Let others lead small lives, but not you…let others argue over small things, but not you…let others cry over small hurts, but not you…let others leave their future in someone else’s hands but not you.” – Jim Rohn, motivational speaker

Mighty takeaway: Live your life in your own way and live a life that has meaning for you.

That’s about it for this Wednesday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Tuesday, 15 October 2024

The Mighty Headlines

• Economics: China’s export growth slows down

• Business: Google signs deal with nuclear power company

• Markets: S&P 500 reaches record high

• Foreign Affairs: Poland suspends right to asylum

• Security and intelligence: China performs military exercises around Taiwan

• Domestic politics: UK PM downplays capital gains tax increases

The Mighty Stats

• FTSE = 8,292.66 (up 0.47 per cent at Monday close)

• S&P500 = 5,859.85 (up 0.77 per cent at Monday close)

• Nasdaq = 18,502.69 (up 0.87 per cent at Monday close)

• CAC40 = 7,602.06 (up 0.32 per cent at Monday close)

• £1 = $1.31 / €1.20

• UK: Con / Lab / Reform = 24 / 29 / 19 per cent

• US: Trump / Harris = 47.2 / 48.9 per cent

*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: China’s exports rose by 2.4 per cent in September, significantly lower than the 8.7 per cent increase in August. Exports were expected to increase by around 6 per cent last month. US and EU tariffs may be having a role in depressing China’s exports.

Business: Google has signed a deal with a nuclear power company to satisfy the energy demands of its data centres and artificial intelligence programmes. The deal will see Google buy energy from small modular reactors produced by Kairos. The reactors will go live in 2035.

Markets: The S&P 500 reached a new record high during trading yesterday. Monday also marked two years of a bull market for the index – where stock prices increase in value over a prolonged period of time. The stock index has risen by 23 per cent this year and by 63 per cent since October 2022.

Foreign Affairs: The Polish Government is temporarily suspending the right of people to claim asylum in the country. The number of people coming to Poland from the Middle East and Africa has increased markedly since 2021. The Polish Government claims that Belarus and Russia are organising a mass migration to Poland to destabilise the EU. The European Commission has rebuked the Polish Government over its decision.

Security and intelligence: China deployed 125 aircraft as well as aircraft carriers and ships in a military exercise around Taiwan on Monday. China’s Taiwan Affairs Office said “This is a resolute punishment for [the President of Taiwan] Lai Ching-te’s continuous fabrication of ’Taiwan independence’ nonsense.” President Lai Ching-te spoke last week of Taiwan’s independence from China.

Domestic politics: The Prime Minister has said speculation that capital gains tax could be increased to 39 per cent at the Budget were “wide of the mark”. Sir Keir Starmer was speaking after the Government’s International Investment Summit at which the Chancellor, Rachel Reeves, launched a new £27.8 billion National Wealth Fund to deliver “impactful investments” in the UK.

The Mighty Calendar

What’s happening today?

• Pakistan hosts the Shanghai Cooperation Organisation Summit

• Health Questions in UK Parliament

• UK Hereditary Peers Bill introduced to the UK Parliament

• UK unemployment data (August)

• Canada, France and Spain CPI inflation data (September)

• Eurozone industrial production data (August)

• India trade data (September)

Lookahead to tomorrow

• EU-Gulf Cooperation Council summit, Brussels

• Hong Kong Chief Executive delivers annual Policy Address

• Prime Minister’s Questions in UK Parliament

• Assisted Dying Bill introduced to the UK Parliament

• UK CPI, RPI and PPI inflation data (September)

• Canada housing starts data (September)

• United States trade data (September)

• Japan trade data (September)

The Mighty Finale

🌤️Weather today

Light cloud but dry in London. High of 18oC and low of 14oC. Light rain in Belfast. Sunny spells in Edinburgh.

✏️Life coaching quote of the day

“A quitter never wins and a winner never quits.” – Napoleon Hill, motivational speaker and writer

Mighty takeaway: Don’t give up on your dreams and goals. Keep on persisting and eventually you’ll arrive at your destination.

That’s about it for this Tuesday. Thank you for reading to the end. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Monday, 14 October 2024

The Mighty Headlines

• Economics: China announces further economic stimulus measures

• Business: Boeing’s credit rating may be downgraded because of strikes

• Markets: Traders look to earnings this week for information on consumer spending

• Foreign Affairs: Taiwan reports Chinese aircraft carriers nearby

• Security and intelligence: US to send advanced missile defence system to Israel

• Domestic politics: UK Investment Summit taking place today

The Mighty Stats

• FTSE = 8,253.65 (up 0.19 per cent at Friday close)

• S&P500 = 5,815.03 (up 0.61 per cent at Friday close)

• Nasdaq = 18,342.94 (up 0.33 per cent at Friday close)

• CAC40 = 7,577.89 (up 0.48 per cent at Friday close)

• £1 = $1.31 / €1.19

• UK: Con / Lab / Reform = 27 / 27 / 21 per cent

• US: Trump / Harris = 47.2 / 48.9 per cent

 *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: On Saturday, the Chinese Finance Minister Lan Foan announced further stimulus measures to reverse the country’s falling economic growth. Without providing specific figures, the Government said that it would provide capital to state-owned banks, provide further support to local government, offer subsidies to people on low incomes and support the property market.

Business: Aircraft manufacturer Boeing faces a credit rating downgrade after battling with striking workers over the past month. The strike involves 13,000 people and began on the 13th September. A 25 per cent pay rise was rejected by union members last month and a 30 per cent pay rise was rejected last week. Boeing could be losing $100 million a day in revenue and Standard and Poor’s now says it might downgrade the company because of the lost cash.

Markets: Investors are looking ahead to the earnings of major companies which will be published this week. Earnings from American Express, Netflix, Procter & Gamble and United Airlines as well as retail sales data on Thursday are expected to give an indication of the state of consumer spending in the United States.

Foreign Affairs: Taiwan’s defence ministry said yesterday that a Chinese aircraft carrier group was sailing south of the island. The Chinese Army’s Eastern Theatre Command, which covers Taiwan, also published a video online saying that it was “fully prepared” and “biding one’s time before battle”. Taiwan’s President made a series of remarks last week about his country’s independence from China which are likely to have antagonised China.

Security and intelligence: The United States Government announced yesterday that it would send an advanced missile defence system and associated troops to Israel to support Israeli air defences against Iranian attack. Reacting to the news, the Iranian Foreign Minister said that there were “no red lines in defending our people and interests”.

Domestic politics: The UK Government is holding an International Investment Summit today. It says the Summit will bring business leaders “from around the globe” to boost investment and growth. Ahead of the Summit, the Government launched an Industrial Strategy and confirmed that the CEO of Microsoft UK, Clare Barclay, would chair a new Industrial Strategy Council.

The Mighty Calendar

What’s happening today?

Canada Thanksgiving public holiday

Japan National Sport Day public holiday

Defence Questions in UK Parliament

Terrorism Bill (Second Reading) in UK Parliament

UK Inquiry into the Novichok Poisoning of Dawn Sturgess begins

UK Foreign Secretary meets EU Foreign Ministers in Luxembourg

United States budget data (September)

India CPI inflation data (September)

South Korea trade data (September)

Lookahead to tomorrow

Pakistan hosts the Shanghai Cooperation Organisation Summit

Health Questions in UK Parliament

UK Hereditary Peers Bill introduced to the UK Parliament

UK unemployment data (August)

Canada, France and Spain CPI inflation data (September)

Eurozone industrial production data (August)

India trade data (September)

The Mighty Finale

🌤️Weather today

Dry from mid-afternoon in London. High of 13oC and low of 9oC. Dry all day and mostly sunny in Belfast. Dry and sunny in Edinburgh.

✏️Life coaching quote of the day

“Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minute should be enjoyed and savoured.” – Earl Nightingale, motivational speaker

Mighty takeaway: Enjoy today – you’ll never get it back.

That’s it for today. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Friday, 11 October 2024

The Mighty Headlines

• Economics: US inflation falls to 2.4 per cent

• Business: Harvest in the UK set to be the second worst on record

• Markets: GSK shares climb on drug lawsuit payout

• Foreign Affairs: Taiwan President says China has “no right to represent Taiwan”

• Security and intelligence: Israel’s Security Cabinet discusses Iran response

• Domestic politics: New Employment Rights Bill won’t be law until 2026

The Mighty Stats

• FTSE = 8,237.73 (down 0.073 per cent at Thursday close)

• S&P500 = 5,780.05 (down 0.21 per cent at Thursday close)

• Nasdaq = 18,282.05 (down 0.052 per cent at Thursday close)

• CAC40 = 7,541.59 (down 0.24 per cent at Thursday close)

• £1 = $1.31 / €1.19

• US: Trump / Harris = 47.1 / 49.1 per cent

*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 rate of inflation in the United States stood at 2.4 per cent in the year to September. This is down slightly on the 2.5 per cent rate in the year to August. On a monthly basis, inflation increased by 0.2 per cent in September, driven by rising food and housing costs.

Business: The harvest in the UK this year is set to be the second worst on record. Heavy rain and cold weather between autumn 2023 and summer 2024 mean that the wheat harvest is down by 21 per cent. Farmers could lose around £600 million on wheat, barley, oats and oilseed rape.

Markets: Shares in pharmaceutical company GSK climbed by over 3 per cent during trading yesterday. This comes after it agreed to pay $2.2 billion to settle legal claims that its heartburn drug, Zantac, caused cancer. Around 80,000 claimants are involved in the lawsuit which GSK has settled without admitting wrongdoing. Zantac was first approved for sale in the US in 1983 and was discontinued in 2020.

Foreign Affairs: In a speech marking Taiwan’s national day, President Lai Ching-te has said that China has “no right to represent Taiwan”. He added, however, that Taiwan would be willing to work with China on issues such as climate change, health and regional security. Anticipating that the remarks could antagonise China, the US Government said that China should not use the speech as a pretext for military activity against Taiwan.

Security and intelligence: Israel’s Security Cabinet met yesterday evening to discuss the country’s response to Iran’s military strike. It was expected to authorise the Prime Minister and Defence Secretary to initiate a response at their discretion. Israeli Defence Minister, Yoav Gallant, previously warned that Israel’s response would be “lethal, precise and above all surprising”.

Domestic politics: The UK Government introduced its Employment Rights Bill in Parliament yesterday but it is unlikely to become law before 2026 because of extensive scrutiny from business leaders and lawmakers. The Bill includes enhanced sick pay, extends paternity pay and protection from unfair dismissal and bans “exploitative” zero hours contracts.

The Mighty Calendar

What’s happening today?

• Hong Kong public holiday

• Yom Kippur (holiest day in the Jewish calendar)

• Nobel Peace Prize winner announced

• UK construction data (August)

• UK GDP data (August)

• UK trade data (August)

• UK industrial production data (August)

• United States PPI inflation data (September)

• Canada employment data (September)

Lookahead to the weekend

Saturday

• 100th day anniversary of Labour Government in the UK

• America’s Cup Match begins, Barcelona

Sunday

o   World Health Summit begins in Berlin

o   NFL London Edition: Jacksonville Jaguars vs. Chicago Bears

o   ICC Women’s T20 Cricket World Cup: England vs. Scotland

The Mighty Finale

🌤️Weather today

Sunny and dry in London. High of 14oC and low of 10oC. Clear skies in Belfast before turning cloudy in the early evening. Rain in Edinburgh.

✏️Life coaching quote of the day

“Most of us spend too much time on what is urgent and not enough time on what is important.” – Stephen Covey, writer

Mighty takeaway: What are you prioritising that you shouldn’t be and what do you want to prioritise instead? Make a decision to prioritise what is truly important to you.

That’s it for today and for this week. See you again on Monday! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Thursday, 10 October 2024

The Mighty Headlines

• Economics: Germany heading for second year of economic recession

• Business: X operating again in Brazil

• Markets: US stocks rise on higher tech valuations

• Foreign Affairs: EU marks Hungary out as a “risk” to EU security

• Security and intelligence: North Korea blocks roads and railways to South Korea

• Domestic politics: Badenoch and Jenrick reach final Conservative leadership vote

The Mighty Stats

• FTSE = 8,243.74 (up 0.65 per cent at Wednesday close)

• S&P500 = 5,792.04 (up 0.71 per cent at Wednesday close)

• Nasdaq = 18,291.62 (up 0.6 per cent at Wednesday close)

• CAC40 = 7,560.09 (up 0.52 per cent at Wednesday close)

• £1 = $1.31 / €1.19

• US: Trump / Harris = 47.2 / 49.2 per cent

*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 is likely to suffer from a second successive year of economic contraction in 2024. Germany’s Economy Minister, Robert Habeck, said yesterday that the country’s economy is likely to decrease by 0.2 per cent this year. Growth of 0.3 per cent had been expected. In 2023, the German economy shrank by 0.3 per cent.

Business: X is operating again in Brazil after being banned from the country by a Supreme Court Justice earlier this year. Justice Alexandre de Moraes banned X in August after it refused to remove certain user accounts and pay outstanding fines. X has now complied with de Morae’s requests.

Markets: US stock markets rose again yesterday, driven by the rising valuations of tech companies. Amazon and Apple each rose by 1 per cent and the S&P 500 reached a new high during trading.

Foreign Affairs: The European Commission President, Ursula von der Leyen, has said that Hungary’s close relationship with Russia and China is putting the EU’s security at risk. Von der Leyen pointed to Hungary’s reluctant support for Ukraine, its decision to ease visa restrictions for Russians and its decision to allow police officers from China to patrol streets in Hungary with the Hungarian police.

Security and intelligence: North Korea is set to block all road and railway networks into South Korea. The army also announced that defensive structures would be reinforced. The General Staff said this was necessary because “the touch-and-go of war is ever-escalating.” Tensions between North and South are at their highest level in years, with both sides conducting more regular military drills.

Domestic politics: Kemi Badenoch and Robert Jenrick have made it to the final round of the Conservative Party leadership election. Badenoch, a former Business Secretary, received 41 votes. Jenrick, a former Housing Secretary, received 40 votes. Conservative Party members will now have the final say, with the victor announced on the 2 November.

The Mighty Calendar

What’s happening today?

• President Biden travels to Germany

• French budget announced

• Transport Questions in UK Parliament

• General Debate on Sport in UK Parliament

• Boris Johnson’s memoirs are published

• Italy industrial production data (August)

• United States CPI inflation data (September)

• South Korea interest data decision

Lookahead to tomorrow

• Hong Kong public holiday

• Yom Kippur (holiest day in the Jewish calendar)

• President Biden meets German Chancellor Olaf Scholz

• Nobel Peace Prize winner announced

• UK construction data (August)

• UK GDP data (August)

• UK trade data (August)

• UK industrial production data (August)

• United States PPI inflation data (September)

• Canada employment data (September)

The Mighty Finale

🌤️Weather today

Light cloud in London and largely dry. High of 12oC and low of 3oC. Sunny in Belfast and Edinburgh.

✏️Life coaching quote of the day

“You are today where your thoughts have brought you; you will be tomorrow where you thoughts take you.” James Allen, author

Mighty takeaway: Do you want to change your future? Change your thoughts and attitude. If you don’t change anything, you’ll stay you exactly where you are.

That’s all for this Thursday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Wednesday, 9 October 2024

The Mighty Headlines

• Economics: China puts provisional tariffs on EU brandy

• Business: US states sue TikTok over children’s mental health

• Markets: Oil falls while technology shares rise

• Foreign Affairs: Pakistan’s former PM charged with attempted murder

• Security and intelligence: MI5 warns of Russian spy plots

• Domestic politics: James Cleverly leads Conservative leadership election

The Mighty Stats

• FTSE = 8,190.61 (down 1.36 per cent at Tuesday close)

• S&P500 = 5,751.13 (up 0.97 per cent at Tuesday close)

• Nasdaq = 18,182.92 (up 1.45 per cent at Tuesday close)

• CAC40 = 7,521.32 (down 0.72 per cent at Tuesday close)

• £1 = $1.31 / €1.19

• US: Trump / Harris = 47.2 / 49.2 per cent

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 The Mighty Detail

Economics: China is putting provisional tariffs on EU brandy of up to 39 per cent. This comes after the EU agreed earlier this year to levy tariffs of up to 35 per cent on Chinese electric vehicles. Both China and the EU accuse each other of unfairly subsiding or pricing their goods.

Business: More than a dozen US states are suing TikTok, claiming that the platform is addictive and harming children’s mental health. Cari Fais, acting director of New Jersey’s Division of Consumer Affairs said, “The ugly truth is that TikTok misrepresents its platform as being safe for young users when, in reality, it is designed to turn a generation of children into social media addicts for TikTok’s profit.” TikTok has not yet responded to these comments.

Markets: Oil prices fell by more than 4 per cent yesterday as investors saw the threat of an immediate retaliatory strike by Israel on Iran diminishing. Technology shares also increased in value with Nvidia up 4 per cent and Tesla and Microsoft up 1 per cent.

Foreign Affairs: Pakistan’s former Prime Minister, Imran Khan, has been charged with attempted murder. Khan, who is currently in prison, has been accused of inciting the violence that led to the death of a policeman during protests in Islamabad at the weekend.

Security and intelligence: The head of MI5, Ken McCallum, has warned of the threat that the Russian security services (GRU) pose to the UK. He said the GRU had carried out arson and sabotage in the UK with “increasing recklessness” and that MI5’s state-threat investigations had increased by 48 per cent in the last year. He also added that MI5 has acted on 20 Iranian-backed plots since 2022.

Domestic politics: James Cleverly has taken the lead in the latest round of the Conservative Party leadership election. Cleverly, a former UK Foreign Secretary and Home Secretary, secured 39 votes from MPs. Robert Jenrick received 31 votes and Kemi Badenoch received 30 votes. Tom Tugendhat, a former Security Minister, was knocked out.

The Mighty Calendar

What’s happening today?

• South Korea public holiday

• General Election in Mozambique

• Prime Minister’s Questions in UK Parliament

• Renters’ Rights Bill Debate (Second Reading) in UK Parliament

• Conservative MPs vote in fourth round of Party leadership election

• Germany trade data (August)

• Mexico and Brazil CPI inflation data (September)

• Japan PPI inflation data (September)

Lookahead to tomorrow

• President Biden travels to Germany

• French budget announced

• Transport Questions in UK Parliament

• General Debate on Sport in UK Parliament

• Boris Johnson’s memoirs are published

• Italy industrial production data (August)

• United States CPI inflation data (September)

• South Korea interest data decision

The Mighty Finale

🌤️Weather today

Light cloud in London. Small chance of rain. High of 17oC and low of 10oC. Patchy rain in Belfast and Edinburgh.

✏️Life coaching quote of the day

“It’s time to start living the life you imagined.” – Henry James, author

Mighty takeaway: Why put off the life you want to lead? You won’t get a second chance at life. Take one action every day that will help you to achieve your goals.

That’s all for today. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Tuesday, 8 October 2024

The Mighty Headlines

• Economics: Retails sales grow in Eurozone

• Business: Trump promises up to 200 per cent tariffs on Mexican auto imports

• Markets: Brent crude oil surpasses $80 a barrel

• Foreign Affairs: President of Tunisia wins another term in office

• Security and intelligence: Terrorist attack in Pakistan targets Chinese workers

• Domestic politics: UK PM calls for ceasefire in Lebanon and Gaza

The Mighty Stats

• FTSE = 8,303.62 (up 0.28 per cent at Monday close)

• S&P500 = 5,695.94 (down 0.96 per cent at Monday close)

• Nasdaq = 17,923.90 (down 1.18 per cent at Monday close)

• CAC40 = 7,576.02 (up 0.46 per cent at Monday close)

• £1 = $1.31 / €1.19

• US: Trump / Harris = 46.8 / 48.9 per cent

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The Mighty Detail

Economics: Retail sales in the Eurozone grew by 0.2 per cent in August. Factory orders in Germany, however, fell by 5.8 per cent in the same month. This was worse than the 2 per cent decline in factory orders expected. The euro fell below $1.10 on the news.

Business: Donald Trump has indicated he could put 200 per cent tariffs on vehicles from Mexico if he is re-elected President. Trump has previously said that he would impose 100 per cent tariffs in order to support the US auto industry. The President was speaking in the swing-state of Wisconsin – his fourth visit to the state in eight days.

Markets: The price of oil rose to over $80 a barrel yesterday following the continuing tensions in the Middle East. Last week, Brent crude oil rose by more than 8 per cent – the highest weekly increase since the beginning of 2023.

Foreign Affairs: The President of Tunisia, Kais Saied, has secured another term in office with 90 per cent of the vote. Saied faced two rivals, one of whom was jailed last month. A total of 14 other potential candidates were also barred from running.

Security and intelligence: The Chinese Embassy said yesterday that two Chinese workers were killed in a terrorist attack in Karachi, Pakistan on Sunday. The Baloch Liberation Army (BLA), which seeks independence from Pakistan, claimed responsibility. The BLA believes ethnic Baloch residents are not receiving their share of wealth from Chinese investments in the region.

Domestic politics: Speaking in Parliament yesterday, the Prime Minister called for an immediate ceasefire in Lebanon and for Hezbollah to move back north of the Litani River. Sir Keir also called for the return of the Israeli hostages, a ceasefire in Gaza and a two-state solution.

The Mighty Calendar

What’s happening today?

• Germany industrial production data (August)

• Energy Questions in UK Parliament

• European Parliament Debate on the Middle East

• French trade data (August)

• United States trade data (August)

• Canada trade data (August)

Lookahead to tomorrow

• South Korea public holiday

• General Election in Mozambique

• Prime Minister’s Questions in UK Parliament

• Renters’ Rights Bill Debate (Second Reading) in UK Parliament

• Conservative MPs vote in fourth round of Party Leadership election

• Germany trade data (August)

• Mexico and Brazil CPI inflation data (September)

• Japan PPI inflation data (September)

The Mighty Finale

🌤️Weather today

Thundery showers in London. High of 18oC and low of 13oC. Heavy rain in Belfast and Edinburgh. Autumn is definitely here!

✏️Life coaching quote of the day

“First tell yourself what kind of person you want to be, then do what you have to do. For in nearly every pursuit we see this to be the case. Those in athletic pursuit choose the sport they want, and then do that work.” – Epictetus, Ancient Greek philosopher

Mighty takeaway: If you imagine your successful self in the future, what would they be doing today to achieve your dreams? Take that action today.

That’s about it for today’s edition. Thank you so much for reading to the end! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Monday, 7 October 2024

The Mighty Headlines

• Economics: US dockworkers suspend three-day strike

• Business: £550 million bid to buy UK Daily Telegraph newspaper

• Markets: Middle Eastern stock markets fall following geopolitical tensions

• Foreign Affairs: President of Taiwan says “impossible” for China to be the motherland

• Security and intelligence: Iran calls for further strikes against Israel if necessary

• Domestic politics: Prime Minister’s Chief of Staff resigns

The Mighty Stats

• FTSE = 8,280.63 (down 0.023 per cent at Friday close)

• S&P500 = 5,751.07 (up 0.9 per cent at Friday close)

• Nasdaq = 18,137.85 (up 1.22 per cent at Friday close)

• CAC40 = 7,541.36 (up 0.85 per cent at Friday close)

• £1 = $1.31 / €1.19

• UK: Con / Lab / Reform = 23 / 31 / 18 per cent

• US: Trump / Harris = 46.9 / 49.1 per cent

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The Mighty Detail

Economics: US dockworkers have suspended a three-day strike after reaching an agreement with ports and shipping companies. The dockworkers had sought a 77 per cent pay rise over 6 years and a ban on automation at ports. A 62 per cent pay rise is reported to have been agreed. The strikes had come at the peak holiday shopping season for ports.

Business: The owner of the New York Sun is in the lead to buy the UK’s Daily Telegraph. Dovid Efune is reported to be offering £550 million for the newspaper. Efune may seek to expand the  Daily Telegraph into the United States.

Markets: Middle Eastern stock markets closed down at the end of trading on Sunday. This follows continued geopolitical tensions in the region. On Friday, Iran’s Supreme Leader called for further strikes against Israel, and Israel continued its bombardment of Lebanon on Sunday. The Saudi Arabian Tadawul All Share Index fell by 1.6 per cent and Qatari QE Index fell by 0.5 per cent.

Foreign Affairs: The President of Taiwan, Lai Ching-te, has said that it is “impossible” for China to be Taiwan’s motherland. Lai Ching-te was elected in May and has been called a “separatist” by China. China claims Taiwan as part of its territory and the comments are likely to inflame tensions with Beijing.

Security and intelligence: Iran’s Supreme Leader, Ayatollah Ali Khamenei, has said that his country would take further action against Israel if necessary. Last Tuesday, it sent nearly 200 missiles to Israel. Separately, Donald Trump has said that Israel should “hit the nuclear first” and strike Iran’s nuclear facilities.

Domestic politics: The UK Prime Minister’s Chief of Staff, Sue Gray, has resigned from her position. Gray said that the “intense commentary” about her role in government risked becoming a distraction. There have been rumours about her influence over the government and tensions with the Prime Minister’s chief adviser, Morgan McSweeney. McSweeney now replaces her as Chief of Staff.

The Mighty Calendar

What’s happening today?

• China public holiday

• Anniversary of the 7th October attack in Israel

• Work and Pensions Questions in UK Parliament

• UK house price data (September)

• Germany factory orders (August)

• Eurozone retail sales (August)

• Japan household spending data (August)

Lookahead to tomorrow

• Germany industrial production data (August)

• European Parliament Debate on the Middle East

• French trade data (August)

• United States trade data (August)

• Canada trade data (August)

The Mighty Finale

🌤️Weather today

Light rain from mid-morning onwards in London. High of 19oC and low of 13oC. Raining in Belfast and Edinburgh too.

✏️Life coaching quote of the day

“Most people die with their music still in them. Why is this so? Too often it is because they are always getting ready to live. Before they know it, time runs out.” – Oliver Wendell Holmes, former United States Supreme Court Justice

Mighty takeaway: Don’t get ready to start your life some day in the future. Live your life now.

That’s it for this Monday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Friday, 4 October 2024

The Mighty Headlines

• Economics: France increases corporation tax on largest companies

• Business: Levi’s sales weaker than expected

• Markets: Markets fall following Middle East tensions

• Foreign Affairs: Mexico’s first woman president reforms women’s rights

• Security and intelligence: NATO head gives support for Ukraine to strike Russia

• Domestic politics: UK gives up sovereignty of Chagos Islands

The Mighty Stats

• FTSE = 8,282.52 (down 0.1 per cent at Thursday close)

• S&P500 = 5,699.94 (down 0.17 per cent at Thursday close)

• Nasdaq = 17,918.48 (down 0.037 per cent at Thursday close)

• CAC40 = 7,477.78 (down 1.32 per cent at Thursday close)

• £1 = $1.31 / €1.19

• US: Trump / Harris = 47.2 / 49.4 per cent

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The Mighty Detail

Economics: The French Prime Minister, Michel Barnier, has confirmed an increase in corporation tax for around 300 of France’s largest companies to help balance the government’s budget. The increase will apply to companies with over a €1 billion in turnover.

Business: Levi’s has posted weaker than expected revenue for Q3 2024. Sales amounted to $1.52 billion versus the $1.55 billion expected. Sales at Dockers, the khaki clothing brand Levi’s founded in the 1980s, fell by 15 per cent and has pushed overall results down. Levi’s is now considering selling the brand.

Markets: Stock markets fell on Thursday following concerns about the situation in the Middle East. The pan-European Stoxx 600 fell by nearly 1 per cent and the Dow Jones fell by 0.44 per cent. At the same time, the price of oil rose by 5 per cent as traders anticipate reduced supply.

Foreign Affairs: Mexico’s new president, Claudia Sheinbaum, has announced a number of measures to strengthen women’s rights. Sheinbaum, who took office on Tuesday as Mexico’s first female president, is proposing equal pay for women, equal representation of men and women in state and federal government cabinets, financial support for women over 60 and tackling violence against women.

Security and intelligence: The new head of NATO, Mark Rutte, has given his support to Ukraine to hit targets inside Russia. Rutte, who was prime minister of the Netherlands before becoming head of NATO this week, said that Ukrainian defence “does not end at the border”. He added that Ukraine had a right to target Russian fighter jets and missiles before they arrived in Ukraine.

Domestic politics: The UK Government has announced that it is giving up sovereignty of the Chagos Islands to Mauritius following a long-running dispute. The largest of the islands, Diego Garcia, has been used as a joint UK-US military base since the 1960s and will continue to be so. Residents who were forcibly expelled in the 1960s now hope to return to the islands.

The Mighty Calendar

What’s happening today?

• China public holiday

• UK PM gives speech on £22 billion carbon capture investment

• French President hosts Francophonie Summit at Villers-Cotterêts (ends Saturday)

• South Korea retail sales data (August)

• Spain and France industrial production data (August)

• UK construction data (September)

Lookahead to the weekend

Saturday

• Donald Trump returns to Butler, Pennsylvania for rally after attempted assassination

• Spanish Book Fair, Conway Hall

• Planet Earth III Live in Concert, OVO Arena Wembley

• ICC Women's T20 World Cup: England vs Bangladesh

Sunday

• Conker Championships, Hampstead Heath

• NFL London Edition: New York Jets vs Minnesota Vikings, Tottenham Hotspur Stadium

• ICC Women's T20 World Cup: Scotland vs West Indies

The Mighty Finale

🌤️Weather today

Sunny and dry in London. High of 17oC and low of 7oC. Raining all day in Belfast and mostly sunny in Edinburgh.

✏️Life coaching quote of the day

“If you are bored with life, if you don’t get up every morning with a burning desire to do things – you don’t have enough goals.” – Lou Holtz, American Football coach

Mighty takeaway: Don’t waste your time leading an uninspired life. Live a life that is worthwhile and meaningful to you.

That’s all for this week. We'll see you again on Monday! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Thursday, 3 October 2024

The Mighty Headlines               

• Economics: Eurozone unemployment remains stable

• Business: French and US firms invest $10 billion to extract oil in Suriname

• Markets: JD Sports shares fall despite growing sales

• Foreign Affairs: Iranian President visits Qatar

• Security and intelligence: CIA recruits more informants in China, North Korea and Iran

• Domestic politics: UK PM visits Brussels and calls for strengthened cooperation

The Mighty Stats

• FTSE = 8,290.86 (up 0.17 per cent at Wednesday close)

• S&P500 = 5,709.54 (up 0.014 per cent at Wednesday close)

• Nasdaq = 17,925.12 (up 0.082 per cent at Wednesday close)

• CAC40 = 7,577.59 (up 0.046 per cent at Wednesday close)

• £1 = $1.33 / €1.20

• US: Trump / Harris = 47.3 / 49.3 per cent

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The Mighty Detail

Economics: Eurozone unemployment figures have remained stable at 6.4 per cent in June, July and August. The latest statistics show that unemployment was highest in Spain (11 per cent), Greece (9.5 per cent) and Sweden (8.4 per cent). It was lowest in the Czech Republic (2.6 per cent)

Business: French company Total and US firm APA Corporation are to invest $10 billion to extract oil off the cost of Suriname. Oil is expected to be extracted from 2028 onwards in an area that could provide around 700 million barrels of oil.

Markets: Shares in JD Sport fell by over 6 per cent yesterday. This is despite the company reporting growth of 0.7 per cent in the first half of the year and completing the acquisition of Hibbett, a sports retailer in the United States. There is concern that JD Sport’s US expansion is too reliant on the sale of Nike goods. Nike revenue fell by 10 per cent in the three months to August and the company has recently fired its CEO.

Foreign Affairs: Iran’s President, Masoud Pezeshkian, arrived in Qatar yesterday to meet the Emir of Qatar and attend the Asian Cooperation Dialogue Summit. Pezeshkian said the aim of the visit was to strengthen ties with Qatar and shore up support to prevent “Israeli crimes”. Qatar has previously tried to broker a ceasefire in Gaza but this was unsuccessful.

Security and intelligence: The CIA is launching a new campaign to recruit informants in China, Iran and North Korea. The online campaign, which features instructions on how to securely contact the agency, appeared on X, Facebook, Instagram, Telegram, LinkedIn and the Dark Web yesterday. The CIA said it had already conducted a similar and successful campaign in Russia.

Domestic politics: The UK Prime Minister met European Commission President, Ursula von der Leyen, in Brussels yesterday. The Prime Minister called for “strengthened cooperation” with the EU and named the “economy, energy, security and resilience” as priority topics for further discussion.

The Mighty Calendar

What’s happening today?

o   G7 Interior Ministers meeting in Mirabella Eclano, Italy (ends Friday)

o   South Korea and China public holidays

o   Switzerland CPI inflation data (September)

o   France, Spain, Germany, Italy, UK services data (September)

o   United States unemployment data (weekly)

o   Eurozone PPI inflation data (August)

Lookahead to tomorrow

o   China public holiday

o   French President hosts Francophonie Summit at Villers-Cotterêts (ends Saturday)

o   South Korea retail sales data (August)

o   Spain and France industrial production data (August)

o   UK construction data (September)

The Mighty Finale

🌤️Weather today

Mostly sunny and dry in London. High of 16oc and low of 8oC. Sunny and dry all day in Belfast and Edinburgh. Nice weather all round! Hooray!

✏️Life coaching quote of the day

“It is never too late to be what you might have been.” – George Eliot, author

Mighty takeaway: You have one life and only one chance at living. Don’t put off your dreams. Start them today and live them every day.

That’s about it for today’s edition. Thank you so much for reading to the end! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Wednesday, 2 October 2024

The Mighty Headlines

• Economics: French PM warns of France’s “colossal debt”

• Business: Michael Dell sells over $1 billion of Dell company shares

• Markets: Oil prices rise following Iranian missile launches

• Foreign Affairs: Impeachment motion against Kenya’s Deputy President

• Security and intelligence: US confirms “severe consequences” for Iran

• Domestic politics: New tipping law comes into effect

The Mighty Stats

• FTSE = 8,276.65 (up 0.48 per cent at Tuesday close)

• S&P500 = 5,708.75 (down 0.93 per cent at Tuesday close)

• Nasdaq = 17,910.36 (down 1.53 per cent at Tuesday close)

• CAC40 = 7,574.07 (down 0.81 per cent at Tuesday close)

• £1 = $1.33 / €1.20

• US: Trump / Harris = 47.3 / 49.3 per cent

 *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 French Prime Minister, Michel Barnier, has warned that the Frances's "colossal debt" could push the country over the precipice. In his first speech to the French National Assembly, Barnier indicated that there would be tax rises on the wealthy and large corporations and that public spending would be reduced.

Business: The founder and CEO of Dell, Michael Dell, ‎sold $1.22 billion worth of shares in his company last week. Earlier in September, he sold another $1.17 billion dollars worth of shares. Dell stock price has increased by 55 per cent since last year, with the rise of Artificial Intelligence leading to greater interest in the company's computer servers.

Markets: Oil prices rose by 4 per cent during market trading yesterday after Iran fired nearly 200 missiles at Israel. Iran said the missiles were launched in response to Israeli attacks on the Islamist militant group Hezbollah which is backed by Iran. Traders are now concerned about a regional conflict damaging oil supplies from the Middle East.

Foreign Affairs: Allies of the Kenyan President have initiated a motion in the Kenyan parliament to impeach Deputy President Rigathi Gachagua. The President’s allies accuse the Deputy President of supporting the deadly anti-government protests earlier this year, which he denies.

Security and intelligence: US National Security Adviser, Jake Sullivan, confirmed there would be “severe consequences” for Iran after its missile strike on Israel yesterday evening. Sullivan added that the US would “work with Israel to make that the case”. The UK Prime Minister also expressed the UK’s continuing commitment to Israeli security following the attack.

Domestic politics: New tipping laws have come into force to ensure workers keep 100 per cent of the tips they receive. The legislation was initiated in 2022 by the then Conservative MP Dean Russell through a Private Members Bill– one of the only mechanisms by which MPs can initiate legislation independently of the government.

The Mighty Calendar

What’s happening today?

o   India and China public holidays

o   Sir Keir Starmer meets European Commission President in Brussels

o   UK Defence Secretary visits British troops in Cyprus

o   Conservative leadership candidates give main speeches at Party Conference

o   French President visits Germany

o   Spain unemployment data (September)

o   Eurozone unemployment data (August)

o   Australia trade data (August)

o   Mexico manufacturing data (September)

Lookahead to tomorrow

o   G7 Interior Ministers meeting in Mirabella Eclano, Italy (ends Friday)

o   South Korea and China public holidays

o   Switzerland CPI inflation data (September)

o   France, Spain, Germany, Italy, UK services data (September)

o   United States unemployment data (weekly)

o   Eurozone PPI inflation data (August)

The Mighty Finale

🌤️Weather today

Light rain again in London until evening. High of 16oC and low of 9oC. Sunny and dry nearly all day in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Our attitude towards life determines life’s attitude towards us.” – Earl Nightingale, motivational speaker

Mighty takeaway: Choose to have a winner’s attitude and a positive mindset through life. You’ll get the same right back at you.

That’s it for today. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Tuesday, 1 October 2024

The Mighty Headlines

• Economics: Chinese manufacturing slows for 5th consecutive month

• Business: California governor vetoes AI safety bill

• Markets: S&P 500 closes month on new record high

• Foreign Affairs: Snap election in Japan

• Security and intelligence: US provides $567 million in military aid for Taiwan

• Domestic politics: Conservative leadership candidates discuss Reform UK

The Mighty Stats

• FTSE = 8,236.95 (down 1.01 per cent at Monday close)

• S&P500 = 5,762.48 (up 0.42 per cent at Monday close)

• Nasdaq = 18,189.17 (up 0.38 per cent at Monday close)

• CAC40 = 7,635.75 (down 2 per cent at Monday close)

• £1 = $1.34 / €1.20

• UK: Con / Lab / Reform = 22 / 32 / 18 per cent

• US: Trump / Harris = 47.1 / 49.1 per cent

*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: China’s manufacturing output declined again in September for the fifth consecutive month. According to data from China’s National Bureau of Statistics, the Purchasing Managers Index stood at 49.8 for September. This was less than expected but any number below 50 indicates a contraction.

Business: The Governor of California, Gavin Newsom, has vetoed an Artificial Intelligence (AI) safety bill, saying it would not have achieved its aims. The bill would have regulated AI that costs more than $100 million to develop and would have required companies to implement “kill switches” and to publish plans for testing of extreme risks. Facebook’s parent company Meta supported Newsom’s decision, saying the Bill would have “hurt business growth and job creation”.

Markets: The S&P 500 finished September on a record high yesterday, closing at 5,762.48. The stock index rose by 2 per cent in the month. The Nasdaq rose by 2.7 per cent in the month and the Dow Jones rose by 1.9 per cent. September is traditionally a poor month for stock markets.

Foreign Affairs: Japan’s new Prime Minister has called a snap election for the 27th October. Shigeru Ishiba was selected as the leader of Japan’s ruling Liberal Democratic Party on Friday. Speaking about the decision, Ishiba said “I believe it's important for our new administration to receive the public's mandate as soon as possible.”

Security and intelligence: President Biden has approved $567 million in military aid and training for Taiwan. In response, the Chinese Foreign Ministry said that “Taiwanese independence is a dead end” and the United States’ action “seriously violates the one-China principle”.

Domestic politics: Speaking at the Conservative Party Conference yesterday, leadership candidate Tom Tugendhat said his Party must not become like Reform UK. Leadership rival Kemi Badenoch said, however, that she would be prepared to work with Reform UK but would not form an electoral pact with it.

The Mighty Calendar

What’s happening today?

• South Korea, Hong Kong, China public holidays

• Claudia Sheinbaum takes office as Mexico’s first female president

• Mark Rutte takes office as new NATO Secretary General

• United States Vice President election debate

• French PM gives policy address to French National Assembly

• France, Italy, UK, Germany manufacturing data (September)

• Eurozone CPI inflation data (September)

Lookahead to tomorrow

• India and China public holidays

• Sir Keir Starmer meets European Commission President in Brussels

• Conservative leadership candidates give main speeches at Party Conference

• French President visits Germany

• Spain unemployment data (September)

• Eurozone unemployment data (August)

• Australia trade data (August)

• Mexico manufacturing data (September)

The Mighty Finale

🌤️Weather today

Light rain all day in London until evening. High of 14oC and low of 12oC. Dry and sunny in Belfast. Mixture of rain and sun in Edinburgh.

✏️Life coaching quote of the day

“We are all here for some special reason. Stop being a prisoner of your past. Become the architect of your future.” – Robin Sharma, writer

Mighty takeaway: You are not stuck in your current situation. You can change it at any time you choose.

That’s all for this Tuesday. Thank you for reading and see you tomorrow. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

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Monday, 30 September 2024

The Mighty Headlines

• Economics: Protests in Portugal against rising house prices

• Business: St James’s Place funds deliver “insufficient value”

• Markets: Japanese stocks fall following selection of new PM

• Foreign Affairs: Austrian far-right party wins parliamentary elections

• Security and intelligence: China criticises US deployment of missiles in Philippines

• Domestic politics: Badenoch and Tugendhat interviews at Conservative Conference

The Mighty Stats

• FTSE = 8,320.76 (up 0.43 per cent at Friday close)

• S&P500 = 5,738.17 (down 0.13 per cent at Friday close)

• Nasdaq = 18,119.59 (down 0.39 per cent at Friday close)

• Nikkei = 37,919.55 (down 4.8 per cent at Monday close)

• CAC40 = 7,791.79 (up 0.64 per cent at Friday close)

• £1 = $1.34 / €1.20

• UK: Con / Lab / Reform = 26 / 30 / 18 per cent

• US: Trump / Harris = 47.1 / 49.1 per cent

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The Mighty Detail

Economics: There were protests across Portugal at the weekend in response to rising house prices. Between 2020 and 2021, house prices in the country rose by 157 per cent. Rents increased by 115 per cent between 2015 and 2021. The Government has promised €2 billion to build 33,000 homes by 2030.

Business: Wealth manager St James’s Place (SJP) has said the vast majority of its funds deliver “insufficient value” on performance. Chair of SJP Unit Trust Group, Sheila Nicoll, said “there are no fast fixes.” SJP has seen its share prices halve in recent years, following concerns in particular over its fee structure.

Markets: Japanese stocks fell today, following the selection of new Prime Minister, Shigeru Ishiba on Friday and expectations of interest rate increases. Traders had expected Sanae Takaichi, who opposes higher interest rates, to be selected as Prime Minister. 

Foreign Affairs: Austria’s far-right Freedom Party has won the most votes in the country’s parliamentary elections. It secured 29 per cent of the vote. No party, however, has won sufficient votes to govern with an outright majority. Forming a coalition government is also likely to be difficult.

Security and intelligence: China has criticised the United States’ deployment of the Typhon missile system in the Philippines. Speaking on Saturday, Chinese foreign minister Wang Yi said the intermediate-range missile system, which is capable of hitting China, “undermines regional peace and stability”. The US views the Philippines as a strategic base for responding to a Chinese invasion of Taiwan.

Domestic politics: The Conservative Party conference continues in Birmingham today, with a membership Q&A with leadership candidates Tom Tugendhat and Kemi Badenoch. The other candidates Robert Jenrick and James Cleverly are interviewed tomorrow. The front-runners, Badenoch and Jenrick, have focused on immigration policy in recent media appearances.

The Mighty Calendar

What’s happening today?

• Shadow Chancellor Jeremy Hunt addresses Conservative Party Conference

• UK’s last coal-fired power plant ceases operation

• UK GDP data (Q2 2024)

• Germany retail sales data (July)

• Italy CPI inflation data (September)

• Germany CPI inflation data (September)

• Japan unemployment rate (August)

• South Korea trade data (September)

Lookahead to tomorrow

• South Korea, Hong Kong, China public holidays

• Claudia Sheinbaum takes office at Mexico’s first female president

• Mark Rutte takes office as new NATO Secretary General

• United States Vice President election debate

• French PM gives policy address to French National Assembly

• France, Italy, UK, Germany manufacturing data (September)

• Eurozone CPI inflation data (September)

The Mighty Finale

🌤️Weather today

Rain for much of the day in London. High of 17oC and low of 11oC. Same weather in Belfast and Edinburgh.

✏️Life coaching quote of the day

“If you don’t try at anything, you can’t fail… it takes back bone to lead the life you want.” – Richard Yates, writer

Mighty takeaway: We’re repeating this quote from Thursday last week because it was so good! Go after your dreams, even if you risk failure, because this life isn’t a practice run. It’s the real one and the only one you’ll have.

Mighty takeaway:

That’s about it for today’s edition. Thank you so much for reading to the end! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Friday, 27 September 2024

The Mighty Headlines

• Economics: US urges China to support domestic Chinese demand

• Business: Jaguar Land Rover invests £250 million In new factory

• Markets: Markets rise on US GDP data

• Foreign Affairs: Japanese court acquits death row inmate of 1966 murders

• Security and intelligence: Sudanese army makes push for capital

• Domestic politics: Starmer calls for an end to violence between Israel and Lebanon

The Mighty Stats

• FTSE = 8,284.91 (up by 0.2 per cent at Thursday close)

• S&P500 = 5,745.37 (up 0.4 per cent at Thursday close)

• Nasdaq = 18,190.29 (up 0.6 per cent at Thursday close)

• CAC40 = 7,742.09 (up by 2.33 per cent at Thursday close)

• £1 = $1.34 / €1.20

• US: Trump / Harris = 47.1 / 49.1 per cent

*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 United States is urging China to take “concrete steps” to support domestic demand. The news comes following relative weak Chinese growth and Beijing’s announcement of stimulus measures on Tuesday to support consumer spending.

Business: Jaguar Land Rover is set to invest a further £250 million in a historic factory to build more electric vehicles. The car manufacturer will upgrade the Halewood plant near Liverpool which was originally built in 1963 to make the Ford Anglia. The company has already spent £250 million modernising the factory.

Markets:  The stock market in Europe and the US closed in positive territory yesterday after news that the US economy grew faster than the eurozone and UK economies. In Q2 2024, the US economy is reported to have grown by an annual rate of 3 per cent.

Foreign Affairs: A Japanese court has acquitted its longest-serving death row inmate of a 1966 quadruple murder. Iwao Hakamada, 88, has been found not guilty after a retrial which revealed investigators in the 1960s had fabricated the evidence against him. Hakamada has spent 48 years in prison, 45 years on death row and most of it in solitary confinement. Since 2014, when the retrial was first granted, he has been serving his sentence at home.

Security and intelligence: The Sudanese army is making a push to regain the country’s capital city in the biggest ground operation in the area since the start of the civil war in April 2023. The Sudanese army lost control of Khartoum to the Rapid Support Forces paramilitary group last year as both jostled for control of the country.

Domestic politics: Sir Keir Starmer addressed the UN General Assembly yesterday evening and called for Israel and Hezbollah to “step back from the brink”. This follows calls for an immediate 21-day ceasefire across the Lebanon-Israel border by the G7 countries and allies in the Middle East. Benjamin Netanyahu will address the UN today.

The Mighty Calendar

What’s happening today?

• Israeli Prime Minister gives speech at UN General Assembly General Debate

• New Scottish Conservative Party leader announced

• Japan’s ruling LDP party chooses new leader to replace Prime Minister

• France CPI inflation data (September)

• Spain CPI inflation data (September)

• Germany unemployment data (September)

• United States personal income and personal spending data (August)

Lookahead to the weekend

Saturday

o   Sailing America’s Cup Louis Vuitton Finals continue (end 5th October)

o   Georgian cookery demonstration – Handel House Museum, Mayfair, London

o   World Halal Food Festival begins, Stratford (ends 29th September)

Sunday

o   Freemen and freewomen of the City of London herd sheep over Southwark bridge

o   Indonesia Moto Grand Prix Final Race

o   Berlin Marathon

The Mighty Finale

🌤️Weather today

Rain again in London! High of 13oC and low of 5oC. Largely dry and sunny in Belfast and Edinburgh. A good start to the week for you!

✏️Life coaching quote of the day

“You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself.” – Jim Rohn, motivational speaker

Mighty takeaway: You have the power to achieve anything you want in life but you must be willing to do things differently if you haven’t had the results you wanted up until now. If you don’t change, nothing in your life will change.

That’s all for today and for this week. Thank you for reading and we’ll see you again on Monday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Thursday, 26 September 2024

The Mighty Headlines

• Economics: Growth forecast for UK upgraded

• Business: PwC reports nearly 10 per cent revenue growth

• Markets: Bitcoin reaches one-month high

• Foreign Affairs: President Putin issues warning over nuclear weapons

• Security and intelligence: Hezbollah fires first ever ballistic missile

• Domestic politics: Zombie knives now banned

The Mighty Stats

• FTSE = 8,268.70 (down 0.17 per cent at Wednesday close)

• S&P500 = 5,722.26 (down 0.19 per cent at Wednesday close)

• Nasdaq = 18,082.21 (up 0.043 per cent at Wednesday close)

• CAC40 = 7,565.62 (down 0.5 per cent at Wednesday close)

• £1 = $1.33 / €1.20

• US: Trump / Harris = 47.1 / 49.2 per cent

*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 UK’s growth forecast for 2024 has been upgraded from 0.4 per cent to 1.1 per cent. The OECD’s prediction would make the UK’s GDP growth this year the second-highest in the G7 after the United States.

Business: PwC UK reported growth of 9 per cent in the 2023 financial year. Revenue reached £6.3 billion. Profits fell slightly, however, from £1.3 to £1.14 billion. Profits distributed to UK partners also fell from an average of £906,000 to an average of £862,000.

Markets:  The value of Bitcoin reached a one-month high during trading yesterday. The price of the cryptocurrency increased to over $64,000. The Federal Reserve’s recent cut in interest rates may be a factor as investors seek greater returns elsewhere.

Foreign Affairs: President Putin issued a new threat over nuclear weapons yesterday evening. The Russian president said that he would consider using nuclear weapons if Russia were attacked with conventional weapons or if a nuclear power were to support another country’s attack on Russia.

Security and intelligence: Hezbollah has fired its first ever ballistic missile towards Israel yesterday. The missile was targeting the headquarters of the Israeli intelligence service but was intercepted by Israel’s air defence system. The Iran-back militant group said the missile was launched in support of the “Palestinian people in Gaza” and in “defence of Lebanon.”

Domestic politics: Zombie knives and machetes are now banned. The weapons, which are over 8 inches long, were added to the list of prohibited weapons under the Criminal Justice Act 1988. An amnesty scheme for people wishing to dispose of the weapons ended on Monday.

The Mighty Calendar

What’s happening today?

o   President Biden hosts President Zelenskyy at the White House

o   Sir Keir Starmer gives speech at UN General Assembly General Debate

o   UN Security Council discusses situation in the Middle East

o   Professor Chris Whitty appears at Covid-19 Inquiry

o   Spain retail sales data (August)

o   Italy business and consumer confidence data (September)

o   United States GDP data (Q2 2024)

o   United States unemployment data (weekly)

Lookahead to tomorrow

• Israeli Prime Minister gives speech at UN General Assembly General Debate

• New Scottish Conservative Party leader announced

• Japan’s ruling LDP party chooses new leader to replace Prime Minister

• France CPI inflation data (September)

• Spain CPI inflation data (September)

• Germany unemployment data (September)

• United States personal income and personal spending data (August)

The Mighty Finale

🌤️Weather today

Thunder and rain in London. High of 18oC and low of 10oC. Heavy rain in Belfast. Light rain in Edinburgh.

✏️Life coaching quote of the day

“If you don’t try at anything, you can’t fail… it takes back bone to lead the life you want.” – Richard Yates, writer

Mighty takeaway: Go after your dreams, even if you risk failure, because this life isn’t a practice run. It’s the real one and the only one you’ll have.

That’s all, folks, for today! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Wednesday, 25 September 2024

The Mighty Headlines

• Economics: China announces stimulus measures

• Business: Europe’s largest paint maker to cut 2,000 jobs

• Markets: Stock markets rise following tech gains

• Foreign Affairs: Argentina and Venezuela diplomatic fall out

• Security and intelligence: US gives $375 million more aid to Ukraine

• Domestic politics: PM gives speech at Labour Party conference

The Mighty Stats

• FTSE = 8,282.76 (up 0.28 per cent at Tuesday close)

• S&P500 = 5,732.93 (up 0.25 per cent at Tuesday close)

• Nasdaq = 18,074.52 (up 0.56 per cent at Tuesday close)

• CAC40 = 7,604.01 (up 1.28 per cent at Tuesday close)

• £1 = $1.34 / €1.20

• US: Trump / Harris = 47.2 / 49.1 per cent

*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: China has announced new measures to support its slowing economy.‎ The Governor of the People's Bank of China, Pan Gongsheng, said the minimum deposit for a home would be lowered from 25 per cent to 15 per cent. Interest rates on existing mortgages would be cut by half a per cent and the amount banks need to hold in cash reserves would also be cut by half a percentage point, potentially releasing up to 1 trillion yuan (£106 billion) to support lending. 

Business: Europe’s largest paint manufacturer is set to cut 2,000 jobs by the end of next year. AkzoNobel, which owns Dulux, had already announced in May that it was closing factories in the Netherlands, Ireland and Zambia. A post-pandemic decrease in demand may be a factor.

Markets: The S&P 500 reached a new record-high yesterday, helped by a rise in Nvidia’s share price. Chipmaker Nvidia’s stock rose by more than 4 per cent. US-listed stocks of Chinese companies also rose following news of Beijing’s stimulus package yesterday. Alibaba rose by 5 per cent.

Foreign Affairs: An Argentine court has called for the arrest of Venezuelan President, Nicolas Maduro, for alleged crimes against humanity. This comes after Venezuela’s supreme court called for the arrest of Argentinian President, Javier Milei. Tensions between the countries have increased following far-right Milei’s election last year.

Security and intelligence: The United States has pledged a further $375 million in military aid to Ukraine ahead of President Zelensky’s meeting with President Biden tomorrow. Total US security aid to Ukraine since 2022 comes to over $56.2 billion.

Domestic politics: The Prime Minister spoke at Labour Party Conference yesterday. He offered little in new policy but did indicate the Government would give homeless veterans and domestic abuse victims priority for housing. He also said the Government would introduce a new “Hillsborough” law to prevent future state cover-ups.

The Mighty Calendar

What’s happening today?

o   Ukrainian President gives speech at UN General Assembly General Debate

o   Sir Keir Starmer addresses UN Security Council

o   UN Security Council discusses situation in Ukraine

o   Launch of NASA SpaceX Crew-9 mission

o   G20 foreign affairs ministers meet on sidelines of UN General Assembly

o   Japan CPI inflation data (year-on-year)

o   Spain PPI inflation data (year-on-year)

o   United States new home sales data (August)

o   France consumer confidence (September) and jobseekers data (August)

Lookahead to tomorrow

o   President Biden hosts President Zelenskyy at the White House

o   Israeli Prime Minister gives speech at UN General Assembly General Debate

o   UN Security Council discusses situation in the Middle East

o   Professor Chris Whitty appears at Covid-19 Inquiry

o   Spain retail sales data (August)

o   Italy business and consumer confidence data (September)

o   United States GDP data (Q2 2024)

o   United States unemployment data (weekly)

The Mighty Finale

🌤️Weather today

Light rain likely most of the day in London. High of 16oC and low of 12oC. Largely dry and sunny in Belfast and Edinburgh until early evening. Lucky for you!

✏️Life coaching quote of the day

“Do not wait: the time will never be 'just right'. Start where you stand, and work whatever tools you may have at your command and better tools will be found as you go along.” – Napoleon Hill, motivational speaker

Mighty takeaway: Get started on your dreams and goals today. There will never be the perfect time to start. The important part is to get started and then stay committed.

That’s it for today. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Tuesday, 24 September 2024

The Mighty Headlines

• Economics: French government may increase taxes on high earners

• Business: JCB sales increase but warns of tough economic conditions

• Markets: Coffee prices set to rise amid shortage

• Foreign Affairs: Sri Lanka has new centre-left president

• Security and intelligence: Egypt delivers more arms to Somalia

• Domestic politics: Rachel Reeves rules out some tax increases

The Mighty Stats

• FTSE = 8,259.71 (up 0.36 per cent at Monday close)

• S&P500 = 5,718.57 (up 0.28 per cent at Monday close)

• Nasdaq = 17,974.27 (up 0.14 per cent at Monday close)

• CAC40 = 7,508.08 (up 0.1 per cent at Monday close)

• £1 = $1.33 / €1.20

• US: Trump / Harris = 47.2 / 49.4 per cent

*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: French Prime Minister, Michel Barnier, has proposed increasing taxes on high earners ahead of a budget due by the 1st October. Barnier called the French government’s financial situation “very serious”. France’s national debt stands at €3.2 trillion or 110 per cent of GDP.

Business: JCB’s turnover rose by 14 per cent last year to £6.5 billion. Profits before tax were £805.8 million. The construction equipment manufacturer warned, however, of a challenging year this year because of a decline in UK housebuilding and a decline in economic activity in Germany.

Markets: The price of coffee is set to rise further. Brazil and Vietnam are the world’s largest coffee producers but Brazil has been hit by droughts this year and Vietnam has been hit by Typhoon Yagi. Output could fall by 20 per cent. The price of Arabica coffee traded on the Intercontinental Exchange has already increased from around $1.80 a year ago to $2.50 today.

Foreign Affairs: Sri Lanka has a new centre-left president, Anura Kumara Dissanayake. Dissanayake has promised to renegotiate an IMF deal which the previous government secured to bail Sri Lanka out of its economic crisis. Austerity measures were imposed after the deal.

Security and intelligence: Egypt has delivered more arms to Somalia after a security pact was agreed in August. Following the August delivery, a second major load of weapons and artillery arrived at the weekend. Both countries mistrust nearby Ethiopia which they accuse of acting against their economic and territorial interests.

Domestic politics: At Labour Party Conference yesterday, the Chancellor of the Exchequer ruled out increases in income tax, national insurance and VAT. Reeves added there would be “no return to austerity” but did not give details about future tax and spending decisions. The Prime Minister is set to give his speech to the Labour Party Conference today.

The Mighty Calendar

What’s happening today?

• Sir Keir Starmer gives speech at Labour Party Conference 2024

• President Biden speaks at UN General Assembly General Debate

• Reserve Bank of Australia interest rate decision

• United States house price data (July)

• South Korea consumer confidence data (September)

Lookahead to tomorrow

• Ukrainian President gives speech at UN General Assembly General Debate

• UN Security Council discusses situation in Ukraine

• G20 foreign affairs ministers meet on sidelines of UN General Assembly

• Japan CPI inflation data (year-on-year)

• Spain PPI inflation data (year-on-year)

• United States new home sales data (August)

• France consumer confidence (September) and jobseekers data (August)

The Mighty Finale

🌤️Weather today

Largely dry in London. High of 18oC and low of 11oC. Mostly sunny in Belfast but rain all day in Edinburgh. Bad luck, Edinburgh!

✏️Life coaching quote of the day

“The only man who never makes mistakes is the man who never does anything.” – Theodore Roosevelt, US President

Mighty takeaway: Taking action and working towards your goals means making mistakes. It’s inevitable. The important things is to keep on persevering. You’ll always find a way through.

That’s it for today’s edition. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk

Monday, 23 September 2024

The Mighty Headlines

• Economics: Retail sales rise in the UK in August

• Business: Chipmaker Qualcomm makes bid for Intel takeover

• Markets: Trump Media shares fall to 52-week low

• Foreign Affairs: New government in France

• Security and intelligence: US and Indo-Pacific countries agree tighter security

• Domestic politics: Rachel Reeves speaks at Labour Party Conference today

The Mighty Stats

• FTSE = 8,229.99 (down 1.19 per cent at Friday close)

• S&P500 = 5,702.55 (down 0.19 per cent at Friday close)

• Nasdaq = 17,948.32 (down 0.36 per cent at Friday close)

• CAC40 = 7,500.26 (down 1.51 per cent at Friday close)

• £1 = $1.33 / €1.19

• UK: Con / Lab / Reform = 21 / 33 / 18 per cent

• US: Trump / Harris = 47.4 / 49.3 per cent

 *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: Retail sales rose by 1 per cent in the UK last month compared with July. This is ahead of the 0.4 per cent of growth forecast. The chief economist of the Office for National Statistics, Grant Fitzner, said “Retail sales rose in August as warmer weather and end-of-season promotions helped to boost sales, most notably for clothing and food shops.”

Business: US chipmaker Qualcomm has approached Intel about a possible takeover. Intel has been struggling in recent months and announced in August that it would be cutting 15,000 jobs. Intel is currently valued at around $93 billion.

Markets: The shares in Donald Trump’s company Trump Media start the week at a 52-week low. The shares are currently worth around $13.55 – down by 65 per cent from their peak in July. Trump Media owns the social media platform Truth Social and investors are waiting to see whether Donald Trump will sell his shares in the company.

Foreign Affairs: A new government has been formed in France, two months after the legislative elections in July. New centre-right Prime Minister, Michel Barnier, unveiled a 39-member Cabinet consisting mainly of politicians from the conservative Les Républicains party and the centrist parties supporting President Macron.

Security and intelligence: At the Quad summit on Saturday, the leaders of the United States, India, Japan and Australia agreed to expand security cooperation in the Indo-Pacific. A particular focus will be on keeping peace in the South China Sea, which is largely claimed by China. The Quad – formally known as Quadrilateral Security Dialogue – is a strategic security group.

Domestic politics: The Chancellor Rachel Reeves will give a speech at Labour Party Conference today. Reeves is expected to talk about the economic inheritance the Government received from the previous Conservative administration and her approach to the public finances.

The Mighty Calendar

What’s happening today?

• Japan public holiday (autumn equinox)

• Rachel Reeves gives speech at Labour Party Conference 2024

• Former Defence Secretary, Ben Wallace, addresses Independent Inquiry on Afghanistan

• UN Summit of the Future begins, New York City

• UK, France, Germany, Eurozone, Japan manufacturing data (September)

• South Korea PPI inflation data (August)

Lookahead to tomorrow

• Sir Keir Starmer gives speech at Labour Party Conference 2024

• President Biden speaks at UN General Assembly General Debate

• Reserve Bank of Australia interest rate decision

• United States house price data (July)

• South Korea consumer confidence data (September)

The Mighty Finale

🌤️Weather today

Light rain throughout the day in London. High of 19oC and low of 13oC. Largely dry in Belfast and Edinburgh.

✏️Life coaching quote of the day

“We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes – understanding that failure is not the opposite of success, it’s part of success.” – Arianna Huffington, co-founder of The Huffington Post

Mighty takeaway: Keep going past the obstacles and failures. You’ll learn so much if you just keep persevering in life.

That’s all for today’s edition. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.

Adios!

The Mighty Memo team

hello@mightymemo.co.uk