Thursday, 29 August 2024
The Mighty Headlines
Economics: Bank of Japan ready to raise interest rates
Business: Lego to make bricks from more renewable materials
Markets: Warren Buffet sells $982 million of Bank of America shares
Foreign Affairs: Mexico freezes relationship with US and Canadian embassies
Security and intelligence: US National Security Advisor meets Chinese Foreign Minister
Domestic politics: Prime Minister calls for closer relationship with Europe
The Mighty Stats
FTSE = 8,343.85 (down 0.019 per cent at Wednesday close)
S&P500 = 5,592.18 (down 0.6 per cent at Wednesday close)
Nasdaq = 17,556.03 (down 1.12 per cent at Wednesday close)
Nikkei = 38,362.53 (down 0.024 per cent at Thursday close)
CAC40 = 7,577.67 (up 0.16 per cent at Wednesday close)
£1 = $1.32 / €1.19 / ¥191.16
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The Mighty Detail
Economics: The Bank of the Japan’s Deputy Governor said yesterday that the bank was prepared to raise interest rates if inflation carried on its current trajectory. The Bank of Japan raised interest rates to a 15-year high in July.
Business: Lego has said that it plans to make half of the plastic it uses in its bricks from renewable or recyclable materials by 2026. Only 22 per cent of the plastics in Lego bricks is currently made from non-fossil fuel material.
Markets: Warren Buffett has sold $981.9 million worth of shares in Bank of America. The sale occurred between 23 August and 27 August. Buffett’s company, Berkshire Hathaway, has sold around $5.4 billion worth of shares in Bank of America since July but is still its largest shareholder with $35.85 billion worth of shares.
Foreign Affairs: The Mexican government has frozen its relationship with the US and Canadian embassies in the country. This follows the US and Canadian ambassadors’ criticisms of reforms to the Mexican supreme court. The proposed reforms would see supreme court judges elected by popular vote which critics say will give more influence to the government and criminals.
Security and intelligence: The US National Security Advisor, Dan Sullivan, has been in China since Tuesday meeting the Chinese Foreign Minister. Sullivan has raised concerns about China’s unfair trade policies, its use of US technologies to undermine US national security, human rights and China’s support for Russia’s defence industrial base and its actions against the Philippines.
Domestic politics: In a visit to Germany yesterday, the Prime Minister said that he wanted a closer relationship. He announced a bilateral treaty with Germany that would focus on security, economic growth, law enforcement, energy, education, transport, technology and “people-to-people” contacts. The treaty is expected to be signed in early 2025.
The Mighty Calendar
What’s happening today?
Prime Minister meets President Macron
President Macron begins a two-day visit to Serbia
UK, Italy, Germany, France new car registrations (July)
Norway retail sales data (July)
Japan retail sales data (July)
Eurozone CPI inflation data (July)
Japan CPI inflation data (July)
Eurozone consumer confidence data (August)
Lookahead to tomorrow
Canada GDP data (Q2 2024)
France CPI inflation data (August)
Italy CPI inflation data (August)
Eurozone CPI inflation data (August)
Eurozone unemployment data (July)
Germany retails sales data (May)
UK mortgage approvals data (July)
The Mighty Finale
🌤️Weather today
Another dry and sunny day in London. High of 23℃ and low of 11℃. Also dry and sunny in Belfast and Edinburgh!
✏️Life coaching quote of the day
“None of us can change our yesterdays, but all of us can change our tomorrows.” – Colin Powell, former US Secretary of State
Mighty takeaway: Dwelling on the past won’t change your future. But taking action today can change your future. It’s your choice.
That’s all for today’s edition. 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