Tuesday, 27 August 2024
Tuesday, 27th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Bank of England Governor gives positive signs on inflation
Business: BMW overtakes Tesla in European electric vehicle sales in July
Markets: Chipmaker Nvidia’s impact on the S&P500 this week
Foreign Affairs: Top US General makes unannounced trip to Middle East
Security and intelligence: US National Security Advisor to visit China
Domestic politics: Prime Minister speaks to President Xi Jinping
The Mighty Stats
FTSE = 8327.78 (up 0.48 per cent at Friday close)
S&P500 = 5,616.84 (down 0.32 per cent at Monday close)
Nasdaq = 17,725.77 (down 0.85 per cent at Monday close)
Nikkei = 38,288.62 (up 0.47 per cent at Tuesday close)
CAC40 = 7,590.37 (up 0.18 per cent at Monday close)
£1 = $1. 32/ €1.18 / ¥190.98
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: The Bank of England Governor has talked positively about the direction of inflation but acknowledged it was “too early to declare victory”. Speaking at the US Federal Reserve’s Jackson Hole Symposium, he said that persistent inflation from the setting of prices and wages was smaller than a year ago but could not be taken for granted.
Business: BMW overtook Tesla in European electric vehicles sales in July. BMW sold 14,869 fully electric cars last month. This represents a 35 per cent year-on-year increase. In contrast, Tesla electric vehicle sales declined by 16 per cent year-on-year to 14,561. In the year to date, Tesla sold 178,700 electric vehicles while BMW sold just over 97,500.
Markets: Nvidia is likely to have an impact on the S&P500 this week as the computer chip maker announces its earnings. The S&P500 stock index has grown by 17 per cent year-to-date and around a quarter of this has been due to the rise in the value of Nvidia’s stock.
Foreign Affairs: The Chairman of the US Joint Chief of Staff began an unannounced visit to the Middle East on Saturday. Air Force General C.Q. Brown is visiting Jordan, Egypt and Israel in a bid to lower tensions in the region. Countries are still waiting for Iran’s promised retaliatory attack on Israel.
Security and intelligence: The White House has announced that the National Security Advisor, Jake Sullivan, will visit China this week. Sullivan will meet Chinese foreign minister, Wang Yi, and is expected to discuss military-to-military communication, the South China Sea and China’s support for Russia’s defence industrial base. This will be the first visit by a US National Security Advisor to China since 2016.
Domestic politics: The Prime Minister spoke to Chinese President Xi Jinping on Friday. The Prime Minister said he hoped to have “open, frank and honest discussions” with Xi on Hong Kong, the war in Ukraine and human rights among other issues.
The Mighty Calendar
What’s happening today?
PM to give speech about recent riots at no.10 Downing Street
PM to travel to Germany for meeting with German Chancellor
Germany GDP data (Q2 2024)
Hong Kong trade data (July)
Spain consumer confidence data (July)
US house price index data (June)
Lookahead to tomorrow
France jobseekers data (July)
France consumer confidence data (August)
Switzerland economic expectations index (August)
New Zealand business confidence data (August)
The Mighty Finale
🌤️Weather today
Dry and sunny all day in London. High of 24℃ and low of 14℃. Light rain until lunchtime in Belfast. Raining basically all day in Edinburgh.
✏️Life coaching quote of the day
“Success is the sum of small efforts, repeated day in and day out.” – Robert Collier, writer
Mighty takeaway: Your goals and ambitions may seem a distant probability but by taking one step each day you will soon be walking in the direction of your dreams.
That’s it for today. Thank you for reading! 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