Thursday, 8 August 2024
Thursday, 8 August 2024 - www.mightymemo.co.uk
The Mighty Headlines
Business: Disney returns to profit because of streaming services and Inside Out 2 movie
Markets: Tech stocks climb and then fall in continued volatility
Foreign Affairs: Spain’s Catalan separatist leader likely to be back in Spain after fleeing
Domestic politics: Former First Minister of Wales back in Welsh Government
The Mighty Stats
FTSE = 8,097,13 (down 0.85 per cent)
S&P 500 = 5,199.50 (down 0.77 per cent at Wednesday close)
Nasdaq = 16,195.81 (down 1.05 per cent at Wednesday close)
Nikkei = 34,831.15 (down 0.74 per cent at Thursday close)
CAC40 = 7,266.01 (up 1.91 per cent at Wednesday close)
£1 = $1.27 / €1.16 / ¥ 185.95
The Mighty Detail
The Chancellor is calling on UK pension funds to invest more in the UK economy. Ahead of a visit to Toronto, the Chancellor has said that UK pension funds should “learn lessons from the Canadian model”, where pension funds are typically larger and have the capital to invest in infrastructure and higher-growth businesses.
Disney returned to profit going into July after better-than-expected revenue from its entertainment segment. Disney saw revenue of $23.16 billion last fiscal quarter helped by its streaming services – Disney+, ESPN+ and Hulu – making a profit for the first time. Profitability was also helped by the movie Inside Out 2 which has become the highest grossing animated film in history.
Tech stocks began to climb yesterday before falling back down. Shares in Amazon, Apple and Microsoft each gained over 2 per cent at the start of the day before falling back. The US stock market ended the day down with neither the S&P 500, the Nasdaq nor the Dow Jones posting gains at market close.
Spain’s Catalan separatist leader, Carles Puigdemont, is likely to be back in Spain today after fleeing the country in 2017. He is seeking to prevent a pro-Spanish regional government from being voted on in the regional parliament in Barcelona today. Puigdemont faces charges of sedition and rebellion following a failed Catalan declaration of independence.
The former First Minister of Wales, Mark Drakeford, has been appointed as health secretary in the new Welsh Government. Drakeford, who stood down as First Minister in March 2024, previously held the position of health minister between 2013 and 2016.
What’s happening today?
UK unemployment rate (June)
France Trade data (June)
US continuing jobless claims (weekly)
US initial jobless claims (weekly)
Mexico interest rate decision
China CPI and PPI inflation data (July)
Lookahead to tomorrow
France unemployment rate (Q2 2024)
Canada unemployment rate (July)
Germany CPI inflation data (July)
Italy CPI inflation data (July)
Brazil CPI inflation data (July)
Mexico industrial production (June)
Weather today
Overcast most of the day with some chance of rain in the afternoon. High of 21°C and low of 18°C.
Life coaching quote of the day
“Vision is not enough. It must be combined with venture. It is not enough to stare up the steps; we must also step up the stairs.” – Vaclav Havel, writer and former Czech President
Meaning: Without action, your aims and goals will remain only as aims and goals. They will not materialise. The most important step to take is to take action. Just one small step first. Then another and another. Even if you don’t have the full path in front of you.
That’s it! Have a happy Thursday everyone. If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk