Wednesday, 28 August 2024
Wednesday, 28th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Canada puts 100 per cent tariffs on Chinese electric vehicles
Business: Hobbycraft bought by investment firm
Markets: Oil prices fall after 7 per cent growth last week
Foreign Affairs: President Macron rules out left-wing Prime Minister
Security and intelligence: Separatists kill 71 people in Pakistan
Domestic politics: Sir Keir Starmer gives state of the nation-style speech
The Mighty Stats
FTSE = 8,345.46 (up 0.21 per cent at Tuesday close)
S&P500 = 5,625.80 (up 0.16 per cent at Tuesday close)
Nasdaq = 17,754.82 (up 0.16 per cent at Tuesday close)
Nikkei = 38,371.76 (up 0.22 per cent at Wednesday close)
CAC40 = 7,565.78 (down 0.32 per cent at Tuesday close)
£1 = $1.32 / €1.19 / ¥191.25
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The Mighty Detail
Economics: Canada is set to raise tariffs on Chinese electric vehicles and Chinese steel. Chinese electric vehicles will see tariffs of 100 per cent. Chinese steel will see tariffs of 25 per cent. Prime Minister Justin Trudeau said that China has an “unfair advantage in the global marketplace.”
Business: Hobbycraft has been bought by investment firm Modella Capital. The UK arts and crafts shop has been owned by private equity firm Bridgepoint Capital for the last 14 years. Hobbycraft has 119 stores and employs around 1,500 people.
Markets: Oil prices fell around 2 per cent yesterday. The price of oil had risen by 7 per cent in the previous three days partly off the back of tensions in the Middle East and expectations of interest rate cuts leading to higher demand for oil in the economy. The fall in prices is expected to be a temporary correction.
Foreign Affairs: President Macron has ruled out appointing a new Prime Minister from the New Popular Front (NPF) political group. The NPF is a left-wing political group comprising the Socialist, Green, Communist and far-left France Unbowed parties. It won the most seats in July’s snap election but failed to gain an absolute majority. Macron said a new government led by a Prime Minister from the NPF would probably fall apart immediately.
Security and intelligence: Separatists kill 71 people in Pakistan on Sunday and Monday. Armed fighters targeted police stations, a military camp and transport infrastructure in Balochistan province. The Balochistan Liberation Army (BLA) claimed responsibility and has accused the Pakistani government of selling out the province’s rich natural resources to China.
Domestic politics: The Prime Minister gave a speech yesterday in which he criticised the legacy of the previous Conservative government on the public finances and society. He set the ground for tax rises in the October budget. The Conservative Party said tax rises were a decision based on the government’s spending plans.
The Mighty Calendar
What’s happening today?
Prime Minister meets German Chancellor Scholz
Chancellor Rachel Reeves visits Glasgow
Paralympic Games begin in Paris
France jobseekers data (July)
France consumer confidence data (August)
Switzerland economic expectations index (August)
New Zealand business confidence data (August)
Lookahead to tomorrow
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)
The Mighty Finale
🌤️Weather today
Dry and sunny again in London. High of 26℃ and low of 13℃. Dry until lunchtime in Belfast then thundery showers. Dry until late afternoon in Edinburgh and then thundery showers as well.
✏️Life coaching quote of the day
“Action is the real measure of intelligence.” – Napoleon Hill, writer and motivational speaker
Mighty takeaway: If you have dreams and goals but take no action, your life remains the same. Your situation will only change when you take action.
That’s it for today’s edition. 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