Tuesday, 21 October 2024
The Mighty Headlines
Economics: China cuts interest rates to boost growth
Business: Volkswagen fined £5.4 million for mistreating customers
Markets: Gold reaches new record high
Foreign Affairs: Moldova votes for EU accession
Security and intelligence: India and China make deal on Himalayan border
Domestic politics: UK Government publishes consultation on future of the NHS
The Mighty Stats
FTSE = 8,318.24 (down 0.48 per cent at Monday close)
S&P 500 = 5,853.98 (down 0.18 per cent at Monday close)
Nasdaq = 18,540.01 (up 0.27 per cent at Monday close)
CAC40 = 7,536.23 (down 1.01 per cent at Monday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 48.8 47.6 Trump +1.2
Pennsylvania 47.9 47.1 Trump +0.8
Wisconsin 48 47.8 Trump +0.2
Arizona 49 47.4 Trump +1.6
N. Carolina 48.4 47.9 Trump +0.5
Georgia 48.8 47 Trump +1.8
Nevada 47.7 46.9 Trump +0.8
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The Mighty Detail
Economics: China’s central bank has cut interest rates in a bid to increase economic growth. The People’s Bank of China cut the one-year loan prime rate – important for businesses and consumers – from 3.35 per cent to 3.1 per cent. The five-year loan prime rate – important for mortgages – has been cut from 3.85 per cent to 3.6 per cent.
Business: Volkswagen has been fined £5.4 million for mistreating borrowers between 2017 and 2023 who were in financial difficulty. The car maker will also be required to pay £21.5 million in compensation to around 110,000 customers who took out finance to pay for vehicles.
Markets: The price of gold hit a new record high during trading yesterday to £2,097.67 per ounce. The metal has increased in value by nearly 40 per cent in 12 months and by 83 per cent in the last five years.
Foreign Affairs: Moldova has narrowly voted in favour of EU accession. Of those who voted on Sunday, 50.4 per cent voted to accede to the EU although there are concerns of Russian interference. The Presidential election was held at the same time and pro-EU incumbent Maia Sandu won 42 per cent of the vote. 50 per cent is needed to win outright and a runoff will be held on the 3 November.
Security and intelligence: India and China have reached an agreement on military patrols along their disputed Himalayan border. Clashes between the Indian and Chinese military at the border in July 2020 killed at least 20 Indian soldiers and 4 Chinese soldiers.
Domestic politics: The UK Government has launched a consultation into the future of the NHS. The Government says that responses will help to shape its future policy on healthcare with a focus on three items: shifting care from hospitals to the community, shifting care from sickness to prevention, and shifting healthcare administration from analogue to digital.
The Mighty Calendar
What’s happening today?
Russia hosts 16th annual BRICS Summit (Brazil, Russia, India, China, South Africa)
IMF publishes World Economic Outlook report
Foreign Office Questions in UK Parliament
Japan CPI inflation data (annual figures)
UK government borrowing data (September)
UK, Italy, Germany, France car registration data (September)
Bank of England Governor speaks at Bloomberg Global Regulation Forum, New York
Company results from: Verizon, 3M Company, InterContinental Hotels, Lockheed Martin, L’Oreal, General Motors
Lookahead to tomorrow
King Charles visits Samoa for Commonwealth Heads of Government Meeting
Prime Minister’s Questions in UK Parliament
Tokyo Metro goes public on the Tokyo Stock Exchange (valued at $4.6 billion)
Bank of Canada interest rate decision
United States home sales data
South Korea GDP data (Q3 2024)
Japan manufacturing and services growth data (October)
Company Results from: Tesla, Boeing, Heathrow, IBM, Lloyds Bank, Deutsche Bank, Reckitt Benckiser, Coca-Cola, Heineken
The Mighty Finale
🌤️Weather today
Dry and a bit cloudy in London. High of 17oC and low of 8oC. Same weather in Belfast but sunshine in Edinburgh. Lucky Edinburgh!
✏️Life coaching quote of the day
“Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough.” – Oprah Winfrey
Mighty takeaway: Happiness is having what you already have. It’s difficult but it’s true.
That’s about it for this Tuesday. We hope you enjoy today and we’ll see you again tomorrow.
Cheerio!
The Mighty Memo team
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