Monday, 16 September 2024
The Mighty Headlines
Economics: China raises retirement age for first time since 1950s
Business: US puts 100 per cent tariffs on Chinese electric vehicles this month
Markets: Investors anticipate market volatility this week
Foreign Affairs: Algerian court confirms President Tebboune re-elected
Security and intelligence: North Korea enriching uranium for nuclear weapons
Domestic politics: Liberal Democrats call for more free school meals
The Mighty Stats
FTSE = 8,273.09 (up 0.39 per cent at Friday close)
S&P500 = 5,626.02 (up 0.54 per cent at Friday close)
Nasdaq = 17,683.98 (up 0.65 per cent at Friday close)
Nikkei = 36,581.76 (down 0.68 per cent at Friday close)
CAC40 = 7,465.25 (up 0.41 per cent at Friday close)
£1 = $1.32 / €1.18 / ¥184.07
UK: Con / Lab / Reform = 25 / 29 / 18 per cent
US: Trump / Harris = 47.3 / 49.0 per cent
*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: China is raising its retirement age for the first time since the 1950s. Over 15 years from 2025, the retirement age will increase from 50 to 55 for women in blue-collar jobs, from 55 to 58 for women in white-collar jobs, and from 60 to 63 for men. China is struggling with an aging workforce and a population that fell by 2 million last year.
Business: The United States has confirmed that it will raise tariffs on Chinese electric vehicles to 100 per cent from 27 September. Current US tariffs on Chinese electric vehicles stand at 25 per cent. Tariffs on Chinese semiconductors will also increase to 50 per cent.
Markets: Investors are anticipating volatility in the stock markets this week. The United States Federal Reserve will make a decision on Wednesday on whether and by how much to cut interest rates. US interest rates were last cut in March 2020.
Foreign Affairs: Algeria’s constitutional court has confirmed the re-election of President Abdelmadjid Tebboune. Tebboune is reported to have won a second term with 84.3 per cent of the vote. His rivals had claimed that the result was fraudulent.
Security and intelligence: On Friday, North Korean state media published photographs of President Kim Jong Un touring a uranium enrichment facility. The facility produces fuel for nuclear weapons which is banned under UN Security Council resolutions. Kim said he wants to increase production of the weapons which he says are necessary for “self-defence”.
Domestic politics: The Liberal Democrats have called for free school meals to be extended to “every child in poverty”. Speaking at the Party’s conference yesterday, the Liberal Democrat Education spokeswoman, Munira Wilson, said this would extend the scheme to 900,000 more pupils.
The Mighty Calendar
What’s happening today?
UK Parliament not sitting (Conference recess until 7 October)
Sir Keir Starmer meets Italian PM Giorgia Meloni in Rome
UN Security Council discusses situation in Middle East
Japan Respect for the Aged Day (national holiday)
Mexico Independence Day (national holiday)
Switzerland PPI inflation data (August)
UK Rightmove house price data (September)
India trade data (August)
Lookahead to tomorrow
Sir Ed Davey gives closing speech at Liberal Democrat Party Conference
United States retail sales data (August)
United States industrial production data (August)
Canada CPI inflation data (August)
Japan trade data (August)
The Mighty Finale
🌤️Weather today
Summer returns! Dry and sunny all day in London, Belfast and Edinburgh. High of 21oC and low of 9oC.
✏️Life coaching quote of the day
“The only real limitation on your abilities is the level of your desires. If you want it badly enough, there are no limits on what you can achieve.” – Brian Tracy, motivational speaker
Mighty takeaway: Don’t impose limits on yourself!
That’s about it for today’s edition. Thank you so much 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