Monday, 14 October 2024
The Mighty Headlines
Economics: China announces further economic stimulus measures
Business: Boeing’s credit rating may be downgraded because of strikes
Markets: Traders look to earnings this week for information on consumer spending
Foreign Affairs: Taiwan reports Chinese aircraft carriers nearby
Security and intelligence: US to send advanced missile defence system to Israel
Domestic politics: UK Investment Summit taking place today
The Mighty Stats
FTSE = 8,253.65 (up 0.19 per cent at Friday close)
S&P500 = 5,815.03 (up 0.61 per cent at Friday close)
Nasdaq = 18,342.94 (up 0.33 per cent at Friday close)
CAC40 = 7,577.89 (up 0.48 per cent at Friday close)
£1 = $1.31 / €1.19
UK: Con / Lab / Reform = 27 / 27 / 21 per cent
US: Trump / Harris = 47.2 / 48.9 per cent
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The Mighty Detail
Economics: On Saturday, the Chinese Finance Minister Lan Foan announced further stimulus measures to reverse the country’s falling economic growth. Without providing specific figures, the Government said that it would provide capital to state-owned banks, provide further support to local government, offer subsidies to people on low incomes and support the property market.
Business: Aircraft manufacturer Boeing faces a credit rating downgrade after battling with striking workers over the past month. The strike involves 13,000 people and began on the 13th September. A 25 per cent pay rise was rejected by union members last month and a 30 per cent pay rise was rejected last week. Boeing could be losing $100 million a day in revenue and Standard and Poor’s now says it might downgrade the company because of the lost cash.
Markets: Investors are looking ahead to the earnings of major companies which will be published this week. Earnings from American Express, Netflix, Procter & Gamble and United Airlines as well as retail sales data on Thursday are expected to give an indication of the state of consumer spending in the United States.
Foreign Affairs: Taiwan’s defence ministry said yesterday that a Chinese aircraft carrier group was sailing south of the island. The Chinese Army’s Eastern Theatre Command, which covers Taiwan, also published a video online saying that it was “fully prepared” and “biding one’s time before battle”. Taiwan’s President made a series of remarks last week about his country’s independence from China which are likely to have antagonised China.
Security and intelligence: The United States Government announced yesterday that it would send an advanced missile defence system and associated troops to Israel to support Israeli air defences against Iranian attack. Reacting to the news, the Iranian Foreign Minister said that there were “no red lines in defending our people and interests”.
Domestic politics: The UK Government is holding an International Investment Summit today. It says the Summit will bring business leaders “from around the globe” to boost investment and growth. Ahead of the Summit, the Government launched an Industrial Strategy and confirmed that the CEO of Microsoft UK, Clare Barclay, would chair a new Industrial Strategy Council.
The Mighty Calendar
What’s happening today?
Canada Thanksgiving public holiday
Japan National Sport Day public holiday
Defence Questions in UK Parliament
Terrorism Bill (Second Reading) in UK Parliament
UK Inquiry into the Novichok Poisoning of Dawn Sturgess begins
UK Foreign Secretary meets EU Foreign Ministers in Luxembourg
United States budget data (September)
India CPI inflation data (September)
South Korea trade data (September)
Lookahead to tomorrow
Pakistan hosts the Shanghai Cooperation Organisation Summit
Health Questions in UK Parliament
UK Hereditary Peers Bill introduced to the UK Parliament
UK unemployment data (August)
Canada, France and Spain CPI inflation data (September)
Eurozone industrial production data (August)
India trade data (September)
The Mighty Finale
🌤️Weather today
Dry from mid-afternoon in London. High of 13oC and low of 9oC. Dry all day and mostly sunny in Belfast. Dry and sunny in Edinburgh.
✏️Life coaching quote of the day
“Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minute should be enjoyed and savoured.” – Earl Nightingale, motivational speaker
Mighty takeaway: Enjoy today – you’ll never get it back.
That’s it for today. 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