Wednesday, 9 October 2024

The Mighty Headlines

 

  • Economics: China puts provisional tariffs on EU brandy

  • Business: US states sue TikTok over children’s mental health

  • Markets: Oil falls while technology shares rise

  • Foreign Affairs: Pakistan’s former PM charged with attempted murder

  • Security and intelligence: MI5 warns of Russian spy plots

  • Domestic politics: James Cleverly leads Conservative leadership election

 

The Mighty Stats

 

  • FTSE = 8,190.61 (down 1.36 per cent at Tuesday close)

  • S&P500 = 5,751.13 (up 0.97 per cent at Tuesday close)

  • Nasdaq = 18,182.92 (up 1.45 per cent at Tuesday close)

  • CAC40 = 7,521.32 (down 0.72 per cent at Tuesday close)

 

  • £1 = $1.31 / €1.19

 

  • US: Trump / Harris = 47.2 / 49.2 per cent

  

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 The Mighty Detail

 

Economics: China is putting provisional tariffs on EU brandy of up to 39 per cent. This comes after the EU agreed earlier this year to levy tariffs of up to 35 per cent on Chinese electric vehicles. Both China and the EU accuse each other of unfairly subsiding or pricing their goods.

 

Business: More than a dozen US states are suing TikTok, claiming that the platform is addictive and harming children’s mental health. Cari Fais, acting director of New Jersey’s Division of Consumer Affairs said, “The ugly truth is that TikTok misrepresents its platform as being safe for young users when, in reality, it is designed to turn a generation of children into social media addicts for TikTok’s profit.” TikTok has not yet responded to these comments.

 

Markets: Oil prices fell by more than 4 per cent yesterday as investors saw the threat of an immediate retaliatory strike by Israel on Iran diminishing. Technology shares also increased in value with Nvidia up 4 per cent and Tesla and Microsoft up 1 per cent.

 

Foreign Affairs: Pakistan’s former Prime Minister, Imran Khan, has been charged with attempted murder. Khan, who is currently in prison, has been accused of inciting the violence that led to the death of a policeman during protests in Islamabad at the weekend.

 

Security and intelligence: The head of MI5, Ken McCallum, has warned of the threat that the Russian security services (GRU) pose to the UK. He said the GRU had carried out arson and sabotage in the UK with “increasing recklessness” and that MI5’s state-threat investigations had increased by 48 per cent in the last year. He also added that MI5 has acted on 20 Iranian-backed plots since 2022.

 

Domestic politics: James Cleverly has taken the lead in the latest round of the Conservative Party leadership election. Cleverly, a former UK Foreign Secretary and Home Secretary, secured 39 votes from MPs. Robert Jenrick received 31 votes and Kemi Badenoch received 30 votes. Tom Tugendhat, a former Security Minister, was knocked out.

 

The Mighty Calendar

 

What’s happening today?

 

  • South Korea public holiday

  • General Election in Mozambique

  • Prime Minister’s Questions in UK Parliament

  • Renters’ Rights Bill Debate (Second Reading) in UK Parliament

  • Conservative MPs vote in fourth round of Party leadership election

  • Germany trade data (August)

  • Mexico and Brazil CPI inflation data (September)

  • Japan PPI inflation data (September)

 

Lookahead to tomorrow

 

  • President Biden travels to Germany

  • French budget announced

  • Transport Questions in UK Parliament

  • General Debate on Sport in UK Parliament

  • Boris Johnson’s memoirs are published

  • Italy industrial production data (August)

  • United States CPI inflation data (September)

  • South Korea interest data decision

 

The Mighty Finale

 

🌤️Weather today

 

Light cloud in London. Small chance of rain. High of 17oC and low of 10oC. Patchy rain in Belfast and Edinburgh.

 

✏️Life coaching quote of the day

 

“It’s time to start living the life you imagined.” – Henry James, author

 

Mighty takeaway: Why put off the life you want to lead? You won’t get a second chance at life. Take one action every day that will help you to achieve your goals.

 

That’s all 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

hello@mightymemo.co.uk

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