Tuesday, 15 October 2024
The Mighty Headlines
Economics: China’s export growth slows down
Business: Google signs deal with nuclear power company
Markets: S&P 500 reaches record high
Foreign Affairs: Poland suspends right to asylum
Security and intelligence: China performs military exercises around Taiwan
Domestic politics: UK PM downplays capital gains tax increases
The Mighty Stats
FTSE = 8,292.66 (up 0.47 per cent at Monday close)
S&P500 = 5,859.85 (up 0.77 per cent at Monday close)
Nasdaq = 18,502.69 (up 0.87 per cent at Monday close)
CAC40 = 7,602.06 (up 0.32 per cent at Monday close)
£1 = $1.31 / €1.20
UK: Con / Lab / Reform = 24 / 29 / 19 per cent
US: Trump / Harris = 47.2 / 48.9 per cent
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The Mighty Detail
Economics: China’s exports rose by 2.4 per cent in September, significantly lower than the 8.7 per cent increase in August. Exports were expected to increase by around 6 per cent last month. US and EU tariffs may be having a role in depressing China’s exports.
Business: Google has signed a deal with a nuclear power company to satisfy the energy demands of its data centres and artificial intelligence programmes. The deal will see Google buy energy from small modular reactors produced by Kairos. The reactors will go live in 2035.
Markets: The S&P 500 reached a new record high during trading yesterday. Monday also marked two years of a bull market for the index – where stock prices increase in value over a prolonged period of time. The stock index has risen by 23 per cent this year and by 63 per cent since October 2022.
Foreign Affairs: The Polish Government is temporarily suspending the right of people to claim asylum in the country. The number of people coming to Poland from the Middle East and Africa has increased markedly since 2021. The Polish Government claims that Belarus and Russia are organising a mass migration to Poland to destabilise the EU. The European Commission has rebuked the Polish Government over its decision.
Security and intelligence: China deployed 125 aircraft as well as aircraft carriers and ships in a military exercise around Taiwan on Monday. China’s Taiwan Affairs Office said “This is a resolute punishment for [the President of Taiwan] Lai Ching-te’s continuous fabrication of ’Taiwan independence’ nonsense.” President Lai Ching-te spoke last week of Taiwan’s independence from China.
Domestic politics: The Prime Minister has said speculation that capital gains tax could be increased to 39 per cent at the Budget were “wide of the mark”. Sir Keir Starmer was speaking after the Government’s International Investment Summit at which the Chancellor, Rachel Reeves, launched a new £27.8 billion National Wealth Fund to deliver “impactful investments” in the UK.
The Mighty Calendar
What’s happening today?
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)
Lookahead to tomorrow
EU-Gulf Cooperation Council summit, Brussels
Hong Kong Chief Executive delivers annual Policy Address
Prime Minister’s Questions in UK Parliament
Assisted Dying Bill introduced to the UK Parliament
UK CPI, RPI and PPI inflation data (September)
Canada housing starts data (September)
United States trade data (September)
Japan trade data (September)
The Mighty Finale
🌤️Weather today
Light cloud but dry in London. High of 18oC and low of 14oC. Light rain in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“A quitter never wins and a winner never quits.” – Napoleon Hill, motivational speaker and writer
Mighty takeaway: Don’t give up on your dreams and goals. Keep on persisting and eventually you’ll arrive at your destination.
That’s about it for this Tuesday. Thank you 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