Wednesday, 11 September 2024
The Mighty Headlines
Economics: Chinese exports grow by over 8 per cent in August
Business: Apple loses in €13 billion EU antitrust case
Markets: European stocks close down on automotive news
Foreign Affairs: Australia to introduce minimum age for social media use
Security and intelligence: Blinken confirms Iran is supplying weapons to Russia
Domestic politics: Winter Fuel Payment vote passes in Parliament
The Mighty Stats
FTSE = 8,205.98 (down 0.78 per cent at Tuesday close)
S&P500 = 5,495.52 (up 0.45 per cent at Tuesday close)
Nasdaq = 17,025.88 (up 0.84 per cent at Tuesday close)
Nikkei = 35,619.77 (down 1.49 per cent at Wednesday close)
CAC40 = 7,407.55 (down 0.24 per cent at Tuesday close)
£1 = $1.31 / €1.19 / ¥184.96
US: Trump / Harris = 47.3 / 48.4 per cent
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The Mighty Detail
Economics: Chinese exports grew by 8.7 per cent in August year on year. The outlook remains uncertain, however, because of increasing EU and United States tariffs on Chinese goods, particularly on electric vehicles.
Business: Apple has lost a €13 billion antitrust case against the European Union. The European Court of Justice ruled yesterday that Apple had been unlawfully granted tax benefits worth €13 billion by Ireland between 1991 and 2014. Ireland must now recover the money from Apple.
Markets: The pan-European Stoxx 600 index closed down on Tuesday. This was led by a decline in automotive stocks. Shares in BMW and parts supplier Continental were down by around 10 per cent and 11 per cent respectively. Continental, which supplies parts to BMW, is experiencing issues with its brake systems.
Foreign Affairs: The Australian Prime Minister, Anthony Albanese, said yesterday that the Government would introduce a minimum age limit for social media use. Albanese added an age verification trial would be launched before age laws are introduced later this year. The minimum age is expected to be around 14 to 16 years old.
Security and intelligence: In a visit to London yesterday, the US Secretary of State Antony Blinken confirmed that Iran is supplying Russia with ballistic missiles. Blinken said Russia will “likely use them within weeks in Ukraine against Ukrainians.” The United States has now issued new sanctions against Russia and Iran.
Domestic politics: The vote in the UK Parliament to limit winter fuel payments has passed by 348 votes to 228 votes. 52 Labour MPs abstained from the vote and one Labour MP voted against the Government.
The Mighty Calendar
What’s happening today?
Anniversary of 9/11 terrorist attacks
TV debate between Donald Trump and Kamala Harris on ABC (2.00am UK time)
Prime Minister’s Questions in UK Parliament
Debate on building safety in UK Parliament
UK GDP data (July)
UK industrial production data (July)
Mexico industrial production data (July)
United States CPI inflation data (July)
Japan PPI inflation data (August)
Lookahead to tomorrow
G7 Employment Ministers meet in Italy (ends Friday 13th)
G20 Agricultural Ministers meet in Brazil (ends Friday 13th)
Beijing-Xiangshan Security Forum begins in China (ends Saturday 14th)
ECB interest rate decision
Environment Questions in UK Parliament
Spain CPI inflation data (August)
United States PPI inflation data
India industrial production data (July)
The Mighty Finale
🌤️Weather today
Chance of rain mid-afternoon in London. High of 15oC and low of 7oC. Light rain in Belfast and Edinburgh until early evening.
✏️Life coaching quote of the day
“Everything you want is just outside your comfort zone.” – Robert G. Allen, writer
Mighty takeaway: Every success in your life has required you to step outside of your comfort zone at some point. That is the key to personal growth.
That’s all for this Wednesday. Thanks for reading and see you again tomorrow. 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