Tuesday, 1 October 2024
The Mighty Headlines
Economics: Chinese manufacturing slows for 5th consecutive month
Business: California governor vetoes AI safety bill
Markets: S&P 500 closes month on new record high
Foreign Affairs: Snap election in Japan
Security and intelligence: US provides $567 million in military aid for Taiwan
Domestic politics: Conservative leadership candidates discuss Reform UK
The Mighty Stats
FTSE = 8,236.95 (down 1.01 per cent at Monday close)
S&P500 = 5,762.48 (up 0.42 per cent at Monday close)
Nasdaq = 18,189.17 (up 0.38 per cent at Monday close)
CAC40 = 7,635.75 (down 2 per cent at Monday close)
£1 = $1.34 / €1.20
UK: Con / Lab / Reform = 22 / 32 / 18 per cent
US: Trump / Harris = 47.1 / 49.1 per cent
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The Mighty Detail
Economics: China’s manufacturing output declined again in September for the fifth consecutive month. According to data from China’s National Bureau of Statistics, the Purchasing Managers Index stood at 49.8 for September. This was less than expected but any number below 50 indicates a contraction.
Business: The Governor of California, Gavin Newsom, has vetoed an Artificial Intelligence (AI) safety bill, saying it would not have achieved its aims. The bill would have regulated AI that costs more than $100 million to develop and would have required companies to implement “kill switches” and to publish plans for testing of extreme risks. Facebook’s parent company Meta supported Newsom’s decision, saying the Bill would have “hurt business growth and job creation”.
Markets: The S&P 500 finished September on a record high yesterday, closing at 5,762.48. The stock index rose by 2 per cent in the month. The Nasdaq rose by 2.7 per cent in the month and the Dow Jones rose by 1.9 per cent. September is traditionally a poor month for stock markets.
Foreign Affairs: Japan’s new Prime Minister has called a snap election for the 27th October. Shigeru Ishiba was selected as the leader of Japan’s ruling Liberal Democratic Party on Friday. Speaking about the decision, Ishiba said “I believe it's important for our new administration to receive the public's mandate as soon as possible.”
Security and intelligence: President Biden has approved $567 million in military aid and training for Taiwan. In response, the Chinese Foreign Ministry said that “Taiwanese independence is a dead end” and the United States’ action “seriously violates the one-China principle”.
Domestic politics: Speaking at the Conservative Party Conference yesterday, leadership candidate Tom Tugendhat said his Party must not become like Reform UK. Leadership rival Kemi Badenoch said, however, that she would be prepared to work with Reform UK but would not form an electoral pact with it.
The Mighty Calendar
What’s happening today?
South Korea, Hong Kong, China public holidays
Claudia Sheinbaum takes office as Mexico’s first female president
Mark Rutte takes office as new NATO Secretary General
United States Vice President election debate
French PM gives policy address to French National Assembly
France, Italy, UK, Germany manufacturing data (September)
Eurozone CPI inflation data (September)
Lookahead to tomorrow
India and China public holidays
Sir Keir Starmer meets European Commission President in Brussels
Conservative leadership candidates give main speeches at Party Conference
French President visits Germany
Spain unemployment data (September)
Eurozone unemployment data (August)
Australia trade data (August)
Mexico manufacturing data (September)
The Mighty Finale
🌤️Weather today
Light rain all day in London until evening. High of 14oC and low of 12oC. Dry and sunny in Belfast. Mixture of rain and sun in Edinburgh.
✏️Life coaching quote of the day
“We are all here for some special reason. Stop being a prisoner of your past. Become the architect of your future.” – Robin Sharma, writer
Mighty takeaway: You are not stuck in your current situation. You can change it at any time you choose.
That’s all for this Tuesday. Thank you for reading and see you 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
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