Wednesday, 25 September 2024
The Mighty Headlines
Economics: China announces stimulus measures
Business: Europe’s largest paint maker to cut 2,000 jobs
Markets: Stock markets rise following tech gains
Foreign Affairs: Argentina and Venezuela diplomatic fall out
Security and intelligence: US gives $375 million more aid to Ukraine
Domestic politics: PM gives speech at Labour Party conference
The Mighty Stats
FTSE = 8,282.76 (up 0.28 per cent at Tuesday close)
S&P500 = 5,732.93 (up 0.25 per cent at Tuesday close)
Nasdaq = 18,074.52 (up 0.56 per cent at Tuesday close)
CAC40 = 7,604.01 (up 1.28 per cent at Tuesday close)
£1 = $1.34 / €1.20
US: Trump / Harris = 47.2 / 49.1 per cent
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The Mighty Detail
Economics: China has announced new measures to support its slowing economy. The Governor of the People's Bank of China, Pan Gongsheng, said the minimum deposit for a home would be lowered from 25 per cent to 15 per cent. Interest rates on existing mortgages would be cut by half a per cent and the amount banks need to hold in cash reserves would also be cut by half a percentage point, potentially releasing up to 1 trillion yuan (£106 billion) to support lending.
Business: Europe’s largest paint manufacturer is set to cut 2,000 jobs by the end of next year. AkzoNobel, which owns Dulux, had already announced in May that it was closing factories in the Netherlands, Ireland and Zambia. A post-pandemic decrease in demand may be a factor.
Markets: The S&P 500 reached a new record-high yesterday, helped by a rise in Nvidia’s share price. Chipmaker Nvidia’s stock rose by more than 4 per cent. US-listed stocks of Chinese companies also rose following news of Beijing’s stimulus package yesterday. Alibaba rose by 5 per cent.
Foreign Affairs: An Argentine court has called for the arrest of Venezuelan President, Nicolas Maduro, for alleged crimes against humanity. This comes after Venezuela’s supreme court called for the arrest of Argentinian President, Javier Milei. Tensions between the countries have increased following far-right Milei’s election last year.
Security and intelligence: The United States has pledged a further $375 million in military aid to Ukraine ahead of President Zelensky’s meeting with President Biden tomorrow. Total US security aid to Ukraine since 2022 comes to over $56.2 billion.
Domestic politics: The Prime Minister spoke at Labour Party Conference yesterday. He offered little in new policy but did indicate the Government would give homeless veterans and domestic abuse victims priority for housing. He also said the Government would introduce a new “Hillsborough” law to prevent future state cover-ups.
The Mighty Calendar
What’s happening today?
o Ukrainian President gives speech at UN General Assembly General Debate
o Sir Keir Starmer addresses UN Security Council
o UN Security Council discusses situation in Ukraine
o Launch of NASA SpaceX Crew-9 mission
o G20 foreign affairs ministers meet on sidelines of UN General Assembly
o Japan CPI inflation data (year-on-year)
o Spain PPI inflation data (year-on-year)
o United States new home sales data (August)
o France consumer confidence (September) and jobseekers data (August)
Lookahead to tomorrow
o President Biden hosts President Zelenskyy at the White House
o Israeli Prime Minister gives speech at UN General Assembly General Debate
o UN Security Council discusses situation in the Middle East
o Professor Chris Whitty appears at Covid-19 Inquiry
o Spain retail sales data (August)
o Italy business and consumer confidence data (September)
o United States GDP data (Q2 2024)
o United States unemployment data (weekly)
The Mighty Finale
🌤️Weather today
Light rain likely most of the day in London. High of 16oC and low of 12oC. Largely dry and sunny in Belfast and Edinburgh until early evening. Lucky for you!
✏️Life coaching quote of the day
“Do not wait: the time will never be 'just right'. Start where you stand, and work whatever tools you may have at your command and better tools will be found as you go along.” – Napoleon Hill, motivational speaker
Mighty takeaway: Get started on your dreams and goals today. There will never be the perfect time to start. The important part is to get started and then stay committed.
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