Thursday, 5 September 2024
The Mighty Headlines
Economics: Russia and China say they will strengthen economic ties
Business: Consumer boycott of Coca-Cola and Pepsi in Middle East
Markets: European stocks close down again yesterday
Foreign Affairs: Ukraine begins government reshuffle
Security and intelligence: United States accuses Russia of election interference
Domestic politics: Keir Starmer apologises to victims of Grenfell
The Mighty Stats
FTSE = 8,269.60 (down 0.35 per cent at Wednesday close)
S&P500 = 5,520.07 (down 0.16 per cent at Wednesday close)
Nasdaq = 17,084.30 (down 0.3 per cent at Wednesday close)
Nikkei = 36,657.09 (down 1.05 per cent at Thursday close)
CAC40 = 7,500.97 (down 0.98 per cent at Wednesday close)
£1 = $1.31/ €1.19 / ¥188.28
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.2 / 48.1 per cent
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The Mighty Detail
Economics: President Putin and Chinese Vice President Han Zheng have indicated their readiness to strengthen economic relations. Speaking at the Russian-sponsored Eastern Economic Forum in Vladivostok, Putin said that relations between the two countries had reached an unprecedently high level.
Business: A consumer boycott of Coca-Cola and Pepsi in parts of the Middle East has meant subdued growth for the two companies this year in the region. The soft drinks manufacturers are seen as symbols of United States and its ally Israel. Sales of Coca-Cola in Egypt declined by double digits.
Markets: European stocks closed down again yesterday led by a drop in the valuation of shares in technology companies. Tech stocks dropped 3.2 per cent yesterday. The pan-European Stoxx 600 closed down 1 per cent.
Foreign Affairs: Ukraine will see a reshuffle of its government today. Several high profile ministers, including foreign secretary Dmytro Kuleba, have resigned in anticipation. Elections in Ukraine had been due in May 2024 but the country is currently under martial law.
Security and intelligence: The United States has accused Russia of interfering in the presidential election. This includes Russia covertly providing a US content creation company with nearly $10 million to publish hundreds of TikTok and YouTube videos aligned with Russia’s interests. The videos have been viewed millions of times and two employees of the Russian television company RT have been charged.
Domestic politics: In the House of Commons yesterday, the Prime Minister apologised to victims of the Grenfell Tower fire. Sir Keir Starmer said “the country had failed to discharge its most fundamental duty, to protect you and your loved ones”. This followed the publication of the Grenfell Tower Inquiry report yesterday morning which examined the causes of the tragedy.
The Mighty Calendar
What’s happening today?
Business and Trade Questions in Parliament
Great British Energy Bill in Parliament (Second Reading)
Germany factory orders data (July)
UK, Italy, Germany, France, Eurozone construction data (August)
Eurozone retail sales (July)
United States weekly jobless claims
Japan household spending data (July)
Lookahead to tomorrow
Germany trade data (July)
Germany industrial production data (July)
France trade data (July)
China trade data (August)
Italy retail sales data (July)
Eurozone employment data (Q2 2024)
United States payroll and unemployment data (August)
Canada employment and unemployment data (August)
The Mighty Finale
🌤️Weather today
Rain until late afternoon in London. High of 21oC and low of 17oC. Dry and sunnyish in Belfast. Drizzle most of the day in Edinburgh.
✏️Life coaching quote of the day
“You’’ll never get elected unless you expose yourself to defeat. You’ll never make it to second base if you try to keep one foot on first. You’ll never achieve the dream in your heart unless you take the big jump.” – Earl Nightingale
Mighty takeaway: Fear of failure should not keep you from pursuing your goals. You’ll never know if you don’t try and even if you fail, you learn how not to do it next time.
That’s about it for today’s edition. Thank you so much 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