Wednesday, 16 October 2024
The Mighty Headlines
Economics: Donald Trump says tariffs will help the US economy
Business: LVMH sales fall in Q3 2024
Markets: Shares in chipmakers ASML and Nvidia fall
Foreign Affairs: Fatal shootings in Sweden double in a year
Security and intelligence: Hezbollah calls for action against Israel and a ceasefire
Domestic politics: Hereditary Peers Bill introduced in the UK House of Commons
The Mighty Stats
FTSE = 8,249.28 (down 0.52 per cent at Tuesday close)
S&P500 = 5,815.26 (down 0.76 per cent at Tuesday close)
Nasdaq = 18,315.59 (down 1.01 per cent at Tuesday close)
CAC40 = 7,521.97 (down 1.05 per cent at Tuesday close)
£1 = $1.31 / €1.20
US: Trump / Harris = 47.6 / 48.9 per cent
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The Mighty Detail
Economics: In a wide-ranging interview yesterday evening, Donald Trump defended his policy on tariffs saying they would protect companies in the United States from competition. He also said that tariffs would raise money for the Government and incentivise foreign companies to open factories in the United States. Last week, Donald Trump suggested he could impose tariffs of over 200 per cent on Mexican vehicle imports.
Business: Luxury fashion retailer, LVMH, saw revenues drop by 3 per cent in Q3 2024. It posted sales of €19.1 billion. Revenue growth of 1 per cent had been expected. The fashion and leather goods division, which makes up nearly half of LVMH’s revenue, saw sales fall by 5 per cent.
Markets: Shares in semiconductor equipment manufacturer, ASML, fell by 15.6 per cent yesterday following a poor set of company results. Net orders for the Dutch company in Q3 2024 came in at €2.6 billion – far below the €5.6 billion that had been estimated. Shares in chipmakers Nvidia and Broadcom fell by 4 per cent on the news.
Foreign Affairs: Fatal shootings in Sweden have more than doubled in a year, with an average of one shooting every day for every 10 million residents. The shootings are linked to a rise in gang-related violence in the country.
Security and intelligence: The Deputy Chief of Hezbollah, Naim Qassem, has said that the group aims to inflict pain on Israel and that it has a right to attack anywhere in Israel. Qassem also added that “the solution is a ceasefire”. Separately, the Israeli Government said that it would listen to the United States in conducting its military campaigns but that it would make “final decisions based on our national interests.”
Domestic politics: The House of Lords (Hereditary Peers) Bill had its Second Reading in the House of Commons yesterday. The Bill will remove the right of the 92 remaining hereditary peers to sit and vote in the House of Lords. The Government says it is a “long-overdue reform.”
The Mighty Calendar
What’s happening today?
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)
Lookahead to tomorrow
NATO Defence Ministers meet in Brussels (ends Friday)
European Central Bank interest rate decision
European Council Meeting (ends Friday)
Robert Jenrick and Kemi Badenoch participate in GB News television debate
Eurozone and Japan CPI inflation data (September)
United States unemployment data (weekly)
United States and China retail sales data (September)
United States and China industrial production data (September)
China GDP data (Q3 2024)
The Mighty Finale
🌤️Weather today
Sunny and largely dry in London. High of 21oC and low of 15oC. Light rain in Belfast. Heavy rain in Edinburgh.
✏️Life coaching quote of the day
“Let others lead small lives, but not you…let others argue over small things, but not you…let others cry over small hurts, but not you…let others leave their future in someone else’s hands but not you.” – Jim Rohn, motivational speaker
Mighty takeaway: Live your life in your own way and live a life that has meaning for you.
That’s about it for this Wednesday. 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