Tuesday, 6 August 2024
Tuesday, 6 August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: EU member states may agree tariffs on Chinese electric vehicles
Business: Carlyle misses profit estimates
Markets: Global markets rebound after fall led by jobs, interest rates and tech concerns
Foreign Affairs: N. Korea to send new ballistic missile launchers to S. Korea border
Domestic politics: Starmer announces standing army of public duty officers
The Mighty Stats
FTSE = 8033.56 (currently up 0.32 per cent)
S&P500 = 5,186.33 (down 3 per cent at Monday close)
Nasdaq = 16,200.08 (down 3.43 per cent at Monday close)
Nikkei = 34,675.46 (up 10.23 per cent at Tuesday close)
CAC40 = 7,148.99 (down 1.42 per cent at Monday close)
£1 = $1.27 / €1.16 / ¥ 185.83
The Mighty Detail
EU member states may support the introduction of permanent tariffs on Chinese electrics vehicles, Valdis Dombrovskis, the European Commissioner for Trade, said to the Financial Times. The EU imposed temporary tariffs in July of between 17.4 per cent and 37.6 per cent on Chinese electric vehicles. Permanent tariffs will be voted on in October.
One of the world’s largest private equity firms, Carlyle, missed its profit estimates in Q2 2024. Distributable earnings – the profits which can be returned to shareholders – fell to $343 million. This is down 11.7 per cent from the $389 million of earnings in Q2 2023 and is likely due to lower than expected cash from asset sales.
Global markets started to rebound on Tuesday after falling significantly on Monday amid fears of a recession in the US. The Nikkei closed up 10.23 per cent on Tuesday after closing down 12.4 per cent on Monday. The FTSE closed down 2.04 per cent on Monday and the Nasdaq closed down 3.43 per cent. Weaker than expected US jobs data, the US Federal Reserve’s failure to cut interest rates last week and concerns on the health of technology companies have contributed to the unease.
North Korea is to send 250 new tactical ballistic missile launchers to its troops close to the border with South Korea. Announcing the decision on Sunday, North Korean leader Kim Jong Un said hostility from the US had forced it to increase its military strength. Tactical ballistic missiles are designed for short-range use.
The Prime Minister, Keir Starmer, has announced a “standing army of public duty officers” to respond to the recent riots. The standing army will involve deploying police officers – not the armed forces – to parts of the country where they are most needed.
What’s happening today?
Northern Ireland Assembly is recalled to discuss riots
Kamala Harris announces her VP running mate
Eluned Morgan confirmed as Wales First Minister
Eurozone Retail Sales data (June)
US trade data (June)
German factory orders data (June)
Japan Household Spending data (June)
Lookahead to tomorrow
Chancellor visits Toronto
Germany Trade and Industrial Production data (June)
France Trade data (June)
China Trade data (July)
UK Halifax House Price Index (July)
US MBA Purchase Index – home buying – (July)
Weather today
Light rain until mid-afternoon. Then mostly dry. High of 24°C and low of 13°C.
Life coaching quote of the day
“Whether you think you can or whether you think you can’t, either way you’re right.” Henry Ford
Meaning: If you have a positive mindset and take action, you’ll be well on your way to succeeding in your endeavours. If you have a negative mindset, if you don’t believe you can be successful and if you don’t take action, your goals won’t materialise.
That’s all for today, folks. If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk