Wednesday, 21 August
Wednesday, 21st August 2024 – www.mightymemo.co.uk
Good Wednesday morning! It’s another beautiful day (in London). Here’s what you need to know:
The Mighty Headlines
Economics: Eurozone inflation increases slightly
Business: $4.3 billion bid to buy Paramount
Markets: Demand in UK property market increases
Foreign Affairs: China and Vietnam promise to strengthen ties
Security and intelligence: Ukraine advances into Russia and Russia advances into Ukraine
Domestic politics: Government urges uptake of pension credit
The Mighty Stats
FTSE = 8,273.32 (down 1 per cent at Tuesday close)
S&P500 = 5,597.12 (down 0.2 per cent at Tuesday close)
Nasdaq = 17,816.94 (down 0.33 per cent at Tuesday close)
Nikkei = 37,951.80 (down 0.29 per cent at Wednesday close)
CAC40 = 7,485.73 (down 0.22 per cent at Tuesday close)
£1 = $1.30 / €1.17 / ¥189.96
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The Mighty Detail
Economics: Eurozone inflation increased slightly year-on-year to 2.6 per cent in July. This is up from 2.5 per cent in June but down from 5.3 per cent in July 2023. Finland had the lowest inflation at 0.5 per cent while Romania had the highest inflation at 5.8 per cent.
Business: Former Warner Music CEO, Edgar Bronfman, has made an offer of around $4.3 billion to buy Paramount. Paramount had already received an offer last month from David Ellison, CEO of Skydance Media. Elliot had offered to buy Paramount and then merge Skydance – his smaller company – into the larger Paramount.
Markets: Demand for properties in the UK property market is increasing according to property website Rightmove. Rightmove said that there has been a 19 per cent increase in buyers enquiring about homes for sales on its website since the Bank of England cut interest rates last month.
Foreign Affairs: China and Vietnam have promised to strengthen ties. This follows a meeting between Chinese President Xi Jinping and Vietnamese President To Lam on Monday. The two Communist leaders stated that they viewed their countries’ relations with each other as a priority.
Security and intelligence: Ukrainian forces have destroyed a third bridge over the Seym River in Russia. This is likely to further affect Russian military logistics. Meanwhile, Russia is closing in on Pokrovsk in Ukraine – a strategic Ukrainian logistics hub.
Domestic politics: The Government is seeking to increase the uptake of the pension credit benefit. This comes after the Government announced it would make the Winter Fuel Payment benefit – worth up to £300 a year – means-tested. Pension credit will be one way of proving eligibility for the Winter Fuel Allowance under the new system. Around 880,000 people are eligible for pension credit but have not yet claimed.
What’s happening today?
Chinese premier concludes visit to Moscow and heads to Belarus
Indian PM travels to Poland for two-day visit
UK government borrowing data (July)
US mortgage data (weekly)
South Africa CPI inflation data (July)
Japan Manufacturing data (July)
Japan Services data (July)
South Korea interest rate decision
Lookahead to tomorrow
Federal Reserve’s Jackson Hole Symposium begins
US Democratic National Convention ends
Norway GDP data (Q2 2024)
Mexico GDP data (Q2 2024)
Eurozone consumer confidence data (August)
Japan CPI inflation data (July)
Weather today
It’s dry again for you, London – you’re in luck. High of 22°C and low of 14°C. Belfast – you just keep on getting more rain. And it’s heavy rain I’m afraid. Edinburgh – you’ve got light rain and gusty winds.
Life coaching quote of the day
“Life is reciprocal. The energy you expend always comes back.” – Oprah Winfrey
Mighty takeaway: The attitudes and behaviours you put out into the world come back to you in one form or another. Have a positive attitude and you’ll receive positivity in return. Have a miserable attitude and you’ll get misery back.
That’s everything – thanks for reading! 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