Monday, 5 August 2024
Monday, 5 August 2024 - www.mightymemo.co.uk
The Mighty Headlines
Economics: Eurozone unemployment increases slightly
Business: Buffett almost halves stake in Apple
Markets: US stocks begin week on a low
Foreign Affairs: US defence secretary revokes plea deals with three 9/11 defendants
Domestic politics: UK to hold International Investment Summit in October
The Mighty Stats
FTSE = 8,013.13 (currently down 1.98 per cent)
S&P500 = 5,346.56 (down 1.84 per cent at Friday close)
Nasdaq = 16,776.16 (down 2.43 per cent at Friday close)
Nikkei = 31,458.42 (closed down 12.4 per cent at Monday close)
CAC40 = 7,251.80 (down 1.61 per cent at Friday close)
£1 = $1.27 / €1.16 / ¥ 182.00
The Mighty Detail
Unemployment in the Eurozone increased slightly to 6.5 per cent in June from 6.4 per cent in May. The data published by Eurostat shows this is the first increase since September 2023, with just over 11.1 million people (11,122,000) unemployed in the eurozone.
US stocks begin the week on a low after the Nasdaq and the Down Jones Industrial Average closed down on Friday after weaker than expected US jobs data. Nonfarm payroll grew by 114,000 in July below the 175,000 expected. The Nasdaq closed down 2.43 per cent to 16,776.16 and the Dow Jones fell to 1.51 per cent to 39,737.26.
Warren Buffett’s Berkshire Hathaway almost halved its stake in Apple in Q2 2024. In its second quarter earnings report published on Saturday, Berkshire Hathaway disclosed that its position in Apple was valued at $84.2 billion – down from $135.4 billion in Q1 2024. This represents a sale of around 390 million shares.
The US Secretary of Defence, Lloyd Austin, has revoked plea deals agreed with three 9/11 defendants. The US Defence Department had announced on Wednesday that pre-trial agreements had been agreed with three 9/11 defendants. These would likely have seen the defendants avoid the death penalty in exchange for life sentences.
The UK Government will hold an International Investment Summit on 14 October 2024. According to the Government, the Summit will seek to attract up to 300 industry leaders to promote investment in the UK. At last year’s investment summit, the previous UK Government announced £29.5 billion of new investment in the UK.
What’s happening today?
PM holds COBRA meeting in response to riots
Chancellor flies to North America for meetings in New York and Toronto
Kamala Harris expected to pick VP running mate (today or tomorrow)
Eurozone PPI – wholesale inflation – data (June)
US services data (July)
Lookahead to tomorrow
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)
Weather today
Sunshine and no rain! High of 25°C and low 16°C. It’s going to be a splendid week.
Life coaching quote of the day
“Success is not having things. It’s handling things.” – Susan Jeffers, psychologist and author of the book Feel the Fear and Do It Anyway
Meaning: If you’re able to deal with any situation that comes your way, you’ll always be in a position to accomplish your aim or purpose. Nothing will be able to throw you off track from your goals.
That’s it for today. 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