Friday, 6 December 2024
The Mighty Headlines
Economics: Half of UK companies to raise prices because of NI rise
Business: Use of cash in UK shops increases
Markets: French bonds less risky after Government collapse
Foreign Affairs: Mexico seizes drugs and detains migrants after Trump threats
Security and intelligence: US concern over Russian interference in Romania’s election
Domestic politics: UK Prime Minister sets out six new targets
The Mighty Stats
FTSE = 8,349.38 (up by 0.16 per cent at Thursday close)
S&P500 = 6,075.11 (down 0.19 per cent at Thursday close)
Nasdaq = 19,700.26 (down 0.18 per cent at Thursday close)
CAC40 = 7,330.54 (up 0.37 per cent at Thursday close)
£1 = $1.28 / €1.21
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The Mighty Detail
Economics: A survey conducted by the Bank of England shows that 54 per cent of firms expect to raise prices in response to the increase in National Insurance announced at the Budget. A total of 54 per cent also said they expect to lower employment, 38 per cent said they expected to give lower wages and 59 per cent said they would absorb the cost in wages and reduce profits.
Business: The use of cash in shops has risen for a second year in a row, according to data from the British Retail Consortium. Cash accounted for a fifth of transactions, with £22.03 the average amount per purchase. Help with budgeting is cited as a major factor behind the increase.
Markets: The risk associated with French government debt relative to German debt fell to its lowest level in two weeks yesterday. Following the collapse of the French Government on Wednesday and after weeks of uncertainty, investors hope a new budget will be passed quickly.
Foreign Affairs: The Mexican army has seized a record amount of fentanyl, valued at nearly $400 million. Mexico also detained 5,200 migrants across the country earlier this week. This comes after Donald Trump said he would impose 25 per cent tariffs on Mexico unless it reduced the flow of drugs and migrants to the US.
Security and intelligence: The US has expressed concern about Russian interference in the Romanian Presidential election. This comes after Romania’s security council said that the pro-Russia presidential candidate, Calin Georgescu, was heavily promoted on TikTok through paid promotion and coordinated accounts. Georgescu won the first round of voting last month, despite being little known and having declared no spending on his campaign.
Domestic politics: UK Prime Minister, Sir Keir Starmer, outlined six new targets on which to judge his Government yesterday. They included raising living standards, building 1.5 million homes in England, ending hospital backlogs, having a named police officer in every neighbourhood, having more children “ready to learn” at the age of 5 and having at least 95 per cent clean power by 2030. A poll published yesterday also put Reform ahead of Labour for the first time on 24 per cent, Labour on 23 per cent and the Conservatives on 26 per cent.
The Mighty Calendar
What’s happening today?
UK house price data (November)
Germany, France trade data (October)
Germany industrial production data (October)
Italy retail sales data (October)
Eurozone employment data (Q3 2024)
Eurozone GDP data (Q3 2024)
United States, Canada average earnings data (November)
Lookahead to the weekend
Saturday
President Macron hosts inauguration ceremony of Notre Dame Cathedral, Paris
Ghana Presidential and Parliamentary elections
Illustrators’ Festive Fair, King’s Cross, London
Home Alone with Royal Philharmonic Orchestra, Royal Albert Hall, London
Sunday
Notre Dame Cathedral, Paris re-opens to the public
Second Round of Romania Presidential election
Barbados Marathon
Honolulu, Hawaii Marathon
The Mighty Finale
🌤️Weather today
Sunny and dry for most of England until mid-afternoon. High of 9oC and low of 8oC. Heavy rain in Belfast from midday. Light rain in Edinburgh from late afternoon.
✏️Life coaching quote of the day
“The worst thing one can do is not to try, to be aware of what one wants and not give in to it, to spend years in silent hurt wondering if something could have materialized - never knowing.” – Jim Rohn, motivational speaker
Mighty takeaway: Take action on your dreams!
That’s it for this week. We hope you enjoy the weekend and we’ll see you on Monday.
Adios!
The Mighty Memo team