Friday, 8 November 2024
The Mighty Headlines
Economics: Bank of England and US Federal Reserve cut interest rates
Business: Sainsbury’s, M&S and BT may increase prices because of the Budget
Markets: US markets reach record high following Trump’s victory
Foreign Affairs: German opposition party calls for vote of confidence
Security and intelligence: Hungary and Ukraine leaders clash
Domestic politics: UK Government announces 56 new sanctions on Russia
The Mighty Stats
FTSE = 8,140.74 (down 0.32 per cent at Thursday close)
S&P500 = 5,973.10 (up 0.74 per cent at Thursday close)
Nasdaq = 19,269.46 (up 1.51 per cent at Thursday close)
CAC40 = 7,425.60 (up 0.76 per cent at Thursday close)
£1 = $1.30 / €1.20
US Presidential and Congressional election results
*At the time of writing, Donald Trump has won the Presidency and the Republican Party has won control of the Senate and looks highly likely to win control of the House of Representatives. A total of 218 seats is required to win control of the House of Representatives.*
Presidency Trump / Harris
· Electoral College: 295 votes / 226 votes
· Popular vote: 72.8 million / 68.2 million
Senate Republican / Democrat
· Senate seats: 53 / 45
House of Representatives Republican / Democrat
· House seats: 210 / 198
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: The Bank of England and the United States Federal Reserve both decided to cut interest rates yesterday. The Bank of England cut rates from 5 per cent to 4.75 per cent. Inflation in the UK is at its lowest in three years, standing at 1.7 per cent. US interest rates – which are given as a range rather than a single figure – were also cut and now stand between 4.5 per cent and 4.75 per cent.
Business: Sainsbury’s, Marks & Spencer and BT have all said they may put up their prices because of the UK Government’s Budget last month. The businesses said they may pass on the cost of the National Insurance tax increase to their customers.
Markets: The US stock markets continue to rise following the election of Donald Trump as the next US President. The S&P 500 closed at a record high of 5,973.10 and the Nasdaq reached a record high of 19,269.46.
Foreign Affairs: Germany’s coalition Government collapsed on Wednesday after Chancellor Scholz, a Social Democrat, fired his Finance Minister Christian Linder, a Free Democrat. Although Chancellor Scholz said he would hold a vote of confidence in January, with a view to elections in March, the opposition CDU party is now demanding the vote be held next week.
Security and intelligence: Hungarian Prime Minister, Viktor Orban, and Ukrainian President Volodymyr Zelensky clashed at the European Political Community summit in Budapest yesterday. Orban called for a ceasefire between Ukraine and Russia, claiming that the United States’ attitude to the war would soon be changing. In a tacit reference to Orban, Zelensky denounced “People who didn't live through war but have only seen it in books and movies. People who've spent years or months talking to Putin, hugging, but never fought him.”
Domestic politics: The UK Government announced 56 new sanctions against Russia yesterday. This is the largest package of sanctions against the country since May 2023. The sanctions target the supply of goods to Russia’s military from companies in China, Turkey and central Asia.
The Mighty Calendar
What’s happening today?
o French trade data (September)
o Italy industrial production data (September)
o Italy retail sales data (September)
o Canada employment data (October)
o China CPI inflation data (October)
o Company results from: IAG, Sony, Paramount
Lookahead to the weekend
Saturday
Lord Mayor’s Show, City of London (free attendance)
NEC Classic Motor Show, Birmingham
Chester Literature Festival (ends 16th November)
Sunday
National Service of Remembrance at the Cenotaph
NFL Munich Game: New York Giants vs. Carolina Panthers, Germany
Men’s ATP Tennis Finals begin, Italy
The Mighty Finale
🌤️Weather today
Light cloud in London and dry. High of 13oC and low of 9oC. Getting colder! Thick cloud in Belfast and sunny spells again in Edinburgh.
✏️Life coaching quote of the day
“Fear does not have any special power unless you empower it by submitting to it.” – Les Brown, motivational speaker
Mighty takeaway: This is a quote to ponder for the weekend. What fears are you giving in to?
That’s all for today and for this week. We hope you enjoy the weekend and we’ll see you again on Monday.
Adios!
The Mighty Memo team