Thursday, 10 October 2024
The Mighty Headlines
Economics: Germany heading for second year of economic recession
Business: X operating again in Brazil
Markets: US stocks rise on higher tech valuations
Foreign Affairs: EU marks Hungary out as a “risk” to EU security
Security and intelligence: North Korea blocks roads and railways to South Korea
Domestic politics: Badenoch and Jenrick reach final Conservative leadership vote
The Mighty Stats
FTSE = 8,243.74 (up 0.65 per cent at Wednesday close)
S&P500 = 5,792.04 (up 0.71 per cent at Wednesday close)
Nasdaq = 18,291.62 (up 0.6 per cent at Wednesday close)
CAC40 = 7,560.09 (up 0.52 per cent at Wednesday close)
£1 = $1.31 / €1.19
US: Trump / Harris = 47.2 / 49.2 per cent
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The Mighty Detail
Economics: Germany is likely to suffer from a second successive year of economic contraction in 2024. Germany’s Economy Minister, Robert Habeck, said yesterday that the country’s economy is likely to decrease by 0.2 per cent this year. Growth of 0.3 per cent had been expected. In 2023, the German economy shrank by 0.3 per cent.
Business: X is operating again in Brazil after being banned from the country by a Supreme Court Justice earlier this year. Justice Alexandre de Moraes banned X in August after it refused to remove certain user accounts and pay outstanding fines. X has now complied with de Morae’s requests.
Markets: US stock markets rose again yesterday, driven by the rising valuations of tech companies. Amazon and Apple each rose by 1 per cent and the S&P 500 reached a new high during trading.
Foreign Affairs: The European Commission President, Ursula von der Leyen, has said that Hungary’s close relationship with Russia and China is putting the EU’s security at risk. Von der Leyen pointed to Hungary’s reluctant support for Ukraine, its decision to ease visa restrictions for Russians and its decision to allow police officers from China to patrol streets in Hungary with the Hungarian police.
Security and intelligence: North Korea is set to block all road and railway networks into South Korea. The army also announced that defensive structures would be reinforced. The General Staff said this was necessary because “the touch-and-go of war is ever-escalating.” Tensions between North and South are at their highest level in years, with both sides conducting more regular military drills.
Domestic politics: Kemi Badenoch and Robert Jenrick have made it to the final round of the Conservative Party leadership election. Badenoch, a former Business Secretary, received 41 votes. Jenrick, a former Housing Secretary, received 40 votes. Conservative Party members will now have the final say, with the victor announced on the 2 November.
The Mighty Calendar
What’s happening today?
President Biden travels to Germany
French budget announced
Transport Questions in UK Parliament
General Debate on Sport in UK Parliament
Boris Johnson’s memoirs are published
Italy industrial production data (August)
United States CPI inflation data (September)
South Korea interest data decision
Lookahead to tomorrow
Hong Kong public holiday
Yom Kippur (holiest day in the Jewish calendar)
President Biden meets German Chancellor Olaf Scholz
Nobel Peace Prize winner announced
UK construction data (August)
UK GDP data (August)
UK trade data (August)
UK industrial production data (August)
United States PPI inflation data (September)
Canada employment data (September)
The Mighty Finale
🌤️Weather today
Light cloud in London and largely dry. High of 12oC and low of 3oC. Sunny in Belfast and Edinburgh.
✏️Life coaching quote of the day
“You are today where your thoughts have brought you; you will be tomorrow where you thoughts take you.” James Allen, author
Mighty takeaway: Do you want to change your future? Change your thoughts and attitude. If you don’t change anything, you’ll stay you exactly where you are.
That’s all for this Thursday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team