Wednesday, 7 August 2024
Wednesday, 7 August 2024 - www.mightymemo.co.uk
The Mighty Headlines
Economics: France sees more imports of Russian fuel
Business: Google loses antitrust case on search engine monopoly
Markets: Japanese stocks down and then up on day of recovery
Foreign Affairs: Kamala Harris picks Tim Walz as VP running mate
Domestic politics: New prison places created to cope with rioters
The Mighty Stats
FTSE = 8,084.20 (currently up 0.72 per cent)
S&P 500 = 5,240.03 (up 1.04 per cent at Tuesday close)
Nasdaq = 16,366.86 (up 1.03 per cent at Tuesday close)
Nikkei = 35,089.62 (up 1.19 per cent at Wednesday close)
CAC40 = 7,130.04 (down 0.27 per cent at Tuesday close)
£1 = $1.27 / €1.16 / ¥ 186.60
The Mighty Detail
France saw imports of Liquified Natural Gas (LNG) from Russia increase by more than 50 per cent in the first half of 2024. French companies imported nearly 4.4 billion cubic metres of Russian LNG compared to over 2 billion at the same point last year. Domestic demand in France for LNG has declined 9 per cent this year. This suggests French companies are exporting the gas.
Google has lost a US antitrust case regarding its search engine business. Google pays technology companies to act as the default search engine on their devices. In 2022, Google paid Apple $20 billion for this purpose. A federal US judge has ruled that “Google is a monopolist…and has acted as one to maintain its monopoly”. Google may now be required to change its practices.
Kamala Harris has picked Tim Walz as her Vice Presidential running mate. Tim Walz has served as Governor of Minnesota since 2019. Between 2007 and 2019, he served as a Member of the United States House of Representatives. He started his career as a school teacher and American football coach.
Japanese stocks started the day down on Wednesday but finished up as a Bank of Japan official downplayed the probability of an interest rate hike. Deputy Bank Governor, Shinichi Uchida, said that the Bank would not raise interest rates while the market was unstable. Stock markets elsewhere in Asia ended Wednesday in positive territory.
The UK Government has said it will create new prison places to cope with rioters. The Justice Minister, Heidi Alexander, told the BBC yesterday that an additional 567 prison places would become available in response to the recent violence that has taken place in England and Northern Ireland. She said there would be a prison place “waiting” for everyone given a custodial sentence. The Prime Minister held a second COBRA meeting last night.
What’s happening today?
Chancellor visits Toronto
Minister for International Development begins two-day visit to Jordan
Germany Trade and Industrial Production data (June)
China Trade data (July)
UK Halifax House Price Index (July)
US MBA Purchase Index – home buying – (July)
Lookahead to tomorrow
UK unemployment rate (June)
France Trade data (June)
US continuing jobless claims (weekly)
US initial jobless claims (weekly)
Mexico interest rate decision
China CPI and PPI inflation data (July)
Weather today
Sunny until lunchtime. Light cloud in the afternoon. Dry all day. High of 23°C and low of 13°C.
Life coaching quote of the day
“You are the average of the five people you spend most time with.” – Jim Rohn, motivational speaker
Meaning: Choose your company carefully. Surround yourself with positive people and you’ll become more positive. Surround yourself with ambitious people and you’ll become ambitious. Surround yourself with negative people and you’ll likely adopt their negative attitude to life.
That’s all 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