Wednesday, 2 October 2024
The Mighty Headlines
Economics: French PM warns of France’s “colossal debt”
Business: Michael Dell sells over $1 billion of Dell company shares
Markets: Oil prices rise following Iranian missile launches
Foreign Affairs: Impeachment motion against Kenya’s Deputy President
Security and intelligence: US confirms “severe consequences” for Iran
Domestic politics: New tipping law comes into effect
The Mighty Stats
FTSE = 8,276.65 (up 0.48 per cent at Tuesday close)
S&P500 = 5,708.75 (down 0.93 per cent at Tuesday close)
Nasdaq = 17,910.36 (down 1.53 per cent at Tuesday close)
CAC40 = 7,574.07 (down 0.81 per cent at Tuesday close)
£1 = $1.33 / €1.20
US: Trump / Harris = 47.3 / 49.3 per cent
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The Mighty Detail
Economics: New French Prime Minister, Michel Barnier, has warned that the Frances's "colossal debt" could push the country over the precipice. In his first speech to the French National Assembly, Barnier indicated that there would be tax rises on the wealthy and large corporations and that public spending would be reduced.
Business: The founder and CEO of Dell, Michael Dell, sold $1.22 billion worth of shares in his company last week. Earlier in September, he sold another $1.17 billion dollars worth of shares. Dell stock price has increased by 55 per cent since last year, with the rise of Artificial Intelligence leading to greater interest in the company's computer servers.
Markets: Oil prices rose by 4 per cent during market trading yesterday after Iran fired nearly 200 missiles at Israel. Iran said the missiles were launched in response to Israeli attacks on the Islamist militant group Hezbollah which is backed by Iran. Traders are now concerned about a regional conflict damaging oil supplies from the Middle East.
Foreign Affairs: Allies of the Kenyan President have initiated a motion in the Kenyan parliament to impeach Deputy President Rigathi Gachagua. The President’s allies accuse the Deputy President of supporting the deadly anti-government protests earlier this year, which he denies.
Security and intelligence: US National Security Adviser, Jake Sullivan, confirmed there would be “severe consequences” for Iran after its missile strike on Israel yesterday evening. Sullivan added that the US would “work with Israel to make that the case”. The UK Prime Minister also expressed the UK’s continuing commitment to Israeli security following the attack.
Domestic politics: New tipping laws have come into force to ensure workers keep 100 per cent of the tips they receive. The legislation was initiated in 2022 by the then Conservative MP Dean Russell through a Private Members Bill– one of the only mechanisms by which MPs can initiate legislation independently of the government.
The Mighty Calendar
What’s happening today?
o India and China public holidays
o Sir Keir Starmer meets European Commission President in Brussels
o UK Defence Secretary visits British troops in Cyprus
o Conservative leadership candidates give main speeches at Party Conference
o French President visits Germany
o Spain unemployment data (September)
o Eurozone unemployment data (August)
o Australia trade data (August)
o Mexico manufacturing data (September)
Lookahead to tomorrow
o G7 Interior Ministers meeting in Mirabella Eclano, Italy (ends Friday)
o South Korea and China public holidays
o Switzerland CPI inflation data (September)
o France, Spain, Germany, Italy, UK services data (September)
o United States unemployment data (weekly)
o Eurozone PPI inflation data (August)
The Mighty Finale
🌤️Weather today
Light rain again in London until evening. High of 16oC and low of 9oC. Sunny and dry nearly all day in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Our attitude towards life determines life’s attitude towards us.” – Earl Nightingale, motivational speaker
Mighty takeaway: Choose to have a winner’s attitude and a positive mindset through life. You’ll get the same right back at you.
That’s it for today. 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