Friday, 30 August 2024
Friday, 30th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Rice shortage in Japan
Business: Berkshire Hathaway reaches $1 trillion in market value
Markets: Chipmaker Nvidia stock falls despite record revenue
Foreign Affairs: Mixed martial arts now banned in Afghanistan
Security and intelligence: Philippines looks to review defence pact with US
Domestic politics: UK to join Pacific trade bloc in December 2024
The Mighty Stats
FTSE = 8,379.64 (up 0.43 per cent at Thursday close)
S&P500 = 5,591.96 (down 0.0039 per cent at Thursday close)
Nasdaq = 17,516.43 (down 0.23 per cent at Thursday close)
Nikkei = 38,647.75 (up 0.74 per cent at Friday close)
CAC40 = 7,640.95 (up 0.84 per cent at Thursday close)
£1 = $1.32/ €1.19 / ¥191.11
UK: Con / Lab / Reform = 33 / 20 / 21 per cent
US: Trump / Harris = 46.2 / 48.0 per cent
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The Mighty Detail
Economics: Japan is facing a shortage of rice following a poor harvest in 2023 and high demand this year. The price of rice recently reached an 11-year high but the shortage is only expected to be temporary with a normal rice harvest expected this year.
Business: Berkshire Hathaway, the company founded by Warren Buffett, has reached a $1 trillion valuation. It joins six other companies valued at and over that price – Microsoft, Apple, Amazon, Google, Facebook and Nvidia. Buffet, who continues to run the company, turns 94 today.
Markets: The price of Nvidia’s shares fell yesterday despite the fact it also announced record revenue of $30 billion in Q2 2024. Shares fell by 6.38 per cent yesterday with investors concerned about a slowdown in growth at the artificial intelligence chipmaker. Nvidia is the world’s third largest company with a value of $3.1 trillion.
Foreign Affairs: The Taliban has banned Mixed Martial Arts (MMA) in Afghanistan. The government says that MMA “have many aspects which are contrary to the teachings of Islam”. An official from the government also said that MMA was too violent and posed a risk of death.
Security and intelligence: The Philippines National Maritime Council has said that it may review its defence agreement with the US. The agreement, which was signed in 1951, requires the US to defend the Philippines if its ships or aircraft are attacked. Earlier in the week, the Philippines Defence Secretary alluded to China and said the agreement should be interpreted more broadly to take into account a more “dynamic and cunning adversary”.
Domestic politics: The UK will join a Pacific trade bloc in December 2024 after majority of existing members ratified the UK’s accession. The bloc includes countries such as Japan, New Zealand, Australia, Singapore, Mexico and Canada. It will have a combined GDP of £12 trillion once the UK joins and around 99 per cent of UK goods exported to the bloc will be tariff-free.
The Mighty Calendar
What’s happening today?
Canada GDP data (Q2 2024)
France CPI inflation data (August)
Italy CPI inflation data (August)
Eurozone CPI inflation data (August)
Eurozone unemployment data (July)
Germany retails sales data (May)
UK mortgage approvals data (July)
Lookahead to the weekend
Saturday:
10th Irish Language Poetry Slam Competition, Belfast
Mudlarking and heritage crafts festival, Southwark Cathedral
Chatsworth Country Fair, Derbyshire
Freestyle ice skating competition, Alexandra Palace
Sunday:
Concours of Elegance Classic Car Show, Hampton Court Palace
Brompton Cemetery Open Day
North Norfolk Food and Drink Festival, Holkham Hall
The Mighty Finale
🌤️Weather today
Sunny and dry yet again! High of 24°C and low of 14°C in London. Also sunny and dry in Belfast and in Edinburgh. A hat trick!
✏️Life coaching quote of the day
“Ships in harbour are safe, but that’s not what ships are built for.” – Susan Jeffers, psychologist and writer
Mighty takeaway: We all have a purpose in life and our own unique talents. But we won’t live up to our full potential if we fail to pursue that purpose or fail to use our talents.
That’s all for today’s edition. Thank you for reading to the end. 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