Friday, 4 October 2024
The Mighty Headlines
Economics: France increases corporation tax on largest companies
Business: Levi’s sales weaker than expected
Markets: Markets fall following Middle East tensions
Foreign Affairs: Mexico’s first woman president reforms women’s rights
Security and intelligence: NATO head gives support for Ukraine to strike Russia
Domestic politics: UK gives up sovereignty of Chagos Islands
The Mighty Stats
FTSE = 8,282.52 (down 0.1 per cent at Thursday close)
S&P500 = 5,699.94 (down 0.17 per cent at Thursday close)
Nasdaq = 17,918.48 (down 0.037 per cent at Thursday close)
CAC40 = 7,477.78 (down 1.32 per cent at Thursday close)
£1 = $1.31 / €1.19
US: Trump / Harris = 47.2 / 49.4 per cent
*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 French Prime Minister, Michel Barnier, has confirmed an increase in corporation tax for around 300 of France’s largest companies to help balance the government’s budget. The increase will apply to companies with over a €1 billion in turnover.
Business: Levi’s has posted weaker than expected revenue for Q3 2024. Sales amounted to $1.52 billion versus the $1.55 billion expected. Sales at Dockers, the khaki clothing brand Levi’s founded in the 1980s, fell by 15 per cent and has pushed overall results down. Levi’s is now considering selling the brand.
Markets: Stock markets fell on Thursday following concerns about the situation in the Middle East. The pan-European Stoxx 600 fell by nearly 1 per cent and the Dow Jones fell by 0.44 per cent. At the same time, the price of oil rose by 5 per cent as traders anticipate reduced supply.
Foreign Affairs: Mexico’s new president, Claudia Sheinbaum, has announced a number of measures to strengthen women’s rights. Sheinbaum, who took office on Tuesday as Mexico’s first female president, is proposing equal pay for women, equal representation of men and women in state and federal government cabinets, financial support for women over 60 and tackling violence against women.
Security and intelligence: The new head of NATO, Mark Rutte, has given his support to Ukraine to hit targets inside Russia. Rutte, who was prime minister of the Netherlands before becoming head of NATO this week, said that Ukrainian defence “does not end at the border”. He added that Ukraine had a right to target Russian fighter jets and missiles before they arrived in Ukraine.
Domestic politics: The UK Government has announced that it is giving up sovereignty of the Chagos Islands to Mauritius following a long-running dispute. The largest of the islands, Diego Garcia, has been used as a joint UK-US military base since the 1960s and will continue to be so. Residents who were forcibly expelled in the 1960s now hope to return to the islands.
The Mighty Calendar
What’s happening today?
China public holiday
UK PM gives speech on £22 billion carbon capture investment
French President hosts Francophonie Summit at Villers-Cotterêts (ends Saturday)
South Korea retail sales data (August)
Spain and France industrial production data (August)
UK construction data (September)
Lookahead to the weekend
Saturday
Donald Trump returns to Butler, Pennsylvania for rally after attempted assassination
Spanish Book Fair, Conway Hall
Planet Earth III Live in Concert, OVO Arena Wembley
ICC Women's T20 World Cup: England vs Bangladesh
Sunday
Conker Championships, Hampstead Heath
NFL London Edition: New York Jets vs Minnesota Vikings, Tottenham Hotspur Stadium
ICC Women's T20 World Cup: Scotland vs West Indies
The Mighty Finale
🌤️Weather today
Sunny and dry in London. High of 17oC and low of 7oC. Raining all day in Belfast and mostly sunny in Edinburgh.
✏️Life coaching quote of the day
“If you are bored with life, if you don’t get up every morning with a burning desire to do things – you don’t have enough goals.” – Lou Holtz, American Football coach
Mighty takeaway: Don’t waste your time leading an uninspired life. Live a life that is worthwhile and meaningful to you.
That’s all for this week. We'll see you again on Monday! 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