Monday, 11 November 2024
Today is Armistice Day. There will be a two minutes’ silence across the country at 11.00am
The Mighty Headlines
· Economics: Indonesia and China sign $10 billion of business deals
· Business: United States orders chipmaker TMSC to stop shipping to China
· Markets: Bitcoin value crosses $80,000 for the first time
· Foreign Affairs: Protests in Valencia against regional government
· Security and intelligence: Ukraine and Russia exchange record number of drone attacks
· Domestic politics: Tesco to pay £1 billion more in National Insurance from Budget
The Mighty Stats
· FTSE = 8,072.39 (down 0.84 per cent at Friday close)
· S&P500 = 5,995.54 (up 0.38 per cent at Friday close)
· Nasdaq = 19,286.78 (up 0.09 per cent at Friday close)
· CAC40 = 7,338.67 (down 1.17 per cent at Friday close)
· £1 = $1.29 / €1.21
· US swing states results
*Donald Trump is due to meet President Biden at the White House on Wednesday 13th November to discuss the transition of power. The Republican Party currently looks likely to take control of the House of Representatives. A total of 218 seats is required to win control of the House of Representatives.*
Presidency Trump / Harris
· Electoral College: 312 votes / 226 votes
· Popular vote: 74.6 million / 70.9 million
Senate Republican / Democrat
· Senate seats: 53 / 46
House of Representatives Republican / Democrat
· House seats: 213 / 202
Governors Republican / Democrat
· Governors: 27 / 23
*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: Indonesia and China signed business deals worth more than $10 billion on Sunday. In his first state visit to any country, the newly-elected President of Indonesia, Prabowo Subianto, called for “collaboration, not confrontation” with China and said that he wanted Indonesia to be part of China’s economic and “civilizational” power. The two countries also agreed to deepen security ties.
Business: The United States has ordered TSMC – the world’s most valuable semiconductor company – to stop sending sophisticated computer chips to China. The chips would be used in Artificial Intelligence. This comes as TMSC reported last month that one of its chips had been found in a Huawei computer processor, in an apparent violation of US export controls.
Markets: The value of Bitcoin reached $80,000 for the first time during trading yesterday. The rally follows the election of Donald Trump as the next US President. Trump has said that he would make the United States the “crypto capital of the world.”
Foreign Affairs: Ten of thousands of people gathered in Valencia on Saturday to protest at the regional government’s response to floods which have devasted the region. The protestors say that authorities have responded too slowly to the floods, which have killed 220 people, and that flood alerts were sent out too late. They are calling on regional president Carlos Mazón to resign.
Security and intelligence: Ukrainian authorities reported a record number of Russian drone attacks at the weekend. It says a total of 145 drones were launched, targeting cities including Kyiv and Odesa. Russia, at the same time, shot down 34 Ukrainian drones aimed at Moscow – also a record number – which had disrupted flights in the capital city.
Domestic politics: Tesco is set to face a £1 billion increase in its national insurance contributions (NICs) according to analysis by investment bank Morgan Stanley. The company employs 300,000 people in the UK and expects to make profits of £2.9 billion this year. This follows the Chancellor’s increase of employers’ NICs rates at the Budget last month.
The Mighty Calendar
What’s happening today?
o Sir Keir Starmer attends Armistice Day service in France
o Work and Pensions Questions in UK Parliament
o Urgent Question in UK Parliament on breach of security at the Police Service of Northern Ireland
o Norway CPI inflation data (October)
o Mexico industrial production data (September)
o Australia business confidence survey (October)
Lookahead to tomorrow
o COP29 Climate Change Summit begins, Azerbaijan (ends 22nd November)
o UK average earnings data (September)
o Germany CPI inflation data (October)
o Japan PPI inflation data (October)
o Company results from: Spotify, Vodafone, AstraZeneca, SoftBank
The Mighty Finale
🌤️Weather today
Sunny in London! Dry all day and high of 11oC and low of 5oC. Sunny in Edinburgh and sunny intervals in Belfast. A good start to the week for everyone!
✏️Life coaching quote of the day
“Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.” – Dale Carnegie, self-improvement writer
Mighty takeaway: Don’t put off your goals or dreams through fear and indecision. Take action today – just one step will get you started.
That’s it for this Monday morning. We hope you have a good start to this week and we’ll see you tomorrow.
Bye for now!
The Mighty Memo team