Monday, 4 November 2024
The Mighty Headlines
Economics: OPEC+ delay increasing oil output
Business: Berkshire Hathaway cash holding grows to £325 billion
Markets: E-bike company Lime ready for IPO
Foreign Affairs: Spain to declare ‘state of catastrophe’
Security and intelligence: China and Japan discuss North Korean troops in Russia
Domestic politics: Badenoch says “loss of trust” led to general election defeat
The Mighty Stats
FTSE = 8,177.15 (up 0.83 per cent at Friday close)
S&P500 = 5,728.80 (up 0.41 per cent at Friday close)
Nasdaq = 18,239.92 (up 0.80 per cent at Friday close)
CAC40 = 7,409.11 (up 0.80 per cent at Friday close)
£1 = $1.29 / €1.19
UK: Con / Lab / Reform = 26 / 28 / 18 per cent (poll conducted between 30 October and 1 November before Kemi Badenoch was elected Leader of the Conservative Party)
US swing states: Trump / Harris
Michigan 47.1 47.8 Harris +0.7
Pennsylvania 47.9 47.6 Trump +0.3
Wisconsin 47.4 48.1 Harris +0.7
Arizona 49.0 46.4 Trump +2.6
N. Carolina 48.4 47.1 Trump +1.3
Georgia 48.5 47.0 Trump +1.5
Nevada 47.8 47.2 Harris +0.6
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The Mighty Detail
Economics: Eight members of OPEC+ have decided to delay increasing oil output. The eight members – Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman – gave no reason for the decision which would have added 180,000 barrels a day to global supply in December. Oil prices are falling, driven by weakening demand in China.
Business: Berkshire Hathaway saw its cash holdings increase to over $325 billion in Q3 2024. The conglomerate, headed by Warren Buffet, sold $36.1 billion of stock holdings in Q3. It also sold 25 per cent of its shares in Apple.
Markets: The CEO of Lime, the electric bicycle hire company, has said that the company is ready to be listed on the stock exchange. CEO Wayne Ting said, however, that the stock market environment is not yet right and the company is “waiting for better conditions”. Lime made an underlying profit of $97 million last year.
Foreign Affairs: The Spanish Prime Minister, Pedro Sanchez, has said that his government has asked for support from the European Union to deal with the recent floods in the country. The floods have already killed 211 people. The Government is expected to declare a ‘state of catastrophe’ tomorrow which will facilitate access to the European Solidarity Fund.
Security and intelligence: The head of Japan’s national security council, Akiba Takeo, has been meeting China’s Foreign Minister Wang Yi today. The two men will discuss the deployment of North Korean troops against Ukraine. There are suggestions that China is becoming frustrated with the deepening military relationship between Russia and North Korea.
Domestic politics: In her first BBC television interview since becoming leader of the Conservative Party, Kemi Badenoch, said that a “loss of public trust” was the reason for the Conservative Party’s defeat at the General Election. She is expected to announce a Shadow Cabinet team tomorrow.
The Mighty Calendar
What’s happening today?
Japan public holiday (Culture Day)
Education Questions in UK Parliament
Spain, Italy, Germany, France, Eurozone manufacturing data (October)
Spain, Italy, Germany, France car registrations data (October)
South Korea CPI inflation data (October)
Company results from: BioNTech, Ryanair, Fox, New York Times
Lookahead to tomorrow
United States Presidential Election
Justice Questions in UK Parliament
France industrial production data (September)
Spain, New Zealand unemployment data (October)
UK car registrations data (October)
United States, Canada trade data (September)
Company results from: Associated British Foods, Audi, Devon Energy
The Mighty Finale
🌤️Weather today
Misty but dry in London. High of 14oC and low of 8oC. Also dry in Belfast and Edinburgh.
✏️Life coaching quote of the day
“You are the only problem you will ever have and you are the only solution. Change is inevitable, personal growth is always a personal decision.” – Bob Proctor
Mighty takeaway: The answer to changing your life lies within you, not outside of you. No-one can do the work or take the decisions for you.
That’s about it for this Monday. We hope you have a good start to the week and we’ll see you tomorrow.
Adios!
The Mighty Memo team