Monday, 23 September 2024
The Mighty Headlines
Economics: Retail sales rise in the UK in August
Business: Chipmaker Qualcomm makes bid for Intel takeover
Markets: Trump Media shares fall to 52-week low
Foreign Affairs: New government in France
Security and intelligence: US and Indo-Pacific countries agree tighter security
Domestic politics: Rachel Reeves speaks at Labour Party Conference today
The Mighty Stats
FTSE = 8,229.99 (down 1.19 per cent at Friday close)
S&P500 = 5,702.55 (down 0.19 per cent at Friday close)
Nasdaq = 17,948.32 (down 0.36 per cent at Friday close)
CAC40 = 7,500.26 (down 1.51 per cent at Friday close)
£1 = $1.33 / €1.19
UK: Con / Lab / Reform = 21 / 33 / 18 per cent
US: Trump / Harris = 47.4 / 49.3 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: Retail sales rose by 1 per cent in the UK last month compared with July. This is ahead of the 0.4 per cent of growth forecast. The chief economist of the Office for National Statistics, Grant Fitzner, said “Retail sales rose in August as warmer weather and end-of-season promotions helped to boost sales, most notably for clothing and food shops.”
Business: US chipmaker Qualcomm has approached Intel about a possible takeover. Intel has been struggling in recent months and announced in August that it would be cutting 15,000 jobs. Intel is currently valued at around $93 billion.
Markets: The shares in Donald Trump’s company Trump Media start the week at a 52-week low. The shares are currently worth around $13.55 – down by 65 per cent from their peak in July. Trump Media owns the social media platform Truth Social and investors are waiting to see whether Donald Trump will sell his shares in the company.
Foreign Affairs: A new government has been formed in France, two months after the legislative elections in July. New centre-right Prime Minister, Michel Barnier, unveiled a 39-member Cabinet consisting mainly of politicians from the conservative Les Républicains party and the centrist parties supporting President Macron.
Security and intelligence: At the Quad summit on Saturday, the leaders of the United States, India, Japan and Australia agreed to expand security cooperation in the Indo-Pacific. A particular focus will be on keeping peace in the South China Sea, which is largely claimed by China. The Quad – formally known as Quadrilateral Security Dialogue – is a strategic security group.
Domestic politics: The Chancellor Rachel Reeves will give a speech at Labour Party Conference today. Reeves is expected to talk about the economic inheritance the Government received from the previous Conservative administration and her approach to the public finances.
The Mighty Calendar
What’s happening today?
Japan public holiday (autumn equinox)
Rachel Reeves gives speech at Labour Party Conference 2024
Former Defence Secretary, Ben Wallace, addresses Independent Inquiry on Afghanistan
UN Summit of the Future begins, New York City
UK, France, Germany, Eurozone, Japan manufacturing data (September)
South Korea PPI inflation data (August)
Lookahead to tomorrow
Sir Keir Starmer gives speech at Labour Party Conference 2024
President Biden speaks at UN General Assembly General Debate
Reserve Bank of Australia interest rate decision
United States house price data (July)
South Korea consumer confidence data (September)
The Mighty Finale
🌤️Weather today
Light rain throughout the day in London. High of 19oC and low of 13oC. Largely dry in Belfast and Edinburgh.
✏️Life coaching quote of the day
“We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes – understanding that failure is not the opposite of success, it’s part of success.” – Arianna Huffington, co-founder of The Huffington Post
Mighty takeaway: Keep going past the obstacles and failures. You’ll learn so much if you just keep persevering in life.
That’s all for today’s edition. 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