Wednesday, 4 September 2024
The Mighty Headlines
Economics: Nigeria and China sign economic and nuclear deal
Business: Cathay Pacific grounds Airbus A350 airplanes
Markets: Stock markets fall due to concerns over US manufacturing
Foreign Affairs: Venezuelan prosecutors seek arrest of opposition leader
Security and intelligence: Former aide to New York governor charged with espionage
Domestic politics: Government makes first step in nationalising railways
The Mighty Stats
FTSE = 8,298.46 (down 0.78 per cent at Tuesday close)
S&P500 = 5,528.93 (down 2.12 per cent at Tuesday close)
Nasdaq = 18,958.73 (down 3.15 per cent at Tuesday close)
Nikkei = 37,047.61 (down 4.24 per cent at Wednesday close)
CAC40 = 7,575.10 (down 0.93 per cent at Tuesday close)
£1 = $1.31/ €1.19 / ¥190.17
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.2 / 48.1 per cent
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The Mighty Detail
Economics: Nigeria and China have signed an economic and nuclear energy agreement. Nigeria is a partner in China’s Belt and Road development programme and China is also Nigeria’s biggest bilaterial lender with loans of $5 billion.
Business: Cathay Pacific has had to temporarily ground its Airbus A350 fleet after a fault was discovered with the engine of one its airplanes. A flight from Hong Kong to Zurich had to turn back on Monday because of the issue. Cathay Pacific inspected all 48 of its A350 aircraft as a precautionary measure and said that 15 need parts replacing. The A350 engine is manufactured by Rolls-Royce.
Markets: Stock markets in Japan, Europe and the United States fell today and yesterday following concerns about the state of manufacturing in the United States. New data yesterday showed that manufacturing activity in the United States has been declining for 5 months in a row. The pan-European Stoxx 600 index fell by 1 per cent and the Nasdaq and S&P 500 fell by over 3 and 2 per cent respectively. The Japanese Nikkei dropped by over 4 per cent today.
Foreign Affairs: Venezuelan prosecutors have been granted an arrest warrant against Edmundo Gonzalez, the opposition candidate in July’s presidential election. Gonzalez is accused of terrorist-related crimes. Opposition parties claim Gonzalez won 67 per cent of the vote in the election. President Nicolas Maduro also claims victory.
Security and intelligence: The former deputy chief of staff to the Governor of New York state has been charged with espionage. Linda Sun is accused of acting as an undisclosed agent of China and the Chinese Communist Party. Her husband has been charged with money laundering and fraud.
Domestic politics: The Government’s legislation that will help nationalise the railways finished its stages in the House of Commons yesterday. The Passenger Railway Services (Public Ownership) Bill has completed committee stage and third reading and will now move to the House of Lords for further scrutiny.
The Mighty Calendar
What’s happening today?
Wales Questions in Parliament
Prime Minister’s Questions in Parliament
Budget Responsibility Bill in Parliament (Committee and Third Reading)
Conservative MPs vote in first round of Conservative Party leadership election
Grenfell Tower Inquiry report published
Eurozone PPI inflation data (July)
United States trade data (July)
Canada trade data (July)
Australia trade data (July)
South Korea GDP data (Q2 2024)
Lookahead to tomorrow
Business and Trade Questions in Parliament
Great British Energy Bill in Parliament (Second Reading)
Germany factory orders data (July)
UK, Italy, Germany, France, Eurozone construction data (August)
Eurozone retail sales (July)
United States weekly jobless claims
Japan household spending data (July)
The Mighty Finale
🌤️Weather today
Sunny until lunchtime in London then rain in the afternoon and evening. High of 20°C and low of 13°C. Similar weather story in Edinburgh but perhaps a touch dryer in Belfast.
✏️Life coaching quote of the day
“Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.” – Earl Nightingale, writer and speaker
Mighty takeaway: The time it will take to achieve a goal is no excuse for not taking action. If you have a goal or an aim, go for it!
That’s it and thank you for reading! 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