Monday, 30 September 2024
The Mighty Headlines
Economics: Protests in Portugal against rising house prices
Business: St James’s Place funds deliver “insufficient value”
Markets: Japanese stocks fall following selection of new PM
Foreign Affairs: Austrian far-right party wins parliamentary elections
Security and intelligence: China criticises US deployment of missiles in Philippines
Domestic politics: Badenoch and Tugendhat interviews at Conservative Conference
The Mighty Stats
FTSE = 8,320.76 (up 0.43 per cent at Friday close)
S&P500 = 5,738.17 (down 0.13 per cent at Friday close)
Nasdaq = 18,119.59 (down 0.39 per cent at Friday close)
Nikkei = 37,919.55 (down 4.8 per cent at Monday close)
CAC40 = 7,791.79 (up 0.64 per cent at Friday close)
£1 = $1.34 / €1.20
UK: Con / Lab / Reform = 26 / 30 / 18 per cent
US: Trump / Harris = 47.1 / 49.1 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: There were protests across Portugal at the weekend in response to rising house prices. Between 2020 and 2021, house prices in the country rose by 157 per cent. Rents increased by 115 per cent between 2015 and 2021. The Government has promised €2 billion to build 33,000 homes by 2030.
Business: Wealth manager St James’s Place (SJP) has said the vast majority of its funds deliver “insufficient value” on performance. Chair of SJP Unit Trust Group, Sheila Nicoll, said “there are no fast fixes.” SJP has seen its share prices halve in recent years, following concerns in particular over its fee structure.
Markets: Japanese stocks fell today, following the selection of new Prime Minister, Shigeru Ishiba on Friday and expectations of interest rate increases. Traders had expected Sanae Takaichi, who opposes higher interest rates, to be selected as Prime Minister.
Foreign Affairs: Austria’s far-right Freedom Party has won the most votes in the country’s parliamentary elections. It secured 29 per cent of the vote. No party, however, has won sufficient votes to govern with an outright majority. Forming a coalition government is also likely to be difficult.
Security and intelligence: China has criticised the United States’ deployment of the Typhon missile system in the Philippines. Speaking on Saturday, Chinese foreign minister Wang Yi said the intermediate-range missile system, which is capable of hitting China, “undermines regional peace and stability”. The US views the Philippines as a strategic base for responding to a Chinese invasion of Taiwan.
Domestic politics: The Conservative Party conference continues in Birmingham today, with a membership Q&A with leadership candidates Tom Tugendhat and Kemi Badenoch. The other candidates Robert Jenrick and James Cleverly are interviewed tomorrow. The front-runners, Badenoch and Jenrick, have focused on immigration policy in recent media appearances.
The Mighty Calendar
What’s happening today?
Shadow Chancellor Jeremy Hunt addresses Conservative Party Conference
UK’s last coal-fired power plant ceases operation
UK GDP data (Q2 2024)
Germany retail sales data (July)
Italy CPI inflation data (September)
Germany CPI inflation data (September)
Japan unemployment rate (August)
South Korea trade data (September)
Lookahead to tomorrow
South Korea, Hong Kong, China public holidays
Claudia Sheinbaum takes office at Mexico’s first female president
Mark Rutte takes office as new NATO Secretary General
United States Vice President election debate
French PM gives policy address to French National Assembly
France, Italy, UK, Germany manufacturing data (September)
Eurozone CPI inflation data (September)
The Mighty Finale
🌤️Weather today
Rain for much of the day in London. High of 17oC and low of 11oC. Same weather in Belfast and Edinburgh.
✏️Life coaching quote of the day
“If you don’t try at anything, you can’t fail… it takes back bone to lead the life you want.” – Richard Yates, writer
Mighty takeaway: We’re repeating this quote from Thursday last week because it was so good! Go after your dreams, even if you risk failure, because this life isn’t a practice run. It’s the real one and the only one you’ll have.
Mighty takeaway:
That’s about it for today’s edition. Thank you so much for reading to the end! 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