Tuesday, 24 September 2024
The Mighty Headlines
Economics: French government may increase taxes on high earners
Business: JCB sales increase but warns of tough economic conditions
Markets: Coffee prices set to rise amid shortage
Foreign Affairs: Sri Lanka has new centre-left president
Security and intelligence: Egypt delivers more arms to Somalia
Domestic politics: Rachel Reeves rules out some tax increases
The Mighty Stats
FTSE = 8,259.71 (up 0.36 per cent at Monday close)
S&P500 = 5,718.57 (up 0.28 per cent at Monday close)
Nasdaq = 17,974.27 (up 0.14 per cent at Monday close)
CAC40 = 7,508.08 (up 0.1 per cent at Monday close)
£1 = $1.33 / €1.20
US: Trump / Harris = 47.2 / 49.4 per cent
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The Mighty Detail
Economics: French Prime Minister, Michel Barnier, has proposed increasing taxes on high earners ahead of a budget due by the 1st October. Barnier called the French government’s financial situation “very serious”. France’s national debt stands at €3.2 trillion or 110 per cent of GDP.
Business: JCB’s turnover rose by 14 per cent last year to £6.5 billion. Profits before tax were £805.8 million. The construction equipment manufacturer warned, however, of a challenging year this year because of a decline in UK housebuilding and a decline in economic activity in Germany.
Markets: The price of coffee is set to rise further. Brazil and Vietnam are the world’s largest coffee producers but Brazil has been hit by droughts this year and Vietnam has been hit by Typhoon Yagi. Output could fall by 20 per cent. The price of Arabica coffee traded on the Intercontinental Exchange has already increased from around $1.80 a year ago to $2.50 today.
Foreign Affairs: Sri Lanka has a new centre-left president, Anura Kumara Dissanayake. Dissanayake has promised to renegotiate an IMF deal which the previous government secured to bail Sri Lanka out of its economic crisis. Austerity measures were imposed after the deal.
Security and intelligence: Egypt has delivered more arms to Somalia after a security pact was agreed in August. Following the August delivery, a second major load of weapons and artillery arrived at the weekend. Both countries mistrust nearby Ethiopia which they accuse of acting against their economic and territorial interests.
Domestic politics: At Labour Party Conference yesterday, the Chancellor of the Exchequer ruled out increases in income tax, national insurance and VAT. Reeves added there would be “no return to austerity” but did not give details about future tax and spending decisions. The Prime Minister is set to give his speech to the Labour Party Conference today.
The Mighty Calendar
What’s happening today?
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)
Lookahead to tomorrow
Ukrainian President gives speech at UN General Assembly General Debate
UN Security Council discusses situation in Ukraine
G20 foreign affairs ministers meet on sidelines of UN General Assembly
Japan CPI inflation data (year-on-year)
Spain PPI inflation data (year-on-year)
United States new home sales data (August)
France consumer confidence (September) and jobseekers data (August)
The Mighty Finale
🌤️Weather today
Largely dry in London. High of 18oC and low of 11oC. Mostly sunny in Belfast but rain all day in Edinburgh. Bad luck, Edinburgh!
✏️Life coaching quote of the day
“The only man who never makes mistakes is the man who never does anything.” – Theodore Roosevelt, US President
Mighty takeaway: Taking action and working towards your goals means making mistakes. It’s inevitable. The important things is to keep on persevering. You’ll always find a way through.
That’s it 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