Tuesday, 3 September 2024
The Mighty Headlines
Economics: Bank of France governor calls for Eurozone interest rate cut
Business: Volkswagen talks of possible factory closures in Germany
Markets: Rightmove shares increased 27 per cent on Monday
Foreign Affairs: Turkey carries out airstrikes in Iraq
Security and intelligence: Putin travels to Mongolia despite arrest warrant
Domestic politics: Government extends Household Support Fund
The Mighty Stats
FTSE = 8,363.84 (down 0.15 per cent at Monday close)
S&P500 = 5,648.40 (up 1.01 per cent at Monday close)
Nasdaq = 17,713.62 (up 1.13 per cent at Monday close)
Nikkei = 38,686.31 (down 0.038 per cent at Tuesday close)
CAC40 = 7,646.42 (up 0.2 per cent at Monday close)
£1 = $1.31 / €1.19 / ¥191.65
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.3 / 48.1 per cent
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The Mighty Detail
Economics: The Governor of the Bank of France has called for the European Central Bank to cut interest rates this month. François Villeroy de Galhau said it was “fair and wise” to decide on a new rate cut. The interest rate in the eurozone currently stands at 3.75 per cent.
Business: Volkswagen said on Monday that it could not rule out factory closures in Germany as it seeks to “future-proof” the company. Volkswagen CEO, Oliver Blume, said that economic conditions, new competitors in the market and Germany’s decreasing competitiveness were factors in the decision.
Markets: Shares in Rightmove increased by 27 per cent yesterday. This follows news that the Australian REA Group is considering making an offer to buy the online property portal. In accordance with UK regulations, REA Group now has until 30th September to confirm its intention to buy Rightmove.
Foreign Affairs: Turkey carried out airstrikes yesterday in northern Iraq. The Turkish Ministry of Defence said that it had destroyed 20 targets of the Kurdistan Workers Party (PKK). The PKK is a Kurdish militant nationalist organisation that has been designated as a terrorist organisation by the EU, United States and Turkey.
Security and intelligence: President Putin travelled to Mongolia yesterday despite facing arrest in the country. As a member of the International Criminal Court (ICC), Mongolia is required to arrest Putin after the ICC issued a warrant for his arrest over suspected war crimes in Ukraine. Russia and Mongolia appear to have agreed in advance that Putin would not be arrested. Putin is attending military commemorative events in Mongolia and meeting President Ukhnaa Khurelsukh today.
Domestic politics: The Government has said that it would extend the Household Support Fund for an additional six months. The Fund will provide £421 million to councils in England to help residents with living costs including energy, food and water until April 2025.
The Mighty Calendar
What’s happening today?
Treasury Questions in Parliament
Switzerland CPI inflation data (August)
Switzerland GDP data (Q2 2024)
Brazil GDP data (Q2 2024)
Mexico unemployment data (July)
United States and Canada manufacturing data (August)
Lookahead to tomorrow
Wales Questions in Parliament
Prime Minister’s Questions in Parliament
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)
The Mighty Finale
🌤️Weather today
Overcast with a small chance of rain all day in London. High of 22oC and low of 12oC. Dry until early afternoon in Belfast then rain until early evening. Dry until mid-afternoon in Edinburgh then a small chance of rain.
✏️Life coaching quote of the day
“We tend to live up to our expectations.” – Earl Nightingale, writer and speaker
Mighty takeaway: The way you see yourself and the way you see your talents, skills and potential is likely to determine what you achieve in life.
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