Tuesday, 10 September 2024
The Mighty Headlines
Economics: Taiwan exports reached record high in August
Business: 7-Eleven rejects takeover bid
Markets: US stock market rises expecting interest rate cuts
Foreign Affairs: Spain’s prime minister visits China
Security and intelligence: North Korea provides weapons to Russia
Domestic politics: Government launches taskforce to tackle knife crime
The Mighty Stats
FTSE = 8,270.84 (up 1.09 per cent at Monday close)
S&P500 = 5,471.05 (up 1.16 per cent at Monday close)
Nasdaq = 16,884.60 (up 1.16 per cent at Monday close)
Nikkei = 36,159.16 (down 0.16 per cent at Tuesday close)
CAC40 = 7,425.26 (up 0.99 per cent at Monday close)
£1 = $1.31 / €1.19 / ¥187.83
US: Trump / Harris = 47.2 / 48.4 per cent
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The Mighty Detail
Economics: Taiwan exports reached a record high in August as it continues to supply chips for the growing Artificial Intelligence (AI) industry. Exports reached $43.64 billion in August, up 16.8 per cent from the same point last year, and marking the 10th monthly rise in a row.
Business: The 7-Eleven convenience store chain has rejected a takeover offer by Canadian company Alimentation Couche-Tard saying it was undervalued. The offer was previously reported to be $38 billion (£29.2 billion). 7-Eleven has 85,000 shops in 20 countries.
Markets: US stocks ended the day up yesterday, following expectations of an interest rate cut by the Federal Reserve later this month. The S&P500 and Nasdaq both rose by 1.16 per cent. Technology shares were the day’s best performers, with chipmaker Nvidia rising 3.5 per cent.
Foreign Affairs: Spain’s Prime Minister Sanchez visited President Xi in Beijing yesterday amid increased tensions between the EU and China over trade in electric vehicles. The EU is proposing tariffs of up to 36.3 per cent on Chinese-made electric vehicles and China has retaliated by launching an investigation into EU pork imports. Spain is a major EU exporter of pork to China.
Security and intelligence: North Korea is providing weapons to Russia. Speaking yesterday, Germany’s Chief of Defence, General Carsten Beuer, said the weapons would allow Russia to keep its weapon stock high during the Ukraine invasion. Last week, US Deputy Assistant Secretary of Defence, Robert Koepcke, said North Korea had shipped at least 16,500 containers of munitions and material to Russia since September 2023.
Domestic politics: The Government launched a knife crime taskforce yesterday. The Coalition to Tackle Knife Crime is expected to examine the causes of knife crime among young people and provide evidence to develop government policy on the issue.
The Mighty Calendar
What’s happening today?
US Secretary of State visits London
Opening of 79th United Nations General Assembly
Winter Fuel Payment vote in UK Parliament
Justice Questions in UK Parliament
Conservative MPs vote in second round of Conservative leadership election
China trade data (August)
UK unemployment data (July)
Germany CPI inflation data (August)
Italy and Spain industrial production data (July)
Lookahead to tomorrow
TV debate between Donald Trump and Kamala Harris on ABC (2.00am UK time)
Prime Minister’s Questions in UK Parliament
Debate on building safety in UK Parliament
UK GDP data (July)
UK industrial production data (July)
Mexico industrial production data (July)
United States CPI inflation data (July)
Japan PPI inflation data (August)
The Mighty Finale
🌤️Weather today
Largely dry until early evening in London. High of 19oC and low of 7oC. Sunny and dry in Belfast and sunny (most of the time) in Edinburgh.
✏️Life coaching quote of the day
“Happiness is not by chance, but by choice.” – Jim Rohn, motivational speaker
Mighty takeaway: Decide to be happy. Others around you might be happy in the same circumstances but it requires you to change your perspective.
That’s all for today. 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