Thursday, 12 December 2024
The Mighty Headlines
Economics: OPEC cuts estimate for 2025 oil demand
Business: SpaceX becomes world’s most valuable private start-up
Markets: S&P 500 rises on US inflation news
Foreign Affairs: Russia says it will develop alternative to American AI technology
Security and intelligence: China says it will not tolerate Taiwanese “separatists”
Domestic politics: Potential election pact between UK Conservatives and Reform Party
The Mighty Stats
FTSE = 8,301.62 (up 0.26 per cent at Wednesday close)
S&P500 =
Nasdaq =
CAC40 = 7,423.40 (up 0.39 per cent at Wednesday close)
£1 = $1.28 / €1.21
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The Mighty Detail
Economics: OPEC has cut its 2025 estimate for global oil demand to 1.45 million barrels per day. This is down from its previous estimate of 1.54 million barrels per day. This could be indicative of a broader slowdown in the global economy, with the Chinese economy struggling in particular.
Business: SpaceX has become the most valuable private start-up company in the world following internal share trading. SpaceX is now worth around $350 billion. The rocket company and its investors bought up to $1.25 billion of the company’s shares from employees at a valuation of $185 a share. Elon Musk owns 42 per cent of the private company.
Markets: The S&P 500 has increased by nearly 1 per cent after the rate of US inflation yesterday came out in line with analysts’ expectations. US inflation in November rose by 0.3 per cent from October and by 2.7 per cent when compared with a year ago.
Foreign Affairs: Russian President, Vladimir Putin, has said that Russia will seek to develop artificial intelligence with other BRICS nations to challenge the superiority of the United States in the technology. The BRICS group was founded in 2009 by Brazil, Russia, India and China and today includes South Africa, Iran, the UAE, Saudia Arabia, Egypt and Ethiopia among others.
Security and intelligence: The Chinese Government has said that it will not tolerate “separatists” and that it was “highly vigilant to the trend of separatist Taiwan forces colluding with external forces”. Taiwan’s President visited Hawaii and Guam earlier this month and this week, Taiwan reported a large scale build-up of Chinese military craft around Taiwan.
Domestic politics: There are reports that some local branches of the UK Conservative Party and the Reform Party could make electoral pacts in the local elections next year. The pacts would see either a Conservative or Reform candidate standing down in a local election to avoid the right-wing vote being split. This would give one of the parties a better chance of defeating the Labour candidate. Neither party at national level has endorsed these proposals.
The Mighty Calendar
What’s happening today?
EU Interior Ministers meeting, Brussels
Time Magazine Person of the Year announced
European Central Bank interest rate decision
Business and Trade Questions in UK Parliament
China, UK, France, Germany, Italy, Spain consumer sentiment data (December)
United States jobless data (weekly)
United State PPI inflation data (November)
Canada building permits data (October)
Japan industrial production data (October)
Company results from: Currys, Costco
Lookahead to tomorrow
Italian PM Giorgia Meloni hosts Palestinian Authority President Mahmoud Abbas, Rome
World Cup 2026 European qualifying draw
UK construction data (October)
UK, Eurozone industrial production data (October)
UK manufacturing data (October)
Germany trade data (October)
France, Spain CPI inflation data (November)
The Mighty Finale
🌤️Weather today
Drizzle in southeast England. Drier elsewhere. High of 9oC and low of 6oC. Overcast in Belfast but sunny spells in Edinburgh. Lucky Edinburgh!
✏️Life coaching quote of the day
“Life is very interesting...in the end, some of your greatest pains, become your greatest strengths.” – Drew Barrymore, actress
Mighty takeaway: You learn the most from your failures. Failures will strengthen you, not weaken you.
That’s it for this Thursday. We’ll see you tomorrow!
Adios!
The Mighty Memo team