Thursday, 14 November 2024
The Mighty Headlines
· Economics: French unemployment rises to 7.4 per cent
· Business: Homebase enters into administration
· Markets: European defence stocks rise in value following Donald Trump victory
· Foreign Affairs: Donald Trump announces key Cabinet positions
· Security and intelligence: Ukraine optimistic about long-range attacks on Russia
· Domestic politics: UK Chancellor to create pension “megafunds”
The Mighty Stats
· FTSE = 8,030.33 (up 0.057 per cent at Wednesday close)
· S&P500 = 5,985.38 (up 0.023 per cent at Wednesday close)
· Nasdaq = 19,230.74 (down 0.26 per cent at Wednesday close)
· CAC40 = 7,216.83 (down 0.14 per cent at Wednesday close)
· £1 = $1.27 / €1.20
· US election results
*The Republican Party is one seat away from gaining control of the House of Representatives. A total of 218 seats is needed to gain control of the House. If they achieve this, they will have full control of the legislature – the House and the Senate – and of the executive.*
Presidency Trump / Harris
· Electoral College: 312 votes / 226 votes
· Popular vote: 74.6 million / 70.9 million
Senate Republican / Democrat
· Senate seats: 53 / 47
House of Representatives Republican / Democrat
· House seats: 217 / 202
Governors Republican / Democrat
· Governors: 27 / 23
*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: Unemployment in France increased by 35,000 people in Q3 2024 and the rate of unemployment rose from 7.3 per cent to 7.4 per cent. Youth unemployment stood at 19.7 per cent in Q3, an increase of 1.8 per cent on the previous quarter.
Business: UK DIY store chain, Homebase, has fallen into administration. The owner of homeware store chain, The Range, is buying up to 70 shops. It is also buying the Homebase brand. A total of 49 shops do not yet have a buyer and will continue to trade for the time being.
Markets: European defence stocks have increased in value significantly since the election of Donald Trump as the next US President. Trump has repeatedly made clear that he believes the US spends too much on NATO. Shares in Italian defence contractor, Leonardo SpA, have risen by 17 per cent in the last week. German arms manufacturer Rheinmetall’s stock has increased by 22 per cent while shares in German defence tech firm, Hensoldt, have increased by 18 per cent.
Foreign Affairs: Donald Trump has been selecting the members of his new government which includes his one-time opponent in the Republican primaries, Marco Rubio, as Secretary of State;
Tulsi Gubbard, a former Democrat Congresswoman turned Republican, as Director of National Intelligence; and Matt Gaetz, an outspoken Florida Congressman, as Attorney General.
Security and intelligence: After meeting with US Secretary of State, Antony Blinken, the Ukrainian Foreign Minister says that he is “cautiously optimistic” that Ukraine will be allowed to use long-range missiles to attack deep within Russia. NATO allies, including the United States, have previously been reticent to support long-range attacks for fear of escalating the conflict.
Domestic politics: The UK Chancellor, Rachel Reeves, has announced plans to create pension “megafunds” to provide “around £80 billion of investment for infrastructure projects”. The funds will be created by merging existing council pension schemes and assets.
The Mighty Calendar
What’s happening today?
o King Charles’s birthday
o Environment, Food and Rural Affairs Questions in UK Parliament
o UK Chancellor delivers keynote speech (“Mansion House” speech)
o Eurozone employment data (Q3 2024)
o Eurozone, Japan GDP data (Q3 2024)
o Eurozone, Japan industrial production data (September)
o China industrial production data (October)
o China retail sales data (October)
o China unemployment rate data (October)
o United States jobless claims (weekly)
o South Korea trade data (October)
o Company results from: E.ON, Disney, WHSmith, Siemens, Swiss Re, Burberry
Lookahead to tomorrow
o Brazil, India public holidays
o Peru hosts the Asia-Pacific Economic Cooperation leaders’ summit (ends Saturday)
o UK construction, industrial production, manufacturing production data (September)
o UK GDP data (Q3 2024)
o France, Italy CPI inflation data (October)
o United States retail sales data (October)
o United States industrial production, manufacturing production data (October)
The Mighty Finale
🌤️Weather today
Sunny spells in London. High of 12oC and low of 3oC. Getting chilly! Cloudy in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Too often, people get stuck in a state of over-thinking. The result if that they never reach a decision.” – Steve Backley, athlete
Mighty takeaway: Hesitation can sometimes be helpful but you need to take action at some point or nothing will ever change for you.
That’s it for this morning. Thanks for reading and we’ll see you again tomorrow.
Bye!
The Mighty Memo team