Thursday, 31 October 2024
The Mighty Headlines
Economics: Donald Trump says the EU will pay a “big price” economically if he wins
Business: Russia fines Google $2.5 decillion
Markets: Volkswagen shares fall to 24-year low
Foreign Affairs: UN Special Envoy warns Burma is spiralling into lawlessness
Security and intelligence: CIA Director visits Egypt and Israel today
Domestic politics: UK Budget includes billions in tax rises and spending
The Mighty Stats
FTSE = 8,159.63 (down 0.73 per cent at Wednesday close)
S&P500 = 5,813.67 (down 0.33 per cent at Wednesday close)
Nasdaq = 18,607.93 (down 0.56 per cent at Wednesday close)
CAC40 = 7,428.36 (down 1.1 per cent at Wednesday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 47.2 48.0 Harris +0.7
Pennsylvania 48.0 47.6 Trump +0.4
Wisconsin 47.7 48.0 Harris +0.3
Arizona 48.8 46.6 Trump +2.2
N. Carolina 48.4 47.2 Trump +1.2
Georgia 48.8 47.0 Trump +1.8
Nevada 47.5 47.6 Harris +0.1
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The Mighty Detail
Economics: Donald Trump has indicated that the EU would pay “a big price” economically if he were to win the election. At a campaign event in Pennsylvania, Trump said of the EU “They don't take our cars. They don't take our farm products. They sell millions and millions of cars in the United States. No, no, no, they are going to have to pay a big price.” He has previously indicated tariffs of up to 10 per cent on all EU goods exported to the United States.
Business: Russia has fined Google $2.5 decillion for allegedly removing pro-Government content on YouTube. The fine is worth $2.5 trillion trillion trillion and is greater than the world’s GDP which is estimated to be $110 thousand billion. Google said earlier this week that it did not believe that ongoing legal matters would have a “material adverse effect” on the company.
Markets: Volkswagen shares fell to a 24-year low yesterday after its earnings results for Q3 2024 were lower than expected. Volkswagen reported earnings of €3.34 per share, below the €3.46 expected. Shares stand at just under €90, a fall of 75 per cent from an all-time high of €355 in March 2021. The auto manufacturer faces falling demand in China and rising costs.
Foreign Affairs: The UN Special Envoy for Burma, Julie Bishop, has said that the country is spiralling into lawlessness. Bishop, a former Australian Foreign Minister, said that criminal networks of arms production, human trafficking and drug manufacture were “out of control”. She warned that the situation in Burma risks being a “forgotten crisis”.
Security and intelligence: The Director of the CIA, William Burns, is visiting Egypt and Israel today to discuss tensions in the Middle East including Iran, Lebanon and the release of Israeli hostages. Separately, the new leader of Hezbollah, Naim Qassem, has said that Hezbollah will continue fighting against Israel “no matter how long it takes” until it receives suitable ceasefire terms.
Domestic politics: The UK Chancellor, Rachel Reeves, published the Government’s Budget yesterday. The Budget includes £40 billion of tax increases and provides £22.6 billion for the NHS, £2.3 billion for schools, £2.9 billion for defence and £5 billion for housing. The independent Office for Budget Responsibility has said that the larger state may “crowd out” business activity and push living standards down by around 1 per cent.
The Mighty Calendar
What’s happening today?
Trade Questions in UK Parliament
Japan housing data (September)
German retail sales data (September)
France, Italy, Eurozone CPI inflation data (October)
United States jobless data (weekly)
United States personal income and spending data (September)
Canada GDP data (August)
South Korea trade data (October)
China manufacturing growth data (October)
Company results from: Apple, Amazon, Shell, Total, Samsung, Intel
Lookahead to tomorrow
Switzerland CPI inflation data (October)
Spain, UK, Canada, United States manufacturing data (October
Brazil industrial production data (September)
United States unemployment data (October)
Company results from: ExxonMobil, Chevron, Nomura
The Mighty Finale
🌤️Weather today
Dry and misty in London. High of 16oC and low of 9oC. Cloudy and dry in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“You are not stuck where you are unless you decide to be.” – Wayne Dyer, motivational speaker
Mighty takeaway: No further explanation needed about this quote!
That’s about it for today’s edition. See you tomorrow!
Adios!
The Mighty Memo team