Thursday, 7 November 2024
The Mighty Headlines
Economics: Iran’s currency falls to all-time low against the dollar following Trump victory
Business: Profits fall at Toyota despite rising sales
Markets: Tesla shares increase by 14 per cent following Trump victory
Foreign Affairs: Kashmir requests that India Government restore its autonomy
Security and intelligence: China and Malaysia agree to strengthen security ties
Domestic politics: UK Government provides £10 million more to tackle rough sleeping
The Mighty Stats
FTSE = 8,166.68 (down 0.07 per cent at Wednesday close)
S&P500 = 5,929.04 (up 2.53 per cent at Wednesday close)
Nasdaq = 18,983.47 (up 2.95 per cent at Wednesday close)
CAC40 = 7,369.61 (down 0.51 per cent at Wednesday close)
£1 = $1.29 / €1.20
US Presidential and Congressional election results
*At the time of writing, Donald Trump has won the Presidency and the Republican Party has won control of the Senate and looks likely to win control of the House of Representatives.*
Presidency Trump / Harris
Electoral College: 294 votes / 223 votes
Popular vote: 72 million / 67 million
Senate Republican / Democrat
Senate seats: 52 / 44
House of Representatives Republican / Democrat
House seats: 205 / 189
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The Mighty Detail
Economics: Iran’s currency fell to an all-time low against the dollar following the election of Donald Trump as the next President of the United States. The Iranian currency fell to around 703,000 rials for $1. Around the time of the Iran nuclear deal in 2015, the rial traded at around 32,000 rials for $1.
Business: Profits at Toyota fell in the first half of the tax year despite rising sales. The car maker’s sales came to around $151 billion between April and September. This is 6 per cent higher than last year but net profits fell by 20 per cent to around $3.3 billion.
Markets: Shares in Tesla rose by nearly 15 per cent on the news of Donald Trump’s victory in the US Presidential election. Tesla CEO Elon Musk has been a strong supporter of Donald Trump. Although subsidies for electric vehicles may fall under Donald Trump, Tesla’s large market share could insulate it from the potentially weaker demand for electric vehicles.
Foreign Affairs: The Indian-controlled region of Kashmir passed a resolution yesterday requesting that the Indian Government restore its semi-autonomous status. Kashmir’s semi-autonomy was abandoned by Indian Prime Minister Modi in 2019 and the region was split into two centrally governed areas: Ladakh and Jammu-Kashmir.
Security and intelligence: The Chinese and Malaysian Governments have agreed to strengthen ties in security, defence and in infrastructure projects. This follows a meeting between their two Prime Ministers earlier this week. Malaysian Prime Minister Anwar Ibrahim also thanked China for supporting Malaysia’s application to become a full member of the BRICS group of countries.
Domestic politics: The UK Government is providing £10 million of emergency funding to support rough sleepers this winter. It says that the funding will go to councils “in the highest need” and provide access to accommodation.
The Mighty Calendar
What’s happening today?
o King Charles hosts reception for Olympic and Paralympic athletes
o Environment Questions in UK Parliament
o United States Federal Reserve interest rate decision
o Bank of England interest rate decision
o UK house price data (October)
o Germany trade data (September)
o Germany industrial production data (September)
o Italy, Germany construction growth data (October)
o Eurozone retail sales data (September)
o United States jobless claims (weekly)
o Company results from: Sainsbury’s, BT Group, National Grid, Expedia, Taylor Wimpey, ArcelorMittal, Air France
Lookahead to tomorrow
o Sir Keir Starmer attends European Political Community summit in Hungary
o French trade data (September)
o Italy industrial production data (September)
o Italy retail sales data (September)
o Canada employment data (October)
o China CPI inflation data (October)
o Company results from: IAG, Sony, Paramount
The Mighty Finale
🌤️Weather today
Dry and cloudy (again!) in London. High of 14oC and low of 8oC. Cloudy in Belfast with rain in the evening. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Too many of us are not living our dreams because we are living our fears.” – Les Brown, motivational speaker
Mighty takeaway: What is stopping you from living your dream? The only limitation is the one you impose upon yourself.
That’s it for today. See you tomorrow!
Cheerio!
The Mighty Memo team