Thursday, 9 January 2025
The Mighty Headlines
Economics: India’s growth rate slows to 6 per cent
Business: UK bicycle manufacturer Raleigh announces losses of over £30 million
Markets: UK government bond yields reach their highest level since 2008
Foreign Affairs: US Government shifts military aid from Israel and Egypt to Lebanon
Security and intelligence: France and Germany push back on Trump’s Greenland claims
Domestic politics: Sir Olly Robbins appointed new head of the UK Foreign Office
The Mighty Stats
FTSE = 8,251.03 (up 0.07 per cent)
S&P500 = 5,918.25 (up 0.16 per cent)
Nasdaq = 19,478.88 (down 0.055 per cent)
CAC40 = 7,452.42 (down 0.49 per cent)
£1 = $1.24 / €1.20
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The Mighty Detail
Economics: The Indian economy is predicted to grow by 6.4 per cent this year according to the latest Indian Government figures. This is below the average 8 per cent growth seen in the last three years. Yesterday, the rupee hit a record low of 85.87 against the dollar.
Business: UK bicycle maker Raleigh has announced a pre-tax loss of £30.1 million for 2023. Raleigh, which was once the largest bicycle manufacturer in the world, last posted a profit in 2021.
Markets: UK gilt yields hit their highest level since 2008 yesterday. The increase reflects concerns about the strength of the UK economy and greater caution over purchasing UK Government debt. The pound also hit its lowest level against the dollar since April yesterday.
Foreign Affairs: The US Government is moving over $100 million of military aid from Israel and Egypt to Lebanon. In notices provided to the US Congress, the US Government said it would provide $95 million of military aid intended for Egypt and $7.5 million intended for Israel to support the Lebanese army in holding the ceasefire with Israel.
Security and intelligence: France's Foreign Minister, Jean-Noel Barrot, has said that the EU would defend its "sovereign borders" after Donald Trump refused to rule out seizing Greenland by military force. German Chancellor Olaf Scholz also pushed back against Trump’s assertions.
Domestic politics: Sir Olly Robbins has been named as the new head of the UK Foreign Office. Sir Olly takes up the role of Permanent Under-Secretary for a fixed term of five years. He previously served as Theresa May’s Brexit adviser.
The Mighty Calendar
What’s happening today?
State funeral for former US President Jimmy Carter
Transport Questions in UK Parliament
Germany trade data (November)
Germany industrial production data (November)
Eurozone retail sales data (November)
US jobless claims data (weekly)
Company results from: Marks & Spencer
Lookahead to tomorrow
President Biden meets Pope Francis at the Vatican
Nicolas Maduro begins new term as Venezuela’s President
US Supreme Court hears case on TikTok ban
France consumer spending data (November)
Italy retail sales data (November)
US unemployment rate (December)
Company results from: Walgreens Boots Alliance, Delta Airlines
The Mighty Finale
🌤️Weather today
Sunshine across all parts of the UK today but very cold! High of 3C and low of -3C in London.
✏️Life coaching quote of the day
"The secret to doing anything is believing that you can do it. Anything that you believe you can do strong enough, you can do. Anything. As long as you believe." – Bob Ross, painter
Mighty takeaway: The only limitations are those you set yourself.
That’s about it for today’s edition. See you tomorrow morning!
Adios!
The Mighty Memo team