Tuesday, 10 December 2024
The Mighty Headlines
Economics: Chinese inflation stays low at 0.2 per cent
Business: Domino’s Pizza’s £3 million tax bill and UK Chancellor’s visit to Brussels
Markets: Mining stocks rise after China suggests new stimulus measures
Foreign Affairs: South Korean President banned from leaving the country
Security and intelligence: Ukraine suggests a diplomatic solution to war
Domestic politics: UK Government announces new measures for Middle East
The Mighty Stats
FTSE = 8,352.08 (up 0.52 per cent at Monday close)
S&P500 = 6,052.85 (down 0.61 per cent at Monday close)
Nasdaq = 19,736.69 (down 0.62 per cent at Monday close)
CAC40 = 7,480.14 (up 0.72 per cent at Monday close)
£1 = $1.27 / €1.21
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Syria update: Mohammed al-Bashir, a high-ranking official from HTS, is reported to have been nominated as Syria’s interim Prime Minister. We include a profile of al-Bashir below:
Name: Mohammed al-Bashir
Age: 41 years old
Role: Currently Prime Minister of the Salvation Government, an administrative area run by HTS in northwest Syria
Past: Understood to have an engineering background
Future: News of his appointment was announced on Al Jazeera yesterday but has not been officially confirmed.
Reminder: Hayat Tahrir al-Sham (HTS) is an Islamist militant group that was founded as an affiliate of al-Qaeda before breaking ties. HTS translates as “Organization for Liberating Syria” and is designated as a terrorist group by the US.
The Mighty Detail
Economics: Consumer prices in China rose less than expected last month. CPI inflation was 0.2 per cent in November when compared to a year ago. Consistently low inflation suggests that China is still struggling with low domestic demand.
Business: Domino’s Pizza has said that it faces £3 million in additional tax because of the UK Government’s Budget. Domino’s has 38,000 employees through its franchises. Separately, the UK Chancellor said yesterday that negotiations on a new trading relationship between the UK and EU would begin in the new year “in the best interest of our shared economies”.
Markets: The value of mining and other Chinese-focused stocks, such as Burberry and Standard Chartered, rose yesterday. It came after China’s Politburo suggested that further economic stimulus measures could be announced as it seeks to stimulate economic growth.
Foreign Affairs: South Korea’s president has been banned by the country’s Justice Ministry from leaving the country. President Yoon Suk-yeol is being investigated on allegations of treason and abuse of power after he declared martial law last week. The opposition Democratic Party will also submit another impeachment motion on Saturday after last week’s motion failed.
Security and intelligence: President Zelensky raised the possibility yesterday of a diplomatic solution to end the war in Ukraine, saying that it would “save more lives.” He also suggested having the troops of allied nations in Ukraine to guarantee Ukraine’s security if NATO membership were not forthcoming.
Domestic politics: In a visit to the Gulf yesterday, UK Prime Minister Starmer announced measures to strengthen UK influence in the region and stabilise the political situation. This includes £11 million of aid to Syria, “greater defence industrial cooperation” with Saudia Arabia, providing training and equipment to the Lebanese armed forces and re-appointing Sir Michael Barber to the Palestine Authority to support its “vital reform agenda”.
The Mighty Calendar
What’s happening today?
o Chancellor Rachel Reeves attends EU Finance Ministers meeting, Brussels
o Northern Ireland Assembly holds vote on the Northern Ireland Protocol
o US Treasury Secretary Yellen speaks at WSJ CEO Council on US’s economic outlook
o Vivek Ramaswamy and Elon Musk speak at WSJ CEO Council on their future Government roles
o Justice Questions in UK Parliament
o Germany CPI inflation data (October)
o Japan PPI inflation data (October)
o Italy industrial production data (October)
o Company results from: Ashtead Group
Lookahead to tomorrow
o Prime Minister’s Questions in UK Parliament
o Swiss elections for President and Vice President
o US Secretary of State Blinken before House Committee on US’s exit from Afghanistan
o US CPI inflation data (November)
o Australia employment data (November)
o Bank of Canada interest rate decision
o Company results from: TUI Group, Macy’s, Inditex
The Mighty Finale
🌤️Weather today
Patchy rain in the southeast of England until lunchtime. Dry elsewhere. High of 8oC and low of 6oC. Sunny in Belfast and Edinburgh.
✏️Life coaching quote of the day
“You have exactly one life in which to do everything you will ever do. Act accordingly.” – Colin Wright, travel writer and speaker
Mighty takeaway: We included this quote in a Mighty Memo recently but it’s so good and pertinent to us all, we’ve decided to include it again. Go and live the life you want.
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Cheerio!
The Mighty Memo team