Tuesday, 17 December 2024
The Mighty Headlines
Economics: Industrial production rises in China but retail sales growth falls
Business: Private equity firm makes reported £1.5 billion investment in Grant Thornton
Markets: Broadcom shares rise by 10 per cent
Foreign Affairs: French lawmakers pass emergency budget
Security and intelligence: Donald Trump warns Hamas about hostages and a ceasefire
Domestic politics: UK taken to court by the EU over EU citizens’ Brexit rights
The Mighty Stats
FTSE = 8,262.05 (down 0.46 per cent at Monday close)
S&P500 = 6,074.08 (down 0.38 per cent at Monday close)
Nasdaq = 20,173.89 (up 1.24 per cent at Monday close)
CAC40 = 7,357.08 (down 0.71 per cent at Monday close)
£1 = $1.27 / €1.21
UK: Con / Lab / Reform = 25 / 27 / 22 per cent
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The Mighty Detail
Economics: Industrial production in China rose in November by 5.4 per cent when compared to a year earlier. This compares with a 5.3 per cent rise in October. Growth in retail sales slowed, however, from 4.8 per cent in October to 3 per cent in November.
Business: The private equity firm Cinven is reported to be investing around £1.5 billion in Grant Thornton, the accountancy firm. Cinven is one of Europe’s largest private equity firms. Grant Thorton’s partners voted unanimously in favour of the deal. Grant Thornton made an operating profit of £146 million in 2023.
Markets: Shares in Broadcom, a US semiconductor manufacturer, increased by more than 10 per cent yesterday. This means that the company is worth over $1 trillion – its highest ever value. Shares in Apple, Google and Tesla also rose to all-time highs during trading yesterday.
Foreign Affairs: French lawmakers have unanimously passed an emergency budget following the collapse of the Barnier Government earlier this month. The budget rolls over the 2024 budget into 2025 and avoids a Government shutdown. The Banque de France has also reduced France’s growth forecast next year from 1.2 per cent to 0.9 per cent.
Security and intelligence: Donald Trump has warned Hamas about releasing Israeli hostages and added that if a cease-fire isn’t reached between Israel and Hamas by the time he takes office “it’s not going to be pleasant.” He said separately that Ukraine should be “prepared to make a deal” to end the war with Russia.
Domestic politics: The UK is being taken to court by the EU over the rights of EU citizens who who have lived in the UK since before Brexit. The EU is concerned about the “rights of workers” and “extended family members”. Under the Brexit deal, the EU has a four-year period to bring UK cases to the European Court of Justice. This period ends on the 31 December 2024.
The Mighty Calendar
What’s happening today?
o BBC Sports Personality of the Year announced
o Energy Questions in UK Parliament
o UK average earnings data (October)
o UK unemployment data (October)
o Germany business expectations and economic sentiment data (December)
o United States retail sales data (November)
o United States manufacturing and industrial production data (November)
o Canada CPI inflation data (November)
o Japan trade data (November)
o Company results from: Chemring Group
Lookahead to tomorrow
o Prime Minister’s Questions in UK Parliament
o US Federal Reserve interest rate decision
o Bank of Japan interest rate decision
o US housing starts (November)
o UK, Eurozone CPI inflation data (November)
o New Zealand GDP data (Q3 2024)
The Mighty Finale
🌤️Weather today
Light cloud and dry in most parts apart from the northwest of England, where there will be some rain. High of 11oC and low of 9oC. Light rain in Belfast and drizzle in Edinburgh.
✏️Life coaching quote of the day
“Focus on your likes, not your wants.
You may not want to exercise, but you like how it makes you feel.
You may not want to write, but you like the feeling of accomplishment.
You may not want to wake up early, but you like the calm beauty of morning.
Wanting is the desire you feel before doing something. Liking is the satisfaction you feel after doing something. Let your likes guide you.” – James Clear, writer and speaker
Mighty takeaway: Nothing to add!
That’s about it for today’s edition. Thank you for reading to the end! See you tomorrow.
Cheerio!
The Mighty Memo team