Tuesday, 26 November 2024
The Mighty Headlines
Economics: CBI says half of UK businesses will reduce jobs because of tax increases
Business: Lower profits at Kingfisher because of UK and French government budgets
Markets: FTSE 100 reaches monthly high
Foreign Affairs: G7 countries to put pressure on China for supporting Russia
Security and intelligence: UK Government warns about Russia’s cyber warfare
Domestic politics: UK debates bill to ban smoking for people born after 2009
The Mighty Stats
FTSE = 8,291.68 (up 0.36 per cent at Monday close)
S&P500 = 5,987.37 (up 0.3 per cent at Monday close)
Nasdaq = 19,054.84 (up 0.27 per cent at Monday close)
CAC40 = 7,257.47 (up 0.034 per cent at Monday close)
£1 = $1.26 / €1.20
Second Trump Administration Cabinet Positions
*Donald Trump has now appointed his incoming Cabinet. These appointments will need to be approved by the US Senate. The full list is available below.*
Secretary of State: Marco Rubio, Florida Senator (2011 to now)
Defence: Pete Hegseth, Iraq and Afghanistan veteran and television presenter
Attorney General: Pam Bondi, former Attorney General of Florida (2011 to 2019)
Interior: Doug Burgum, Governor of North Dakota (2016 to now) and software entrepreneur
Homeland Security: Kristi Noem, Governor of South Dakota (2019 to now)
Health: Robert Kennedy Jr, environmental lawyer
Energy: Chris White, CEO of Liberty Energy
Veterans Affairs: Doug Collins, former Georgian Congressman (2013 to 2021)
Commerce: Howard Lutnick, financier
Transport: Sean Duffy, former Wisconsin Congressman (2011 to 2019)
Education: Linda McMahon, former head of the Small Business Administration (2017 to 2019)
Treasury: Scott Bessent, financier
Labour: Lori Chavez-DeRemer, Oregon Congresswoman (2023 to now)
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: The Confederation of British Industry (CBI) has said that around half of British companies will cut jobs because of the tax increases announced in the Government’s budget. The Chancellor, Rachel Reeves, said yesterday that no-one had yet provided any alternatives to tax rises. The CBI is a membership organisation representing around 170,000 businesses.
Business: Kingfisher, which owns DIY stores B&Q in the UK and Castorama in France, has said that its profits will fall to between £510 million and £550 million this year because of customers’ uncertainty following government budgets in the UK and France. It also said that it would face additional costs of £31 million next year in the UK because of increases to national insurance and additional costs of £14 million in France because of changes to social taxes.
Markets: The FTSE 100 closed at its highest level in a month yesterday at 8,291.68. This was helped by an increase in the share price of banks, which has been buoyed by the news of financier Scott Bessent being picked as Donald Trump’s Treasury Secretary.
Foreign Affairs: G7 Foreign Ministers are set to put pressure on China following accusations that it is increasing support for Russia against Ukraine. G7 Foreign Ministers are meeting in Italy and a final statement will be published today. Last week, Germany’s Foreign Minister, Annalena Baerbock said that China’s support for Russia “will and must have consequences.”
Security and intelligence: The UK Government has issued a warning about Russia’s cyber attacks on the UK and NATO countries. The UK Government has called Russia’s cyber warfare a “hidden war” which is being used to destabilise Ukraine and countries supporting Ukraine.
Domestic politics: The Tobacco and Vapes Bill is being debated in Parliament today. The Bill seeks to gradually create a smoke-free generation. The sale of tobacco to those born on or after 1 January 2009 will be banned and those people will never be able to buy tobacco products legally.
The Mighty Calendar
What’s happening today?
G7 Foreign Ministers meeting, Italy (ends today)
Foreign Office Questions in UK Parliament
Tobacco and Vapes Bill debated in UK Parliament
New Zealand interest rate decision
Japan CPI inflation data (October)
Hong Kong trade data (October)
United States house price data (September)
United States consumer confidence data (November)
Company results from: CrowdStrike, HP, Co-operative Bank, Compass Group
Lookahead to tomorrow
Sweden hosts the Nordic-Baltic Summit in Harpsund, Sweden
Prime Minister’s Questions in UK Parliament
South Korea interest rate decision
Norway unemployment rate data (October)
France consumer confidence data (November)
Spain retail sales data (October)
United States mortgage data (weekly)
United States employment data (weekly)
United States GDP data (Q3 2024)
United States personal spending and personal income data (October)
Company results from: Nationwide Building Society, EasyJet
The Mighty Finale
🌤️Weather today
Dry and sunny for most of England until evening. High of 9oC and low of 6oC down in London. Same weather in Belfast and Edinburgh.
✏️Life coaching quote of the day
“A bird sitting on a tree is never afraid of the branch breaking, because its trust is not on the branch, but on its own wings. Always believe in yourself.” – Charlie Wardle, coach and motivational speaker
Mighty takeaway: Trust that everything will be fine. You have already survived everything that’s happened to you.
That’s about it for this Tuesday. See you tomorrow and feel free to pass this newsletter on to others who may find it helpful!
Adios!
The Mighty Memo team