Tuesday, 29 October 2024

The Mighty Headlines

 

  • Economics: UK Prime Minister sets out plan for tax rises

  • Business: Ford posts positive Q3 results

  • Markets: Oil prices fall over 6 per cent

  • Foreign Affairs: Uruguay faces tight presidential election run-off

  • Security and intelligence: Pentagon confirms North Korean troops to Russia

  • Domestic politics: UK Government sanctions Russian public relations firms

 

The Mighty Stats

 

  • FTSE = 8,285.62 (up 0.45 per cent at Monday close)

  • S&P500 = 5,823.52 (up 0.27 per cent at Monday close)

  • Nasdaq = 18,567.19 (up 0.26 per cent at Monday close)

  • CAC40 = 7,556.94 (up 0.79 per cent at Monday close)

 

  • £1 = $1.30 / €1.20

 

  • US swing states: Trump / Harris

Michigan            47.3            47.6            Harris +0.3

Pennsylvania     48.0            47.6            Trump +0.4

Wisconsin          47.8            47.9            Harris +0.1

Arizona               48.7            46.8            Trump +1.9

N. Carolina        48.4            47.1            Trump +1.3

Georgia              48.6            47.0            Trump +1.6

Nevada               47.5            47.3            Harris +0.2

 

 

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The Mighty Detail

 

Economics: The UK Prime Minister has said that tax rises will be required in the Budget on Wednesday to “prevent austerity and rebuild public services”. Income tax bands are expected to be frozen while employers’ National Insurance rates are expected to increase.

 

Business: The Ford Motor company has posted better than expected Q3 results. Revenue came in at $43.07 billion and earnings per share came in at 49 cents versus the 47 cents expected. This compares well with Q2 results where earnings were around 47 cents per share versus 68 cents expected.

 

Markets: US oil prices fell by over 6 per cent during trading yesterday. This followed news at the weekend that Israel’s air strikes did not hit Iranian oil facilities. US West Texas Intermediate futures fell by 6.13 per cent – the biggest daily fall since July 2022.

 

Foreign Affairs: Uruguay will face a tight run-off in its presidential election next month. In the first round of voting at the weekend, centre-left candidate Yamandu Orsi came out top with 1.06 million votes. The two centre-right candidates received 1.03 million votes between them. This means their supporters need only 30,000 votes to stop Orsi from winning in the second round.

 

Security and intelligence: The Pentagon has said that 10,000 North Korean troops are being sent to Russia and that if this happens they will be “co-belligerents” in the war. The UN Security Council will discuss the possible deployment of North Korean troops at a meeting on Wednesday.

 

Domestic politics: The UK Government has placed sanctions on three Russian public relations agencies and three senior Russian employees of those companies. The Government accuses the companies of undermining Ukraine’s democracy with a “vast malign online network” known as “Doppelganger”. The network produces fake online posts, counterfeit document and deepfake material.

 

The Mighty Calendar

 

What’s happening today?

 

  • Treasury Questions in UK Parliament

  • Great British Energy Bill (Remaining Stages) in UK Parliament

  • UK mortgage approvals data (September)

  • United States house prices data (August)

  • Australia CPI inflation data (Q3 2024)

  • Company results from: Alphabet, McDonald’s, Santander, HSBC, BP, Lufthansa

 

Lookahead to tomorrow

 

  • Prime Minister’s Questions in UK Parliament

  • Budget Statement in UK Parliament

  • United States, France, Spain, Italy, Germany, Eurozone GDP data (Q3 2024)

  • Spain, Germany CPI inflation data (October)

  • Germany unemployment data (October)

  • China manufacturing data (October)

  • United State home sales data (weekly)

  • Japan, Korea retail sales data (September)

  • Bank of Japan interest rate decision

  • Company results from: Microsoft, Meta, Standard Chartered, NEXT, Starbucks, eBay, Eli Lilly, Volkswagen

 

The Mighty Finale

 

🌤️Weather today

 

Light cloud in London and dry. High of 17oC and low of 10oC. Same weather in Belfast but sunny spells in Edinburgh.

 

✏️Life coaching quote of the day

 

“Develop an attitude of gratitude, and give thanks for everything that happens to you, knowing that every step forwards is a step towards achieving something bigger and better than your current situation.” – Brian Tracy, motivational speaker

 

Mighty takeaway: Congratulate yourself on the small victories you achieve not just the big milestones.

 

That’s about it for today. Happy Tuesday and we’ll see you tomorrow. And do pass this newsletter on to someone who might find it useful.

 

Adios!

 

The Mighty Memo team

hello@mightymemo.co.uk

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