Tuesday, 3 December 2024
The Mighty Headlines
Economics: UK and EU manufacturing falls again
Business: Volkswagen workers go on strike in Germany
Markets: Vauxhall owner’s share price drops after CEO resigns
Foreign Affairs: French Government faces confidence motion
Security and intelligence: Philippines reports Russian military submarine in its waters
Domestic politics: UK Government says arrests increase for people working illegally
The Mighty Stats
FTSE = 8,312.89 (up 0.31 per cent at Monday close)
S&P500 = 6,047.15 (up 0.24 per cent at Monday close)
Nasdaq = 19,403.95 (up 0.97 per cent at Monday close)
CAC40 = 7,236.89 (up 0.025 per cent at Monday close)
£1 = $1.26 / €1.21
Key European election results
Romania – The pro-West Social Democrat party has narrowly come first in Romania’s Parliamentary election with 22.3 per cent of the vote. The nationalist AUR party won 18.2 per cent of the vote. The second round of the Presidential election, in which pro-Russia Calin Georgescu enters as the favoured candidate, takes place on the 8th December.
Republic of Ireland – Due to a close result, a coalition between the three major parties in the Republic of Ireland is likely. Centre-right Fianna Fáil won 21.9 per cent of the vote (46 seats), centre-right Fine Gael won 20.8 per cent of the vote (38 seats) and Sinn Féin won 19 per cent of the vote (38 seats).
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The Mighty Detail
Economics: UK and Eurozone manufacturers reported falling demand for goods in November. Eurozone PMI data fell to 45.2 in November, down from 46 in October. Any figure below 50 indicates a contraction. UK PMI fell to 48 in November, down from 49.9 in October.
Business: Volkswagen workers are on strike at nine factories across Germany. They are protesting against planned pay cuts and factory closures. Volkswagen is facing slowing demand for vehicles in Europe, higher costs and increased competition from China.
Markets: Shares in carmaker Stellantis fell by over 6 per cent yesterday after the sudden resignation of its CEO, Carlos Tavares. Stellantis, which owns brands including Vauxhall, Fiat, Citroën and Chrysler, is facing reduced demand for electric vehicles and potential fines from the Government if it doesn’t meet zero-emissions sales targets.
Foreign Affairs: The French Government faces a vote of confidence as early as Wednesday. This comes after French Prime Minister Michel Barnier put through the Government’s social security budget yesterday by executive decree. Barnier, a centre-right politician, leads a minority government. He has faced opposition from the right and the left in Parliament since he was appointed in September after an inconclusive general election, which left no party in control.
Security and intelligence: The President of the Philippines, Ferdinand Macros Jr., said yesterday that the presence of a Russian military submarine in Philippine waters was “very worrisome”. The Russian Kilo-class submarine, known for its silence, was spotted on the 28th November. Upon contact, the submarine crew said they were waiting for the weather to improve before returning to Russia but they did not explain why they were in the area.
Domestic politics: The Government has said that the number of arrests of migrants working illegally has increased by 25 per cent in a year and that 10,000 people with no right to stay in the UK have been returned since the election. Separately, Sir Christopher Wormwald, formerly head of the Health Department, has been appointed Cabinet Secretary and Head of the Civil Service.
The Mighty Calendar
What’s happening today?
Emir of Qatar state visit to the UK (ends Wednesday)
NATO Foreign Ministers meeting, Brussels (ends Wednesday)
Turner Prize Winner announced (40th Anniversary)
Treasury Questions in UK Parliament
French Government budget data (October)
Spain unemployment data (November)
Australia GDP data (Q3 2024)
Hong Kong manufacturing data (November)
Company earnings results: Salesforce, On The Beach Group, Paragon Banking Group, Greencore, Moonpig
Lookahead to tomorrow
Prime Minister’s Questions in UK Parliament
UK, United States, Spain, France, Italy, Germany, Eurozone services data (November)
Eurozone PPI inflation data (October)
United States mortgage data (weekly)
South Korea GDP data (Q3 2024)
Australia trade data (October)
Company earnings results: Royal Bank of Canada, Campbell Soup, Foot Locker
The Mighty Finale
🌤️Weather today
Sunny and dry in England. High of 8oC and low of 3oC. Heavy rain in Belfast from mid-afternoon. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“You gain strength, courage and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself, 'I lived through this horror. I can take the next thing that comes along.' You must do the thing you think you cannot do.” – Eleanor Roosevelt, diplomat and activist
Mighty takeaway: Confidence comes by sometimes putting yourself in uncomfortable situations, taking calculated risks and proving to yourself that you can do it.
That’s about it for today’s edition. Do pass this newsletter on to someone who might find it useful and we’ll see you tomorrow.
Cheerio!
The Mighty Memo team