Friday, 16 August 2024
Friday, 16th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: UK economy grows by 1.3 per cent in first half of 2024
Business: Positive outlook for Walmart, world’s largest retailer
Markets: US stocks climb on jobs data
Foreign Affairs: Thai Prime Minister dismissed
Security and intelligence: Former Pakistani spy chief arrested
Domestic politics: Government and train drivers agree pay deal
The Mighty Stats
FTSE = 8,334.66 (currently down 0.15 per cent)
S&P500 = 5,543.22 (up 1.61 per cent at Thursday close)
Nasdaq = 17,594.50 (up 2.34 per cent at Thursday close)
Nikkei = 38,062.67 (up 3.64 per cent at Friday close)
CAC40 = 7,423.37 (up 1.23 per cent at Thursday close)
£1 = $1.29 / €1.17 / ¥191.90
The Mighty Detail
Economics: The UK economy grew by 1.3 per cent in the first half of 2024. This includes a 0.6 per cent increase in Q2 2024 and a 0.7 per cent increase in Q1 2024. Growth last quarter was led by the services sector, with the professional, scientific and technical sectors performing the most strongly. They increased their output by 2.5 per cent.
Business: Revenue at Walmart increased to $169 billion in Q2 2024. This is up 4.8 per cent year on year. Walmart – the world’s largest retailer by sales – has also increased its growth forecast for the year to 4.75 per cent. This may indicate that US consumers are looking for value for money in the current economy.
Markets: The US stock market climbed yesterday following positive jobs and retail sales data. Weekly jobless claims in the US fell for a second week by 7,000 to 227,00 – the lowest level since July. Retail sales increased by 1 per cent.
Foreign Affairs: Thailand’s constitutional court has ruled that Prime Minister Srettha Thavisin should be removed after only a year in office. It said the PM had violated the constitution by appointing a cabinet minister who had previously served time in prison. This risks upheaval in a country which has largely been led by military-dominated governments over the last decade.
Security and intelligence: The Pakistani army arrested former spy chief Faiz Hameed over accusations of corruption on Tuesday. Three other officers were arrested yesterday. The arrest may be linked to Hameed’s alleged support for former Prime Minister Imran Khan who is in jail on charges of leaking state secrets.
Domestic politics: The Government has agreed a new pay deal with train drivers. The offer will be voted on by Aslef union members and will see a backdated pay increase of 5 per cent for 2022/23, 4.75 per cent for 2023/24 and 4.5 per cent for 2024/25. The RMT union has now called for the same increase.
What’s happening today?
UK Foreign Secretary and French counterpart travel to Israel
UK retail sales data (July)
Switzerland industrial production data (Q2 2024)
Italy CPI inflation data (July)
US house building data (July)
Lookahead to the weekend
Saturday:
Equestrian Showjumping Championships, Royal Hospital Chelsea
Great British Food Festival, Wentworth Woodhouse, Yorkshire
National Prosecco Weekend begins, Chiswick House
Sunday:
National Prosecco Weekend continues, Chiswick House
The Hundred Final 2024, Lord’s
Weather today
Sunny and dry in London with barely a cloud in the sky. High of 25°C and low of 12°C. Cooler in Belfast with a touch more cloud but still dry. Cooler and dry in Edinburgh.
Life coaching quote of the day
“We come this way but once. We can either tiptoe through life and hope that we get to death without being too badly bruised or we can live a full, complete life achieving our goals and realising our wildest dreams.” – Bob Proctor, writer and speaker.
Mighty takeaway: Dare to do. Moving forward in life requires being uncomfortable and taking calculated risks. As someone once said, “if you risk and win you will be happy. If you risk and lose you will be wise”.
That’s all for today and have a good weekend! We’ll be back on Monday.
As ever, if you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk