Wednesday, 23 October 2024
The Mighty Headlines
Economics: IMF raises UK’s growth forecast to 1.1 per cent
Business: Mulberry rejects £111 million takeover bid from Frasers Group
Markets: GM shares rise by nearly 10 per cent on revenue news
Foreign Affairs: BRICS summit continues into second day
Security and intelligence: Zelensky says Germany is opposing NATO membership
Domestic politics: UK Government announces £2.2 billion loan for Ukraine
The Mighty Stats
FTSE = 8,306.54 (down 0.14 per cent at Tuesday close)
S&P500 = 5,851.20 (down 0.047 per cent at Tuesday close)
Nasdaq = 18,573.13 (up 0.18 per cent at Tuesday close)
CAC40 = 7,535.10 (down 0.015 per cent at Tuesday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 48.4 47.2 Trump +1.2
Pennsylvania 47.9 47.1 Trump +0.8
Wisconsin 48.3 47.9 Trump +0.4
Arizona 49.1 47.3 Trump +1.8
N. Carolina 48.1 47.8 Trump +0.3
Georgia 48.9 46.4 Trump +2.5
Nevada 47.8 46.9 Trump +0.9
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The Mighty Detail
Economics: The International Monetary Fund has increased the UK’s growth forecast for 2024. It now expects the UK economy to grow by 1.1 per cent this year versus the 0.7 per cent it previously forecast. France is expected to growth at the same rate, while the US’s economy is expected to grow by 2.8 per cent.
Business: British luxury goods manufacturer Mulberry has rejected a takeover bid of £111 million from Frasers Group. Frasers Group, which is owned by Mike Ashley, also owns Sports Direct, House of Fraser, Evans Cycles and Flannels. Mulberry made a pre-tax loss of £34 million in the year to March.
Markets: Shares in US automobile maker General Motors rose by nearly 10 per cent during trading yesterday. This follows news that the company saw revenue of $48.76 billion in Q3 2024 versus the $44.59 billion expected.
Foreign Affairs: The second day of the BRICS summit continues in the Russian city of Kazan today. The group was founded in 2009 by Brazil, Russia, India, China and later South Africa but today includes other countries such as Iran, the UAE, Saudia Arabia, Egypt and Ethiopia. It is often referred to as a counter to the Euro-American, Western-led world. The Kremlin has called it “the largest foreign policy event ever held” by Russia.
Security and intelligence: Ukrainian President Volodymyr Zelensky has said that while some Western allies such as the UK, France and Italy are supportive of NATO membership for his country, Germany is presenting the main opposition. Zelensky said that only support from the United States could change Germany’s position.
Domestic politics: The UK Government has announced a £2.26 billion loan for Ukraine to support its military and for reconstruction. The loan will be repaid using the profits on sanctioned and immobilised Russian assets.
The Mighty Calendar
What’s happening today?
King Charles visits Samoa for Commonwealth Heads of Government Meeting
Prime Minister’s Questions in UK Parliament
Tokyo Metro goes public on the Tokyo Stock Exchange (valued at $4.6 billion)
Bank of Canada interest rate decision
United States home sales data
South Korea GDP data (Q3 2024)
Japan manufacturing and services growth data (October)
Company Results from: Tesla, Boeing, Heathrow, IBM, Lloyds Bank, Deutsche Bank, Reckitt Benckiser, Coca-Cola, Heineken
Lookahead to tomorrow
UK Prime Minister visits Samoa for Commonwealth Heads of Government Meeting
G20 Finance Ministers meeting, Washington D.C.
French Government holds International Conference on Lebanon in Paris
Cabinet Office Questions in UK Parliament
UK Housing and Local Government Secretary addresses Local Government Association
UK, France, Germany and Eurozone manufacturing and services growth data (October)
United States employment data (weekly)
Company results from: Barclays, Renault, Unilever, American Airlines, Unicredit, Fujitsu
The Mighty Finale
🌤️Weather today
Misty in London. High of 17oC and low of 8oC. Cloudy but dry in Belfast. Sunny again in Edinburgh!
✏️Life coaching quote of the day
“No man needs sympathy because he has to work, because he has a burden to carry. Far and away the best prize that life offers is the chance to work hard at work worth doing.” – Theodore Roosevelt, former United States President
Mighty takeaway: Everyone needs to work towards a goal or dream in life. Just make sure that goal is yours rather someone’s goal.
That’s about it for today’s edition. Thank you so much for reading to the end! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
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