Thursday, 17 October 2024
The Mighty Headlines
Economics: UK house prices rise by 2.8 per cent
Business: BMW says that ban on petrol cars by 2035 “no longer realistic”
Markets: Morgan Stanley shares reach record high
Foreign Affairs: European Council meeting begins with migration high on the agenda
Security and intelligence: US warns of North Korea’s military support for Russia
Domestic politics: IMF warning on the UK’s national debt ahead of UK Budget
The Mighty Stats
FTSE = 8,329.07 (up 0.97 per cent at Wednesday close)
S&P500 = 5,842.47 (up 0.47 per cent at Wednesday close)
Nasdaq = 18,367.08 (up 0.28 per cent at Wednesday close)
CAC40 = 7,492.00 (down 0.4 per cent at Wednesday close)
£1 = $1.30 / €1.20
US: Trump / Harris = 47.5 / 49.2 per cent
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The Mighty Detail
Economics: UK house prices rose by 2.8 per cent in the 12 months to August. The average house price in the UK now stands at £293,000. This comes as inflation fell from 2.2 per cent in August to 1.7 per cent in September – a fall which may encourage the Bank of England to cut interest rates further.
Business: The Chairman of BMW, Oliver Zipse, has said that European regulators should reconsider the 2035 ban on petrol and diesel vehicles. Zipse said that the ban was “no longer realistic” and that continuing with it would risk manufacturers relying on Chinese batteries. European manufacturers are behind China in developing affordable electric cars.
Markets: Shares in US bank Morgan Stanley rose by 7.6 per cent during morning trading yesterday and the bank’s stock reached a record high of $120.80. This came as Morgan Stanley’s profits exceeded expectations at $1.88 per share. Morgan Stanley’s investment banking revenue rose by 56 per cent in Q3 2024.
Foreign Affairs: The European Council summit of EU heads of state and government begins today. The issues of Ukraine, the Middle East, EU competitiveness and migration are on the agenda. Migration is likely to dominate discussions, however, particularly on outsourcing asylum procedures and making deportations quicker.
Security and intelligence: The United States Deputy Secretary of State, Kurt Campbell, is warning that North Korea’s increasing military support for Russia and its war on Ukraine was “creating further instability in Europe.” Ukrainian President, Volodymyr Zelensky, has previously said that North Korea was sending troops to fight against Ukraine.
Domestic politics: The International Monetary Fund has said that debt risks in the UK are “elevated” and that the lack of a credible plan to deal with the national debt could “trigger adverse market reactions”. This comes ahead of the UK Budget on the 30th October in which the Chancellor is widely expected to raise taxes.
The Mighty Calendar
What’s happening today?
NATO Defence Ministers meet in Brussels (ends Friday)
European Central Bank interest rate decision
European Council Meeting (ends Friday)
Culture, Media and Sport Questions in the UK Parliament
Robert Jenrick and Kemi Badenoch participate in GB News television debate
Eurozone and Japan CPI inflation data (September)
United States unemployment data (weekly)
United States and China retail sales data (September)
United States and China industrial production data (September)
China GDP data (Q3 2024)
Lookahead to tomorrow
The King and Queen begin a tour of Australia
NATO Defence Ministers meet in Brussels ends
European Council Meeting ends
UK retail sales data (September)
United States housing data (September)
The Mighty Finale
🌤️Weather today
Sunny and dry in London. High of 18oC and low of 8oC. Rain in Belfast from mid-morning onwards. Sunny and dry in Edinburgh.
✏️Life coaching quote of the day
“Your actions reveal how badly you want something. If you keep saying something is a priority but you never act on it, then you don’t really want it. It’s time to have an honest conversation with yourself. Your actions reveal your true motivations.” – James Clear, writer
Mighty takeaway: If you never take action on your dreams, do you really want that dream to become a reality?
That’s it for today. 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