Wednesday, 14 August 2024
Wednesday, 14th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: UK unemployment down, wages up, inflation up
Business: Starbucks boss replaced after 18 months
Markets: UK stocks are top choice in Europe
Foreign Affairs: Anti-government protests in Slovakia
Security and intelligence: Iran dismisses calls to show restraint against Israel
Domestic politics: Tugendhat gives first speech of Conservative leadership campaign
The Mighty Stats
FTSE = 8,281.85 (currently up 0.57 per cent)
S&P500 = 5,434.43 (up 1.68 per cent at Tuesday close)
Nasdaq = 17,187.61 (up 2.43 per cent at Tuesday close)
Nikkei = 36,442.43 (up 0.58 per cent at Wednesday close)
CAC40 = 7,275.87 (up 0.35 per cent at Tuesday close)
£1 = $1.28 / €1.17 / ¥188.83
The Mighty Detail
Economics: Unemployment in the UK fell last quarter while wages increased along with inflation. Unemployment fell to 4.2 per cent in Q2 down from 4.4 per cent in the previous quarter. Wages were up 5.4 per cent year on year (or 3.2 per cent when inflation is taken into account). Inflation increased from 2 per cent to 2.2 per cent in July.
Business: The boss of Starbucks is to be replaced after less than two years in the role. CEO Laxman Narasimham will be replaced by Brian Niccol who is currently the boss of the Chipotle Mexican Grill restaurant chain. Starbucks has recently experienced a drop in sales, with sales falling 7.5 per cent in Q2 2024.
Markets: UK stocks are preferred to other stocks in Europe according to a new report from Bank of America. The report states that the proportion of investors who would be making outsized investments in UK shares in the next 12 months increased from less than 10 per cent in July to more than 30 per cent in August. Germany has the least preferred stock.
Foreign Affairs: Anti-government protestors took to the streets of Slovakia’s capital city on Monday and Tuesday. The protestors accuse the government of eroding the rule of law and undermining democracy by, among others, disbanding the National Crime Agency which is handling cases involving the Prime Minister. Slovakia has a coalition government led by Prime Minister Robert Fico’s left-wing nationalist Smer party.
Security and intelligence: Iran has rejected calls from the UK and other Western governments to show restraint in its response to the killing of Hamas leader, Ismail Haniyeh, in Tehran in July. A spokesman for the Iranian foreign ministry said that such appeals were “void of political logic, in complete contradiction to the principles and rules of international law, and excessive.”
Domestic politics: A contender for the leadership of the Conservative Party, Tom Tugendhat, gave a wide-ranging speech on Tuesday criticising the Government’s response to the recent riots. In Tugendhat’s first speech on the campaign, he also condemned Nigel Farage and Elon Musk’s responses to the violence.
What’s happening today?
UK CPI inflation data (July)
France CPI inflation data (July)
US CPI inflation data (July)
Eurozone employment data (Q2 2024)
Eurozone industrial production data (Q2 2024)
China unemployment rate (July)
Lookahead to tomorrow
Public holiday in France, Italy, Spain and much of Europe (Assumption Day)
A-level results in England
UK Construction data (June)
UK GDP data (Q2 2024)
UK Trade data (June)
US Continuing jobless claims data (weekly)
US Initial jobless claims data (weekly)
US retail sales (July)
Weather today
Potential for some rain in the morning and early afternoon. High of 23°C and low of 12°C. Same sort of temperatures in Belfast and Edinburgh but dry and sunny for both.
Life coaching quote of the day
“All of us are self-made but only the successful will admit it.” – Earl Nightingale, speaker and writer
Mighty takeaway: Our thoughts and actions in the past have made the circumstances we now have in life. We can make the circumstances we want in the future by changing our thoughts and actions in the present.
That’s all for today. 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