Monday, 7 October 2024
The Mighty Headlines
Economics: US dockworkers suspend three-day strike
Business: £550 million bid to buy UK Daily Telegraph newspaper
Markets: Middle Eastern stock markets fall following geopolitical tensions
Foreign Affairs: President of Taiwan says “impossible” for China to be the motherland
Security and intelligence: Iran calls for further strikes against Israel if necessary
Domestic politics: Prime Minister’s Chief of Staff resigns
The Mighty Stats
FTSE = 8,280.63 (down 0.023 per cent at Friday close)
S&P500 = 5,751.07 (up 0.9 per cent at Friday close)
Nasdaq = 18,137.85 (up 1.22 per cent at Friday close)
CAC40 = 7,541.36 (up 0.85 per cent at Friday close)
£1 = $1.31 / €1.19
UK: Con / Lab / Reform = 23 / 31 / 18 per cent
US: Trump / Harris = 46.9 / 49.1 per cent
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The Mighty Detail
Economics: US dockworkers have suspended a three-day strike after reaching an agreement with ports and shipping companies. The dockworkers had sought a 77 per cent pay rise over 6 years and a ban on automation at ports. A 62 per cent pay rise is reported to have been agreed. The strikes had come at the peak holiday shopping season for ports.
Business: The owner of the New York Sun is in the lead to buy the UK’s Daily Telegraph. Dovid Efune is reported to be offering £550 million for the newspaper. Efune may seek to expand the Daily Telegraph into the United States.
Markets: Middle Eastern stock markets closed down at the end of trading on Sunday. This follows continued geopolitical tensions in the region. On Friday, Iran’s Supreme Leader called for further strikes against Israel, and Israel continued its bombardment of Lebanon on Sunday. The Saudi Arabian Tadawul All Share Index fell by 1.6 per cent and Qatari QE Index fell by 0.5 per cent.
Foreign Affairs: The President of Taiwan, Lai Ching-te, has said that it is “impossible” for China to be Taiwan’s motherland. Lai Ching-te was elected in May and has been called a “separatist” by China. China claims Taiwan as part of its territory and the comments are likely to inflame tensions with Beijing.
Security and intelligence: Iran’s Supreme Leader, Ayatollah Ali Khamenei, has said that his country would take further action against Israel if necessary. Last Tuesday, it sent nearly 200 missiles to Israel. Separately, Donald Trump has said that Israel should “hit the nuclear first” and strike Iran’s nuclear facilities.
Domestic politics: The UK Prime Minister’s Chief of Staff, Sue Gray, has resigned from her position. Gray said that the “intense commentary” about her role in government risked becoming a distraction. There have been rumours about her influence over the government and tensions with the Prime Minister’s chief adviser, Morgan McSweeney. McSweeney now replaces her as Chief of Staff.
The Mighty Calendar
What’s happening today?
China public holiday
Anniversary of the 7th October attack in Israel
Work and Pensions Questions in UK Parliament
UK house price data (September)
Germany factory orders (August)
Eurozone retail sales (August)
Japan household spending data (August)
Lookahead to tomorrow
Germany industrial production data (August)
European Parliament Debate on the Middle East
French trade data (August)
United States trade data (August)
Canada trade data (August)
The Mighty Finale
🌤️Weather today
Light rain from mid-morning onwards in London. High of 19oC and low of 13oC. Raining in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“Most people die with their music still in them. Why is this so? Too often it is because they are always getting ready to live. Before they know it, time runs out.” – Oliver Wendell Holmes, former United States Supreme Court Justice
Mighty takeaway: Don’t get ready to start your life some day in the future. Live your life now.
That’s it for this Monday. 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