Monday, 19 August 2024
Monday, 19th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Trump commits to new tariffs
Business: X/Twitter closes Brazil office after dispute with Supreme Court
Markets: US Fed Chair to give major speech on Friday
Foreign Affairs: Protests held in Venezuela against Maduro
Security and intelligence: Libyan central bank shuts down after official kidnapped
Domestic politics: Government outlines reforms to benefits bill
The Mighty Stats
FTSE = 8,311.41 (down 0.43 per cent at Friday close)
S&P500 = 5,554.25 (up 0.2 per cent at Friday close)
Nasdaq = 17,631.72 (up 0.21 per cent at Friday close)
Nikkei = 37,388.62 (down 1.77 per cent at Monday close)
CAC40 = 7,449.70 (up 0.35 per cent at Friday close)
£1 = $1.29 / €1.17 / ¥188.82
The Mighty Detail
Economics: In a major economic speech last week, President Trump confirmed that he would impose further tariffs if re-elected as president. These would include universal baseline tariffs on most foreign imports of around 10 per cent. In June, President Trump also proposed a 60 per cent tariff on all Chinese imports.
Business: X, formerly known as Twitter, has closed its office in Brazil after a disagreement with the Brazilian Supreme Court. Supreme Court judge, Alexandre de Moraes, had asked X to block certain accounts while it investigated them for allegedly spreading disinformation. De Moraes had said X staff could be arrested if they did not comply. X refused and claimed it was censorship.
Markets: US Federal Reserve Chair, Jerome Powell, will give a speech at Jackson Hole this Friday. He is expected to give details on when interest rates could be cut. Central bankers, academics and journalists gather at Jackson Hole in Wyoming every year to discuss economic policy.
Foreign Affairs: Protests were held in Venezuela’s capital city on Saturday against the re-election of President Nicolas Maduro. The opposition’s candidate, Edmundo Gonzalez, gave a speech to the protestors from an undisclosed location. Demonstrations by Venezuelans were also held in Mexico City, Tokyo and Sydney.
Security and intelligence: The Libyan central bank has closed down all operations after the head of its IT department, Musaab Muslam, was kidnapped on Sunday. After groups had already laid siege to the central bank’s headquarters last week, the US ambassador had warned the bank’s management should not be replaced by force.
Domestic politics: The Government has outlined reforms to the benefits bill in the UK. Work and Pensions Secretary, Liz Kendall, said the predicted increase in welfare spending was unsustainable. Reforms could include reviewing Universal Credit and the operation of Jobcentres.
What’s happening today?
Prime Minister Starmer visits Northern Ireland
Democratic National Convention begins
US Federal Reserve Governor Waller gives speech on finance
Spain consumer confidence data (July)
New Zealand trade data (July)
China Foreign Investment data (July)
Lookahead to tomorrow
Democratic National convention continues
Germany PPI inflation data (July)
Hong Kong CPI inflation data (July)
Eurozone CPI inflation data (July)
Canada CPI inflation data (July)
Japan trade data (July)
Weather today
Light cloud but dry in London. High of 22°C and low of 16°C. Cooler with heavy rain in Belfast. Cooler and light rain in Edinburgh.
Life coaching quote of the day
“The more things you try, the more likely it is one of them will work.” – Jack Canfield, writer and motivational speaker
Mighty takeaway: Don’t give up on your goals and ambitions. If things don’t work out the first time, keep trying. You’ll never succeed if you don’t try.
Thank you for reading 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