Wednesday, 13 November 2024
The Mighty Headlines
Economics: China increases vehicles sales for first time in 5 months
Business: Shell wins landmark climate change legal case
Markets: US stocks fall in value after week-long rally
Foreign Affairs: Germany to hold new elections in February 2025
Security and intelligence: US Secretary of State in Brussels for urgent Ukraine meetings
Domestic politics: UK strengthens carbon emissions reduction target
The Mighty Stats
FTSE = 8,025.77 (down 1.22 per cent at Tuesday close)
S&P500 = 5,983.99 (down by 0.29 per cent at Tuesday close)
Nasdaq = (down by 0.09 per cent at Tuesday close)
CAC40 = 7,226.98 (down 2.69 per cent at Tuesday close)
£1 = $1.27 / €1.20
US election results
*Donald Trump is due to meet President Biden at the White House today to discuss the transition of power. The Republican Party currently looks likely to take control of the House of Representatives. A total of 218 seats is required to win control of the House of Representatives.*
Presidency Trump / Harris
· Electoral College: 312 votes / 226 votes
· Popular vote: 75.1 million / 71.8 million
Senate Republican / Democrat
· Senate seats: 53 / 47
House of Representatives Republican / Democrat
· House seats: 214 / 205
Governors Republican / Democrat
· Governors: 27 / 23
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: New Chinese vehicle sales rose for the first time in five months in October with exports standing at around 3.05 million vehicles. This is an increase of 7 per cent on the month before. Nearly 50 per cent of shipments were of electric, plug-in hybrid and fuel cell vehicles.
Business: Shell has won a landmark case in the Dutch Court of Appeal against reducing its carbon emissions. A lower court had previously ruled that Shell was required to cut its carbon emissions by 45 per cent by 2030 compared to 2019 levels. The Court of Appeal has now annulled the decision saying that “There is currently insufficient consensus in climate science on a specific reduction percentage to which an individual company like Shell should adhere.”
Markets: Stocks in the US have fallen after the surge in valuations that followed Donald Trump’s election. Shares in Tesla, which had increased by 31 per cent since the election, fell by 6 per cent. Shares in Trump Media fell by nearly 9 per cent. Bitcoin, meanwhile, increased to over $90,000.
Foreign Affairs: Germany is to hold federal elections on 23 February 2025 following agreement by the leaders of the country’s main political parties. This follows the collapse of the current ruling coalition led by Chancellor Olaf Scholz. A vote of confidence will be held on the 16th December to set the path for the February election.
Security and intelligence: The US Secretary of State, Antony Blinken, is in Brussels today to hold urgent talks with EU and NATO leaders on Ukraine. The talks are due to focus on how the US can increase support for Ukraine before the arrival of the Trump administration in January.
Domestic politics: At the COP29 climate summit in Azerbaijan, the Prime Minister announced a new target to reduce UK carbon emissions by 81 per cent by 2035. Then Prime Minister, Boris Johnson, had announced plans in 2021 to reduce emissions by 78 per cent by 2035.
The Mighty Calendar
What’s happening today?
Presidential election in Somaliland
Prime Minister’s Questions in UK Parliament
France, Australia unemployment rate (Q3 2024)
United States CPI inflation data (October)
Company results from: Scottish & Southern Energy, RWE, Fuller
Lookahead to tomorrow
King Charles’s birthday
Environment, Food and Rural Affairs Questions in UK Parliament
UK Chancellor delivers keynote speech (“Mansion House” speech)
Eurozone employment data (Q3 2024)
Eurozone, Japan GDP data (Q3 2024)
Eurozone, Japan industrial production data (September)
China industrial production data (October)
China retail sales data (October)
China unemployment rate data (October)
United States jobless claims (weekly)
South Korea trade data (October)
Company results from: E.ON, Disney, WHSmith, Siemens, Swiss Re, Burberry
The Mighty Finale
🌤️Weather today
Sunny and dry in London. High of 12oC and low of 5oC. Cloudy in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas Edison, inventor
Mighty takeaway: Nothing more to add!
That’s about it for today’s edition. See you tomorrow!
Adios!
The Mighty Memo team