Wednesday, 20 November 2024
The Mighty Headlines
Economics: Inflation in Eurozone increases to 2 per cent
Business: Mulberry cuts a quarter of staff as sales drop
Markets: Nvidia shares rise ahead of earnings report today
Foreign Affairs: Russian Government lowers threshold for nuclear weapons response
Security and intelligence: The Philippines and the US sign intelligence sharing pact
Domestic politics: UK Prime Minister launches Global Clean Power Alliance
The Mighty Stats
FTSE = 8,099.02 (down 0.13 per cent at Tuesday close)
S&P500 = 5,916.98 (up 0.4 per cent at Tuesday close)
Nasdaq = 18,987.47 (up 1.04 per cent at Tuesday close)
CAC40 = 7,229.64 (down 0.67 per cent at Tuesday close)
£1 = $1.27 / €1.20
Second Trump Administration Cabinet Positions
Secretary of State: Marco Rubio, Florida Senator (2011 to now)
Defence: Pete Hegseth, Iraq and Afghanistan veteran and television presenter
Attorney General: Matt Gaetz, Florida Congressman (2017 to 2024)
Interior: Doug Burgum, Governor of North Dakota (2016 to now) and software entrepreneur
Homeland Security: Kristi Noem, Governor of South Dakota (2019 to now)
Health: Robert Kennedy Jr, environmental lawyer
Energy: Chris White, CEO of Liberty Energy
Veterans Affairs: Doug Collins, former Georgian Congressman (2013 to 2021)
Commerce: Howard Lutnick, financier
Transport: Sean Duffy, former Wisconsin Congressman (2011 to 2019)
Treasury, Labour, Housing: vacant
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The Mighty Detail
Economics: Inflation in the Eurozone increased to 2 per cent in October. This is an increase from the 1.7 per cent recorded in September but down from the 2.9 per cent rate of inflation recorded in October 2023.
Business: Luxury British retail company, Mulberry is cutting around a quarter of its workforce. This follows a 19 per cent drop in its revenues in the sixth months to September. Last month, Mulberry refused a £111 million takeover offer by Mike Ashley's Frasers Group.
Markets: Shares in chipmaker Nvidia rose by 2 per cent yesterday. The rise came as investors look ahead to the company's quarterly results. The market more broadly took little account of rising tensions with Russia, with the Nasdaq and S&P 500 both ending the day in positive territory.
Foreign Affairs: The Russian President, Vladimir Putin, has formally lowered the threshold at which the Russian Government would consider using nuclear weapons. This means it may now use nuclear weapons in response to a conventional weapons attack by any country supported by a nuclear power – a tacit reference to US support for Ukraine.
Security and intelligence: The Governments of the Philippines and the United States have signed a new agreement allowing them to share military intelligence with each other. The deal has immediate effect. The pact comes at a time of heightened tension in the South China Sea, parts over which China and the Philippines both claim sovereignty.
Domestic politics: The UK Prime Minister, Sir Keir Starmer, launched the Global Clean Power Alliance in Brazil yesterday. The initiative, which has been joined by 12 countries, aims to help countries share expertise in moving to green energy. Separately, in the UK, around 10,000 farmers protested against the Government's plans to impose inheritance tax on agricultural estates.
The Mighty Calendar
What’s happening today?
Prime Minister’s Questions in UK Parliament
UK CPI inflation data (October)
UK house price data (October)
Eurozone construction output data (September)
United States mortgage applications data (weekly)
Company results from: Nvidia, Severn Trent, British Land
Lookahead to tomorrow
Former UK Health Secretary Matt Hancock gives evidence to the Covid-19 Inquiry
EU ministerial meeting on trade relations with the United States
UK public sector borrowing data (October)
United States jobless data (weekly)
United States home sales data (October)
Eurozone consumer confidence data (November)
Japan CPI inflation data (October)
Company results: Royal Mail Group, Intuit
The Mighty Finale
🌤️Weather today
Sunny and dry in the south of the UK. High of 5oC and low of -2oC. Sunny and dry as well in Belfast and Edinburgh.
✏️Life coaching quote of the day
“If you go out looking for friends, you're going to find they are very scarce. If you go out to be a friend, you'll find them everywhere.” – Zig Ziglar, motivational speaker
Mighty takeaway: One to ponder for today – an interesting reverse take.
That’s about it for today’s edition. Thank you so much for reading to the end! 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