Wednesday, 27 November 2024
The Mighty Headlines
Economics: Donald Trump to impose 25 per cent tariffs on Canada and Mexico
Business: Smithfield market to close after 900 years
Markets: Shares in European automakers fall after Trump tariffs news
Foreign Affairs: Germany setting out plans for new bunkers
Security and intelligence: Protestors clash with security forces in Pakistan
Domestic politics: UK Government to invest £240 million to tackle unemployment
The Mighty Stats
FTSE = 8,258.61 (down 0.4 per cent at Tuesday close)
S&P500 = 6,021.63 (up 0.57 per cent at Tuesday close)
Nasdaq = 19,174.30 (up 0.63 per cent at Tuesday close)
CAC40 = 7,194.51 (down 0.87 per cent at Tuesday close)
£1 = $1.25 / €1.20
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The Mighty Detail
*STOP PRESS: In the early hours of this morning (2.00am GMT), a ceasefire between Israel and Lebanon came into effect to stop the fighting with Hezbollah in Lebanon. The deal was brokered by the United States.*
Economics: Donald Trump has confirmed that he will impose 25 per cent tariffs on all products coming from Mexico and Canada as well as an additional 10 per cent tariff on products coming from China. He said that the tariffs on Mexico and Canada would continue until crime and drugs entering the US from those two countries stopped.
Business: Smithfield market, London’s oldest meat market, is set to close after 900 years. Existing plans to relocate Smithfield and Billingsgate fish market to the east end of London were reviewed and voted down yesterday by the City of London Corporation on cost grounds. The market, which started in 1327, will continue to operate until 2028.
Markets: Shares in European car manufacturers fell yesterday following the news that Donald Trump would impose tariffs on Chinese, Mexican and Canadian goods. There are concerns that those tariffs could impact businesses in Europe by inflaming trade tensions. Volkswagen shares fell by over 2 per cent. Shares in Stellantis – which owns Chrysler, Citroën, Jeep and Fiat among others – fell by nearly 5 per cent.
Foreign Affairs: The German Government is making a list of public and private buildings that could be turned into bunkers. An app with a digital directory of emergency shelters is also planned. The Government has said the work will take time and has not given a timetable.
Security and intelligence: Supporters of the imprisoned former Pakistani Prime Minister, Imran Khan, have clashed with security forces in Islamabad. They are seeking Khan’s release from prison. At least four security personnel have been killed. The Pakistani Government has put in place a lockdown and blocked major roads into the capital city.
Domestic politics: The UK Government has said that it will invest £240 million to tackle the “root causes of unemployment”. To support more people into work, it added that it would improve mental health support, turn Jobcentres into a new jobs and careers service and provide a “Youth Guarantee” so that young people have access to education or training to help them find work.
The Mighty Calendar
What’s happening today?
Sweden hosts the Nordic-Baltic Summit in Harpsund, Sweden
Prime Minister’s Questions in UK Parliament
South Korea interest rate decision
Norway unemployment rate data (October)
France consumer confidence data (November)
Spain retail sales data (October)
United States mortgage data (weekly)
United States employment data (weekly)
United States GDP data (Q3 2024)
United States personal spending and personal income data (October)
Company results from: Nationwide Building Society, EasyJet
Lookahead to tomorrow
United States public holiday (Thanksgiving)
Spain, Germany, Japan CPI inflation data (November)
Italy business confidence data (November)
Eurozone consumer confidence data (November)
Japan unemployment rate data (October)
Japan, South Korea retail sales data (October)
Japan, South Korea industrial production data (October)
The Mighty Finale
🌤️Weather today
Light rain for most of the UK until the afternoon or early evening. High of 10oC and low of 1oC. Dry in Belfast. Light rain in Edinburgh until early afternoon.
✏️Life coaching quote of the day
“Treat yourself like someone you are responsible for helping.” – Jordan Peterson, psychologist and writer
Mighty takeaway: Why are we kind to others but then criticise ourselves? Be kind to yourself as well.
That’s about it for today’s edition. See you all tomorrow morning!
Adios!
The Mighty Memo team