Wednesday, 30 October 2024
The Mighty Headlines
Economics: Tax rises and public spending increases expected in UK budget
Business: BP reports Q3 profits of £1.8 billion: the lowest profits in nearly four years
Markets: HSBC shares rise by nearly 4 per cent after positive profit news
Foreign Affairs: Italian prosecutors uncover government hacking network
Security and intelligence: Hezbollah elects Naim Qassem as new leader
Domestic politics: UK Government gives funding for 2 million more NHS appointments
The Mighty Stats
FTSE = 8,219.61 (down 0.8 per cent at Tuesday close)
S&P500 = 5,832.92 (up 0.16 per cent at Tuesday close)
Nasdaq = 18,712.75 (up 0.78 per cent at Tuesday close)
CAC40 = 7,511.11 (down 0.61 per cent at Tuesday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 47.3 47.9 Harris +0.6
Pennsylvania 48.0 47.8 Trump +0.2
Wisconsin 47.8 48.0 Harris +0.2
Arizona 48.8 46.8 Trump +2.0
N. Carolina 48.5 47.1 Trump +1.4
Georgia 48.7 47.2 Trump +1.5
Nevada 47.6 47.4 Harris +0.2
*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: The UK Budget takes place today from 12.30pm. The Chancellor, Rachel Reeves, is widely expected to increase taxes and public spending in some areas. Rishi Sunak will respond to the Budget in what will likely be his final appearance as Leader of the Opposition.
Business: BP reported its lowest quarterly profits in nearly four years yesterday. The oil company posted profits of £1.8 billion for Q3 2024. This is down by 28 per cent on last year when BP reported profits of $3.2 billion.
Markets: Shares in HSBC increased by nearly 4 per cent yesterday as the bank reported a 10 per cent increase in its quarterly profits. Profits were $8.5 billion in Q3 2024. This comes as the bank’s new CEO announced a restructuring plan that would see its operations divided into eastern and western markets. This could be a potential precursor to separating off the more profitable Asian side of the business although this is denied by HSBC.
Foreign Affairs: Italian prosecutors have uncovered a network of computer hackers and former Italian police officers who have broken into Government databases. The network has allegedly stolen data from 800,000 people with information used to blackmail politicians and entrepreneurs. Prime Minister Meloni and President Mattarella were two of the alleged targets.
Security and intelligence: Hezbollah has elected a new leader, Sheik Naim Qassem. Qassem, 71 years old, has been deputy leader of the Islamist militant group since 1991. He has acted as coordinator of Hezbollah’s parliamentary election campaigns since 1992 and is one of the group’s main spokesmen.
Domestic politics: Ahead of the Budget, the Government announced funding to provide 2 million more NHS operations, scans and appointments a year. It also announced that it would increase the minimum wage by 77 pence to £12.21.
The Mighty Calendar
What’s happening today?
Prime Minister’s Questions in UK Parliament
Budget Statement in UK Parliament
United States, France, Spain, Italy, Germany, Eurozone GDP data (Q3 2024)
Spain, Germany CPI inflation data (October)
Germany unemployment data (October)
China manufacturing data (October)
United State home sales data (weekly)
Japan, Korea retail sales data (September)
Bank of Japan interest rate decision
Company results from: Microsoft, Meta, Standard Chartered, NEXT, Starbucks, eBay, Eli Lilly, Volkswagen
Lookahead to tomorrow
Trade Questions in UK Parliament
Japan housing data (September)
German retail sales data (September)
France, Italy, Eurozone CPI inflation data (October)
United States jobless data (weekly)
United States personal income and spending data (September)
Canada GDP data (August)
South Korea trade data (October)
China manufacturing growth data (October)
Company results from: Apple, Amazon, Shell, Total, Samsung, Intel
The Mighty Finale
🌤️Weather today
Light cloud and dry all day in London. High of 16oC and low of 9oC. Same weather in Belfast but sunny spells again in Edinburgh.
✏️Life coaching quote of the day
“If you always do what you have always done, you will always be where you are right now.” – W. Clement Stone, businessman
Mighty takeaway: You need to take new actions to achieve new things.
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