Wednesday, 4 December 2024
The Mighty Headlines
Economics: China bans export of critical minerals to US in tit-for-tat
Business: French pharma firm Sanofi makes record investment in China
Markets: Spread in French and German bonds increase following political uncertainty
Foreign Affairs: Martial law in South Korea blocked by its Parliament
Security and intelligence: NATO head calls for military aid for Ukraine
Domestic politics: UK PM won’t block return of Parthenon sculptures to Greece
The Mighty Stats
FTSE = 8,359.41 (up 0.56 per cent at Tuesday close)
S&P500 = 6,049.88 (up 0.045 per cent at Tuesday close)
Nasdaq = 19,480.91 (up 0.4 per cent at Tuesday close)
CAC40 = 7,255.42 (up 0.26 per cent at Tuesday close)
£1 = $1.28 / €1.21
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The Mighty Detail
Economics: China has banned the export of critical minerals to the United States as part of escalating trade tensions between the two superpowers. It comes after the United States curbed exports to 140 Chinese companies on Monday, in an effort to reduce their ability to produce computer chips and make progress with artificial intelligence.
Business: French pharmaceutical company Sanofi is to invest around €1 billion to build a new insulin production site near Beijing. It marks Sanofi's biggest single investment in China. China accounts for a quarter of the world's diabetes population and Sanofi says it will be producing insulin for the local market.
Markets: The spread between French and German sovereign bond yields is close to its widest level since the Eurozone debt crisis of the early 2010s. This reflects the riskier nature of French government bonds as the French Government faces a vote of confidence today. The vote of confidence will only succeed if the far-right National Rally party votes with left-wing parties, a situation which President Macron has called "unbearable cynicism".
Foreign Affairs: The South Korean President, Yoon Suk-yeol, declared martial law yesterday evening only for this to be blocked by the South Korean Parliament this morning. Yoon's decision is reported to have been motivated by difficulties over budget negotiations with the opposition, which controls the Parliament. Yoon has accused the opposition of paralysing the country.
Security and intelligence: The head of NATO, Mark Rutte, has said that President Putin is using Ukraine as a “testing ground for experimental weapons” and has called for more military aid to Ukraine. Ukraine’s Foreign Minister, Andrii Sybiha, says that only full NATO membership will guarantee Ukraine’s future security.
Domestic politics: A senior Greek government official has said the UK Prime Minister will not stand in the way of the Parthenon sculptures in the British Museum being returned to Greece. This is the latest development in a decades-long dispute and follows talks between the UK Prime Minister and the Greek Prime Minister in Downing Street yesterday.
The Mighty Calendar
What’s happening today?
Prime Minister’s Questions in UK Parliament
UK, United States, Spain, France, Italy, Germany, Eurozone services data (November)
Eurozone PPI inflation data (October)
United States mortgage data (weekly)
South Korea GDP data (Q3 2024)
Australia trade data (October)
Company earnings results: Royal Bank of Canada, Campbell Soup, Foot Locker
Lookahead to tomorrow
Organisation for Security and Cooperation in Europe meeting, Malta (ends Friday)
Sir Keir Starmer gives speech on new government targets
Singapore, Eurozone retail sales data (October)
Switzerland unemployment data (November)
Germany factory orders (November)
Spain, France industrial production data (October)
UK, Italy, Germany, France, Eurozone construction data (November)
United States, Canada trade data (October)
United States unemployment data (weekly)
Japan household spending data (October)
Company earnings results: AJ Bell, DS Smith, DocuSign, Watches of Switzerland
The Mighty Finale
🌤️Weather today
Dry in England until early evening when the rain arrives. High of 9oC and low of 8oC. Dry in Belfast until lunchtime. Dry in Edinburgh until late afternoon.
✏️Life coaching quote of the day
“I have learned over the years that when one's mind is made up, this diminishes fear; knowing what must be done does away with fear.” – Rosa Parks, US civil rights activist
Mighty takeaway: Take one decision you have been putting off because you have been afraid and see if the fear goes away. It takes courage but the fear will disappear.
That’s about it for today’s edition. See you tomorrow morning!
Adios!
The Mighty Memo team