Wednesday, 8 January 2025
The Mighty Headlines
Economics: Eurozone inflation rises to 2.4 per cent
Business: Next to increase prices because of tax rises
Markets: Investors concerned about Apple sales in China
Foreign Affairs: Donald Trump refuses to rule out using military force in Greenland
Security and intelligence: Damaged undersea cables near Taiwan could be sabotage
Domestic politics: UK Government launches Steel Council
The Mighty Stats
FTSE = 8,245.28 (down 0.053 per cent)
S&P500 = 5,909.03 (down 1.11 per cent)
Nasdaq = 19,489.68 (down 1.89 per cent)
CAC40 = 7,489.35 (up 0.59 per cent)
£1 = $1.25 / €1.21
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The Mighty Detail
Economics: Inflation in the Eurozone rose to 2.4 per cent in December. This is an increase from the 2.2 per cent recorded in November and is the third consecutive rise. A reduction in Eurozone interest rates is now increasingly unlikely.
Business: High street retailer Next has said that it is to apply a 1 per cent increase to its prices this year. The company said this would cover an anticipated £67 million increase to its wage bill following the National Insurance rises announced by the UK Government.
Markets: Shares in Apple are down by 2.2 per cent so far in January. Investors are concerned about continuing weakness in the Chinese market for Apple products, particularly in light of competition from Chinese domestic brands such as Huawei. In 2024, Apples shares rose by more than 30 per cent.
Foreign Affairs: Donald Trump has refused to rule out using military force to seize control of the Panama Canal and Greenland. He added that Greenland was needed for national security reasons. The Danish Prime Minister, Mette Frederiksen, has said that Greenland is "not for sale" and that only Greenlanders can decide their future.
Security and intelligence: Taiwanese authorities have announced that an undersea cable has been damaged off the northern coast of Taiwan by a Hong-Kong registered ship. Taiwan's Coast Guard Administration has said that it cannot rule out the possibility of Chinese sabotage.
Domestic politics: The UK Government has launched a new Steel Council. The Council will advise on "rebuilding the industry" and seeks to secure the "future of steel making". Members include Government ministers, steel producers and trade unions.
The Mighty Calendar
What’s happening today?
Prime Minister’s Questions in UK Parliament
5th anniversary of Malaysia Airlines flight MH17 shot down over Ukraine
France, Australia trade data (November)
Eurozone business and consumer confidence data (December)
Eurozone PPI inflation data (November)
US jobless claims (weekly)
China CPI and PPI inflation data (December)
Lookahead to tomorrow
State funeral for former US President Jimmy Carter
Transport Questions in UK Parliament
Germany trade data (November)
Germany industrial production data (November)
Eurozone retail sales data (November)
US jobless claims data (weekly)
Company results from: Marks & Spencer
The Mighty Finale
🌤️Weather today
Light wind and rain in southeast England but bright sunshine almost everywhere else. High of 3C and low of 0C. Sunshine in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Don't worry about the failures, worry about the chances you miss when you don't even try.” – Jack Canfield, motivational speaker
Mighty takeaway: Nothing further to add!
That’s about it for today’s edition. See you tomorrow.
Adios!
The Mighty Memo team