Your morning

briefing.

Small but

Mighty.

Mighty Memo Mighty Memo

Wednesday, 7 August 2024

Google legal case, Harris picks VP, new prison places and more besides…

Wednesday, 7 August 2024 - www.mightymemo.co.uk

 

The Mighty Headlines

 

 

The Mighty Stats

 

  • FTSE = 8,084.20 (currently up 0.72 per cent)

  • S&P 500 = 5,240.03 (up 1.04 per cent at Tuesday close)

  • Nasdaq = 16,366.86 (up 1.03 per cent at Tuesday close)

  • Nikkei = 35,089.62 (up 1.19 per cent at Wednesday close)

  • CAC40 = 7,130.04 (down 0.27 per cent at Tuesday close)

 

£1 = $1.27 / €1.16 / ¥ 186.60

 

The Mighty Detail

 

France saw imports of Liquified Natural Gas (LNG) from Russia increase by more than 50 per cent in the first half of 2024. French companies imported nearly 4.4 billion cubic metres of Russian LNG compared to over 2 billion at the same point last year. Domestic demand in France for LNG has declined 9 per cent this year. This suggests French companies are exporting the gas.

 

Google has lost a US antitrust case regarding its search engine business. Google pays technology companies to act as the default search engine on their devices. In 2022, Google paid Apple $20 billion for this purpose. A federal US judge has ruled that “Google is a monopolist…and has acted as one to maintain its monopoly”. Google may now be required to change its practices.

 

Kamala Harris has picked Tim Walz as her Vice Presidential running mate. Tim Walz has served as Governor of Minnesota since 2019. Between 2007 and 2019, he served as a Member of the United States House of Representatives. He started his career as a school teacher and American football coach.

 

Japanese stocks started the day down on Wednesday but finished up as a Bank of Japan official downplayed the probability of an interest rate hike. Deputy Bank Governor, Shinichi Uchida, said that the Bank would not raise interest rates while the market was unstable. Stock markets elsewhere in Asia ended Wednesday in positive territory.

 

The UK Government has said it will create new prison places to cope with rioters. The Justice Minister, Heidi Alexander, told the BBC yesterday that an additional 567 prison places would become available in response to the recent violence that has taken place in England and Northern Ireland. She said there would be a prison place “waiting” for everyone given a custodial sentence. The Prime Minister held a second COBRA meeting last night.

 

What’s happening today?

 

Chancellor visits Toronto

Minister for International Development begins two-day visit to Jordan

Germany Trade and Industrial Production data (June)

China Trade data (July)

UK Halifax House Price Index (July)

US MBA Purchase Index – home buying – (July)

 

Lookahead to tomorrow

 

UK unemployment rate (June)

France Trade data (June)

US continuing jobless claims (weekly)

US initial jobless claims (weekly)

Mexico interest rate decision

China CPI and PPI inflation data (July)

 

Weather today

 

Sunny until lunchtime. Light cloud in the afternoon. Dry all day. High of 23°C and low of 13°C.

 

Life coaching quote of the day

 

“You are the average of the five people you spend most time with.” – Jim Rohn, motivational speaker

 

Meaning: Choose your company carefully. Surround yourself with positive people and you’ll become more positive. Surround yourself with ambitious people and you’ll become ambitious. Surround yourself with negative people and you’ll likely adopt their negative attitude to life.

 

That’s all for today. If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.

 

Adios!

 

The Mighty Memo team

hello@mightymemo.co.uk

Read More
Mighty Memo Mighty Memo

Tuesday, 6 August 2024

EU tariffs, markets rebound, standing army and other topics too…

Tuesday, 6 August 2024 – www.mightymemo.co.uk

 

The Mighty Headlines

 

 

The Mighty Stats

 

  • FTSE = 8033.56 (currently up 0.32 per cent)

  • S&P500 = 5,186.33 (down 3 per cent at Monday close)

  • Nasdaq = 16,200.08 (down 3.43 per cent at Monday close)

  • Nikkei = 34,675.46 (up 10.23 per cent at Tuesday close)

  • CAC40 = 7,148.99 (down 1.42 per cent at Monday close)

 

£1 = $1.27 / €1.16 / ¥ 185.83

 

The Mighty Detail

 

EU member states may support the introduction of permanent tariffs on Chinese electrics vehicles, Valdis Dombrovskis, the European Commissioner for Trade, said to the Financial Times. The EU imposed temporary tariffs in July of between 17.4 per cent and 37.6 per cent on Chinese electric vehicles. Permanent tariffs will be voted on in October.

 

One of the world’s largest private equity firms, Carlyle, missed its profit estimates in Q2 2024. Distributable earnings – the profits which can be returned to shareholders – fell to $343 million. This is down 11.7 per cent from the $389 million of earnings in Q2 2023 and is likely due to lower than expected cash from asset sales.

 

Global markets started to rebound on Tuesday after falling significantly on Monday amid fears of a recession in the US. The Nikkei closed up 10.23 per cent on Tuesday after closing down 12.4 per cent on Monday. The FTSE closed down 2.04 per cent on Monday and the Nasdaq closed down 3.43 per cent. Weaker than expected US jobs data, the US Federal Reserve’s failure to cut interest rates last week and concerns on the health of technology companies have contributed to the unease.

 

North Korea is to send 250 new tactical ballistic missile launchers to its troops close to the border with South Korea. Announcing the decision on Sunday, North Korean leader Kim Jong Un said hostility from the US had forced it to increase its military strength. Tactical ballistic missiles are designed for short-range use.

 

The Prime Minister, Keir Starmer, has announced a “standing army of public duty officers” to respond to the recent riots. The standing army will involve deploying police officers – not the armed forces – to parts of the country where they are most needed.

 

What’s happening today?

 

Northern Ireland Assembly is recalled to discuss riots

Kamala Harris announces her VP running mate

Eluned Morgan confirmed as Wales First Minister

Eurozone Retail Sales data (June)

US trade data (June)

German factory orders data (June)

Japan Household Spending data (June)

 

Lookahead to tomorrow

 

Chancellor visits Toronto

Germany Trade and Industrial Production data (June)

France Trade data (June)

China Trade data (July)

UK Halifax House Price Index (July)

US MBA Purchase Index – home buying – (July)

 

Weather today

 

Light rain until mid-afternoon. Then mostly dry. High of 24°C and low of 13°C.

 

Life coaching quote of the day

 

“Whether you think you can or whether you think you can’t, either way you’re right.” Henry Ford

 

Meaning: If you have a positive mindset and take action, you’ll be well on your way to succeeding in your endeavours. If you have a negative mindset, if you don’t believe you can be successful and if you don’t take action, your goals won’t materialise.

 

That’s all for today, folks. If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.

 

Adios!

 

The Mighty Memo team

hello@mightymemo.co.uk

Read More
Mighty Memo Mighty Memo

Monday, 5 August 2024

Eurozone unemployment, Buffett sells Apple, 9/11-plea-deals and more…

Monday, 5 August 2024 - www.mightymemo.co.uk

 

The Mighty Headlines

 

 

The Mighty Stats

 

  • FTSE = 8,013.13 (currently down 1.98 per cent)

  • S&P500 = 5,346.56 (down 1.84 per cent at Friday close)

  • Nasdaq = 16,776.16 (down 2.43 per cent at Friday close)

  • Nikkei = 31,458.42 (closed down 12.4 per cent at Monday close)

  • CAC40 = 7,251.80 (down 1.61 per cent at Friday close)

 

£1 = $1.27 / €1.16 / ¥ 182.00 

 

The Mighty Detail

 

Unemployment in the Eurozone increased slightly to 6.5 per cent in June from 6.4 per cent in May. The data published by Eurostat shows this is the first increase since September 2023, with just over 11.1 million people (11,122,000) unemployed in the eurozone.  

 

US stocks begin the week on a low after the Nasdaq and the Down Jones Industrial Average closed down on Friday after weaker than expected US jobs data. Nonfarm payroll grew by 114,000 in July below the 175,000 expected. The Nasdaq closed down 2.43 per cent to 16,776.16 and the Dow Jones fell to 1.51 per cent to 39,737.26.

 

Warren Buffett’s Berkshire Hathaway almost halved its stake in Apple in Q2 2024. In its second quarter earnings report published on Saturday, Berkshire Hathaway disclosed that its position in Apple was valued at $84.2 billion – down from $135.4 billion in Q1 2024. This represents a sale of around 390 million shares.

 

The US Secretary of Defence, Lloyd Austin, has revoked plea deals agreed with three 9/11 defendants. The US Defence Department had announced on Wednesday that pre-trial agreements had been agreed with three 9/11 defendants. These would likely have seen the defendants avoid the death penalty in exchange for life sentences.

 

The UK Government will hold an International Investment Summit on 14 October 2024. According to the Government, the Summit will seek to attract up to 300 industry leaders to promote investment in the UK. At last year’s investment summit, the previous UK Government announced £29.5 billion of new investment in the UK.

 

What’s happening today?

 

PM holds COBRA meeting in response to riots

Chancellor flies to North America for meetings in New York and Toronto

Kamala Harris expected to pick VP running mate (today or tomorrow)

Eurozone PPI – wholesale inflation – data (June)

US services data (July)

 

Lookahead to tomorrow

 

Eluned Morgan confirmed as Wales First Minister

Eurozone Retail Sales data (June)

US trade data (June)

German factory orders data (June)

Japan Household Spending data (June)

 

Weather today

 

Sunshine and no rain! High of 25°C and low 16°C. It’s going to be a splendid week.

 

Life coaching quote of the day

 

“Success is not having things. It’s handling things.” – Susan Jeffers, psychologist and author of the book Feel the Fear and Do It Anyway

 

Meaning: If you’re able to deal with any situation that comes your way, you’ll always be in a position to accomplish your aim or purpose. Nothing will be able to throw you off track from your goals.

 

That’s it for today. If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.

 

Adios!

 

The Mighty Memo team

hello@mightymemo.co.uk

Read More
Mighty Memo Mighty Memo

Friday, 2 August 2024

Interest rate cut, Nikkei falls, Conservative leadership bid launched and much more…

www.mightymemo.co.uk

 

The Mighty Headlines

 

 

The Mighty Stats

 

  • FTSE = 8,174.71 (closed down 1.31 per cent)

  • S&P500 = opened at 5,376.63 (currently down 2 per cent)

  • Nasdaq = opened at 16,780.44 (currently down around 2.25 per cent)

  • Nikkei = 35,909.70 (closed down 5.81 per cent)

  • CAC40 = 7,251.80 (closed down 1.61 per cent)

 

£1 = $1.28 / €1.18 / ¥ 189.65

 

The Mighty Detail

 

The Bank of England cut interest rates to 5 per cent – the first cut since the start of the Covid-19 pandemic in March 2020 – down from 5.25 per cent last month. Governor Andrew Bailey said that lower inflation had helped but that there was still more work to do.

 

US chip-maker Intel has said that it plans to cut around 15,000 jobs – around 15 per cent of its work force – as it seeks to make $10 billion in savings in 2025. Intel has struggled to compete with rivals such as Nvidia and take advantage of AI developments.

 

The Nikkei fell by nearly 6 per cent today – its biggest one day drop since the ‘Black Monday’ crash of 1987. The index fell 2,216 points – 5.8 per cent – to 35,909. The drop was in part prompted by weaker than expected US job data. US unemployment rose to 4.3 per cent from 4.1 per cent and only 114,000 US jobs were created last month versus the 175,000 expected.

 

China criticised Canada’s decision to sail its navy ship through the Taiwan Strait on 31 July. The Canadian defence ministry called it a “routine transit” to maintain a free, open and inclusive Indo-Pacific region. China, which claims sovereignty, said that the passage had “undermined peace and stability”.

 

Robert Jenrick launched his bid to become the next leader of the Conservative Party. Jenrick was formerly immigration minister under the previous Conservative government and resigned over concerns the Rwanda asylum plan would not materialise.

 

Lookahead to tomorrow

 

Weekend begins! Plus the 77th edition of the Edinburg Fringe Festival with theatre, comedy and music shows. More information here.

 

Weather tomorrow

 

Light cloud and a gentle breeze. High of 24°C, low of 13°C. Dry in the morning, chance of rain in the afternoon, probably nice in the evening.

 

Life coaching quote of the day

 

“What other people think about you is none of your business.” – Les Brown, motivational speaker

 

Meaning: Don’t focus on what you think other people are thinking about you. People generally spend more time thinking about themselves than about you. Live your life in a way that matters and makes sense to you.

 

That’s all for today, folks. If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.

 

Adios!

 

The Mighty Memo team

hello@mightymemo.co.uk

 

Read More