Your morning briefing.
Small but
Mighty.
Thursday, 22 August 2024
Post Office, Nicaragua crack down, Biden nuclear strategy and more....
Thursday, 22nd August 2024 – www.mightymemo.co.uk – 2 minutes, 47 second read time
Good morning! It’s Thursday already. Can you believe it? Here’s what you need to know today:
The Mighty Headlines
💰Economics: China responds to EU tariffs with investigation into EU dairy subsidies
🏢Business: Post Office pays £250 million to law firms
📈Markets: Euro reaches one-year high against the dollar
🌍Foreign Affairs: Nicaraguan government cracks down on 1,500 organisations
🕵️Security and intelligence: Biden’s nuclear conflict strategy refocused on China
🏠Domestic politics: Government announces measures to support UK border security
The Mighty Stats
FTSE = 8,283.43 (up 0.12 per cent at Wednesday close)
S&P500 = 5,620.85 (up 0.42 per cent at Wednesday close)
Nasdaq = 17,918.99 (up 0.57 per cent at Wednesday close)
Nikkei = 38,211.01 (up 0.68 per cent at Thursday close)
CAC40 = 7,524.72 (up 0.52 per cent at Wednesday close)
£1 = $1.31 / €1.17 / ¥190.26
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The Mighty Detail
💰Economics: China has launched an investigation into EU subsidies on dairy exports. This comes after the EU launched an investigation into Chinese subsidies on electric vehicle exports and proposed tariffs of up to 36.3 per cent on the Chinese-made vehicles.
🏢Business: The Post Office has paid just over £250 million in legal fees relating to the Horizon IT scandal. The fees date between September 2014 and March 2024. In comparison, £261 million has been paid in financial redress to 2,800 victims of the scandal as of last month.
📈Markets: The euro has reached a one-year high against the dollar. It is continuing to rise ahead of the US Federal Reserve’s Jackson Hole Symposium and expected interest rate cuts. The euro was trading at $1.1143 on Wednesday.
🌍Foreign Affairs: On Monday, the Nicaraguan government banned 1,500 organisations from operating in the country. This includes the Nicaraguan Red Cross, churches, private universities and sports clubs. Over 5,000 groups have been banned since anti-government protests in 2018.
🕵️Security and intelligence: President Biden approved a new US nuclear strategy in March. The classified strategy focuses on a possible nuclear confrontation with China along with Russia and North Korea. The strategy was not made public until yesterday and suggests that China’s nuclear weapons could rival the size and variety of the US and Russia’s in the next decade.
🏠Domestic politics: The Government has announced new border security measures. These include deploying up to 100 new intelligence and investigations officers to disrupt people smugglers; increasing detention capacity; and redeploying staff to increase the removal of failed asylum seekers. The aim is to increase removals to their highest level since 2018.
The Mighty Calendar
✏️ What’s happening today?
Federal Reserve’s Jackson Hole Symposium begins
US Democratic National Convention ends
Norway GDP data (Q2 2024)
Mexico GDP data (Q2 2024)
Eurozone consumer confidence data (August)
Japan CPI inflation data (July)
📆 Lookahead to tomorrow
US Federal Reserve Chair speaks at Jackson Hole
Bank of England Governor speaks at Jackson Hole
Singapore CPI inflation data (July)
Spain consumer confidence data (July)
Canada retail sales data (July)
The Mighty Finale
🌤️Weather today
The weather’s turning. Drizzle and a fresh breeze in London. High of 20°C and low of 16°C. Belfast, you’re in luck today – you’re dry with only light cloud. Edinburgh, you’ve done even better – you’re dry and sunny from mid-morning.
😎Life coaching quote of the day
“When you do the things you need to do when you need to do them, the day will come when you can do the things you want to do, when you want to do them.” – Zig Ziglar, writer and motivational speaker
Mighty takeaway: Some things might be difficult for you to do. You may not feel like doing them. But by applying yourself, doing those tasks and committing yourself, you’ll be rewarded in the end.
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
Wednesday, 21 August
Eurozone inflation, Paramount bid, Ukraine advances and more...
Wednesday, 21st August 2024 – www.mightymemo.co.uk
Good Wednesday morning! It’s another beautiful day (in London). Here’s what you need to know:
The Mighty Headlines
Economics: Eurozone inflation increases slightly
Business: $4.3 billion bid to buy Paramount
Markets: Demand in UK property market increases
Foreign Affairs: China and Vietnam promise to strengthen ties
Security and intelligence: Ukraine advances into Russia and Russia advances into Ukraine
Domestic politics: Government urges uptake of pension credit
The Mighty Stats
FTSE = 8,273.32 (down 1 per cent at Tuesday close)
S&P500 = 5,597.12 (down 0.2 per cent at Tuesday close)
Nasdaq = 17,816.94 (down 0.33 per cent at Tuesday close)
Nikkei = 37,951.80 (down 0.29 per cent at Wednesday close)
CAC40 = 7,485.73 (down 0.22 per cent at Tuesday close)
£1 = $1.30 / €1.17 / ¥189.96
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The Mighty Detail
Economics: Eurozone inflation increased slightly year-on-year to 2.6 per cent in July. This is up from 2.5 per cent in June but down from 5.3 per cent in July 2023. Finland had the lowest inflation at 0.5 per cent while Romania had the highest inflation at 5.8 per cent.
Business: Former Warner Music CEO, Edgar Bronfman, has made an offer of around $4.3 billion to buy Paramount. Paramount had already received an offer last month from David Ellison, CEO of Skydance Media. Elliot had offered to buy Paramount and then merge Skydance – his smaller company – into the larger Paramount.
Markets: Demand for properties in the UK property market is increasing according to property website Rightmove. Rightmove said that there has been a 19 per cent increase in buyers enquiring about homes for sales on its website since the Bank of England cut interest rates last month.
Foreign Affairs: China and Vietnam have promised to strengthen ties. This follows a meeting between Chinese President Xi Jinping and Vietnamese President To Lam on Monday. The two Communist leaders stated that they viewed their countries’ relations with each other as a priority.
Security and intelligence: Ukrainian forces have destroyed a third bridge over the Seym River in Russia. This is likely to further affect Russian military logistics. Meanwhile, Russia is closing in on Pokrovsk in Ukraine – a strategic Ukrainian logistics hub.
Domestic politics: The Government is seeking to increase the uptake of the pension credit benefit. This comes after the Government announced it would make the Winter Fuel Payment benefit – worth up to £300 a year – means-tested. Pension credit will be one way of proving eligibility for the Winter Fuel Allowance under the new system. Around 880,000 people are eligible for pension credit but have not yet claimed.
What’s happening today?
Chinese premier concludes visit to Moscow and heads to Belarus
Indian PM travels to Poland for two-day visit
UK government borrowing data (July)
US mortgage data (weekly)
South Africa CPI inflation data (July)
Japan Manufacturing data (July)
Japan Services data (July)
South Korea interest rate decision
Lookahead to tomorrow
Federal Reserve’s Jackson Hole Symposium begins
US Democratic National Convention ends
Norway GDP data (Q2 2024)
Mexico GDP data (Q2 2024)
Eurozone consumer confidence data (August)
Japan CPI inflation data (July)
Weather today
It’s dry again for you, London – you’re in luck. High of 22°C and low of 14°C. Belfast – you just keep on getting more rain. And it’s heavy rain I’m afraid. Edinburgh – you’ve got light rain and gusty winds.
Life coaching quote of the day
“Life is reciprocal. The energy you expend always comes back.” – Oprah Winfrey
Mighty takeaway: The attitudes and behaviours you put out into the world come back to you in one form or another. Have a positive attitude and you’ll receive positivity in return. Have a miserable attitude and you’ll get misery back.
That’s everything – thanks for reading! 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
Tuesday, 20 August 2024
US recession risk falls, price of gold increases, China and Philippines clash again and more inside...
Tuesday, 20th August 2024 – www.mightymemo.co.uk
Good morning! This is your morning briefing. Here’s what you need to know:
The Mighty Headlines
Economics: Risk of US recession falls
Business: £29 billion bid for 7-Eleven convenience stores
Markets: Price of gold reaches all-time high
Foreign Affairs: China and Philippines clash again
Security and intelligence: US and South Korea begin joint military exercise
Domestic politics: Prime Minister visits Wales and Northern Ireland
The Mighty Stats
FTSE = 8,356.94 (up 0.55 per cent at Monday close)
S&P500 = 5,608.25 (up 0.97 per cent at Monday close)
Nasdaq = 17,876.77 (up 1.39 per cent at Monday close)
Nikkei = 38,062.92 (up 1.8 per cent at Tuesday close)
CAC40 = 7,502.01 (up 0.7 per cent at Monday close)
£1 = $1.30 / €1.17 / ¥191.01
***Remember to subscribe to the Mighty Memo for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo in your inbox as soon as it’s published!***
The Mighty Detail
Economics: The risk of a US recession has fallen according to Goldman Sachs. The investment bank cut the probability of a recession in the next 12 months from 25 per cent to 20 per cent following better than expected retail sales and unemployment benefit claims late last week.
Business: A Canadian company has made an offer of $38 billion (£29.2 billion) for the 7-Eleven convenience store chain. 7-Eleven has 85,000 shops worldwide in 20 countries and has been approached by Alimentation Couche-Tard which is based in Quebec. Alimentation Couche-Tard has around 17,000 shops worldwide.
Markets: The price of gold has reached an all-time high at $2,500 per troy ounce. This means a gold bar is now worth $1 million for the first time in history. The price of gold traditionally increases when interest rates fall.
Foreign Affairs: The Chinese coastguard has accused the Philippine coastguard of deliberately crashing one of its vessels. The Philippine government said that two of its boats were met with unlawful manoeuvres from the Chinese coastguard. The event happened in the disputed South China Sea where the two countries’ air forces also clashed earlier this month.
Security and intelligence: The US and South Korea have started their annual joint military exercises. North Korea stated that the exercises were “provocative war drills for aggression” which justify its own nuclear ambitions.
Domestic politics: The Prime Minister visited Northern Ireland yesterday and is visiting Wales today. In Northern Ireland, the Prime Minister met Chief Constable Jon Boutcher to discuss the recent riots. In Wales, the Prime Minister met the new First Minister Eluned Morgan yesterday and will visit a renewable energy site today.
What’s happening today?
Prime Minister in Wales
Democratic National convention continues
Germany PPI inflation data (July)
Hong Kong CPI inflation data (July)
Eurozone CPI inflation data (July)
Canada CPI inflation data (July)
Japan trade data (July)
Lookahead to tomorrow
UK government borrowing data (July)
US mortgage data (weekly)
South Africa CPI inflation data (July)
Japan Manufacturing data (July)
Japan Services data (July)
South Korea interest rate decision
Weather today
Some cloud, some sun in London. Nice summer temperature. High of 22°C and low of 11°C. Belfast – you’ve got light showers again I’m afraid. Edinburgh – you’ve got light showers as well.
Life coaching quote of the day
“Human beings were given a left foot and a right foot to make a mistake first to the left, then to the right, left again and repeat.” – Buckminster Fuller, inventor and writer
Mighty takeaway: Our failures don’t block our way to success, they are the way to success. In other words, you sometimes need to take the wrong path to find out the path you were always meant to be on.
That’s all for today, everyone. Have a splendid 20th August 2024.
Adios!
The Mighty Memo team
Monday, 19 August 2024
Venezuela protests, Libyan central bank kidnap, US Fed Chair speech and more...
Monday, 19th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Trump commits to new tariffs
Business: X/Twitter closes Brazil office after dispute with Supreme Court
Markets: US Fed Chair to give major speech on Friday
Foreign Affairs: Protests held in Venezuela against Maduro
Security and intelligence: Libyan central bank shuts down after official kidnapped
Domestic politics: Government outlines reforms to benefits bill
The Mighty Stats
FTSE = 8,311.41 (down 0.43 per cent at Friday close)
S&P500 = 5,554.25 (up 0.2 per cent at Friday close)
Nasdaq = 17,631.72 (up 0.21 per cent at Friday close)
Nikkei = 37,388.62 (down 1.77 per cent at Monday close)
CAC40 = 7,449.70 (up 0.35 per cent at Friday close)
£1 = $1.29 / €1.17 / ¥188.82
The Mighty Detail
Economics: In a major economic speech last week, President Trump confirmed that he would impose further tariffs if re-elected as president. These would include universal baseline tariffs on most foreign imports of around 10 per cent. In June, President Trump also proposed a 60 per cent tariff on all Chinese imports.
Business: X, formerly known as Twitter, has closed its office in Brazil after a disagreement with the Brazilian Supreme Court. Supreme Court judge, Alexandre de Moraes, had asked X to block certain accounts while it investigated them for allegedly spreading disinformation. De Moraes had said X staff could be arrested if they did not comply. X refused and claimed it was censorship.
Markets: US Federal Reserve Chair, Jerome Powell, will give a speech at Jackson Hole this Friday. He is expected to give details on when interest rates could be cut. Central bankers, academics and journalists gather at Jackson Hole in Wyoming every year to discuss economic policy.
Foreign Affairs: Protests were held in Venezuela’s capital city on Saturday against the re-election of President Nicolas Maduro. The opposition’s candidate, Edmundo Gonzalez, gave a speech to the protestors from an undisclosed location. Demonstrations by Venezuelans were also held in Mexico City, Tokyo and Sydney.
Security and intelligence: The Libyan central bank has closed down all operations after the head of its IT department, Musaab Muslam, was kidnapped on Sunday. After groups had already laid siege to the central bank’s headquarters last week, the US ambassador had warned the bank’s management should not be replaced by force.
Domestic politics: The Government has outlined reforms to the benefits bill in the UK. Work and Pensions Secretary, Liz Kendall, said the predicted increase in welfare spending was unsustainable. Reforms could include reviewing Universal Credit and the operation of Jobcentres.
What’s happening today?
Prime Minister Starmer visits Northern Ireland
Democratic National Convention begins
US Federal Reserve Governor Waller gives speech on finance
Spain consumer confidence data (July)
New Zealand trade data (July)
China Foreign Investment data (July)
Lookahead to tomorrow
Democratic National convention continues
Germany PPI inflation data (July)
Hong Kong CPI inflation data (July)
Eurozone CPI inflation data (July)
Canada CPI inflation data (July)
Japan trade data (July)
Weather today
Light cloud but dry in London. High of 22°C and low of 16°C. Cooler with heavy rain in Belfast. Cooler and light rain in Edinburgh.
Life coaching quote of the day
“The more things you try, the more likely it is one of them will work.” – Jack Canfield, writer and motivational speaker
Mighty takeaway: Don’t give up on your goals and ambitions. If things don’t work out the first time, keep trying. You’ll never succeed if you don’t try.
Thank you for reading 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
Friday, 16 August 2024
UK economy grows, Walmart outlook, Pakistani spy chief arrested and much more...
Friday, 16th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: UK economy grows by 1.3 per cent in first half of 2024
Business: Positive outlook for Walmart, world’s largest retailer
Markets: US stocks climb on jobs data
Foreign Affairs: Thai Prime Minister dismissed
Security and intelligence: Former Pakistani spy chief arrested
Domestic politics: Government and train drivers agree pay deal
The Mighty Stats
FTSE = 8,334.66 (currently down 0.15 per cent)
S&P500 = 5,543.22 (up 1.61 per cent at Thursday close)
Nasdaq = 17,594.50 (up 2.34 per cent at Thursday close)
Nikkei = 38,062.67 (up 3.64 per cent at Friday close)
CAC40 = 7,423.37 (up 1.23 per cent at Thursday close)
£1 = $1.29 / €1.17 / ¥191.90
The Mighty Detail
Economics: The UK economy grew by 1.3 per cent in the first half of 2024. This includes a 0.6 per cent increase in Q2 2024 and a 0.7 per cent increase in Q1 2024. Growth last quarter was led by the services sector, with the professional, scientific and technical sectors performing the most strongly. They increased their output by 2.5 per cent.
Business: Revenue at Walmart increased to $169 billion in Q2 2024. This is up 4.8 per cent year on year. Walmart – the world’s largest retailer by sales – has also increased its growth forecast for the year to 4.75 per cent. This may indicate that US consumers are looking for value for money in the current economy.
Markets: The US stock market climbed yesterday following positive jobs and retail sales data. Weekly jobless claims in the US fell for a second week by 7,000 to 227,00 – the lowest level since July. Retail sales increased by 1 per cent.
Foreign Affairs: Thailand’s constitutional court has ruled that Prime Minister Srettha Thavisin should be removed after only a year in office. It said the PM had violated the constitution by appointing a cabinet minister who had previously served time in prison. This risks upheaval in a country which has largely been led by military-dominated governments over the last decade.
Security and intelligence: The Pakistani army arrested former spy chief Faiz Hameed over accusations of corruption on Tuesday. Three other officers were arrested yesterday. The arrest may be linked to Hameed’s alleged support for former Prime Minister Imran Khan who is in jail on charges of leaking state secrets.
Domestic politics: The Government has agreed a new pay deal with train drivers. The offer will be voted on by Aslef union members and will see a backdated pay increase of 5 per cent for 2022/23, 4.75 per cent for 2023/24 and 4.5 per cent for 2024/25. The RMT union has now called for the same increase.
What’s happening today?
UK Foreign Secretary and French counterpart travel to Israel
UK retail sales data (July)
Switzerland industrial production data (Q2 2024)
Italy CPI inflation data (July)
US house building data (July)
Lookahead to the weekend
Saturday:
Equestrian Showjumping Championships, Royal Hospital Chelsea
Great British Food Festival, Wentworth Woodhouse, Yorkshire
National Prosecco Weekend begins, Chiswick House
Sunday:
National Prosecco Weekend continues, Chiswick House
The Hundred Final 2024, Lord’s
Weather today
Sunny and dry in London with barely a cloud in the sky. High of 25°C and low of 12°C. Cooler in Belfast with a touch more cloud but still dry. Cooler and dry in Edinburgh.
Life coaching quote of the day
“We come this way but once. We can either tiptoe through life and hope that we get to death without being too badly bruised or we can live a full, complete life achieving our goals and realising our wildest dreams.” – Bob Proctor, writer and speaker.
Mighty takeaway: Dare to do. Moving forward in life requires being uncomfortable and taking calculated risks. As someone once said, “if you risk and win you will be happy. If you risk and lose you will be wise”.
That’s all for today and have a good weekend! We’ll be back on Monday.
As ever, 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
Thursday, 15 August 2024
US inflation, AztraZeneca’s share price, Japan PM steps down and more besides…
Thursday, 15th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: US inflation falls for fourth month
Business: AstraZeneca’s value tops £200 billion
Markets: Norwegian sovereign wealth fund posts $138 billion in profits
Foreign Affairs: Japan’s Prime Minister steps down
Security and intelligence: Ukraine continues Russian advance, Russia pauses peace talks
Domestic politics: Government talks employment reform with business and trade unions
The Mighty Stats
FTSE = 8,290.69 (currently up 0.67 per cent)
S&P500 = 5,455.21 (up 0.38 per cent at Wednesday close)
Nasdaq = 17,192.60 (up 0.029 per cent at Wednesday close)
Nikkei = 36,726.64 (up 0.78 per cent at Thursday close)
CAC40 = 7,333.36 (up 0.79 per cent at Wednesday close)
£1 = $1.29 / €1. 17/ ¥189.13
The Mighty Detail
Economics: US inflation fell to 2.9 per cent in the year to July. This is down from 3 per cent in the year to June and is the lowest rate since March 2021. It is the fourth monthly fall in inflation. This may encourage the US Federal Reserve to cut interest rates.
Business: AstraZeneca’s stock market valuation reached £200 billion for the first time on Wednesday. The pharmaceutical company is already the largest company on the London stock exchange. AstraZeneca’s share price has increased by over 21 per cent this year.
Markets: Norway’s sovereign wealth fund posted profits of $138 billion in the first half of 2024. Tech stocks provided the fund with returns of nearly 30 per cent and the overall rate of return on investments was 8.6 per cent. The fund has a total value of $1.6 trillion.
Foreign Affairs: The Prime Minister of Japan has decided not to stand for re-election in September. Fumio Kishida was elected for a three-year term in September 2021. This follows accusations that factions within his Liberal Democratic Party have misused campaign funds.
Security and intelligence: The Ukrainian armed forces continue their advance into Russia. On day 9 of Ukraine’s advance, the Russian foreign ministry said peace negotiations have been put on pause. The Ukrainian foreign ministry has said the goal of the incursion is to prevent Russian missiles from being launched from Russia’s Kursk region into Ukraine.
Domestic politics: The Deputy Prime Minister and the Business Secretary met with business leaders and trade union leaders to discuss the Government’s plans on employment law reform. These plans include, among others, banning certain zero hours contracts and removing age bands from the minimum wage.
What’s happening today?
Public holiday in France, Italy, Spain and much of Europe (Assumption Day)
A-level results in England
UK Construction data (June)
UK GDP data (Q2 2024)
UK Trade data (June)
US Continuing jobless claims data (weekly)
US Initial jobless claims data (weekly)
US retail sales (July)
Lookahead to tomorrow
UK retail sales (July)
Switzerland industrial production data (Q2 2024)
Italy CPI inflation data (July)
US house building data (July)
Weather today
Sunny, dry and generally fine in London. High of 24°C and low of 18°C. Cooler, with heavy rain in Belfast. Cooler, with light rain in Edinburgh.
Life coaching quote of the day
“Worrying is negative goal setting.” – Zig Ziglar, writer and motivational speaker
Mighty takeaway: Worrying makes you focus on what you don’t want to happen. In most cases, your worries don’t even materialise so you’ve wasted your time. In the rare cases they do, you’ve spent additional time being unhappy when you could have done something better with your time.
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
Wednesday, 14 August 2024
UK unemployment down, Starbucks boss fired, Slovakia protests and more interesting news…
Wednesday, 14th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: UK unemployment down, wages up, inflation up
Business: Starbucks boss replaced after 18 months
Markets: UK stocks are top choice in Europe
Foreign Affairs: Anti-government protests in Slovakia
Security and intelligence: Iran dismisses calls to show restraint against Israel
Domestic politics: Tugendhat gives first speech of Conservative leadership campaign
The Mighty Stats
FTSE = 8,281.85 (currently up 0.57 per cent)
S&P500 = 5,434.43 (up 1.68 per cent at Tuesday close)
Nasdaq = 17,187.61 (up 2.43 per cent at Tuesday close)
Nikkei = 36,442.43 (up 0.58 per cent at Wednesday close)
CAC40 = 7,275.87 (up 0.35 per cent at Tuesday close)
£1 = $1.28 / €1.17 / ¥188.83
The Mighty Detail
Economics: Unemployment in the UK fell last quarter while wages increased along with inflation. Unemployment fell to 4.2 per cent in Q2 down from 4.4 per cent in the previous quarter. Wages were up 5.4 per cent year on year (or 3.2 per cent when inflation is taken into account). Inflation increased from 2 per cent to 2.2 per cent in July.
Business: The boss of Starbucks is to be replaced after less than two years in the role. CEO Laxman Narasimham will be replaced by Brian Niccol who is currently the boss of the Chipotle Mexican Grill restaurant chain. Starbucks has recently experienced a drop in sales, with sales falling 7.5 per cent in Q2 2024.
Markets: UK stocks are preferred to other stocks in Europe according to a new report from Bank of America. The report states that the proportion of investors who would be making outsized investments in UK shares in the next 12 months increased from less than 10 per cent in July to more than 30 per cent in August. Germany has the least preferred stock.
Foreign Affairs: Anti-government protestors took to the streets of Slovakia’s capital city on Monday and Tuesday. The protestors accuse the government of eroding the rule of law and undermining democracy by, among others, disbanding the National Crime Agency which is handling cases involving the Prime Minister. Slovakia has a coalition government led by Prime Minister Robert Fico’s left-wing nationalist Smer party.
Security and intelligence: Iran has rejected calls from the UK and other Western governments to show restraint in its response to the killing of Hamas leader, Ismail Haniyeh, in Tehran in July. A spokesman for the Iranian foreign ministry said that such appeals were “void of political logic, in complete contradiction to the principles and rules of international law, and excessive.”
Domestic politics: A contender for the leadership of the Conservative Party, Tom Tugendhat, gave a wide-ranging speech on Tuesday criticising the Government’s response to the recent riots. In Tugendhat’s first speech on the campaign, he also condemned Nigel Farage and Elon Musk’s responses to the violence.
What’s happening today?
UK CPI inflation data (July)
France CPI inflation data (July)
US CPI inflation data (July)
Eurozone employment data (Q2 2024)
Eurozone industrial production data (Q2 2024)
China unemployment rate (July)
Lookahead to tomorrow
Public holiday in France, Italy, Spain and much of Europe (Assumption Day)
A-level results in England
UK Construction data (June)
UK GDP data (Q2 2024)
UK Trade data (June)
US Continuing jobless claims data (weekly)
US Initial jobless claims data (weekly)
US retail sales (July)
Weather today
Potential for some rain in the morning and early afternoon. High of 23°C and low of 12°C. Same sort of temperatures in Belfast and Edinburgh but dry and sunny for both.
Life coaching quote of the day
“All of us are self-made but only the successful will admit it.” – Earl Nightingale, speaker and writer
Mighty takeaway: Our thoughts and actions in the past have made the circumstances we now have in life. We can make the circumstances we want in the future by changing our thoughts and actions in the present.
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
Tuesday, 13 August 2024
BT sale, investors pull money from China, secret Maduro talks and more…
Tuesday, 13th August - www.mightymemo.co.uk
The Mighty Headlines
Economics: Disposable income increases in Europe
Business: India’s Bharti to buy 24.5 per cent of British Telecom
Markets: Foreign investors take money out of China
Foreign Affairs: US in secret talks for Venezuela’s Maduro to leave
Security and intelligence: UK, France and Germany issue joint statement on Iran
Domestic politics: Starmer cancels holiday plans
The Mighty Stats
FTSE = 8,238.22 (currently up 0.34 per cent)
S&P500 = 5,344.39 (up 0.23 per cent at Monday close)
Nasdaq = 16,780.61 (up 0.21 per cent at Monday close)
Nikkei = 36,232.51 (up 3.45 per cent at Tuesday close)
CAC40 = 7,250.67 (down 0.26 per cent at Monday close)
£1 = $1.28 / €1.17/ ¥189.38
The Mighty Detail
Economics: Disposable income in most European countries increases in the three months of 2024. According to the OECD, Poland saw the largest increase at 10.2 per cent, followed by Portugal at 6.7 per cent and Italy at 3.4 per cent. Greece saw the largest decline in disposable income with a 1.9 per cent reduction.
Business: The Indian conglomerate, Bharti Enterprises, has bought a 24.5 per cent in British Telecom from France’s Altice. The deal is valued at around £4 billion and comes after Altice struggles with £60 billion of debt.
Markets: Investors took $15 billion of capital out of China in the three months to June. This represents only the second time on record that China’s direct investment liabilities – in effect the capital traders have invested in China – has turned negative.
Foreign Affairs: The Wall Street Journal is reporting that the US is in secret talks to persuade the President of Venezuela, Nicolas Maduro, to leave power. Maduro is reportedly being offered amnesty from US prosecution in exchange for leaving office. In 2020, the US offered a bounty of $15 million for information that could lead to Maduro’s arrest on charges of drug trafficking.
Security and Intelligence: The UK, France and Germany issued a joint statement yesterday calling on Iran not to escalate tensions in the Middle East. This comes after Iran vowed retaliation for the assassination of Hamas’s top political leader, Ismail Haniyeh, on 31st July. The US has ordered the USS Abraham Lincoln aircraft carrier to quicken its arrival in the region.
Domestic political: The Prime Minister has cancelled his holiday plans. This comes as the government continues to deal with the risk of riots in England and Northern Ireland. There have been 975 arrests and 546 charges so far in relation to the riots.
What’s happening today?
UK average earnings data (June)
UK unemployment rate (June)
Spain CPI inflation data (July)
US PPI inflation data (July)
New Zealand interest rate decision
Lookahead to tomorrow
UK CPI inflation data (July)
France CPI inflation data (July)
US CPI inflation data (July)
Eurozone employment data (Q2 2024)
Eurozone industrial production data (Q2 2024)
China unemployment rate (July)
Weather today
Slightly cooler than yesterday in London. High of 27°C and low of 16°C. Dry all day. Slightly cooler and light rain in Belfast and Edinburgh.
Life coaching quote of the day
“You are what you think about.” – Earl Nightingale, speaker and writer
Mighty takeaway: Everyone has a story that they tell to themselves about themselves. You have the power to change that story and change the way you lead your life at any point you decide.
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
Monday, 12 August 2024
US inflation too high, Philippines and China military incident, Houthi ops degraded
Monday, 12th August - www.mightymemo.co.uk
The Mighty Headlines
Economics: US Fed official says inflation still too high
Business: Hargreaves Lansdown to be bought for £5.4 billion
Markets: Value of sterling falls for fourth week
Foreign Affairs: Philippines and China military incident
Security and intelligence: US Navy says Houthis operations degraded
Domestic politics: Junior doctors set to vote on 22 per cent pay deal
The Mighty Stats
FTSE = 8,196.10 (currently up 0.35 per cent)
S&P500 = 5,344.16 (up 0.47 per cent at Friday close)
Nasdaq = 16,745.30 (up 0.51 per cent at Friday close)
Nikkei = 35,025.00 (up 0.56 per cent at Monday close)
CAC40 = 2,296.71 (up 0.31 per cent at Friday close)
£1 = $1.28 / €1.17 / ¥ 187.95
The Mighty Detail
Economics: A US Federal Reserve official has said that US inflation is still too high. Federal Reserve board member, Michelle Bowman, welcomed the fall in inflation earlier this year but said that inflation was “uncomfortably above” the 2 per cent goal. Speaking on Saturday, Bowman also advised caution in lowering interest rates too soon saying that “we need to be patient”.
Business: Hargreaves Lansdown is set to be bought for £5.4 billion by a group of private equity investors. CVC Partners, Nordic Capital and Platinum Ivy – owned by the Abu Dhabi Investment Authority – made the bid which will now be put to shareholders. Hargreaves Lansdown has around 1.8 million customers and was founded by Peter Hargreaves and Stephen Lansdown in 1981. The pair own 26 per cent of shares between them.
Markets: The value of sterling has fallen for a fourth consecutive week. This is the longest period of decline since September 2023. Sterling closed at $1.27 and at €1.16 on Friday. On 12 July, sterling was at $1.29 and €1.19 which means it has declined 1.7 per cent against the dollar and 1.88 per cent against the euro in four weeks.
Foreign Affairs: In a military incident, the Philippines and Chinese governments have accused each other’s air forces of obstructive behaviour in the South China Sea. The Philippines government claims that two Chinese military aircraft dropped flares in front of a Philippines air force plane on Thursday over the Scarborough Shoal in the South China Sea. China accused the Philippines of illegally entering its airspace. Both countries claim sovereignty of the Scarborough Shoal.
Security and Intelligence: The US Navy has said that it has degraded the Houthi’s capabilities in the Red Sea but admitted there was still work to be done to secure the region. Speaking last week, Commander of the US Navy 5th Fleet, Vice Admiral George Wikoff, said that “we have certainly degraded their capability. However, have we stopped them? No.” He added that “we have seen some stabilisation but don’t get me wrong it’s not an acceptable solution.”
Domestic: Junior doctors are to vote on a 22 per cent pay deal between 19 August and 15 September. The agreement was reached between the UK government and the British Medical Association (BMA) union. The pay offer, which the BMA is recommending to its members, is backdated to 2023/24 and continues into 2024/25.
What’s happening today?
Germany WPI inflation data – wholesale goods inflation
Japan PPI inflation data – corporate goods inflation
OPEC monthly report – issues affecting world oil market
Mexico consumer confidence index (July)
Canada building permits data (June)
United States federal balance data (July) – difference in gov.’s income and expenditure
Australia wage price index data (Q2 2024)
Lookahead to tomorrow
UK average earnings data (June)
UK unemployment rate (June)
Spain CPI inflation data (July)
US PPI inflation data (July)
New Zealand interest rate decision
Weather today
Summer scorcher in London. High of 33°C and low of 16°C. Slightly cooler in Belfast and Edinburgh but just as sunny.
Life coaching quote of the day
“Event + Response = Outcome” – Jack Canfield, bestselling author and life coach
Mighty takeaway: You choose to respond to events in your life in a certain way but people react in different ways to the same event. Why not choose to respond in a way that makes you happy, empowers you and gets you closer to your goals and the person you want to be? The choice is yours.
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
Friday, 9 August 2024
Asda sales, Japan earthquake risk, gold for Team GB and even more…
Friday, 9 August 2024 - www.mightymemo.co.uk
The Mighty Headlines
Economics: Italy changes rules on taxing wealthy new residents
Business: Asda loses sales to cut-price rivals
Foreign Affairs: Japan issues megaquake warning
Domestic: Great Britain’s Ellie Aldrige wins gold in kite sailing
The Mighty Stats
FTSE = 8,144.97 (down 0.27 per cent at Thursday close)
S&P500 = 5,319.31 (up 2.30 per cent at Thursday close)
Nasdaq = 18,413.82 (up 3.06 per cent at Thursday close)
Nikkei = 35,025.00 (up 0.56 per cent at Friday close)
CAC40 = 7,247.45 (down 0.26 per cent at Thursday close)
£1 = $1. 27/ €1.16 / ¥ 187.66
The Mighty Detail
The Italian government has changed the rules on taxing wealthy new residents. The annual flat tax applied to income earned abroad for new residents has increased from €100,000 to €200,000. Nicknamed the ‘billionaire’s’ tax, the arrangement introduced in 2017 means that new foreign residents are not required to pay any tax on foreign income and gifts for 15 years.
UK investors added £1.2 billion into funds in June. A total of £1.7 billion was added to funds in the first six months of 2024. This compares to £24.2 billion being taken out of funds in 2023. The overwhelming majority is being invested in index funds which seek to track the performance of stock markets.
Sales at Asda were down 2.2 per cent in the second quarter of this year. The supermarket’s share of the UK grocery market also fell to 12.7 per cent in the three months ending 7 July. This is down from 13.6 per cent in the same period last year. Asda has recently been cutting prices to compete with Aldi and Lidl.
The Japanese Meteorological Agency has issued a megaquake warning after a 7.1 magnitude earthquake hit close to the southeast coast of the country on Thursday. The warning suggests the risk of the Nanka Tough earthquake occurring, which has a magnitude of 8, is higher than normal but not imminent. The Nanka Trough earthquake occurs every 100 years to 200 years.
Great Britain’s Ellie Aldrige has won the inaugural kite sailing gold medal at the Olympic Games. Aldrige, 27, took the top spot after sailing around the leader, France’s Lauriane Nolot, who had fallen into the water. Kite sailing uses a board and large kite to pull athletes across the water.
What’s happening today?
PM to visit police station this morning and do media clip
Foreign minister travels to Paris to meet French counterpart
France unemployment rate (Q2 2024)
Canada unemployment rate (July)
Germany CPI inflation data (July)
Italy CPI inflation data (July)
Brazil CPI inflation data (July)
Mexico industrial production (June)
Lookahead to the weekend
Edinburgh Fringe Festival continues – 2nd to 26th August
Boardmasters music festival in Cornwall – 7th to 11th August
Bristol International Hot Air Balloon Festival – 9th to 11th August
Edinburgh International Book Festival – 10th to 25th August
Closing Ceremony of Paris Olympic Games – 11th August
Weather today
Dry and sunny in London. Summer hasn’t gone away just yet High of 25ºC and low of 14ºC.
Life coaching quote of the day
“For things to change for you, you have to change.” – Jim Rohn, motivational speaker
Meaning: If you keep on doing the same things, you’ll keep on getting the same results. To achieve things you’ve never achieved before, you have to do things you’ve never done before.
Enjoy the weekend – time to rest, relax and dream! 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. If you forward this newsletter to 10 people, we’ll send you a Mighty Memo pen!
We’ll see you again on Monday.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk
Thursday, 8 August 2024
Canadian pension funds, Disney profits, Spain’s Puigdemont returns and more…
Thursday, 8 August 2024 - www.mightymemo.co.uk
The Mighty Headlines
Business: Disney returns to profit because of streaming services and Inside Out 2 movie
Markets: Tech stocks climb and then fall in continued volatility
Foreign Affairs: Spain’s Catalan separatist leader likely to be back in Spain after fleeing
Domestic politics: Former First Minister of Wales back in Welsh Government
The Mighty Stats
FTSE = 8,097,13 (down 0.85 per cent)
S&P 500 = 5,199.50 (down 0.77 per cent at Wednesday close)
Nasdaq = 16,195.81 (down 1.05 per cent at Wednesday close)
Nikkei = 34,831.15 (down 0.74 per cent at Thursday close)
CAC40 = 7,266.01 (up 1.91 per cent at Wednesday close)
£1 = $1.27 / €1.16 / ¥ 185.95
The Mighty Detail
The Chancellor is calling on UK pension funds to invest more in the UK economy. Ahead of a visit to Toronto, the Chancellor has said that UK pension funds should “learn lessons from the Canadian model”, where pension funds are typically larger and have the capital to invest in infrastructure and higher-growth businesses.
Disney returned to profit going into July after better-than-expected revenue from its entertainment segment. Disney saw revenue of $23.16 billion last fiscal quarter helped by its streaming services – Disney+, ESPN+ and Hulu – making a profit for the first time. Profitability was also helped by the movie Inside Out 2 which has become the highest grossing animated film in history.
Tech stocks began to climb yesterday before falling back down. Shares in Amazon, Apple and Microsoft each gained over 2 per cent at the start of the day before falling back. The US stock market ended the day down with neither the S&P 500, the Nasdaq nor the Dow Jones posting gains at market close.
Spain’s Catalan separatist leader, Carles Puigdemont, is likely to be back in Spain today after fleeing the country in 2017. He is seeking to prevent a pro-Spanish regional government from being voted on in the regional parliament in Barcelona today. Puigdemont faces charges of sedition and rebellion following a failed Catalan declaration of independence.
The former First Minister of Wales, Mark Drakeford, has been appointed as health secretary in the new Welsh Government. Drakeford, who stood down as First Minister in March 2024, previously held the position of health minister between 2013 and 2016.
What’s happening today?
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)
Lookahead to tomorrow
France unemployment rate (Q2 2024)
Canada unemployment rate (July)
Germany CPI inflation data (July)
Italy CPI inflation data (July)
Brazil CPI inflation data (July)
Mexico industrial production (June)
Weather today
Overcast most of the day with some chance of rain in the afternoon. High of 21°C and low of 18°C.
Life coaching quote of the day
“Vision is not enough. It must be combined with venture. It is not enough to stare up the steps; we must also step up the stairs.” – Vaclav Havel, writer and former Czech President
Meaning: Without action, your aims and goals will remain only as aims and goals. They will not materialise. The most important step to take is to take action. Just one small step first. Then another and another. Even if you don’t have the full path in front of you.
That’s it! Have a happy Thursday everyone. 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
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
Economics: France sees more imports of Russian fuel
Business: Google loses antitrust case on search engine monopoly
Markets: Japanese stocks down and then up on day of recovery
Foreign Affairs: Kamala Harris picks Tim Walz as VP running mate
Domestic politics: New prison places created to cope with rioters
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
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
Economics: EU member states may agree tariffs on Chinese electric vehicles
Business: Carlyle misses profit estimates
Markets: Global markets rebound after fall led by jobs, interest rates and tech concerns
Foreign Affairs: N. Korea to send new ballistic missile launchers to S. Korea border
Domestic politics: Starmer announces standing army of public duty officers
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
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
Economics: Eurozone unemployment increases slightly
Business: Buffett almost halves stake in Apple
Markets: US stocks begin week on a low
Foreign Affairs: US defence secretary revokes plea deals with three 9/11 defendants
Domestic politics: UK to hold International Investment Summit in October
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
Friday, 2 August 2024
Interest rate cut, Nikkei falls, Conservative leadership bid launched and much more…
The Mighty Headlines
Economics: Bank of England cuts interest rates to 5 per cent
Business: Chip-maker Intel cuts 15,000 jobs
Markets: Nikkei falls nearly 6 per cent
Foreign Affairs: China criticises Canada for sailing navy ship through Taiwan Strait
Domestic politics: Robert Jenrick launches Conservative leadership bid
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