Your morning briefing.
Small but
Mighty.
Friday, 20 September 2024
UK interest rates, Trump Media shares, Hong Kong security law and more
The Mighty Headlines
Economics: Bank of England keeps interest rates at 5 per cent
Business: Next warns of store closures amid equal pay claims
Markets: Trump media shares fall as sale restrictions lifted
Foreign Affairs: Saudis say Middle East is closest to war since 1970s
Security and intelligence: Two people jailed under Hong Kongâs new security law
Domestic politics: Nigel Farage advised against in-person meetings for security reasons
The Mighty Stats
FTSE = 8,328.72 (up 0.91 per cent at Thursday close)
S&P500 = 5,713.64 (up 1.7 per cent at Thursday close)
Nasdaq = 18,013.98 (up 2.51 per cent at Thursday close)
Nikkei = 37,723.91 (up 1.53 per cent at Friday close)
CAC40 = 7,615.41 (up 2.29 per cent at Thursday close)
ÂŁ1 = $1.33 / âŹ1.19 / ÂĽ190.42
US: Trump / Harris = 47.4 / 49.3 per cent
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The Mighty Detail
*Figures just released from the Office for National Statistics this morning show UK public sector borrowing rose to ÂŁ13.7 billion in August and the debt ratio is at 100 per cent of GDP*
Economics: The Bank of England is holding interest rates at 5 per cent. In a statement, the Bank said that it would not significantly reduce rates until inflation stays sustainably at 2 per cent. The value of the pound against the dollar briefly rose to $1.33 on the news â a two-year high.
Business: Next has said it could be forced to close stores if it loses its appeal on equal pay claims. An employment tribunal ruled last month that store workers should be paid the same as warehouse workers, who are paid more. Next may have to pay ÂŁ30 million compensation if it loses.
Markets: The value of Trump Media shares fell yesterday, just as Donald Trump was allowed to sell them. Donald Trump was forbidden from selling the shares following a lock-up agreement made in March, after the company went public. Trump Media, which owns Truth Social, is 57 per cent owned by Donald Trump. His shares are worth around $1.7 billion.
Foreign Affairs: Saudi Arabiaâs ambassador to the UK has warned the Middle East is closer to a regional war than at any time since the 1970s. This comes as the leader of Hezebollah, the Iran-backed Islamist group, called the situation regarding exploding pagers âa declaration of warâ and Iranâs Revolutionary Guard said that Israel would face a âcrushing responseâ.
Security and intelligence: Two people have been jailed for sedition under Hong Kongâs new security law. Chung Man-kit, 29, was jailed for 10 months for writing comments on the back of bus seats promoting Hong Kong independence. Chu Kai-pong, 27, was jailed for 14 months for wearing a T-shirt that said âLiberate Hong Kong, revolution of our timesâ.
Domestic politics: Nigel Farage has said that he has been advised not to hold in-person meetings with constituents for security reasons. The Reform UK leader, who was elected as MP for Clacton in July, cited advice from the office of the Speaker of the House of Commons.
The Mighty Calendar
Whatâs happening today?
Bank of Japan finalises interest rate decision
Czech Republic senate elections begin (ends Saturday)
UN Security Council discusses pager explosions in Lebanon
UK retail sales data (August)
Canada retail sales data (August)
UK government borrowing data (August)
Germany PPI inflation data (August)
Eurozone consumer confidence data (September)
Lookahead to the weekend
Saturday
o Great River Race 2024, London
o The Great British Food Festival, Arley Hall, Cheshire
o IBF World Heavyweight title (Anthony Joshua vs Daniel Dubois), Wembley
Sunday
o Final round of PGA Golf Championship, Wentworth
o Final of English Open Snooker, Brentwood
o Belfast City half-marathon
The Mighty Finale
đ¤ď¸Weather today
A chance of rain in London. High of 23oC and low of 14oC. Sunny and dry in Belfast. Cloudy but mostly dry in Edinburgh.
âď¸Life coaching quote of the day
âIf you are interested, you'll do what's convenient. If you're committed, you'll do whatever it takes.â â John Assaraf, writer
Mighty takeaway: What do you want to do that you are not committed to doing? Only committing to taking action every day on your goals will get you to where you want to be.
Thatâs it for today. We hope you have a great weekend and weâll see you again on Monday. If you like what you read or donât 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
Thursday, 19 September 2024
US interest rate cut, âŹ1.5 billion Google fine cancelled, Hungary loses EU funding and more...
The Mighty Headlines
Economics: US interest rates cut to 5 per cent
Business: EU court cancels âŹ1.5 billion fine on Google
Markets: US markets fall following interest rate cut
Foreign Affairs: EU cracks down on Hungary and removes âŹ200 million of funding
Security and intelligence: US says China poses a greater challenge than the Cold War
Domestic politics: Government sets out plan on getting more people into work
The Mighty Stats
FTSE = 8,253.68 (down 0.68 per cent at Wednesday close)
S&P500 = 5,618.26 (down 0.29 per cent at Wednesday close)
Nasdaq = 17,573.30 (down 0.31 per cent at Wednesday close)
Nikkei = 37,155.33 (up 2.13 per cent at Thursday close)
CAC40 = 7,444.90 (down 0.57 per cent at Wednesday close)
ÂŁ1 = $1.32 / âŹ1.19 / ÂĽ188.66
US: Trump / Harris = 47.4 / 49.4 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: The United States Federal Reserve has cut interest rates to 5 per cent. The half percentage point reduction is at the top end of what was expected. Chairman of the Federal Reserve, Jerome Powell, said however that no-one should assume âthis is the new paceâ of cuts. The Bank of England announces its own interest rate decision at midday today.
Business: An EU court has cancelled an antitrust fine imposed on Google in 2019. Five years ago, the European Commission had ordered Google to pay a âŹ1.5 billion fine for abusing its position in internet advertising. The EU General Court has now ruled the European Commission had not fully proved its case against Google.
Markets: US markets rose yesterday before falling back down after the Chairman of the Federal Reserve indicated caution on the scale of future interest rate cuts. Both the S&P 500 and the Nasdaq closed down. Separately, the UK FTSE 100 also closed down on the news that UK inflation stayed the same in August at 2.2 per cent.
Foreign Affairs: The EU is set to remove âŹ200 million in funding from Hungary. Hungary has failed to pay a fine to the EU over its restrictive asylum policy and the EU will now recover the money by reducing the funding Hungary receives from the EU budget.
Security and intelligence: The Deputy US Secretary of State, Kurt Campbell, has said the challenges posed by China to the US are greater than those posed by the Cold War. Campbell particularly highlighted Chinaâs military support for Russia.
Domestic politics: The Work and Pensions Secretary has set out a plan aimed at getting more people into work. This includes creating a new jobs and careers service, providing a youth guarantee to offer training, apprenticeships or work to all young people aged between 18 and 21, and providing mayors with powers âto take the lead in driving down economic inactivityâ.
The Mighty Calendar
Whatâs happening today?
Foreign Secretary in Paris meeting US, French, German and Italian counterparts
G7 Culture Ministers meet in Italy for two-day meeting (ends Friday)
UN Security Council discusses situations in Burma and in Middle East
Bank of England interest rate decision
Bank of Japan interest rate decision
Japan CPI inflation data (August)
Italy, France, Germany, UK new car registrations data (August)
United States unemployment data (weekly)
Lookahead to tomorrow
Czech Republic senate elections begin (ends Saturday)
UN Security Council discusses pager explosions in Lebanon
UK retail sales data (August)
Canada retail sales data (August)
UK government borrowing data (August)
Germany PPI inflation data (August)
Eurozone consumer confidence data (September)
The Mighty Finale
đ¤ď¸Weather today
Sunny and dry for the fourth day in a row! High of 25oC and low of 15oC in London. Same weather again in Belfast and Edinburgh. Wonderful!
âď¸Life coaching quote of the day
âSuccess leaves clues.â â Tony Robbins, motivational speaker
Mighty takeaway: You donât have to re-invent the wheel to be successful. Successful people have certain attitudes, mindsets and behaviours that you can copy. For example, choose to think positively not negatively, set goals and take action every day on your goals.
Thatâs about it for todayâs edition. If you like what you read or donât 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, 18 September 2024
US interest rate decision, Russian talks with Iranians, Pret A Manger growth and more...
The Mighty Headlines
Economics: US Federal Reserve expected to announce interest rate cut today
Business: Pret A Manager growing quickly outside UK
Markets: S&P 500 reaches record high
Foreign Affairs: US agrees to supply Taiwan with more military equipment
Security and intelligence: Top Russian official holds security talks with Iran
Domestic politics: Government announces ÂŁ75 million for Border Security Command
The Mighty Stats
FTSE = 8,309.86 (up 0.38 per cent at Tuesday close)
S&P500 = 5,634.58 (up 0.026 per cent at Tuesday close)
Nasdaq = 17,628.06 (up 0.2 per cent at Tuesday close)
Nikkei = 36,380.17 (up 0.49 per cent at Wednesday close)
CAC40 = 7,487.42 (up 0.51 per cent at Tuesday close)
ÂŁ1 = $1.32 / âŹ1.19 / ÂĽ186.58
US: Trump / Harris = 47.3 / 49.3 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
*At the time of going to press, UK inflation figures just published from the Office for National Statistics show CPI in the UK at 2.2 per cent in August â unchanged since July.*
Economics: The United States Federal Reserve is expected to announce a cut in interest rates at 2.00pm US Eastern Time today (7.00pm UK time). Interest rates are expected to be cut to either 5.25 or 5.0 per cent, having last been cut in March 2020. Chair of the Federal Reserve, Jerome Powell, will speak at 2.30pm US Eastern Time.
Business: Pret A Manger said yesterday its half-year sales grew by 10 per cent year-on-year to ÂŁ569 million. The sandwich shop chain also said that ÂŁ1 in every ÂŁ4 is now spent internationally. Pret opened 81 new shops last year, of which more than half were outside the UK. It currently has more than 690 shops worldwide and employs around 12,500 people.
Markets: The S&P 500 stock market index reached an all-time record high yesterday as investors await the US Federal Reserveâs decision on interest rates. The S&P 500 reached 5,670.81 just before 11.00am US Eastern Time before falling back down later in the day.
Foreign Affairs: Sergei Shoigu, the head of Russiaâs Security Council, visited Iran yesterday. He met Ali Akbar Ahmadian, the head of Iranâs Supreme National Security Council. Last week, Shoigu also met North Korean leader Kim Jong Un. Russia has previously said it is close to signing a deal with Iran on a strategic partnership.
Security and intelligence: The United States government is to provide $228 million of military spare parts to Taiwan. The Taiwanese government says this is the 16th time the United States government has announced the provision of arms to Taiwan since President Biden took office.
Domestic politics: The Government has announced up to ÂŁ75 million for the new Border Security Command. The funding is expected to be invested in new camera technology and personnel to tackle organised immigration crime.
The Mighty Calendar
Whatâs happening today?
Hong Kong public holiday
Foreign Secretary visits Norway to discuss security
United States Federal Reserve interest rate decision
Jammur and Kashmir legislative elections begin
UK inflation data (August)
Eurozone inflation data (August)
United States housing starts data (August)
New Zealand GDP data (Q2 2024)
South Korea trade data (August)
Lookahead to tomorrow
G7 Culture Ministers meet in Italy for two-day meeting (ends Friday)
Bank of England interest rate decision
Bank of Japan interest rate decision
Japan CPI inflation data (August)
Italy, France, Germany, UK new car registrations data (August)
United States unemployment data (weekly)
The Mighty Finale
đ¤ď¸Weather today
Dry and sunny for the third day in a row in London. High of 24oC and low of 14oC. Same weather in Belfast and Edinburgh. What a lovely week!
âď¸Life coaching quote of the day
âPeople are always blaming their circumstances for what they are. I donât believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want, and if they canât find them, make them.â â Earl Nightingale, writer and speaker
Mighty takeaway: Create the life you want. It wonât come to you by accident. You have to make it happen.
Thatâs it for today. If you like what you read or donât 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
Tuesday, 17 September 2024
UK property prices, TikTok's day in court, Apple shares fall and more....
The Mighty Headlines
Economics: UK property prices increase in September
Business: TikTok takes US Government to court
Markets: Shares in Apple fell by nearly 3 per cent on Monday
Foreign Affairs: Taliban suspends polio vaccination
Security and intelligence: Putin orders army to increase in size
Domestic politics: Government appoints Border Security Commander
The Mighty Stats
FTSE = 8,278.44 (up 0.065 per cent at Monday close)
S&P500 = 5,633.09 (up 0.13 per cent at Monday close)
Nasdaq =17,592.13 (down 0.52 per cent at Monday close)
Nikkei = 36,203.22 (down 1.03 per cent at Tuesday close)
CAC40 = 7,449.44 (down 0.21 per cent at Monday close)
ÂŁ1 = $1.32 / âŹ1.19 / ÂĽ185.73
US: Trump / Harris = 47.3 / 49.0 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: UK property prices increased by 0.8 per cent in September or by around ÂŁ2,974. This means that the average asking price is now ÂŁ370,759. From the same point last year, the number of new sellers has increased by 27 per cent.
Business: TikTok took the United States Government to court yesterday. The video-sharing app is taking the US Government to court over a law which requires it to separate itself from ByteDance, its China-based parent company. The US Government sees the connection as a threat to national security.
Markets: Shares in Apple fell by nearly 3 per cent on Monday. This follows concerns about lower-than-expected demand for the new iPhone 16 Pro and Pro Max models. Shipping times â an indicator of demand for a product â stand at 14 days on average for the iPhone 16 Pro. This compares with 24 days for the iPhone 15 Pro last year.
Foreign Affairs: The Taliban has suspended a vaccination campaign against polio which was due to begin this month. No reason has yet been given. Afghanistan and Pakistan are the two countries in which polio has not yet been eradicated.
Security and intelligence: President Putin has ordered the Russian army to increase the number of its soldiers by 180,000 to 2.38 million. Of these, 1.5 million will be active service personnel. This would make the Russian armed forces the second largest in the world after China.
Domestic politics: The Government has appointed Martin Hewitt as the new Border Security Commander. Hewitt was previously chair of the National Police Chiefsâ Council. The appointment was announced as the Prime Minister spoke to the Italian Prime Minister yesterday about her approach to immigration which has led to a 60 per cent drop in arrivals to Italy by sea since 2023.
The Mighty Calendar
Whatâs happening today?
o Sir Ed Davey gives closing speech at Liberal Democrat Party Conference
o Foreign Secretary and Energy Security Secretary give speeches on climate change
o Trade Minister visits Oman
o New session of the Welsh Senedd begins
o United States retail sales data (August)
o United States industrial production data (August)
o Canada CPI inflation data (August)
o Japan trade data (August)
Lookahead to tomorrow
o Hong Kong public holiday
o UK inflation data (August)
o Eurozone inflation data (August)
o United States housing starts data (August)
o New Zealand GDP data (Q2 2024)
o South Korea trade data (August)
The Mighty Finale
đ¤ď¸Weather today
Another sunny and dry day in London. High of 21oC and low of 13oC. Same weather for Belfast and Edinburgh. Beautiful!
âď¸Life coaching quote of the day
âWe must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.â â Jim Rohn, motivational speaker
Mighty takeaway: Donât have regrets. A little bit of commitment every day to your project or goals â even just 30 minutes â will pay dividends in the future.
Thatâs it for today. If you like what you read or donât 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
P.S. Forward the Mighty Memo to 10 people, let us know and weâll send you a Mighty Memo pen!
Monday, 16 September 2024
China retirement age, Algerian president re-elected, Liberal Democrats free school meals policy and more...
The Mighty Headlines
Economics: China raises retirement age for first time since 1950s
Business: US puts 100 per cent tariffs on Chinese electric vehicles this month
Markets: Investors anticipate market volatility this week
Foreign Affairs: Algerian court confirms President Tebboune re-elected
Security and intelligence: North Korea enriching uranium for nuclear weapons
Domestic politics: Liberal Democrats call for more free school meals
The Mighty Stats
FTSE = 8,273.09 (up 0.39 per cent at Friday close)
S&P500 = 5,626.02 (up 0.54 per cent at Friday close)
Nasdaq = 17,683.98 (up 0.65 per cent at Friday close)
Nikkei = 36,581.76 (down 0.68 per cent at Friday close)
CAC40 = 7,465.25 (up 0.41 per cent at Friday close)
ÂŁ1 = $1.32 / âŹ1.18 / ÂĽ184.07
UK: Con / Lab / Reform = 25 / 29 / 18 per cent
US: Trump / Harris = 47.3 / 49.0 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: China is raising its retirement age for the first time since the 1950s. Over 15 years from 2025, the retirement age will increase from 50 to 55 for women in blue-collar jobs, from 55 to 58 for women in white-collar jobs, and from 60 to 63 for men. China is struggling with an aging workforce and a population that fell by 2 million last year.
Business: The United States has confirmed that it will raise tariffs on Chinese electric vehicles to 100 per cent from 27 September. Current US tariffs on Chinese electric vehicles stand at 25 per cent. Tariffs on Chinese semiconductors will also increase to 50 per cent.
Markets: Investors are anticipating volatility in the stock markets this week. The United States Federal Reserve will make a decision on Wednesday on whether and by how much to cut interest rates. US interest rates were last cut in March 2020.
Foreign Affairs: Algeriaâs constitutional court has confirmed the re-election of President Abdelmadjid Tebboune. Tebboune is reported to have won a second term with 84.3 per cent of the vote. His rivals had claimed that the result was fraudulent.
Security and intelligence: On Friday, North Korean state media published photographs of President Kim Jong Un touring a uranium enrichment facility. The facility produces fuel for nuclear weapons which is banned under UN Security Council resolutions. Kim said he wants to increase production of the weapons which he says are necessary for âself-defenceâ.
Domestic politics: The Liberal Democrats have called for free school meals to be extended to âevery child in povertyâ. Speaking at the Partyâs conference yesterday, the Liberal Democrat Education spokeswoman, Munira Wilson, said this would extend the scheme to 900,000 more pupils.
The Mighty Calendar
Whatâs happening today?
UK Parliament not sitting (Conference recess until 7 October)
Sir Keir Starmer meets Italian PM Giorgia Meloni in Rome
UN Security Council discusses situation in Middle East
Japan Respect for the Aged Day (national holiday)
Mexico Independence Day (national holiday)
Switzerland PPI inflation data (August)
UK Rightmove house price data (September)
India trade data (August)
Lookahead to tomorrow
Sir Ed Davey gives closing speech at Liberal Democrat Party Conference
United States retail sales data (August)
United States industrial production data (August)
Canada CPI inflation data (August)
Japan trade data (August)
The Mighty Finale
đ¤ď¸Weather today
Summer returns! Dry and sunny all day in London, Belfast and Edinburgh. High of 21oC and low of 9oC.
âď¸Life coaching quote of the day
âThe only real limitation on your abilities is the level of your desires. If you want it badly enough, there are no limits on what you can achieve.â â Brian Tracy, motivational speaker
Mighty takeaway: Donât impose limits on yourself!
Thatâs about it for todayâs edition. Thank you so much for reading to the end! If you like what you read or donât 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
Friday, 13 September 2024
Eurozone cuts interest rates, new OpenAI technology, Pakistani opposition figures detained and more...
The Mighty Headlines
Economics: European Central Bank cuts interest rates to 3.5 per cent
Business: OpenAI set to release more intelligent artificial intelligence
Markets: Tech stocks continue to rise
Foreign Affairs: UN reduces work in Yemen because of Houthi rebels
Security and intelligence: Opposition lawmakers detained in Pakistan
Domestic politics: Prime Minister announces intention to reform NHS
The Mighty Stats
FTSE = 8,240.97 (up 0.57 per cent at Thursday close)
S&P500 = 5,595.76 (up 0.75 per cent at Thursday close)
Nasdaq = 17,569.68 (up 1 per cent at Thursday close)
Nikkei = 36,581.76 (down 0.68 per cent at Friday close)
CAC40 = 7,435.07 (up 0.52 per cent at Thursday close)
ÂŁ1 = $1.31 / âŹ1.19 / ÂĽ185.32
US: Trump / Harris = 47.0 / 48.5 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: The European Central Bank has cut interest rates from 3.75 per cent to 3.5 per cent. The move was widely anticipated. Inflation in the eurozone has fallen in recent months â down to 2.2 per cent in August â but there is also concern that economic growth is slowing.
Business: OpenAI has said that it is to release a more intelligent form of artificial intelligence (AI) in the next two weeks. OpenAI, which created the ChatGPT service, said it plans to roll out AI with reasoning abilities that considers its response before replying to a query.
Markets: Tech stocks continued to rise yesterday. Shares in Googleâs parent company Alphabet, and in Facebookâs parent company Meta, gained around 2 per cent and 2.6 per cent respectively.
Foreign Affairs: The UN is reducing its activities in Yemen to âessential lifesaving and life-sustaining activitiesâ only. This comes after the targeting of UN staff by Houthi rebels, including the detention of 60 staff from the UN and other humanitarian organisations in June.
Security and intelligence: Opposition politicians in Pakistan have been detained by the police following a protest. The lawmakers were calling for the release of former Pakistani Prime Minister Imran Khan who is currently in jail on corruption charges. Khanâs supporters say the charges are politically motivated.
Domestic politics: The Prime Minister gave a speech on the state of the NHS yesterday. He promised to publish a 10-year plan in the spring on reforming the health service in three areas. This includes the transition to digital, moving care from hospitals to communities and focusing on prevention over sickness.
The Mighty Calendar
Whatâs happening today?
o UK Prime Minister holds meeting with President Biden in Washington D.C.
NATO defence chiefs meet in Prague (ends Sunday 15th)
German Chancellor receives Kenyan President William Ruto
Japan industrial production data (July)
Eurozone industrial production data (July)
France CPI inflation data (August)
China retail sales data (August)
China industrial production data (August)
China unemployment rata data (August)
Lookahead to the weekend
Saturday
Last Night of the Proms, Royal Albert Hall
Heritage Open Day, nationwide
Battle of Britain Memorial Day, Bentley Priory
Sunday
Amgen Irish Golf Open Final Round, County Down
Womenâs Golf Solheim Cup Final Round, United States
British Science Festival, Chelmsford
Heritage Open Day ends, nationwide
The Mighty Finale
đ¤ď¸Weather today
Sunny and dry all day in London. High of 17oC and low of 5oC. Also sunny and dry in Belfast and Edinburgh. A fine Friday all round!
âď¸Life coaching quote of the day
âYou don't have to be great to start, but you have to start to be great.â â Zig Ziglar, motivational speaker
Mighty takeaway: Is there a project or goal that you are putting off? You may be thinking about doing it but unless you take action, nothing will ever happen. Action is key.
Thatâs it for this beautiful Friday. We hope you have a great weekend and weâll see you again on Monday. If you like what you read or donât 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
Thursday, 12 September 2024
Tech shares up, Islamist party wins in Jordan, UK Renters' Rights Bill and more...
The Mighty Headlines
Economics: Spainâs PM publicly urges EU to drop China tariffs
Business: Amazon Web Services to invest ÂŁ8 billion in UK
Markets: Tech shares help Nasdaq end day on a high
Foreign Affairs: Palestinian representative gets seat in UN General Assembly
Security and intelligence: Islamist Action Force largest party in Jordan
Domestic politics: Government introduces Rentersâ Rights Bill
The Mighty Stats
FTSE = 8,193.94 (down 0.15 per cent at Wednesday close)
S&P500 = 5,554.13 (up 1.07 per cent at Wednesday close)
Nasdaq = 17,395.53 (up 2.17 per cent at Wednesday close)
Nikkei = 36,833.27 (up 3.41 per cent at Thursday close)
CAC40 = 7,396.83 (down 0.14 per cent at Wednesday close)
ÂŁ1 = $1.31 / âŹ1.18 / ÂĽ186.00
US: Trump / Harris = 47.3 / 48.4 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: Spainâs Prime Minister, Pedro Sanchez, has publicly urged the European Union to âreconsiderâ tariff proposals on Chinese electric vehicles. After speaking with President Xi earlier in the week, Sanchez added yesterday that âwe need to build bridges between the European Union and China.â
Business: Amazon Web Services is set to invest ÂŁ8 billion in building data centres in the UK over the next five years. Amazon Web Services provides cloud computer and internet services and reported revenue of $26.28 billion in Q2 2024.
Markets: An increase in the value of tech shares helped the Nasdaq end the day over 2 per cent higher than yesterday. Shares in chipmakers Nvidia and Arm Holdings rose by nearly 8 per cent and nearly 10 per cent respectively.
Foreign Affairs: Palestine now has a seat among member states at the UN General Assembly. The change took place at the opening of the 79th UN General Assembly on Tuesday. The Palestine representative formerly sat at the back of the assembly chamber. Palestine has observer status at the UN and will not gain full membership unless recommended by the Security Council.
Security and intelligence: An Islamist political party is now the largest party in Jordanâs parliament. This follows elections on Tuesday. The Islamist Action Front won 31 seats in the 138-seat Parliament. Under the constitution, however, most power in Jordan rests with the King.
Domestic politics: The Government introduced the Rentersâ Rights Bill in Parliament yesterday. The Bill will end so-called âno-faultâ evictions and require landlords to give a valid cause to end a tenancy early. Landlords will also be required to publish an asking rent and will be banned from accepting bids above this price which the Government says will prevent bidding wars.
The Mighty Calendar
Whatâs happening today?
G7 Employment Ministers meet in Italy (ends Friday 13th)
G20 Agricultural Ministers meet in Brazil (ends Friday 13th)
Beijing-Xiangshan Security Forum begins in China (ends Saturday 14th)
ECB interest rate decision
Environment Questions in UK Parliament
Spain CPI inflation data (August)
United States PPI inflation data
India industrial production data (July)
Lookahead to tomorrow
UK Prime Minister holds meeting with President Biden in Washington D.C.
NATO defence chiefs meet in Prague (ends Sunday 15th)
German Chancellor receives Kenyan President William Ruto
Japan industrial production data (July)
Eurozone industrial production data (July)
France CPI inflation data (August)
China retail sales data (August)
China industrial production data (August)
China unemployment rata data (August)
The Mighty Finale
đ¤ď¸Weather today
Dry until mid-afternoon when thereâs a small chance of rain in London. High of 15oC and low of 5oC. Same weather in Edinburgh but cooler. Patchy rain throughout the day in Belfast.
âď¸Life coaching quote of the day
âSuccess follows doing what you want to do. There is no other way to be successful.â â Malcolm Forbes, publisher of Forbes Magazine
Mighty takeaway: Itâs hard work trying to do well in something you donât enjoy. If you have a talent for something, enjoy doing it and can be paid to do it, why wouldnât you pursue it?
Thatâs all for this morning. See you tomorrow. If you like what you read or donât 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, 11 September 2024
Chinese exports grow, Apple antitrust case, Winter Fuel Payment vote and more...
The Mighty Headlines
Economics: Chinese exports grow by over 8 per cent in August
Business: Apple loses in âŹ13 billion EU antitrust case
Markets: European stocks close down on automotive news
Foreign Affairs: Australia to introduce minimum age for social media use
Security and intelligence: Blinken confirms Iran is supplying weapons to Russia
Domestic politics: Winter Fuel Payment vote passes in Parliament
The Mighty Stats
FTSE = 8,205.98 (down 0.78 per cent at Tuesday close)
S&P500 = 5,495.52 (up 0.45 per cent at Tuesday close)
Nasdaq = 17,025.88 (up 0.84 per cent at Tuesday close)
Nikkei = 35,619.77 (down 1.49 per cent at Wednesday close)
CAC40 = 7,407.55 (down 0.24 per cent at Tuesday close)
ÂŁ1 = $1.31 / âŹ1.19 / ÂĽ184.96
US: Trump / Harris = 47.3 / 48.4 per cent
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The Mighty Detail
Economics: Chinese exports grew by 8.7 per cent in August year on year. The outlook remains uncertain, however, because of increasing EU and United States tariffs on Chinese goods, particularly on electric vehicles.
Business: Apple has lost a âŹ13 billion antitrust case against the European Union. The European Court of Justice ruled yesterday that Apple had been unlawfully granted tax benefits worth âŹ13 billion by Ireland between 1991 and 2014. Ireland must now recover the money from Apple.
Markets: The pan-European Stoxx 600 index closed down on Tuesday. This was led by a decline in automotive stocks. Shares in BMW and parts supplier Continental were down by around 10 per cent and 11 per cent respectively. Continental, which supplies parts to BMW, is experiencing issues with its brake systems.
Foreign Affairs: The Australian Prime Minister, Anthony Albanese, said yesterday that the Government would introduce a minimum age limit for social media use. Albanese added an age verification trial would be launched before age laws are introduced later this year. The minimum age is expected to be around 14 to 16 years old.
Security and intelligence: In a visit to London yesterday, the US Secretary of State Antony Blinken confirmed that Iran is supplying Russia with ballistic missiles. Blinken said Russia will âlikely use them within weeks in Ukraine against Ukrainians.â The United States has now issued new sanctions against Russia and Iran.
Domestic politics: The vote in the UK Parliament to limit winter fuel payments has passed by 348 votes to 228 votes. 52 Labour MPs abstained from the vote and one Labour MP voted against the Government.
The Mighty Calendar
Whatâs happening today?
Anniversary of 9/11 terrorist attacks
TV debate between Donald Trump and Kamala Harris on ABC (2.00am UK time)
Prime Ministerâs Questions in UK Parliament
Debate on building safety in UK Parliament
UK GDP data (July)
UK industrial production data (July)
Mexico industrial production data (July)
United States CPI inflation data (July)
Japan PPI inflation data (August)
Lookahead to tomorrow
G7 Employment Ministers meet in Italy (ends Friday 13th)
G20 Agricultural Ministers meet in Brazil (ends Friday 13th)
Beijing-Xiangshan Security Forum begins in China (ends Saturday 14th)
ECB interest rate decision
Environment Questions in UK Parliament
Spain CPI inflation data (August)
United States PPI inflation data
India industrial production data (July)
The Mighty Finale
đ¤ď¸Weather today
Chance of rain mid-afternoon in London. High of 15oC and low of 7oC. Light rain in Belfast and Edinburgh until early evening.
âď¸Life coaching quote of the day
âEverything you want is just outside your comfort zone.â â Robert G. Allen, writer
Mighty takeaway: Every success in your life has required you to step outside of your comfort zone at some point. That is the key to personal growth.
Thatâs all for this Wednesday. Thanks for reading and see you again tomorrow. If you like what you read or donât 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
Tuesday, 10 September 2024
Taiwan record exports, Spain's PM in China, Government's knife crime taskforce and more...
The Mighty Headlines
Economics: Taiwan exports reached record high in August
Business: 7-Eleven rejects takeover bid
Markets: US stock market rises expecting interest rate cuts
Foreign Affairs: Spainâs prime minister visits China
Security and intelligence: North Korea provides weapons to Russia
Domestic politics: Government launches taskforce to tackle knife crime
The Mighty Stats
FTSE = 8,270.84 (up 1.09 per cent at Monday close)
S&P500 = 5,471.05 (up 1.16 per cent at Monday close)
Nasdaq = 16,884.60 (up 1.16 per cent at Monday close)
Nikkei = 36,159.16 (down 0.16 per cent at Tuesday close)
CAC40 = 7,425.26 (up 0.99 per cent at Monday close)
ÂŁ1 = $1.31 / âŹ1.19 / ÂĽ187.83
US: Trump / Harris = 47.2 / 48.4 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: Taiwan exports reached a record high in August as it continues to supply chips for the growing Artificial Intelligence (AI) industry. Exports reached $43.64 billion in August, up 16.8 per cent from the same point last year, and marking the 10th monthly rise in a row.
Business: The 7-Eleven convenience store chain has rejected a takeover offer by Canadian company Alimentation Couche-Tard saying it was undervalued. The offer was previously reported to be $38 billion (ÂŁ29.2 billion). 7-Eleven has 85,000 shops in 20 countries.
Markets: US stocks ended the day up yesterday, following expectations of an interest rate cut by the Federal Reserve later this month. The S&P500 and Nasdaq both rose by 1.16 per cent. Technology shares were the dayâs best performers, with chipmaker Nvidia rising 3.5 per cent.
Foreign Affairs: Spainâs Prime Minister Sanchez visited President Xi in Beijing yesterday amid increased tensions between the EU and China over trade in electric vehicles. The EU is proposing tariffs of up to 36.3 per cent on Chinese-made electric vehicles and China has retaliated by launching an investigation into EU pork imports. Spain is a major EU exporter of pork to China.
Security and intelligence: North Korea is providing weapons to Russia. Speaking yesterday, Germanyâs Chief of Defence, General Carsten Beuer, said the weapons would allow Russia to keep its weapon stock high during the Ukraine invasion. Last week, US Deputy Assistant Secretary of Defence, Robert Koepcke, said North Korea had shipped at least 16,500 containers of munitions and material to Russia since September 2023.
Domestic politics: The Government launched a knife crime taskforce yesterday. The Coalition to Tackle Knife Crime is expected to examine the causes of knife crime among young people and provide evidence to develop government policy on the issue.
The Mighty Calendar
Whatâs happening today?
US Secretary of State visits London
Opening of 79th United Nations General Assembly
Winter Fuel Payment vote in UK Parliament
Justice Questions in UK Parliament
Conservative MPs vote in second round of Conservative leadership election
China trade data (August)
UK unemployment data (July)
Germany CPI inflation data (August)
Italy and Spain industrial production data (July)
Lookahead to tomorrow
TV debate between Donald Trump and Kamala Harris on ABC (2.00am UK time)
Prime Ministerâs Questions in UK Parliament
Debate on building safety in UK Parliament
UK GDP data (July)
UK industrial production data (July)
Mexico industrial production data (July)
United States CPI inflation data (July)
Japan PPI inflation data (August)
The Mighty Finale
đ¤ď¸Weather today
Largely dry until early evening in London. High of 19oC and low of 7oC. Sunny and dry in Belfast and sunny (most of the time) in Edinburgh.
âď¸Life coaching quote of the day
âHappiness is not by chance, but by choice.â â Jim Rohn, motivational speaker
Mighty takeaway: Decide to be happy. Others around you might be happy in the same circumstances but it requires you to change your perspective.
Thatâs all for today. If you like what you read or donât 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
Monday, 9 September 2024
Eurozone growth, Iran sends weapons to Russia, PM visits Ireland and more...
The Mighty Headlines
Economics: Eurozone grows 0.2 per cent in Q2 2024
Business: HSBC to expand wealth management arm
Markets: Price of gold falls from record levels
Foreign Affairs: Iran sends weapons to Russia
Security and intelligence: US to withdraw troops from Iraq
Domestic politics: Prime Minister visits Ireland
The Mighty Stats
FTSE = 8,181.47 (down 0.73 per cent at Friday close)
S&P500 = 5,408.42 (down 1.73 per cent at Friday close)
Nasdaq = 16,690.83 (down 2.55 per cent at Friday close)
Nikkei = 36,215.75 (down 0.48 per cent at Monday close)
CAC40 = 7,352.30 (down 1.07 per cent at Friday close)
ÂŁ1 = $1.31 / âŹ1.18 / ÂĽ187.28
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: The eurozoneâs GDP grew by 0.2 per cent in the second quarter of the year. This is a slight decrease on the 0.3 per cent of growth expected. It is also a decrease on the 0.3 per cent of growth recorded in the first quarter of the year.
Business: HSBC is set to expand its wealth management operations in the UK. Hundreds of staff are expected to be recruited as the bank seeks to double assets under management in its wealth management division to around ÂŁ100 billion over the next five years.
Markets: The price of gold fell on Friday after reaching record levels in late August. Gold fell to $2,495.85 per troy ounce, down from $2,500 per troy ounce on the 20th August. The uncertain size of the US interest rate cut expected this month may be a factor in the fall.
Foreign Affairs: Iran is alleged to have sent more than 200 ballistic missiles to Russia last week. The weapons are likely to be used against Ukraine. Speaking on Saturday, CIA Director William Burns declined to confirm the transfer but said such a transfer would represent a âdramatic escalationâ of Russia and Iranâs defence partnership.
Security and intelligence: The US has agreed to withdraw hundreds of its troops from Iraq in 2025. US-led coalition forces have been stationed in the country since 2014 to fight Islamic State militants. Remaining US troops will leave by the end of 2026. Islamic State was territorially defeated in Iraq in 2017 but US-led troops remained to keep the area in check. There are around 2,500 US troops in Iraq.
Domestic politics: The Prime Minister visited Ireland on Saturday to meet Taoiseach Simon Harris. This follows the Prime Ministerâs visits to France and Germany last week which the Government says is part of the âUKâs reset with its key European partners.â
The Mighty Calendar
Whatâs happening today?
Education Questions in UK Parliament
Mexico inflation data (August)
Mexico consumer confidence data (August)
United States vehicle sales data (August)
United States wholesale trade data (July)
Lookahead to tomorrow
Opening of 79th United Nations General Assembly
Winter Fuel Payment vote in UK Parliament
Justice Questions in UK Parliament
Conservative MPs vote in second round of Conservative leadership election
China trade data (August)
UK unemployment data (July)
Germany CPI inflation data (August)
Italy and Spain industrial production data (July)
The Mighty Finale
đ¤ď¸Weather today
Dry in London. Cooler temperatures than last week. High of 17oC and low of 10oC. Dry in Belfast until early evening. Dry in Edinburgh.
âď¸Life coaching quote of the day
âIf you really want to do something, you'll find a way. If you don't, you'll find an excuse.â â Jim Rohn, motivational speaker
Mighty takeaway: If you keep on making excuses for not spending time on your goals in life, think whether you really want to achieve those goals. If they are the right goals, schedule time in your diary every day to dedicate time to them.
Thatâs about it for todayâs edition. Thank you so much for reading to the end! If you like what you read or donât 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
Friday, 6 September 2024
China pledges $50 billion for Africa, new French Prime Minister, UK signs AI treaty and more
The Mighty Headlines
Economics: China pledges $50 billion of financial support to Africa
Business: Volvo abandons target to make cars fully electric by 2030
Markets: US Steel shares fall as Biden set to block Nippon Steelâs takeover
Foreign Affairs: Michel Barnier appointed French prime minister
Security and intelligence: German police kill gunman near Israeli consulate
Domestic politics: UK signs international treaty on AI risks
The Mighty Stats
FTSE = 8,241.71 (down 0.34 per cent at Thursday close)
S&P500 = 5,503.41 (down 0.3 per cent at Thursday close)
Nasdaq = 17,127.66 (up 0.25 per cent at Thursday close)
Nikkei = 36,391.47 (down 0.72 per cent at Friday close)
CAC40 = 7,431.96 (down 0.92 per cent at Thursday close)
ÂŁ1 = $1.32/ âŹ1.19 / ÂĽ187.70
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.5 / 48.3 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: China has pledged to give Africa $50 billion in financial support over the next three years. Speaking at the China-Africa Cooperation Forum in Beijing yesterday, President Xi said that âChina is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment.â
Business: Automaker Volvo has announced that it has dropped plans to make its cars fully electric by 2030. It now aims to ensure that electric cars â whether hybrid or fully electric â account for â90 to 100 per cent of its global sales volumeâ by 2030. Volvo CEO, Jim Rowan, said âthe transition to electrification will not be linear, and customers and markets are moving at different speeds of adoptionâ.
Markets: US Steel shares fell 17 per cent yesterday on news that President Biden is set to block Nippon Steelâs takeover of the company. Presidential candidates Kamala Harris and Donald Trump have also said they would block the deal from going ahead. The CEO of US Steel has said that a factory would close and jobs would be lost if the deal did not go ahead.
Foreign Affairs: Michel Barnier has been appointed by President Macron as the new French Prime Minister. Barnier is a former foreign affairs minister and served as an MP from 1978 to 1995. He has also twice served as a European Commissioner and was most recently the EUâs Chief Brexit Negotiator. Barnier is from the centre-right Les RĂŠpublicains party.
Security and intelligence: German police shot dead a suspected Islamist gunman near the Israeli consulate in Munich yesterday. The gunman was an 18-year-old Austrian national known to Austrian authorities. The incident happened on the anniversary of the 1972 Munich Olympics terrorist attack in which 11 Israeli athletes were murdered.
Domestic politics: The UK Government signed the worldâs first international treaty addressing risks from Artificial Intelligence (AI) yesterday. The agreement, co-ordinated by the Council of Europe, will require countries to monitor AI developments and protect human rights, the rule of law and citizensâ personal data from AI risks.
The Mighty Calendar
Whatâs happening today?
Germany trade data (July)
Germany industrial production data (July)
France trade data (July)
China trade data (August)
Italy retail sales data (July)
Eurozone employment data (Q2 2024)
United States payroll and unemployment data (August)
Canada employment and unemployment data (August)
Lookahead to the weekend
Saturday:
US Open Womenâs Final
FT Weekend Festival, Kenwood House, London
Goodwood Revival begins, West Sussex
Heritage Open Days, National
Belfast International Tattoo Music and Dance Festival begins
Sunday:
US Open Menâs Final
Goodwood Revival ends, West Sussex
Paralympic Games Closing Ceremony
Belfast International Tattoo Music and Dance Festival ends
The Mighty Finale
đ¤ď¸Weather today
Light showers probable for most of the day in London. High of 20oC and low of 13oC. Dry and sunny in Belfast. Overcast but dry in Edinburgh.
âď¸Life coaching quote of the day
âThe heights by great men reached and kept
Were not attained by sudden flight
But they, while their companions slept,
Were toiling upward in the night.â
â The Ladder of St Augustine by Henry Wadsworth Longfellow
Mighty takeaway: There is no substitution for hard work in reaching your goals. Find the time to commit to your project or aim. It may take effort but it shouldnât be a struggle. If it is, you may have set yourself the wrong goal.
Thatâs it for today. Have a good weekend and weâll see you again on Monday. If you like what you read or donât 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
Thursday, 5 September 2024
Coca-Cola and Pepsi boycott, Ukraine government reshuffle, US election interference and more...
The Mighty Headlines
Economics: Russia and China say they will strengthen economic ties
Business: Consumer boycott of Coca-Cola and Pepsi in Middle East
Markets: European stocks close down again yesterday
Foreign Affairs: Ukraine begins government reshuffle
Security and intelligence: United States accuses Russia of election interference
Domestic politics: Keir Starmer apologises to victims of Grenfell
The Mighty Stats
FTSE = 8,269.60 (down 0.35 per cent at Wednesday close)
S&P500 = 5,520.07 (down 0.16 per cent at Wednesday close)
Nasdaq = 17,084.30 (down 0.3 per cent at Wednesday close)
Nikkei = 36,657.09 (down 1.05 per cent at Thursday close)
CAC40 = 7,500.97 (down 0.98 per cent at Wednesday close)
ÂŁ1 = $1.31/ âŹ1.19 / ÂĽ188.28
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.2 / 48.1 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: President Putin and Chinese Vice President Han Zheng have indicated their readiness to strengthen economic relations. Speaking at the Russian-sponsored Eastern Economic Forum in Vladivostok, Putin said that relations between the two countries had reached an unprecedently high level.
Business: A consumer boycott of Coca-Cola and Pepsi in parts of the Middle East has meant subdued growth for the two companies this year in the region. The soft drinks manufacturers are seen as symbols of United States and its ally Israel. Sales of Coca-Cola in Egypt declined by double digits.
Markets: European stocks closed down again yesterday led by a drop in the valuation of shares in technology companies. Tech stocks dropped 3.2 per cent yesterday. The pan-European Stoxx 600 closed down 1 per cent.
Foreign Affairs: Ukraine will see a reshuffle of its government today. Several high profile ministers, including foreign secretary Dmytro Kuleba, have resigned in anticipation. Elections in Ukraine had been due in May 2024 but the country is currently under martial law.
Security and intelligence: The United States has accused Russia of interfering in the presidential election. This includes Russia covertly providing a US content creation company with nearly $10 million to publish hundreds of TikTok and YouTube videos aligned with Russiaâs interests. The videos have been viewed millions of times and two employees of the Russian television company RT have been charged.
Domestic politics: In the House of Commons yesterday, the Prime Minister apologised to victims of the Grenfell Tower fire. Sir Keir Starmer said âthe country had failed to discharge its most fundamental duty, to protect you and your loved onesâ. This followed the publication of the Grenfell Tower Inquiry report yesterday morning which examined the causes of the tragedy.
The Mighty Calendar
Whatâs happening today?
Business and Trade Questions in Parliament
Great British Energy Bill in Parliament (Second Reading)
Germany factory orders data (July)
UK, Italy, Germany, France, Eurozone construction data (August)
Eurozone retail sales (July)
United States weekly jobless claims
Japan household spending data (July)
Lookahead to tomorrow
Germany trade data (July)
Germany industrial production data (July)
France trade data (July)
China trade data (August)
Italy retail sales data (July)
Eurozone employment data (Q2 2024)
United States payroll and unemployment data (August)
Canada employment and unemployment data (August)
The Mighty Finale
đ¤ď¸Weather today
Rain until late afternoon in London. High of 21oC and low of 17oC. Dry and sunnyish in Belfast. Drizzle most of the day in Edinburgh.
âď¸Life coaching quote of the day
âYouââll never get elected unless you expose yourself to defeat. Youâll never make it to second base if you try to keep one foot on first. Youâll never achieve the dream in your heart unless you take the big jump.â â Earl Nightingale
Mighty takeaway: Fear of failure should not keep you from pursuing your goals. Youâll never know if you donât try and even if you fail, you learn how not to do it next time.
Thatâs about it for todayâs edition. Thank you so much for reading to the end! If you like what you read or donât 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, 4 September 2024
Nigeria and China deal, Cathay Pacific grounding, UK railways and nationalisation and more...
The Mighty Headlines
Economics: Nigeria and China sign economic and nuclear deal
Business: Cathay Pacific grounds Airbus A350 airplanes
Markets: Stock markets fall due to concerns over US manufacturing
Foreign Affairs: Venezuelan prosecutors seek arrest of opposition leader
Security and intelligence: Former aide to New York governor charged with espionage
Domestic politics: Government makes first step in nationalising railways
The Mighty Stats
FTSE = 8,298.46 (down 0.78 per cent at Tuesday close)
S&P500 = 5,528.93 (down 2.12 per cent at Tuesday close)
Nasdaq = 18,958.73 (down 3.15 per cent at Tuesday close)
Nikkei = 37,047.61 (down 4.24 per cent at Wednesday close)
CAC40 = 7,575.10 (down 0.93 per cent at Tuesday close)
ÂŁ1 = $1.31/ âŹ1.19 / ÂĽ190.17
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.2 / 48.1 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: Nigeria and China have signed an economic and nuclear energy agreement. Nigeria is a partner in Chinaâs Belt and Road development programme and China is also Nigeriaâs biggest bilaterial lender with loans of $5 billion.
Business: Cathay Pacific has had to temporarily ground its Airbus A350 fleet after a fault was discovered with the engine of one its airplanes. A flight from Hong Kong to Zurich had to turn back on Monday because of the issue. Cathay Pacific inspected all 48 of its A350 aircraft as a precautionary measure and said that 15 need parts replacing. The A350 engine is manufactured by Rolls-Royce.
Markets: Stock markets in Japan, Europe and the United States fell today and yesterday following concerns about the state of manufacturing in the United States. New data yesterday showed that manufacturing activity in the United States has been declining for 5 months in a row. The pan-European Stoxx 600 index fell by 1 per cent and the Nasdaq and S&P 500 fell by over 3 and 2 per cent respectively. The Japanese Nikkei dropped by over 4 per cent today.
Foreign Affairs: Venezuelan prosecutors have been granted an arrest warrant against Edmundo Gonzalez, the opposition candidate in Julyâs presidential election. Gonzalez is accused of terrorist-related crimes. Opposition parties claim Gonzalez won 67 per cent of the vote in the election. President Nicolas Maduro also claims victory.
Security and intelligence: The former deputy chief of staff to the Governor of New York state has been charged with espionage. Linda Sun is accused of acting as an undisclosed agent of China and the Chinese Communist Party. Her husband has been charged with money laundering and fraud.
Domestic politics: The Governmentâs legislation that will help nationalise the railways finished its stages in the House of Commons yesterday. The Passenger Railway Services (Public Ownership) Bill has completed committee stage and third reading and will now move to the House of Lords for further scrutiny.
The Mighty Calendar
Whatâs happening today?
Wales Questions in Parliament
Prime Ministerâs Questions in Parliament
Budget Responsibility Bill in Parliament (Committee and Third Reading)
Conservative MPs vote in first round of Conservative Party leadership election
Grenfell Tower Inquiry report published
Eurozone PPI inflation data (July)
United States trade data (July)
Canada trade data (July)
Australia trade data (July)
South Korea GDP data (Q2 2024)
Lookahead to tomorrow
Business and Trade Questions in Parliament
Great British Energy Bill in Parliament (Second Reading)
Germany factory orders data (July)
UK, Italy, Germany, France, Eurozone construction data (August)
Eurozone retail sales (July)
United States weekly jobless claims
Japan household spending data (July)
The Mighty Finale
đ¤ď¸Weather today
Sunny until lunchtime in London then rain in the afternoon and evening. High of 20°C and low of 13°C. Similar weather story in Edinburgh but perhaps a touch dryer in Belfast.
âď¸Life coaching quote of the day
âNever give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.â â Earl Nightingale, writer and speaker
Mighty takeaway: The time it will take to achieve a goal is no excuse for not taking action. If you have a goal or an aim, go for it!
Thatâs it and thank you for reading! If you like what you read or donât 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
Tuesday, 3 September 2024
Rightmove shares, Turkey airstrikes, Putin visits Mongolia and more...
The Mighty Headlines
Economics: Bank of France governor calls for Eurozone interest rate cut
Business: Volkswagen talks of possible factory closures in Germany
Markets: Rightmove shares increased 27 per cent on Monday
Foreign Affairs: Turkey carries out airstrikes in Iraq
Security and intelligence: Putin travels to Mongolia despite arrest warrant
Domestic politics: Government extends Household Support Fund
The Mighty Stats
FTSE = 8,363.84 (down 0.15 per cent at Monday close)
S&P500 = 5,648.40 (up 1.01 per cent at Monday close)
Nasdaq = 17,713.62 (up 1.13 per cent at Monday close)
Nikkei = 38,686.31 (down 0.038 per cent at Tuesday close)
CAC40 = 7,646.42 (up 0.2 per cent at Monday close)
ÂŁ1 = $1.31 / âŹ1.19 / ÂĽ191.65
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.3 / 48.1 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: The Governor of the Bank of France has called for the European Central Bank to cut interest rates this month. François Villeroy de Galhau said it was âfair and wiseâ to decide on a new rate cut. The interest rate in the eurozone currently stands at 3.75 per cent.
Business: Volkswagen said on Monday that it could not rule out factory closures in Germany as it seeks to âfuture-proofâ the company. Volkswagen CEO, Oliver Blume, said that economic conditions, new competitors in the market and Germanyâs decreasing competitiveness were factors in the decision.
Markets: Shares in Rightmove increased by 27 per cent yesterday. This follows news that the Australian REA Group is considering making an offer to buy the online property portal. In accordance with UK regulations, REA Group now has until 30th September to confirm its intention to buy Rightmove.
Foreign Affairs: Turkey carried out airstrikes yesterday in northern Iraq. The Turkish Ministry of Defence said that it had destroyed 20 targets of the Kurdistan Workers Party (PKK). The PKK is a Kurdish militant nationalist organisation that has been designated as a terrorist organisation by the EU, United States and Turkey.
Security and intelligence: President Putin travelled to Mongolia yesterday despite facing arrest in the country. As a member of the International Criminal Court (ICC), Mongolia is required to arrest Putin after the ICC issued a warrant for his arrest over suspected war crimes in Ukraine. Russia and Mongolia appear to have agreed in advance that Putin would not be arrested. Putin is attending military commemorative events in Mongolia and meeting President Ukhnaa Khurelsukh today.
Domestic politics: The Government has said that it would extend the Household Support Fund for an additional six months. The Fund will provide ÂŁ421 million to councils in England to help residents with living costs including energy, food and water until April 2025.
The Mighty Calendar
Whatâs happening today?
Treasury Questions in Parliament
Switzerland CPI inflation data (August)
Switzerland GDP data (Q2 2024)
Brazil GDP data (Q2 2024)
Mexico unemployment data (July)
United States and Canada manufacturing data (August)
Lookahead to tomorrow
Wales Questions in Parliament
Prime Ministerâs Questions in Parliament
Grenfell Tower Inquiry report published
Eurozone PPI inflation data (July)
United States trade data (July)
Canada trade data (July)
Australia trade data (July)
South Korea GDP data (Q2 2024)
The Mighty Finale
đ¤ď¸Weather today
Overcast with a small chance of rain all day in London. High of 22oC and low of 12oC. Dry until early afternoon in Belfast then rain until early evening. Dry until mid-afternoon in Edinburgh then a small chance of rain.
âď¸Life coaching quote of the day
âWe tend to live up to our expectations.â â Earl Nightingale, writer and speaker
Mighty takeaway: The way you see yourself and the way you see your talents, skills and potential is likely to determine what you achieve in life.
Thatâs about it for todayâs edition. Thank you so much for reading to the end! If you like what you read or donât 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
Monday, 2 September 2024
Chinese slowdown, Brazil blocks Twitter, health checks in England and more...
The Mighty Headlines
Economics: Chinese manufacturing slows for fourth month
Business: Business confidence in UK fell in August
Markets: European stocks end August at record high
Foreign Affairs: Brazil supreme court blocks X (Twitter)
Security and intelligence: Chinese and Philippine coastguards clash again
Domestic politics: New workplace health checks begin in England
The Mighty Stats
FTSE = 8,376.63 (down 0.036 per cent at Friday close)
S&P500 = 5,648.40 (up 1.01 per cent at Friday close)
Nasdaq = 17,713.63 (up 1.13 per cent at Friday close)
Nikkei = 38,700.87 (up 0.14 per cent at Monday close)
CAC40 = 7,630.95 (down 0.13 per cent at Friday close)
ÂŁ1 = $1.31 / âŹ1.19 / ÂĽ192.07
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: Manufacturing in China has slowed for a fourth consecutive month. The Purchasing Managersâ Index stood at 49.1 in August. Any number below 50 indicates a decline in activity. Reduced domestic demand may be a factor behind the slowdown.
Business: According to the Institute of Directors, business confidence in the UK fell 19 points between July and August. The Institute of Directors says that the Governmentâs announcements on new employment rights and tax rises have âdented confidenceâ in the UK economy.
Markets: European stocks broadly ended August at a record high on Friday. The cross-European Stoxx 600 stock index closed at 525.05 for the first time. The index stands around 1.3 per cent higher than at the start of the month.
Foreign Affairs: The Brazilian supreme court has blocked access to X, formerly known as Twitter, in Brazil. It claims that X failed to name a legal representative in Brazil. X had already closed its offices in Brazil last month accusing the supreme court of wanting to censor it.
Security and intelligence: Chinese and Philippine ships have again collided in the South China Sea. The Philippine Coast Guard accused the Chinese Coast Guard of ramming one of its patrol vessels on Saturday. The Chinese Coast Guard accused the Philippines Coast Guard of deliberately colliding with its ship.
Domestic politics: The NHS Health Check programme is being extended to workplaces for the first time. The programme will record information from patients at their place of work to assess their risk of cardiovascular disease. Over 16 million people are eligible for an NHS Health Check but only around 40 per cent of people currently complete one.
The Mighty Calendar
Whatâs happening today?
United States and Canada Labor Day holiday
UK Parliament returns from summer recess
James Cleverly Conservative Party leadership launch event
Kemi Badenoch Conservative Party leadership launch event
Germany retail sales data (May)
Italy, France, Spain, Germany, UK manufacturing data (August)
South Korea CPI inflation data (August)
Lookahead to tomorrow
Switzerland CPI inflation data (August)
Switzerland GDP data (Q2 2024)
Brazil GDP data (Q2 2024)
Mexico unemployment data (July)
United States and Canada manufacturing data (August)
The Mighty Finale
đ¤ď¸Weather today
Light rain possible throughout the day in London. High of 23oC and low of 16oC. Light rain as well in Belfast and Edinburgh.
âď¸Life coaching quote of the day
âBetween now and the end of the day, youâve got an opportunity to do certain things, and doing them will actually change whatâs possible for tomorrow.â â Dan Sullivan, business coach
Mighty takeaway: What you do with your day is up to you. Why not take a step in the direction you want your life to go in?
Thatâs about it for todayâs edition. Thank you so much for reading to the end! If you like what you read or donât 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
Friday, 30 August 2024
Japan rice shortage, Nvidia stock price, UK joins trade bloc and more...
Friday, 30th August 2024 â www.mightymemo.co.uk
The Mighty Headlines
Economics: Rice shortage in Japan
Business: Berkshire Hathaway reaches $1 trillion in market value
Markets: Chipmaker Nvidia stock falls despite record revenue
Foreign Affairs: Mixed martial arts now banned in Afghanistan
Security and intelligence: Philippines looks to review defence pact with US
Domestic politics: UK to join Pacific trade bloc in December 2024
The Mighty Stats
FTSE = 8,379.64 (up 0.43 per cent at Thursday close)
S&P500 = 5,591.96 (down 0.0039 per cent at Thursday close)
Nasdaq = 17,516.43 (down 0.23 per cent at Thursday close)
Nikkei = 38,647.75 (up 0.74 per cent at Friday close)
CAC40 = 7,640.95 (up 0.84 per cent at Thursday close)
ÂŁ1 = $1.32/ âŹ1.19 / ÂĽ191.11
UK: Con / Lab / Reform = 33 / 20 / 21 per cent
US: Trump / Harris = 46.2 / 48.0 per cent
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: Japan is facing a shortage of rice following a poor harvest in 2023 and high demand this year. The price of rice recently reached an 11-year high but the shortage is only expected to be temporary with a normal rice harvest expected this year.
Business: Berkshire Hathaway, the company founded by Warren Buffett, has reached a $1 trillion valuation. It joins six other companies valued at and over that price â Microsoft, Apple, Amazon, Google, Facebook and Nvidia. Buffet, who continues to run the company, turns 94 today.
Markets: The price of Nvidiaâs shares fell yesterday despite the fact it also announced record revenue of $30 billion in Q2 2024. Shares fell by 6.38 per cent yesterday with investors concerned about a slowdown in growth at the artificial intelligence chipmaker. Nvidia is the worldâs third largest company with a value of $3.1 trillion.
Foreign Affairs: The Taliban has banned Mixed Martial Arts (MMA) in Afghanistan. The government says that MMA âhave many aspects which are contrary to the teachings of Islamâ. An official from the government also said that MMA was too violent and posed a risk of death.
Security and intelligence: The Philippines National Maritime Council has said that it may review its defence agreement with the US. The agreement, which was signed in 1951, requires the US to defend the Philippines if its ships or aircraft are attacked. Earlier in the week, the Philippines Defence Secretary alluded to China and said the agreement should be interpreted more broadly to take into account a more âdynamic and cunning adversaryâ.
Domestic politics: The UK will join a Pacific trade bloc in December 2024 after majority of existing members ratified the UKâs accession. The bloc includes countries such as Japan, New Zealand, Australia, Singapore, Mexico and Canada. It will have a combined GDP of ÂŁ12 trillion once the UK joins and around 99 per cent of UK goods exported to the bloc will be tariff-free.
The Mighty Calendar
Whatâs happening today?
Canada GDP data (Q2 2024)
France CPI inflation data (August)
Italy CPI inflation data (August)
Eurozone CPI inflation data (August)
Eurozone unemployment data (July)
Germany retails sales data (May)
UK mortgage approvals data (July)
Lookahead to the weekend
Saturday:
10th Irish Language Poetry Slam Competition, Belfast
Mudlarking and heritage crafts festival, Southwark Cathedral
Chatsworth Country Fair, Derbyshire
Freestyle ice skating competition, Alexandra Palace
Sunday:
Concours of Elegance Classic Car Show, Hampton Court Palace
Brompton Cemetery Open Day
North Norfolk Food and Drink Festival, Holkham Hall
The Mighty Finale
đ¤ď¸Weather today
Sunny and dry yet again! High of 24°C and low of 14°C in London. Also sunny and dry in Belfast and in Edinburgh. A hat trick!
âď¸Life coaching quote of the day
âShips in harbour are safe, but thatâs not what ships are built for.â â Susan Jeffers, psychologist and writer
Mighty takeaway: We all have a purpose in life and our own unique talents. But we wonât live up to our full potential if we fail to pursue that purpose or fail to use our talents.
Thatâs all for todayâs edition. Thank you for reading to the end. If you like what you read or donât 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
Thursday, 29 August 2024
Bank of Japan rates news, Mexico supreme court, PM Germany visit and more...
The Mighty Headlines
Economics: Bank of Japan ready to raise interest rates
Business: Lego to make bricks from more renewable materials
Markets: Warren Buffet sells $982 million of Bank of America shares
Foreign Affairs: Mexico freezes relationship with US and Canadian embassies
Security and intelligence: US National Security Advisor meets Chinese Foreign Minister
Domestic politics: Prime Minister calls for closer relationship with Europe
The Mighty Stats
FTSE = 8,343.85 (down 0.019 per cent at Wednesday close)
S&P500 = 5,592.18 (down 0.6 per cent at Wednesday close)
Nasdaq = 17,556.03 (down 1.12 per cent at Wednesday close)
Nikkei = 38,362.53 (down 0.024 per cent at Thursday close)
CAC40 = 7,577.67 (up 0.16 per cent at Wednesday close)
ÂŁ1 = $1.32 / âŹ1.19 / ÂĽ191.16
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The Mighty Detail
Economics: The Bank of the Japanâs Deputy Governor said yesterday that the bank was prepared to raise interest rates if inflation carried on its current trajectory. The Bank of Japan raised interest rates to a 15-year high in July.
Business: Lego has said that it plans to make half of the plastic it uses in its bricks from renewable or recyclable materials by 2026. Only 22 per cent of the plastics in Lego bricks is currently made from non-fossil fuel material.
Markets: Warren Buffett has sold $981.9 million worth of shares in Bank of America. The sale occurred between 23 August and 27 August. Buffettâs company, Berkshire Hathaway, has sold around $5.4 billion worth of shares in Bank of America since July but is still its largest shareholder with $35.85 billion worth of shares.
Foreign Affairs: The Mexican government has frozen its relationship with the US and Canadian embassies in the country. This follows the US and Canadian ambassadorsâ criticisms of reforms to the Mexican supreme court. The proposed reforms would see supreme court judges elected by popular vote which critics say will give more influence to the government and criminals.
Security and intelligence: The US National Security Advisor, Dan Sullivan, has been in China since Tuesday meeting the Chinese Foreign Minister. Sullivan has raised concerns about Chinaâs unfair trade policies, its use of US technologies to undermine US national security, human rights and Chinaâs support for Russiaâs defence industrial base and its actions against the Philippines.
Domestic politics: In a visit to Germany yesterday, the Prime Minister said that he wanted a closer relationship. He announced a bilateral treaty with Germany that would focus on security, economic growth, law enforcement, energy, education, transport, technology and âpeople-to-peopleâ contacts. The treaty is expected to be signed in early 2025.
The Mighty Calendar
Whatâs happening today?
Prime Minister meets President Macron
President Macron begins a two-day visit to Serbia
UK, Italy, Germany, France new car registrations (July)
Norway retail sales data (July)
Japan retail sales data (July)
Eurozone CPI inflation data (July)
Japan CPI inflation data (July)
Eurozone consumer confidence data (August)
Lookahead to tomorrow
Canada GDP data (Q2 2024)
France CPI inflation data (August)
Italy CPI inflation data (August)
Eurozone CPI inflation data (August)
Eurozone unemployment data (July)
Germany retails sales data (May)
UK mortgage approvals data (July)
The Mighty Finale
đ¤ď¸Weather today
Another dry and sunny day in London. High of 23â and low of 11â. Also dry and sunny in Belfast and Edinburgh!
âď¸Life coaching quote of the day
âNone of us can change our yesterdays, but all of us can change our tomorrows.â â Colin Powell, former US Secretary of State
Mighty takeaway: Dwelling on the past wonât change your future. But taking action today can change your future. Itâs your choice.
Thatâs all for todayâs edition. Thank you for reading to the end. If you like what you read or donât 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, 28 August 2024
Canadian tariffs, Macron and his prime minister, Keir Starmer's latest speech and more...
Wednesday, 28th August 2024 â www.mightymemo.co.uk
The Mighty Headlines
Economics: Canada puts 100 per cent tariffs on Chinese electric vehicles
Business: Hobbycraft bought by investment firm
Markets: Oil prices fall after 7 per cent growth last week
Foreign Affairs: President Macron rules out left-wing Prime Minister
Security and intelligence: Separatists kill 71 people in Pakistan
Domestic politics: Sir Keir Starmer gives state of the nation-style speech
The Mighty Stats
FTSE = 8,345.46 (up 0.21 per cent at Tuesday close)
S&P500 = 5,625.80 (up 0.16 per cent at Tuesday close)
Nasdaq = 17,754.82 (up 0.16 per cent at Tuesday close)
Nikkei = 38,371.76 (up 0.22 per cent at Wednesday close)
CAC40 = 7,565.78 (down 0.32 per cent at Tuesday close)
ÂŁ1 = $1.32 / âŹ1.19 / ÂĽ191.25
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: Canada is set to raise tariffs on Chinese electric vehicles and Chinese steel. Chinese electric vehicles will see tariffs of 100 per cent. Chinese steel will see tariffs of 25 per cent. Prime Minister Justin Trudeau said that China has an âunfair advantage in the global marketplace.â
Business: Hobbycraft has been bought by investment firm Modella Capital. The UK arts and crafts shop has been owned by private equity firm Bridgepoint Capital for the last 14 years. Hobbycraft has 119 stores and employs around 1,500 people.
Markets: Oil prices fell around 2 per cent yesterday. The price of oil had risen by 7 per cent in the previous three days partly off the back of tensions in the Middle East and expectations of interest rate cuts leading to higher demand for oil in the economy. The fall in prices is expected to be a temporary correction.
Foreign Affairs: President Macron has ruled out appointing a new Prime Minister from the New Popular Front (NPF) political group. The NPF is a left-wing political group comprising the Socialist, Green, Communist and far-left France Unbowed parties. It won the most seats in Julyâs snap election but failed to gain an absolute majority. Macron said a new government led by a Prime Minister from the NPF would probably fall apart immediately.
Security and intelligence: Separatists kill 71 people in Pakistan on Sunday and Monday. Armed fighters targeted police stations, a military camp and transport infrastructure in Balochistan province. The Balochistan Liberation Army (BLA) claimed responsibility and has accused the Pakistani government of selling out the provinceâs rich natural resources to China.
Domestic politics: The Prime Minister gave a speech yesterday in which he criticised the legacy of the previous Conservative government on the public finances and society. He set the ground for tax rises in the October budget. The Conservative Party said tax rises were a decision based on the governmentâs spending plans.
The Mighty Calendar
Whatâs happening today?
Prime Minister meets German Chancellor Scholz
Chancellor Rachel Reeves visits Glasgow
Paralympic Games begin in Paris
France jobseekers data (July)
France consumer confidence data (August)
Switzerland economic expectations index (August)
New Zealand business confidence data (August)
Lookahead to tomorrow
Prime Minister meets President Macron
President Macron begins a two-day visit to Serbia
UK, Italy, Germany, France new car registrations (July)
Norway retail sales data (July)
Japan retail sales data (July)
Eurozone CPI inflation data (July)
Japan CPI inflation data (July)
Eurozone consumer confidence data (August)
The Mighty Finale
đ¤ď¸Weather today
Dry and sunny again in London. High of 26â and low of 13â. Dry until lunchtime in Belfast then thundery showers. Dry until late afternoon in Edinburgh and then thundery showers as well.
âď¸Life coaching quote of the day
âAction is the real measure of intelligence.â â Napoleon Hill, writer and motivational speaker
Mighty takeaway: If you have dreams and goals but take no action, your life remains the same. Your situation will only change when you take action.
Thatâs it for todayâs edition. Thank you for reading. If you like what you read or donât 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
Tuesday, 27 August 2024
BoE on inflation, BMW sales, US National Security Advisor in China and more...
Tuesday, 27th August 2024 â www.mightymemo.co.uk
The Mighty Headlines
Economics: Bank of England Governor gives positive signs on inflation
Business: BMW overtakes Tesla in European electric vehicle sales in July
Markets: Chipmaker Nvidiaâs impact on the S&P500 this week
Foreign Affairs: Top US General makes unannounced trip to Middle East
Security and intelligence: US National Security Advisor to visit China
Domestic politics: Prime Minister speaks to President Xi Jinping
The Mighty Stats
FTSE = 8327.78 (up 0.48 per cent at Friday close)
S&P500 = 5,616.84 (down 0.32 per cent at Monday close)
Nasdaq = 17,725.77 (down 0.85 per cent at Monday close)
Nikkei = 38,288.62 (up 0.47 per cent at Tuesday close)
CAC40 = 7,590.37 (up 0.18 per cent at Monday close)
ÂŁ1 = $1. 32/ âŹ1.18 / ÂĽ190.98
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: The Bank of England Governor has talked positively about the direction of inflation but acknowledged it was âtoo early to declare victoryâ. Speaking at the US Federal Reserveâs Jackson Hole Symposium, he said that persistent inflation from the setting of prices and wages was smaller than a year ago but could not be taken for granted.
Business: BMW overtook Tesla in European electric vehicles sales in July. BMW sold 14,869 fully electric cars last month. This represents a 35 per cent year-on-year increase. In contrast, Tesla electric vehicle sales declined by 16 per cent year-on-year to 14,561. In the year to date, Tesla sold 178,700 electric vehicles while BMW sold just over 97,500.
Markets: Nvidia is likely to have an impact on the S&P500 this week as the computer chip maker announces its earnings. The S&P500 stock index has grown by 17 per cent year-to-date and around a quarter of this has been due to the rise in the value of Nvidiaâs stock.
Foreign Affairs: The Chairman of the US Joint Chief of Staff began an unannounced visit to the Middle East on Saturday. Air Force General C.Q. Brown is visiting Jordan, Egypt and Israel in a bid to lower tensions in the region. Countries are still waiting for Iranâs promised retaliatory attack on Israel.
Security and intelligence: The White House has announced that the National Security Advisor, Jake Sullivan, will visit China this week. Sullivan will meet Chinese foreign minister, Wang Yi, and is expected to discuss military-to-military communication, the South China Sea and Chinaâs support for Russiaâs defence industrial base. This will be the first visit by a US National Security Advisor to China since 2016.
Domestic politics: The Prime Minister spoke to Chinese President Xi Jinping on Friday. The Prime Minister said he hoped to have âopen, frank and honest discussionsâ with Xi on Hong Kong, the war in Ukraine and human rights among other issues.
The Mighty Calendar
Whatâs happening today?
PM to give speech about recent riots at no.10 Downing Street
PM to travel to Germany for meeting with German Chancellor
Germany GDP data (Q2 2024)
Hong Kong trade data (July)
Spain consumer confidence data (July)
US house price index data (June)
Lookahead to tomorrow
France jobseekers data (July)
France consumer confidence data (August)
Switzerland economic expectations index (August)
New Zealand business confidence data (August)
The Mighty Finale
đ¤ď¸Weather today
Dry and sunny all day in London. High of 24â and low of 14â. Light rain until lunchtime in Belfast. Raining basically all day in Edinburgh.
âď¸Life coaching quote of the day
âSuccess is the sum of small efforts, repeated day in and day out.â â Robert Collier, writer
Mighty takeaway: Your goals and ambitions may seem a distant probability but by taking one step each day you will soon be walking in the direction of your dreams.
Thatâs it for today. Thank you for reading! If you like what you read or donât 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
Friday, 23 August 2024
Peleton share price, Iran's new Cabinet, Taliban dismisses security forces and more...
Friday, 23rd August 2024 â www.mightymemo.co.uk
The Mighty Headlines
Economics: Private sector in Eurozone growing
Business: McDonaldâs to open over 200 more restaurants in UK and Ireland
Markets: Peleton shares rise by more than 30 per cent
Foreign Affairs: Iranian Parliament approves new Cabinet
Security and intelligence: Taliban dismisses 280 members of its security forces
Domestic politics: Energy Secretary visits Brazil
The Mighty Stats
FTSE = 8,288.00 (up 0.055 per cent at Thursday close)
S&P500 = 5,570.64 (down 0.89 per cent at Thursday close)
Nasdaq = 17,619.35 (down 1.67 per cent at Thursday close)
Nikkei = 38,364.27 (up 0.4 per cent at Friday close)
CAC40 = 7,524.11 (down 0.0081 per cent at Thursday close)
ÂŁ1 = $1.31 / âŹ1.18 / ÂĽ190.88
*If youâve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. Youâll receive the Mighty Memo directly in your inbox as soon as itâs published!*
The Mighty Detail
Economics: The private sector in the Eurozone grew more than expected in August. The Purchasing Managerâs Index survey rose to 51.2 this month. Any figure above 50 indicates growth. This is the fastest growth in three months. The expected level was 50.1.
Business: McDonaldâs is set to open over 200 restaurants in the UK and Ireland. Over the next four years, McDonaldâs will spend ÂŁ1 billion to bring its total number of sites to 1,700. It says this will create over 24,000 jobs.
Markets: Shares in Peleton rose by more than 30 per cent yesterday afternoon. This comes after the fitness company announced it had increased year-on-year sales for the first time since the 2021 holiday season. Sales rose by 0.2 per cent to $643.6 million in the three months to 30 June.
Foreign Affairs: The Iranian Parliament approved all members of the Cabinet proposed by the new President Masoud Pezeshkian. The new foreign affairs minister, Abbas Araghchi, said that China, Russia, Africa, Latin America and East Asia are priority regions for foreign policy. He added that Europe would only be a priority if it changed its âhostile behaviourâ and the relationship with the US would be based on âconflict managementâ.
Security and intelligence: The Taliban has dismissed more than 280 members of its security forces for failing to grow a beard in line with a strict interpretation of Islamic law. Around 13,000 people have been detained for âimmoral acts in the last yearâ. Separately, the UN rapporteur on human rights in Afghanistan has been banned from entering the country.
Domestic politics: The Energy Secretary, Ed Miliband, visited Brazil this week to discuss climate change and industrial decarbonisation with the Brazilian government. Brazil will take the presidency of the G20 this year and the presidency of COP30 in 2025.
The Mighty Calendar
Whatâs happening today?
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)
Lookahead to the weekend
Saturday:
Dartmouth Royal Regatta
Bury St Edmunds Food Festival
Victorious Music Festival, Southsea Common
Sunday:
Notting Hill Carnival
International Beatleweek, Liverpool
Leeds Music Festival
The Mighty Finale
đ¤ď¸Weather today
Wet start but then dry from mid-morning. High of 23â and low of 14â. Thundery showers in Belfast. Heavy rain in Edinburgh but dry for a few hours around lunchtime.
âď¸Life coaching quote of the day
âYou have everything you need to achieve anything you want.â â Jack Canfield, writer and motivational speaker.
Mighty takeaway: You may not know it yet but you have what it takes to achieve your goals. You have what it takes to find the answers. They will come to you once you start working on your goals.
Thatâs it for today. Thank you for reading! If you like what you read or donât 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