Thursday, 3 October 2024

The Mighty Headlines               

• Economics: Eurozone unemployment remains stable

• Business: French and US firms invest $10 billion to extract oil in Suriname

• Markets: JD Sports shares fall despite growing sales

• Foreign Affairs: Iranian President visits Qatar

• Security and intelligence: CIA recruits more informants in China, North Korea and Iran

• Domestic politics: UK PM visits Brussels and calls for strengthened cooperation

The Mighty Stats

• FTSE = 8,290.86 (up 0.17 per cent at Wednesday close)

• S&P500 = 5,709.54 (up 0.014 per cent at Wednesday close)

• Nasdaq = 17,925.12 (up 0.082 per cent at Wednesday close)

• CAC40 = 7,577.59 (up 0.046 per cent at Wednesday close)

• £1 = $1.33 / €1.20

• US: Trump / Harris = 47.3 / 49.3 per cent

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The Mighty Detail

Economics: Eurozone unemployment figures have remained stable at 6.4 per cent in June, July and August. The latest statistics show that unemployment was highest in Spain (11 per cent), Greece (9.5 per cent) and Sweden (8.4 per cent). It was lowest in the Czech Republic (2.6 per cent)

Business: French company Total and US firm APA Corporation are to invest $10 billion to extract oil off the cost of Suriname. Oil is expected to be extracted from 2028 onwards in an area that could provide around 700 million barrels of oil.

Markets: Shares in JD Sport fell by over 6 per cent yesterday. This is despite the company reporting growth of 0.7 per cent in the first half of the year and completing the acquisition of Hibbett, a sports retailer in the United States. There is concern that JD Sport’s US expansion is too reliant on the sale of Nike goods. Nike revenue fell by 10 per cent in the three months to August and the company has recently fired its CEO.

Foreign Affairs: Iran’s President, Masoud Pezeshkian, arrived in Qatar yesterday to meet the Emir of Qatar and attend the Asian Cooperation Dialogue Summit. Pezeshkian said the aim of the visit was to strengthen ties with Qatar and shore up support to prevent “Israeli crimes”. Qatar has previously tried to broker a ceasefire in Gaza but this was unsuccessful.

Security and intelligence: The CIA is launching a new campaign to recruit informants in China, Iran and North Korea. The online campaign, which features instructions on how to securely contact the agency, appeared on X, Facebook, Instagram, Telegram, LinkedIn and the Dark Web yesterday. The CIA said it had already conducted a similar and successful campaign in Russia.

Domestic politics: The UK Prime Minister met European Commission President, Ursula von der Leyen, in Brussels yesterday. The Prime Minister called for “strengthened cooperation” with the EU and named the “economy, energy, security and resilience” as priority topics for further discussion.

The Mighty Calendar

What’s happening today?

o   G7 Interior Ministers meeting in Mirabella Eclano, Italy (ends Friday)

o   South Korea and China public holidays

o   Switzerland CPI inflation data (September)

o   France, Spain, Germany, Italy, UK services data (September)

o   United States unemployment data (weekly)

o   Eurozone PPI inflation data (August)

Lookahead to tomorrow

o   China public holiday

o   French President hosts Francophonie Summit at Villers-Cotterêts (ends Saturday)

o   South Korea retail sales data (August)

o   Spain and France industrial production data (August)

o   UK construction data (September)

The Mighty Finale

🌤️Weather today

Mostly sunny and dry in London. High of 16oc and low of 8oC. Sunny and dry all day in Belfast and Edinburgh. Nice weather all round! Hooray!

✏️Life coaching quote of the day

“It is never too late to be what you might have been.” – George Eliot, author

Mighty takeaway: You have one life and only one chance at living. Don’t put off your dreams. Start them today and live them every day.

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

hello@mightymemo.co.uk

Wednesday, 2 October 2024

The Mighty Headlines

• Economics: French PM warns of France’s “colossal debt”

• Business: Michael Dell sells over $1 billion of Dell company shares

• Markets: Oil prices rise following Iranian missile launches

• Foreign Affairs: Impeachment motion against Kenya’s Deputy President

• Security and intelligence: US confirms “severe consequences” for Iran

• Domestic politics: New tipping law comes into effect

The Mighty Stats

• FTSE = 8,276.65 (up 0.48 per cent at Tuesday close)

• S&P500 = 5,708.75 (down 0.93 per cent at Tuesday close)

• Nasdaq = 17,910.36 (down 1.53 per cent at Tuesday close)

• CAC40 = 7,574.07 (down 0.81 per cent at Tuesday close)

• £1 = $1.33 / €1.20

• US: Trump / Harris = 47.3 / 49.3 per cent

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The Mighty Detail

Economics: New French Prime Minister, Michel Barnier, has warned that the Frances's "colossal debt" could push the country over the precipice. In his first speech to the French National Assembly, Barnier indicated that there would be tax rises on the wealthy and large corporations and that public spending would be reduced.

Business: The founder and CEO of Dell, Michael Dell, ‎sold $1.22 billion worth of shares in his company last week. Earlier in September, he sold another $1.17 billion dollars worth of shares. Dell stock price has increased by 55 per cent since last year, with the rise of Artificial Intelligence leading to greater interest in the company's computer servers.

Markets: Oil prices rose by 4 per cent during market trading yesterday after Iran fired nearly 200 missiles at Israel. Iran said the missiles were launched in response to Israeli attacks on the Islamist militant group Hezbollah which is backed by Iran. Traders are now concerned about a regional conflict damaging oil supplies from the Middle East.

Foreign Affairs: Allies of the Kenyan President have initiated a motion in the Kenyan parliament to impeach Deputy President Rigathi Gachagua. The President’s allies accuse the Deputy President of supporting the deadly anti-government protests earlier this year, which he denies.

Security and intelligence: US National Security Adviser, Jake Sullivan, confirmed there would be “severe consequences” for Iran after its missile strike on Israel yesterday evening. Sullivan added that the US would “work with Israel to make that the case”. The UK Prime Minister also expressed the UK’s continuing commitment to Israeli security following the attack.

Domestic politics: New tipping laws have come into force to ensure workers keep 100 per cent of the tips they receive. The legislation was initiated in 2022 by the then Conservative MP Dean Russell through a Private Members Bill– one of the only mechanisms by which MPs can initiate legislation independently of the government.

The Mighty Calendar

What’s happening today?

o   India and China public holidays

o   Sir Keir Starmer meets European Commission President in Brussels

o   UK Defence Secretary visits British troops in Cyprus

o   Conservative leadership candidates give main speeches at Party Conference

o   French President visits Germany

o   Spain unemployment data (September)

o   Eurozone unemployment data (August)

o   Australia trade data (August)

o   Mexico manufacturing data (September)

Lookahead to tomorrow

o   G7 Interior Ministers meeting in Mirabella Eclano, Italy (ends Friday)

o   South Korea and China public holidays

o   Switzerland CPI inflation data (September)

o   France, Spain, Germany, Italy, UK services data (September)

o   United States unemployment data (weekly)

o   Eurozone PPI inflation data (August)

The Mighty Finale

🌤️Weather today

Light rain again in London until evening. High of 16oC and low of 9oC. Sunny and dry nearly all day in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Our attitude towards life determines life’s attitude towards us.” – Earl Nightingale, motivational speaker

Mighty takeaway: Choose to have a winner’s attitude and a positive mindset through life. You’ll get the same right back at you.

That’s it for today. 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

hello@mightymemo.co.uk

Tuesday, 1 October 2024

The Mighty Headlines

• Economics: Chinese manufacturing slows for 5th consecutive month

• Business: California governor vetoes AI safety bill

• Markets: S&P 500 closes month on new record high

• Foreign Affairs: Snap election in Japan

• Security and intelligence: US provides $567 million in military aid for Taiwan

• Domestic politics: Conservative leadership candidates discuss Reform UK

The Mighty Stats

• FTSE = 8,236.95 (down 1.01 per cent at Monday close)

• S&P500 = 5,762.48 (up 0.42 per cent at Monday close)

• Nasdaq = 18,189.17 (up 0.38 per cent at Monday close)

• CAC40 = 7,635.75 (down 2 per cent at Monday close)

• £1 = $1.34 / €1.20

• UK: Con / Lab / Reform = 22 / 32 / 18 per cent

• US: Trump / Harris = 47.1 / 49.1 per cent

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The Mighty Detail

Economics: China’s manufacturing output declined again in September for the fifth consecutive month. According to data from China’s National Bureau of Statistics, the Purchasing Managers Index stood at 49.8 for September. This was less than expected but any number below 50 indicates a contraction.

Business: The Governor of California, Gavin Newsom, has vetoed an Artificial Intelligence (AI) safety bill, saying it would not have achieved its aims. The bill would have regulated AI that costs more than $100 million to develop and would have required companies to implement “kill switches” and to publish plans for testing of extreme risks. Facebook’s parent company Meta supported Newsom’s decision, saying the Bill would have “hurt business growth and job creation”.

Markets: The S&P 500 finished September on a record high yesterday, closing at 5,762.48. The stock index rose by 2 per cent in the month. The Nasdaq rose by 2.7 per cent in the month and the Dow Jones rose by 1.9 per cent. September is traditionally a poor month for stock markets.

Foreign Affairs: Japan’s new Prime Minister has called a snap election for the 27th October. Shigeru Ishiba was selected as the leader of Japan’s ruling Liberal Democratic Party on Friday. Speaking about the decision, Ishiba said “I believe it's important for our new administration to receive the public's mandate as soon as possible.”

Security and intelligence: President Biden has approved $567 million in military aid and training for Taiwan. In response, the Chinese Foreign Ministry said that “Taiwanese independence is a dead end” and the United States’ action “seriously violates the one-China principle”.

Domestic politics: Speaking at the Conservative Party Conference yesterday, leadership candidate Tom Tugendhat said his Party must not become like Reform UK. Leadership rival Kemi Badenoch said, however, that she would be prepared to work with Reform UK but would not form an electoral pact with it.

The Mighty Calendar

What’s happening today?

• South Korea, Hong Kong, China public holidays

• Claudia Sheinbaum takes office as Mexico’s first female president

• Mark Rutte takes office as new NATO Secretary General

• United States Vice President election debate

• French PM gives policy address to French National Assembly

• France, Italy, UK, Germany manufacturing data (September)

• Eurozone CPI inflation data (September)

Lookahead to tomorrow

• India and China public holidays

• Sir Keir Starmer meets European Commission President in Brussels

• Conservative leadership candidates give main speeches at Party Conference

• French President visits Germany

• Spain unemployment data (September)

• Eurozone unemployment data (August)

• Australia trade data (August)

• Mexico manufacturing data (September)

The Mighty Finale

🌤️Weather today

Light rain all day in London until evening. High of 14oC and low of 12oC. Dry and sunny in Belfast. Mixture of rain and sun in Edinburgh.

✏️Life coaching quote of the day

“We are all here for some special reason. Stop being a prisoner of your past. Become the architect of your future.” – Robin Sharma, writer

Mighty takeaway: You are not stuck in your current situation. You can change it at any time you choose.

That’s all for this Tuesday. Thank you for reading and see you tomorrow. 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

hello@mightymemo.co.uk

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Monday, 30 September 2024

The Mighty Headlines

• Economics: Protests in Portugal against rising house prices

• Business: St James’s Place funds deliver “insufficient value”

• Markets: Japanese stocks fall following selection of new PM

• Foreign Affairs: Austrian far-right party wins parliamentary elections

• Security and intelligence: China criticises US deployment of missiles in Philippines

• Domestic politics: Badenoch and Tugendhat interviews at Conservative Conference

The Mighty Stats

• FTSE = 8,320.76 (up 0.43 per cent at Friday close)

• S&P500 = 5,738.17 (down 0.13 per cent at Friday close)

• Nasdaq = 18,119.59 (down 0.39 per cent at Friday close)

• Nikkei = 37,919.55 (down 4.8 per cent at Monday close)

• CAC40 = 7,791.79 (up 0.64 per cent at Friday close)

• £1 = $1.34 / €1.20

• UK: Con / Lab / Reform = 26 / 30 / 18 per cent

• US: Trump / Harris = 47.1 / 49.1 per cent

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The Mighty Detail

Economics: There were protests across Portugal at the weekend in response to rising house prices. Between 2020 and 2021, house prices in the country rose by 157 per cent. Rents increased by 115 per cent between 2015 and 2021. The Government has promised €2 billion to build 33,000 homes by 2030.

Business: Wealth manager St James’s Place (SJP) has said the vast majority of its funds deliver “insufficient value” on performance. Chair of SJP Unit Trust Group, Sheila Nicoll, said “there are no fast fixes.” SJP has seen its share prices halve in recent years, following concerns in particular over its fee structure.

Markets: Japanese stocks fell today, following the selection of new Prime Minister, Shigeru Ishiba on Friday and expectations of interest rate increases. Traders had expected Sanae Takaichi, who opposes higher interest rates, to be selected as Prime Minister. 

Foreign Affairs: Austria’s far-right Freedom Party has won the most votes in the country’s parliamentary elections. It secured 29 per cent of the vote. No party, however, has won sufficient votes to govern with an outright majority. Forming a coalition government is also likely to be difficult.

Security and intelligence: China has criticised the United States’ deployment of the Typhon missile system in the Philippines. Speaking on Saturday, Chinese foreign minister Wang Yi said the intermediate-range missile system, which is capable of hitting China, “undermines regional peace and stability”. The US views the Philippines as a strategic base for responding to a Chinese invasion of Taiwan.

Domestic politics: The Conservative Party conference continues in Birmingham today, with a membership Q&A with leadership candidates Tom Tugendhat and Kemi Badenoch. The other candidates Robert Jenrick and James Cleverly are interviewed tomorrow. The front-runners, Badenoch and Jenrick, have focused on immigration policy in recent media appearances.

The Mighty Calendar

What’s happening today?

• Shadow Chancellor Jeremy Hunt addresses Conservative Party Conference

• UK’s last coal-fired power plant ceases operation

• UK GDP data (Q2 2024)

• Germany retail sales data (July)

• Italy CPI inflation data (September)

• Germany CPI inflation data (September)

• Japan unemployment rate (August)

• South Korea trade data (September)

Lookahead to tomorrow

• South Korea, Hong Kong, China public holidays

• Claudia Sheinbaum takes office at Mexico’s first female president

• Mark Rutte takes office as new NATO Secretary General

• United States Vice President election debate

• French PM gives policy address to French National Assembly

• France, Italy, UK, Germany manufacturing data (September)

• Eurozone CPI inflation data (September)

The Mighty Finale

🌤️Weather today

Rain for much of the day in London. High of 17oC and low of 11oC. Same weather in Belfast and Edinburgh.

✏️Life coaching quote of the day

“If you don’t try at anything, you can’t fail… it takes back bone to lead the life you want.” – Richard Yates, writer

Mighty takeaway: We’re repeating this quote from Thursday last week because it was so good! Go after your dreams, even if you risk failure, because this life isn’t a practice run. It’s the real one and the only one you’ll have.

Mighty takeaway:

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

hello@mightymemo.co.uk

Friday, 27 September 2024

The Mighty Headlines

• Economics: US urges China to support domestic Chinese demand

• Business: Jaguar Land Rover invests £250 million In new factory

• Markets: Markets rise on US GDP data

• Foreign Affairs: Japanese court acquits death row inmate of 1966 murders

• Security and intelligence: Sudanese army makes push for capital

• Domestic politics: Starmer calls for an end to violence between Israel and Lebanon

The Mighty Stats

• FTSE = 8,284.91 (up by 0.2 per cent at Thursday close)

• S&P500 = 5,745.37 (up 0.4 per cent at Thursday close)

• Nasdaq = 18,190.29 (up 0.6 per cent at Thursday close)

• CAC40 = 7,742.09 (up by 2.33 per cent at Thursday close)

• £1 = $1.34 / €1.20

• US: Trump / Harris = 47.1 / 49.1 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: The United States is urging China to take “concrete steps” to support domestic demand. The news comes following relative weak Chinese growth and Beijing’s announcement of stimulus measures on Tuesday to support consumer spending.

Business: Jaguar Land Rover is set to invest a further £250 million in a historic factory to build more electric vehicles. The car manufacturer will upgrade the Halewood plant near Liverpool which was originally built in 1963 to make the Ford Anglia. The company has already spent £250 million modernising the factory.

Markets:  The stock market in Europe and the US closed in positive territory yesterday after news that the US economy grew faster than the eurozone and UK economies. In Q2 2024, the US economy is reported to have grown by an annual rate of 3 per cent.

Foreign Affairs: A Japanese court has acquitted its longest-serving death row inmate of a 1966 quadruple murder. Iwao Hakamada, 88, has been found not guilty after a retrial which revealed investigators in the 1960s had fabricated the evidence against him. Hakamada has spent 48 years in prison, 45 years on death row and most of it in solitary confinement. Since 2014, when the retrial was first granted, he has been serving his sentence at home.

Security and intelligence: The Sudanese army is making a push to regain the country’s capital city in the biggest ground operation in the area since the start of the civil war in April 2023. The Sudanese army lost control of Khartoum to the Rapid Support Forces paramilitary group last year as both jostled for control of the country.

Domestic politics: Sir Keir Starmer addressed the UN General Assembly yesterday evening and called for Israel and Hezbollah to “step back from the brink”. This follows calls for an immediate 21-day ceasefire across the Lebanon-Israel border by the G7 countries and allies in the Middle East. Benjamin Netanyahu will address the UN today.

The Mighty Calendar

What’s happening today?

• Israeli Prime Minister gives speech at UN General Assembly General Debate

• New Scottish Conservative Party leader announced

• Japan’s ruling LDP party chooses new leader to replace Prime Minister

• France CPI inflation data (September)

• Spain CPI inflation data (September)

• Germany unemployment data (September)

• United States personal income and personal spending data (August)

Lookahead to the weekend

Saturday

o   Sailing America’s Cup Louis Vuitton Finals continue (end 5th October)

o   Georgian cookery demonstration – Handel House Museum, Mayfair, London

o   World Halal Food Festival begins, Stratford (ends 29th September)

Sunday

o   Freemen and freewomen of the City of London herd sheep over Southwark bridge

o   Indonesia Moto Grand Prix Final Race

o   Berlin Marathon

The Mighty Finale

🌤️Weather today

Rain again in London! High of 13oC and low of 5oC. Largely dry and sunny in Belfast and Edinburgh. A good start to the week for you!

✏️Life coaching quote of the day

“You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself.” – Jim Rohn, motivational speaker

Mighty takeaway: You have the power to achieve anything you want in life but you must be willing to do things differently if you haven’t had the results you wanted up until now. If you don’t change, nothing in your life will change.

That’s all for today and for this week. Thank you for reading and we’ll see you again on Monday. 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

hello@mightymemo.co.uk

Thursday, 26 September 2024

The Mighty Headlines

• Economics: Growth forecast for UK upgraded

• Business: PwC reports nearly 10 per cent revenue growth

• Markets: Bitcoin reaches one-month high

• Foreign Affairs: President Putin issues warning over nuclear weapons

• Security and intelligence: Hezbollah fires first ever ballistic missile

• Domestic politics: Zombie knives now banned

The Mighty Stats

• FTSE = 8,268.70 (down 0.17 per cent at Wednesday close)

• S&P500 = 5,722.26 (down 0.19 per cent at Wednesday close)

• Nasdaq = 18,082.21 (up 0.043 per cent at Wednesday close)

• CAC40 = 7,565.62 (down 0.5 per cent at Wednesday close)

• £1 = $1.33 / €1.20

• US: Trump / Harris = 47.1 / 49.2 per cent

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The Mighty Detail

Economics: The UK’s growth forecast for 2024 has been upgraded from 0.4 per cent to 1.1 per cent. The OECD’s prediction would make the UK’s GDP growth this year the second-highest in the G7 after the United States.

Business: PwC UK reported growth of 9 per cent in the 2023 financial year. Revenue reached £6.3 billion. Profits fell slightly, however, from £1.3 to £1.14 billion. Profits distributed to UK partners also fell from an average of £906,000 to an average of £862,000.

Markets:  The value of Bitcoin reached a one-month high during trading yesterday. The price of the cryptocurrency increased to over $64,000. The Federal Reserve’s recent cut in interest rates may be a factor as investors seek greater returns elsewhere.

Foreign Affairs: President Putin issued a new threat over nuclear weapons yesterday evening. The Russian president said that he would consider using nuclear weapons if Russia were attacked with conventional weapons or if a nuclear power were to support another country’s attack on Russia.

Security and intelligence: Hezbollah has fired its first ever ballistic missile towards Israel yesterday. The missile was targeting the headquarters of the Israeli intelligence service but was intercepted by Israel’s air defence system. The Iran-back militant group said the missile was launched in support of the “Palestinian people in Gaza” and in “defence of Lebanon.”

Domestic politics: Zombie knives and machetes are now banned. The weapons, which are over 8 inches long, were added to the list of prohibited weapons under the Criminal Justice Act 1988. An amnesty scheme for people wishing to dispose of the weapons ended on Monday.

The Mighty Calendar

What’s happening today?

o   President Biden hosts President Zelenskyy at the White House

o   Sir Keir Starmer gives speech at UN General Assembly General Debate

o   UN Security Council discusses situation in the Middle East

o   Professor Chris Whitty appears at Covid-19 Inquiry

o   Spain retail sales data (August)

o   Italy business and consumer confidence data (September)

o   United States GDP data (Q2 2024)

o   United States unemployment data (weekly)

Lookahead to tomorrow

• Israeli Prime Minister gives speech at UN General Assembly General Debate

• New Scottish Conservative Party leader announced

• Japan’s ruling LDP party chooses new leader to replace Prime Minister

• France CPI inflation data (September)

• Spain CPI inflation data (September)

• Germany unemployment data (September)

• United States personal income and personal spending data (August)

The Mighty Finale

🌤️Weather today

Thunder and rain in London. High of 18oC and low of 10oC. Heavy rain in Belfast. Light rain in Edinburgh.

✏️Life coaching quote of the day

“If you don’t try at anything, you can’t fail… it takes back bone to lead the life you want.” – Richard Yates, writer

Mighty takeaway: Go after your dreams, even if you risk failure, because this life isn’t a practice run. It’s the real one and the only one you’ll have.

That’s all, folks, for today! 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

hello@mightymemo.co.uk

Wednesday, 25 September 2024

The Mighty Headlines

• Economics: China announces stimulus measures

• Business: Europe’s largest paint maker to cut 2,000 jobs

• Markets: Stock markets rise following tech gains

• Foreign Affairs: Argentina and Venezuela diplomatic fall out

• Security and intelligence: US gives $375 million more aid to Ukraine

• Domestic politics: PM gives speech at Labour Party conference

The Mighty Stats

• FTSE = 8,282.76 (up 0.28 per cent at Tuesday close)

• S&P500 = 5,732.93 (up 0.25 per cent at Tuesday close)

• Nasdaq = 18,074.52 (up 0.56 per cent at Tuesday close)

• CAC40 = 7,604.01 (up 1.28 per cent at Tuesday close)

• £1 = $1.34 / €1.20

• US: Trump / Harris = 47.2 / 49.1 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: China has announced new measures to support its slowing economy.‎ The Governor of the People's Bank of China, Pan Gongsheng, said the minimum deposit for a home would be lowered from 25 per cent to 15 per cent. Interest rates on existing mortgages would be cut by half a per cent and the amount banks need to hold in cash reserves would also be cut by half a percentage point, potentially releasing up to 1 trillion yuan (£106 billion) to support lending. 

Business: Europe’s largest paint manufacturer is set to cut 2,000 jobs by the end of next year. AkzoNobel, which owns Dulux, had already announced in May that it was closing factories in the Netherlands, Ireland and Zambia. A post-pandemic decrease in demand may be a factor.

Markets: The S&P 500 reached a new record-high yesterday, helped by a rise in Nvidia’s share price. Chipmaker Nvidia’s stock rose by more than 4 per cent. US-listed stocks of Chinese companies also rose following news of Beijing’s stimulus package yesterday. Alibaba rose by 5 per cent.

Foreign Affairs: An Argentine court has called for the arrest of Venezuelan President, Nicolas Maduro, for alleged crimes against humanity. This comes after Venezuela’s supreme court called for the arrest of Argentinian President, Javier Milei. Tensions between the countries have increased following far-right Milei’s election last year.

Security and intelligence: The United States has pledged a further $375 million in military aid to Ukraine ahead of President Zelensky’s meeting with President Biden tomorrow. Total US security aid to Ukraine since 2022 comes to over $56.2 billion.

Domestic politics: The Prime Minister spoke at Labour Party Conference yesterday. He offered little in new policy but did indicate the Government would give homeless veterans and domestic abuse victims priority for housing. He also said the Government would introduce a new “Hillsborough” law to prevent future state cover-ups.

The Mighty Calendar

What’s happening today?

o   Ukrainian President gives speech at UN General Assembly General Debate

o   Sir Keir Starmer addresses UN Security Council

o   UN Security Council discusses situation in Ukraine

o   Launch of NASA SpaceX Crew-9 mission

o   G20 foreign affairs ministers meet on sidelines of UN General Assembly

o   Japan CPI inflation data (year-on-year)

o   Spain PPI inflation data (year-on-year)

o   United States new home sales data (August)

o   France consumer confidence (September) and jobseekers data (August)

Lookahead to tomorrow

o   President Biden hosts President Zelenskyy at the White House

o   Israeli Prime Minister gives speech at UN General Assembly General Debate

o   UN Security Council discusses situation in the Middle East

o   Professor Chris Whitty appears at Covid-19 Inquiry

o   Spain retail sales data (August)

o   Italy business and consumer confidence data (September)

o   United States GDP data (Q2 2024)

o   United States unemployment data (weekly)

The Mighty Finale

🌤️Weather today

Light rain likely most of the day in London. High of 16oC and low of 12oC. Largely dry and sunny in Belfast and Edinburgh until early evening. Lucky for you!

✏️Life coaching quote of the day

“Do not wait: the time will never be 'just right'. Start where you stand, and work whatever tools you may have at your command and better tools will be found as you go along.” – Napoleon Hill, motivational speaker

Mighty takeaway: Get started on your dreams and goals today. There will never be the perfect time to start. The important part is to get started and then stay committed.

That’s it for today. 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

hello@mightymemo.co.uk

Tuesday, 24 September 2024

The Mighty Headlines

• Economics: French government may increase taxes on high earners

• Business: JCB sales increase but warns of tough economic conditions

• Markets: Coffee prices set to rise amid shortage

• Foreign Affairs: Sri Lanka has new centre-left president

• Security and intelligence: Egypt delivers more arms to Somalia

• Domestic politics: Rachel Reeves rules out some tax increases

The Mighty Stats

• FTSE = 8,259.71 (up 0.36 per cent at Monday close)

• S&P500 = 5,718.57 (up 0.28 per cent at Monday close)

• Nasdaq = 17,974.27 (up 0.14 per cent at Monday close)

• CAC40 = 7,508.08 (up 0.1 per cent at Monday close)

• £1 = $1.33 / €1.20

• US: Trump / Harris = 47.2 / 49.4 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: French Prime Minister, Michel Barnier, has proposed increasing taxes on high earners ahead of a budget due by the 1st October. Barnier called the French government’s financial situation “very serious”. France’s national debt stands at €3.2 trillion or 110 per cent of GDP.

Business: JCB’s turnover rose by 14 per cent last year to £6.5 billion. Profits before tax were £805.8 million. The construction equipment manufacturer warned, however, of a challenging year this year because of a decline in UK housebuilding and a decline in economic activity in Germany.

Markets: The price of coffee is set to rise further. Brazil and Vietnam are the world’s largest coffee producers but Brazil has been hit by droughts this year and Vietnam has been hit by Typhoon Yagi. Output could fall by 20 per cent. The price of Arabica coffee traded on the Intercontinental Exchange has already increased from around $1.80 a year ago to $2.50 today.

Foreign Affairs: Sri Lanka has a new centre-left president, Anura Kumara Dissanayake. Dissanayake has promised to renegotiate an IMF deal which the previous government secured to bail Sri Lanka out of its economic crisis. Austerity measures were imposed after the deal.

Security and intelligence: Egypt has delivered more arms to Somalia after a security pact was agreed in August. Following the August delivery, a second major load of weapons and artillery arrived at the weekend. Both countries mistrust nearby Ethiopia which they accuse of acting against their economic and territorial interests.

Domestic politics: At Labour Party Conference yesterday, the Chancellor of the Exchequer ruled out increases in income tax, national insurance and VAT. Reeves added there would be “no return to austerity” but did not give details about future tax and spending decisions. The Prime Minister is set to give his speech to the Labour Party Conference today.

The Mighty Calendar

What’s happening today?

• Sir Keir Starmer gives speech at Labour Party Conference 2024

• President Biden speaks at UN General Assembly General Debate

• Reserve Bank of Australia interest rate decision

• United States house price data (July)

• South Korea consumer confidence data (September)

Lookahead to tomorrow

• Ukrainian President gives speech at UN General Assembly General Debate

• UN Security Council discusses situation in Ukraine

• G20 foreign affairs ministers meet on sidelines of UN General Assembly

• Japan CPI inflation data (year-on-year)

• Spain PPI inflation data (year-on-year)

• United States new home sales data (August)

• France consumer confidence (September) and jobseekers data (August)

The Mighty Finale

🌤️Weather today

Largely dry in London. High of 18oC and low of 11oC. Mostly sunny in Belfast but rain all day in Edinburgh. Bad luck, Edinburgh!

✏️Life coaching quote of the day

“The only man who never makes mistakes is the man who never does anything.” – Theodore Roosevelt, US President

Mighty takeaway: Taking action and working towards your goals means making mistakes. It’s inevitable. The important things is to keep on persevering. You’ll always find a way through.

That’s it for today’s edition. 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

hello@mightymemo.co.uk

Monday, 23 September 2024

The Mighty Headlines

• Economics: Retail sales rise in the UK in August

• Business: Chipmaker Qualcomm makes bid for Intel takeover

• Markets: Trump Media shares fall to 52-week low

• Foreign Affairs: New government in France

• Security and intelligence: US and Indo-Pacific countries agree tighter security

• Domestic politics: Rachel Reeves speaks at Labour Party Conference today

The Mighty Stats

• FTSE = 8,229.99 (down 1.19 per cent at Friday close)

• S&P500 = 5,702.55 (down 0.19 per cent at Friday close)

• Nasdaq = 17,948.32 (down 0.36 per cent at Friday close)

• CAC40 = 7,500.26 (down 1.51 per cent at Friday close)

• £1 = $1.33 / €1.19

• UK: Con / Lab / Reform = 21 / 33 / 18 per cent

• US: Trump / Harris = 47.4 / 49.3 per cent

 *If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: Retail sales rose by 1 per cent in the UK last month compared with July. This is ahead of the 0.4 per cent of growth forecast. The chief economist of the Office for National Statistics, Grant Fitzner, said “Retail sales rose in August as warmer weather and end-of-season promotions helped to boost sales, most notably for clothing and food shops.”

Business: US chipmaker Qualcomm has approached Intel about a possible takeover. Intel has been struggling in recent months and announced in August that it would be cutting 15,000 jobs. Intel is currently valued at around $93 billion.

Markets: The shares in Donald Trump’s company Trump Media start the week at a 52-week low. The shares are currently worth around $13.55 – down by 65 per cent from their peak in July. Trump Media owns the social media platform Truth Social and investors are waiting to see whether Donald Trump will sell his shares in the company.

Foreign Affairs: A new government has been formed in France, two months after the legislative elections in July. New centre-right Prime Minister, Michel Barnier, unveiled a 39-member Cabinet consisting mainly of politicians from the conservative Les Républicains party and the centrist parties supporting President Macron.

Security and intelligence: At the Quad summit on Saturday, the leaders of the United States, India, Japan and Australia agreed to expand security cooperation in the Indo-Pacific. A particular focus will be on keeping peace in the South China Sea, which is largely claimed by China. The Quad – formally known as Quadrilateral Security Dialogue – is a strategic security group.

Domestic politics: The Chancellor Rachel Reeves will give a speech at Labour Party Conference today. Reeves is expected to talk about the economic inheritance the Government received from the previous Conservative administration and her approach to the public finances.

The Mighty Calendar

What’s happening today?

• Japan public holiday (autumn equinox)

• Rachel Reeves gives speech at Labour Party Conference 2024

• Former Defence Secretary, Ben Wallace, addresses Independent Inquiry on Afghanistan

• UN Summit of the Future begins, New York City

• UK, France, Germany, Eurozone, Japan manufacturing data (September)

• South Korea PPI inflation data (August)

Lookahead to tomorrow

• Sir Keir Starmer gives speech at Labour Party Conference 2024

• President Biden speaks at UN General Assembly General Debate

• Reserve Bank of Australia interest rate decision

• United States house price data (July)

• South Korea consumer confidence data (September)

The Mighty Finale

🌤️Weather today

Light rain throughout the day in London. High of 19oC and low of 13oC. Largely dry in Belfast and Edinburgh.

✏️Life coaching quote of the day

“We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes – understanding that failure is not the opposite of success, it’s part of success.” – Arianna Huffington, co-founder of The Huffington Post

Mighty takeaway: Keep going past the obstacles and failures. You’ll learn so much if you just keep persevering in life.

That’s all for today’s edition. 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

hello@mightymemo.co.uk

Friday, 20 September 2024

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 Kong’s 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)

• £1 = $1.33 / €1.19 / ¥190.42

• US: Trump / Harris = 47.4 / 49.3 per cent

 *If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

*Figures just released from the Office for National Statistics this morning show UK public sector borrowing rose to £13.7 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 – 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 £30 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 Arabia’s 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 “a declaration of war” and Iran’s Revolutionary Guard said that Israel would face a “crushing response”.

Security and intelligence: Two people have been jailed for sedition under Hong Kong’s 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 “Liberate Hong Kong, revolution of our times”.

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

What’s 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

🌤️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.

✏️Life coaching quote of the day

“If you are interested, you'll do what's convenient. If you're committed, you'll do whatever it takes.” – 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.

That’s it for today. We hope you have a great weekend and we’ll see you again on Monday. 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

hello@mightymemo.co.uk

Thursday, 19 September 2024

The Mighty Headlines

• Economics: US interest rates cut to 5 per cent

• Business: EU court cancels €1.5 billion fine on Google

• Markets: US markets fall following interest rate cut

• Foreign Affairs: EU cracks down on Hungary and removes €200 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)

• £1 = $1.32 / €1.19 / ¥188.66

• US: Trump / Harris = 47.4 / 49.4 per cent

 *If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s 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 “this is the new pace” 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 €1.5 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 €200 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 China’s 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 “to take the lead in driving down economic inactivity”.

The Mighty Calendar

What’s 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

🌤️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!

✏️Life coaching quote of the day

“Success leaves clues.” – Tony Robbins, motivational speaker

Mighty takeaway: You don’t 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.

That’s about it for today’s edition. 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

hello@mightymemo.co.uk

Wednesday, 18 September 2024

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 £75 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)

• £1 = $1.32 / €1.19 / ¥186.58

• US: Trump / Harris = 47.3 / 49.3 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s 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 – 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 £569 million. The sandwich shop chain also said that £1 in every £4 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 Reserve’s 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 Russia’s Security Council, visited Iran yesterday. He met Ali Akbar Ahmadian, the head of Iran’s 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 £75 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

What’s 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

🌤️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!

✏️Life coaching quote of the day

“People are always blaming their circumstances for what they are. I don’t 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 can’t find them, make them.” – Earl Nightingale, writer and speaker

Mighty takeaway: Create the life you want. It won’t come to you by accident. You have to make it happen.

That’s it for today. 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

hello@mightymemo.co.uk

Tuesday, 17 September 2024

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)

• £1 = $1.32 / €1.19 / ¥185.73

• US: Trump / Harris = 47.3 / 49.0 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*

The Mighty Detail

Economics: UK property prices increased by 0.8 per cent in September or by around £2,974. This means that the average asking price is now £370,759. 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 – an indicator of demand for a product – 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 Chiefs’ 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

What’s 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

🌤️Weather today

Another sunny and dry day in London. High of 21oC and low of 13oC. Same weather for Belfast and Edinburgh. Beautiful!

✏️Life coaching quote of the day

“We 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.” – Jim Rohn, motivational speaker

Mighty takeaway: Don’t have regrets. A little bit of commitment every day to your project or goals – even just 30 minutes – will pay dividends in the future.

That’s it for today. 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

hello@mightymemo.co.uk

P.S. Forward the Mighty Memo to 10 people, let us know and we’ll send you a Mighty Memo pen!

Monday, 16 September 2024

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)

• £1 = $1.32 / €1.18 / ¥184.07

• UK: Con / Lab / Reform = 25 / 29 / 18 per cent

• US: Trump / Harris = 47.3 / 49.0 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s 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: Algeria’s 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 “self-defence”.

Domestic politics: The Liberal Democrats have called for free school meals to be extended to “every child in poverty”. Speaking at the Party’s conference yesterday, the Liberal Democrat Education spokeswoman, Munira Wilson, said this would extend the scheme to 900,000 more pupils.

The Mighty Calendar

What’s 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

🌤️Weather today

 Summer returns! Dry and sunny all day in London, Belfast and Edinburgh. High of 21oC and low of 9oC.

✏️Life coaching quote of the day

“The 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.” – Brian Tracy, motivational speaker

Mighty takeaway: Don’t impose limits on yourself!

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

hello@mightymemo.co.uk

Friday, 13 September 2024

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)

• £1 = $1.31 / €1.19 / ¥185.32

• US: Trump / Harris = 47.0 / 48.5 per cent

*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s 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 – down to 2.2 per cent in August – 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 Google’s parent company Alphabet, and in Facebook’s 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 “essential lifesaving and life-sustaining activities” 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. Khan’s 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

What’s 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

• Women’s Golf Solheim Cup Final Round, United States

• British Science Festival, Chelmsford

• Heritage Open Day ends, nationwide

The Mighty Finale

🌤️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!

✏️Life coaching quote of the day

“You don't have to be great to start, but you have to start to be great.” – 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.

That’s it for this beautiful Friday. We hope you have a great weekend and we’ll see you again on Monday. 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

hello@mightymemo.co.uk

Thursday, 12 September 2024

The Mighty Headlines

• Economics: Spain’s PM publicly urges EU to drop China tariffs

• Business: Amazon Web Services to invest £8 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 Renters’ 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)

• £1 = $1.31 / €1.18 / ¥186.00

• US: Trump / Harris = 47.3 / 48.4 per cent

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The Mighty Detail

Economics: Spain’s Prime Minister, Pedro Sanchez, has publicly urged the European Union to “reconsider” tariff proposals on Chinese electric vehicles. After speaking with President Xi earlier in the week, Sanchez added yesterday that “we need to build bridges between the European Union and China.”

Business: Amazon Web Services is set to invest £8 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 Jordan’s 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 Renters’ Rights Bill in Parliament yesterday. The Bill will end so-called ‘no-fault’ 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

What’s 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

🌤️Weather today

Dry until mid-afternoon when there’s 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.

✏️Life coaching quote of the day

“Success follows doing what you want to do. There is no other way to be successful.” – Malcolm Forbes, publisher of Forbes Magazine

Mighty takeaway: It’s hard work trying to do well in something you don’t enjoy. If you have a talent for something, enjoy doing it and can be paid to do it, why wouldn’t you pursue it?

That’s all for this morning. See you tomorrow. 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

hello@mightymemo.co.uk

Wednesday, 11 September 2024

The Mighty Headlines

• Economics: Chinese exports grow by over 8 per cent in August

• Business: Apple loses in €13 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)

• £1 = $1.31 / €1.19 / ¥184.96

• 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 €13 billion antitrust case against the European Union. The European Court of Justice ruled yesterday that Apple had been unlawfully granted tax benefits worth €13 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 “likely use them within weeks in Ukraine against Ukrainians.” 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

What’s happening today?

• Anniversary of 9/11 terrorist attacks

• TV debate between Donald Trump and Kamala Harris on ABC (2.00am UK time)

• Prime Minister’s 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

🌤️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.

✏️Life coaching quote of the day

“Everything you want is just outside your comfort zone.” – 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.

That’s all for this Wednesday. Thanks for reading and see you again tomorrow. 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

hello@mightymemo.co.uk

Tuesday, 10 September 2024

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: Spain’s 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)

• £1 = $1.31 / €1.19 / ¥187.83

• US: Trump / Harris = 47.2 / 48.4 per cent

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 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 (£29.2 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 day’s best performers, with chipmaker Nvidia rising 3.5 per cent.

Foreign Affairs: Spain’s 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, Germany’s 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

What’s 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 Minister’s 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

🌤️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.

✏️Life coaching quote of the day

“Happiness is not by chance, but by choice.” – 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.

That’s all for today. 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

hello@mightymemo.co.uk  

Monday, 9 September 2024

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)

• £1 = $1.31 / €1.18 / ¥187.28

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The Mighty Detail

Economics: The eurozone’s 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 £100 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 “dramatic escalation” of Russia and Iran’s 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 Minister’s visits to France and Germany last week which the Government says is part of the “UK’s reset with its key European partners.”

The Mighty Calendar

What’s 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

🌤️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.

✏️Life coaching quote of the day

“If you really want to do something, you'll find a way. If you don't, you'll find an excuse.” – 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.

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

hello@mightymemo.co.uk

Friday, 6 September 2024

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 Steel’s 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)

• £1 = $1.32/ €1.19 / ¥187.70

• UK: Con / Lab / Reform = 26 / 30 / 19 per cent

• US: Trump / Harris = 46.5 / 48.3 per cent

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 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 “China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment.”

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 – whether hybrid or fully electric – account for “90 to 100 per cent of its global sales volume” by 2030. Volvo CEO, Jim Rowan, said “the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption”.

Markets: US Steel shares fell 17 per cent yesterday on news that President Biden is set to block Nippon Steel’s 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 EU’s Chief Brexit Negotiator. Barnier is from the centre-right Les Républicains 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 world’s 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 citizens’ personal data from AI risks.

The Mighty Calendar

What’s 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 Women’s 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 Men’s Final

• Goodwood Revival ends, West Sussex

• Paralympic Games Closing Ceremony

• Belfast International Tattoo Music and Dance Festival ends

The Mighty Finale

🌤️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.

✏️Life coaching quote of the day

“The 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.”

– 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 shouldn’t be a struggle. If it is, you may have set yourself the wrong goal.

That’s it for today. Have a good weekend and we’ll see you again on Monday. 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

hello@mightymemo.co.uk