Your morning
briefing.
Small but
Mighty.
Friday, 25 October 2024
UK Government borrowing costs, Boeing strikes, Canadian migration and more…
The Mighty Headlines
Economics: UK Government’s borrowing costs increase
Business: Striking Boeing workers reject 35 per cent pay rise
Markets: Tesla shares increase by 20 per cent
Foreign Affairs: Canada plans to reduce immigration
Security and intelligence: Russian Duma ratifies treaty with North Korea
Domestic politics: UK PM announces plan to increase Commonwealth trade
The Mighty Stats
FTSE = 8,269.38 (up 0.13 per cent at Thursday close)
S&P500 = 5,809.86 (up 0.21 per cent at Thursday close)
Nasdaq = 18,415.49 (up 0.76 per cent at Thursday close)
CAC40 = 7,503.28 (up 0.077 per cent at Thursday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 47 47.6 Harris +0.6
Pennsylvania 47.9 47.6 Trump +0.3
Wisconsin 47.6 47.8 Harris +0.2
Arizona 48.6 46.7 Trump +1.9
N. Carolina 48.3 47.1 Trump +1.2
Georgia 48.5 47.0 Trump +1.5
Nevada 47.2 47.3 Harris +0.1
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The Mighty Detail
Economics: The UK government’s borrowing costs are increasing on the financial markets after the Chancellor announced that she would change the Government debt rules to borrow more money. Yields – effectively the interest rates – on UK government bonds increased to 4.23 per cent.
Business: Workers on strike at Boeing have rejected a 35 per cent pay rise over four years. Of those who voted, 64 per cent voted against the deal. The strike began on 13 September and will continue. Boeing reported a loss of more than $6 billion in Q3 2024.
Markets: Tesla shares increased by 20 per cent during trading yesterday. This marks the company’s best performance on the stock market since 2013. On Wednesday, the company reported revenue of $25.37 billion – an increase of 8 per cent from the year before.
Foreign Affairs: The Canadian Prime Minister has announced plans to reduce immigration to the country following a rise after the Covid-19 pandemic. Canada’s population rose by 1.3 million between 2023 and 2024, with 97.6 per cent of that growth from immigration. The target for the number of new permanent residents next year will fall from 500,000 to 395,000 – a 21 per cent decrease.
Security and intelligence: The Russian Duma has ratified a treaty with North Korea for mutual military assistance, which was signed by President Putin and King Jong Un in June. Asked at the BRICS summit press conference about the presence of North Korean troops in Russia, President Putin mentioned the treaty and said how the two countries would use it was “our business.”
Domestic politics: During his visit to the Commonwealth Heads of Government Meeting in Samoa, the UK Prime Minister has announced a new UK Trade Centre of Expertise to increase trade with the Commonwealth. The meeting is being dominated, however, by requests for talks on reparations for slavery by Caribbean nations.
The Mighty Calendar
What’s happening today?
England Women’s Football team play Germany Women’s Football team, Wembley
Presidential election on Kiribati (Pacific island nation)
France and Italy consumer confidence data (October 2024)
Spain unemployment data (Q3 2024)
Canada retail sales data (August)
Canada manufacturing sales data (September)
Singapore industrial production data (September)
Company results from: NatWest
Lookahead to the weekend
Saturday
Design and Craft Fair, London
Ghostbusters movie in concert with Royal Philharmonic Orchestra, Royal Albert Hall
Sunday
British Summer Time ends (clocks go back an hour in UK)
General Election in Japan
Mexico Grand Prix
Dublin Marathon
The Mighty Finale
🌤️Weather today
Drizzle in London. High of 18oC and low of 10oC. Light rain in Belfast. Mist in Edinburgh.
✏️Life coaching quote of the day
“You only have control over three things in your life – the thoughts you think, the images you visualise, and the actions you take.” – Jack Canfield, motivational speaker
Mighty takeaway: Change any one of these – your thoughts, the images your visualise or the actions you take and you can change your life.
That’s it for this week and this Friday. We hope you’ve achieved great things this week! We’ll see you again on Monday.
Cheerio!
The Mighty Memo team
Thursday, 24 October 2024
Heathrow airport sees record summer passengers, Tokyo Metro IPO, Russian disinformation against Tim Walz and more…
The Mighty Headlines
Economics: US home sales fall to lowest September level since 2010
Business: Heathrow Airport reports record summer passenger numbers
Markets: Tokyo Metro IPO sees shares increase by 44 per cent
Foreign Affairs: South Korea warns of North Korea troops in Russia
Security and intelligence: US confirms Russian disinformation against Walz
Domestic politics: UK PM warns of Russian threat to global security
The Mighty Stats
FTSE = 8,258.64 (down 0.58 per cent at Wednesday close)
S&P500 = 5,797.42 (down 0.92 per cent at Wednesday close)
Nasdaq = 18,276.65 (down 1.6 per cent at Wednesday close)
CAC40 = 7,497.48 (down 0.5 per cent at Wednesday close)
£1 = $1.29 / €1.20
US swing states: Trump / Harris
Michigan 48 47.4 Trump +0.6
Pennsylvania 47.9 47.1 Trump +0.8
Wisconsin 48.1 48 Trump +0.1
Arizona 49.1 47.3 Trump +1.8
N. Carolina 48 47.6 Trump +0.4
Georgia 48.9 46.4 Trump +2.5
Nevada 47.8 46.9 Trump +0.9
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The Mighty Detail
Economics: In a sign of a potential slowdown in the US housing market, September home sales in the US fell to their lowest level since 2010. Around 3.8 million homes were sold at an annualised rate last month. The median value of a home also increased by 3 per cent in the year to date to $404,500. This represents the 15th annual increase in home prices.
Business: Heathrow Airport received a record 30.7 million passengers this summer. This brings the total number of people visiting the airport in the first nine months of this year to 63.1 million. The airport reported pre-tax profits of £350 million which compares to a £19 million loss at the same time last year.
Markets: The Tokyo Metro went public on the Tokyo Stock Exchange yesterday. The price of its shares increased by 45 per cent during trading. The listing represents Japan's biggest Initial Public Offering in 6 years and has reduced the national and local governments' stake in the company to 50 per cent.
Foreign Affairs: South Korea has warned that it may consider sending weapons to Ukraine in response to North Korea allegedly sending troops to Russia. South Korea is concerned that Russia could give North Korea military equipment in return for its troops. North Korea could then use this equipment against the South.
Security and intelligence: US intelligence has confirmed that a viral disinformation campaign against Democratic Vice-Presidential nominee, Tim Walz, has been linked to Russian disinformation operations. The Office of the Director of National Intelligence also said that Russia was also spreading disinformation to sow divisions ahead of the election and may seek to encourage violence after election day.
Domestic politics: The UK Prime Minister has warned that Russia's threat to global security is accelerating. Sir Keir Starmer spoke following Russian strikes on Ukrainian ports in the Black Sea and on ships in the Black Sea. The strikes are preventing UN World Food Programme deliveries destined for Palestine and southern Africa from being made.
The Mighty Calendar
What’s happening today?
UK Prime Minister visits Samoa for Commonwealth Heads of Government Meeting
G20 Finance Ministers meeting, Washington D.C.
French Government holds International Conference on Lebanon in Paris
Cabinet Office Questions in UK Parliament
UK Housing and Local Government Secretary addresses Local Government Association
UK, France, Germany and Eurozone manufacturing and services growth data (October)
United States employment data (weekly)
Company results from: Barclays, Renault, Unilever, American Airlines, Unicredit, Fujitsu
Lookahead to tomorrow
England Women’s Football team play Germany Women’s Football team, Wembley
Presidential election on Kiribati (Pacific island nation)
France and Italy consumer confidence data (October 2024)
Spain unemployment data (Q3 2024)
Canada retail sales data (August)
Canada manufacturing sales data (September)
Singapore industrial production data (September)
Company results from: NatWest
The Mighty Finale
🌤️Weather today
Sunshine in London today! High of 17oC and low of 11oC. Light rain in Belfast and a mixture of cloud and sun in Edinburgh.
✏️Life coaching quote of the day
“People who ask confidently get more than those who are hesitant and uncertain. When you've figured out what you want to ask for, do it with certainty, boldness and confidence.” – Jack Canfield, motivational speaker
Mighty takeaway: What are you waiting to ask for? Take action to get it!
That’s about it for this Thursday. Enjoy today and make the most out of the day!
Cheerio!
The Mighty Memo team
Wednesday, 23 October 2024
UK growth upgraded, Mulberry rejects takeover bid, Zelensky on NATO membership and more…
The Mighty Headlines
Economics: IMF raises UK’s growth forecast to 1.1 per cent
Business: Mulberry rejects £111 million takeover bid from Frasers Group
Markets: GM shares rise by nearly 10 per cent on revenue news
Foreign Affairs: BRICS summit continues into second day
Security and intelligence: Zelensky says Germany is opposing NATO membership
Domestic politics: UK Government announces £2.2 billion loan for Ukraine
The Mighty Stats
FTSE = 8,306.54 (down 0.14 per cent at Tuesday close)
S&P500 = 5,851.20 (down 0.047 per cent at Tuesday close)
Nasdaq = 18,573.13 (up 0.18 per cent at Tuesday close)
CAC40 = 7,535.10 (down 0.015 per cent at Tuesday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 48.4 47.2 Trump +1.2
Pennsylvania 47.9 47.1 Trump +0.8
Wisconsin 48.3 47.9 Trump +0.4
Arizona 49.1 47.3 Trump +1.8
N. Carolina 48.1 47.8 Trump +0.3
Georgia 48.9 46.4 Trump +2.5
Nevada 47.8 46.9 Trump +0.9
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The Mighty Detail
Economics: The International Monetary Fund has increased the UK’s growth forecast for 2024. It now expects the UK economy to grow by 1.1 per cent this year versus the 0.7 per cent it previously forecast. France is expected to growth at the same rate, while the US’s economy is expected to grow by 2.8 per cent.
Business: British luxury goods manufacturer Mulberry has rejected a takeover bid of £111 million from Frasers Group. Frasers Group, which is owned by Mike Ashley, also owns Sports Direct, House of Fraser, Evans Cycles and Flannels. Mulberry made a pre-tax loss of £34 million in the year to March.
Markets: Shares in US automobile maker General Motors rose by nearly 10 per cent during trading yesterday. This follows news that the company saw revenue of $48.76 billion in Q3 2024 versus the $44.59 billion expected.
Foreign Affairs: The second day of the BRICS summit continues in the Russian city of Kazan today. The group was founded in 2009 by Brazil, Russia, India, China and later South Africa but today includes other countries such as Iran, the UAE, Saudia Arabia, Egypt and Ethiopia. It is often referred to as a counter to the Euro-American, Western-led world. The Kremlin has called it “the largest foreign policy event ever held” by Russia.
Security and intelligence: Ukrainian President Volodymyr Zelensky has said that while some Western allies such as the UK, France and Italy are supportive of NATO membership for his country, Germany is presenting the main opposition. Zelensky said that only support from the United States could change Germany’s position.
Domestic politics: The UK Government has announced a £2.26 billion loan for Ukraine to support its military and for reconstruction. The loan will be repaid using the profits on sanctioned and immobilised Russian assets.
The Mighty Calendar
What’s happening today?
King Charles visits Samoa for Commonwealth Heads of Government Meeting
Prime Minister’s Questions in UK Parliament
Tokyo Metro goes public on the Tokyo Stock Exchange (valued at $4.6 billion)
Bank of Canada interest rate decision
United States home sales data
South Korea GDP data (Q3 2024)
Japan manufacturing and services growth data (October)
Company Results from: Tesla, Boeing, Heathrow, IBM, Lloyds Bank, Deutsche Bank, Reckitt Benckiser, Coca-Cola, Heineken
Lookahead to tomorrow
UK Prime Minister visits Samoa for Commonwealth Heads of Government Meeting
G20 Finance Ministers meeting, Washington D.C.
French Government holds International Conference on Lebanon in Paris
Cabinet Office Questions in UK Parliament
UK Housing and Local Government Secretary addresses Local Government Association
UK, France, Germany and Eurozone manufacturing and services growth data (October)
United States employment data (weekly)
Company results from: Barclays, Renault, Unilever, American Airlines, Unicredit, Fujitsu
The Mighty Finale
🌤️Weather today
Misty in London. High of 17oC and low of 8oC. Cloudy but dry in Belfast. Sunny again in Edinburgh!
✏️Life coaching quote of the day
“No man needs sympathy because he has to work, because he has a burden to carry. Far and away the best prize that life offers is the chance to work hard at work worth doing.” – Theodore Roosevelt, former United States President
Mighty takeaway: Everyone needs to work towards a goal or dream in life. Just make sure that goal is yours rather someone’s goal.
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
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Tuesday, 21 October 2024
China cuts interest rates, Moldova votes for EU accession, UK health service consultation and more…
The Mighty Headlines
Economics: China cuts interest rates to boost growth
Business: Volkswagen fined £5.4 million for mistreating customers
Markets: Gold reaches new record high
Foreign Affairs: Moldova votes for EU accession
Security and intelligence: India and China make deal on Himalayan border
Domestic politics: UK Government publishes consultation on future of the NHS
The Mighty Stats
FTSE = 8,318.24 (down 0.48 per cent at Monday close)
S&P 500 = 5,853.98 (down 0.18 per cent at Monday close)
Nasdaq = 18,540.01 (up 0.27 per cent at Monday close)
CAC40 = 7,536.23 (down 1.01 per cent at Monday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 48.8 47.6 Trump +1.2
Pennsylvania 47.9 47.1 Trump +0.8
Wisconsin 48 47.8 Trump +0.2
Arizona 49 47.4 Trump +1.6
N. Carolina 48.4 47.9 Trump +0.5
Georgia 48.8 47 Trump +1.8
Nevada 47.7 46.9 Trump +0.8
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The Mighty Detail
Economics: China’s central bank has cut interest rates in a bid to increase economic growth. The People’s Bank of China cut the one-year loan prime rate – important for businesses and consumers – from 3.35 per cent to 3.1 per cent. The five-year loan prime rate – important for mortgages – has been cut from 3.85 per cent to 3.6 per cent.
Business: Volkswagen has been fined £5.4 million for mistreating borrowers between 2017 and 2023 who were in financial difficulty. The car maker will also be required to pay £21.5 million in compensation to around 110,000 customers who took out finance to pay for vehicles.
Markets: The price of gold hit a new record high during trading yesterday to £2,097.67 per ounce. The metal has increased in value by nearly 40 per cent in 12 months and by 83 per cent in the last five years.
Foreign Affairs: Moldova has narrowly voted in favour of EU accession. Of those who voted on Sunday, 50.4 per cent voted to accede to the EU although there are concerns of Russian interference. The Presidential election was held at the same time and pro-EU incumbent Maia Sandu won 42 per cent of the vote. 50 per cent is needed to win outright and a runoff will be held on the 3 November.
Security and intelligence: India and China have reached an agreement on military patrols along their disputed Himalayan border. Clashes between the Indian and Chinese military at the border in July 2020 killed at least 20 Indian soldiers and 4 Chinese soldiers.
Domestic politics: The UK Government has launched a consultation into the future of the NHS. The Government says that responses will help to shape its future policy on healthcare with a focus on three items: shifting care from hospitals to the community, shifting care from sickness to prevention, and shifting healthcare administration from analogue to digital.
The Mighty Calendar
What’s happening today?
Russia hosts 16th annual BRICS Summit (Brazil, Russia, India, China, South Africa)
IMF publishes World Economic Outlook report
Foreign Office Questions in UK Parliament
Japan CPI inflation data (annual figures)
UK government borrowing data (September)
UK, Italy, Germany, France car registration data (September)
Bank of England Governor speaks at Bloomberg Global Regulation Forum, New York
Company results from: Verizon, 3M Company, InterContinental Hotels, Lockheed Martin, L’Oreal, General Motors
Lookahead to tomorrow
King Charles visits Samoa for Commonwealth Heads of Government Meeting
Prime Minister’s Questions in UK Parliament
Tokyo Metro goes public on the Tokyo Stock Exchange (valued at $4.6 billion)
Bank of Canada interest rate decision
United States home sales data
South Korea GDP data (Q3 2024)
Japan manufacturing and services growth data (October)
Company Results from: Tesla, Boeing, Heathrow, IBM, Lloyds Bank, Deutsche Bank, Reckitt Benckiser, Coca-Cola, Heineken
The Mighty Finale
🌤️Weather today
Dry and a bit cloudy in London. High of 17oC and low of 8oC. Same weather in Belfast but sunshine in Edinburgh. Lucky Edinburgh!
✏️Life coaching quote of the day
“Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough.” – Oprah Winfrey
Mighty takeaway: Happiness is having what you already have. It’s difficult but it’s true.
That’s about it for this Tuesday. We hope you enjoy today and we’ll see you again tomorrow.
Cheerio!
The Mighty Memo team
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Monday, 21 October 2024
US budget deficit, Boeing workers deal, Indonesia’s new President and more…
The Mighty Headlines
· Economics: US budget deficit reaches $1.8 trillion
· Business: Boeing reaches tentative 35 per cent pay rise for striking workers
· Markets: Netflix share price increases by 11 per cent on sales results
· Foreign Affairs: Ex-army general sworn in as Indonesia’s new President
· Security and intelligence: US warns Israel over operations in Lebanon
· Domestic politics: UK Foreign Secretary visits China, Indonesia and South Korea
The Mighty Stats
· FTSE = 8,358.25 (down 0.32 per cent at Friday close)
· S&P 500 = 5,864.67 (up 0.40 per cent at Friday close)
· Nasdaq = 18,489.55 (up 0.63 per cent at Friday close)
· CAC40 = 7,613.05 (up 0.39 per cent at Friday close)
· £1 = $1.30 / €1.20
· UK: Con / Lab / Reform = 25 / 28 / 20 per cent
· US swing states: Trump / Harris
· Michigan 48.8 47.6 Trump +1.2
· Pennsylvania 48.1 47.4 Trump +0.7
· Wisconsin 48 47.8 Trump +0.2
· Arizona 49 47.4 Trump +1.6
· North Carolina 48.4 47.9 Trump +0.5
· Georgia 48.8 47 Trump +1.8
· Nevada 47.7 46.9 Trump +0.8
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The Mighty Detail
Economics: The United States budget deficit stands at $1.8 trillion, an increase of 8 per cent from the previous year. United States Government debt has increased to $35.7 trillion and interest payments stand at $1.16 trillion. The IMF meeting this week will focus on countries’ increasing debt levels and the threat these pose to economic stability.
Business: Boeing is moving closer towards resolving an ongoing strike by its workers after the union said on Saturday it would present a 35 per cent wage increase to its workers on Wednesday. Boeing is the US’s largest exporter and contributes an estimated $79 billion to the US economy. The strikes began on the 13 September.
Markets: Shares in Netflix rose by 11 per cent by end of trading of Friday and by 42 per cent year to date. The streaming company’s revenue rose by 15 per cent over the year to $9.8 billion – exceeding expectations. Netflix added 5 million subscribers in Q3 2024.
Foreign Affairs: Prabowo Subianto was sworn in as Indonesia’s president yesterday. Subianto, 73, is a former military general and defence minister. He stood on a platform of continuity, taking over from the popular former President Jao Widodo. Indonesia, with a population of 282 million is the world’s most populous Muslim-majority country.
Security and intelligence: The United States Defence Secretary, Lloyd Austin, has said that Israel should scale back its operations in Lebanon. Austin said the number of civilian casualties was “far too high”. Last week, Austin and Secretary of State Anthony Blinken, told Israel to improve the humanitarian situation in Gaza or face restrictions on US military aid.
Domestic politics: The UK Foreign Secretary, David Lammy, visited Indonesia on Sunday before travelling to South Korea. On Friday, Lammy visited China where he said that “more diplomacy” was needed with China “not less”.
The Mighty Calendar
What’s happening today?
Commonwealth Heads of Government Meeting begins, Samoa
UK Foreign Secretary visits South Korea
IMF and World Bank annual meetings begin, Washington D.C. (ends Saturday)
Home Office Questions in UK Parliament
Employment Rights Bill introduced to UK Parliament (Second Reading)
Germany and South Korea PPI inflation data (September)
UK house price data (October)
New Zealand trade data (September)
Lookahead to tomorrow
Russia hosts 16th annual BRICS Summit (Brazil, Russia, India, China, South Africa)
IMF publishes World Economic Outlook report
Foreign Office Questions in UK Parliament
Japan CPI inflation data (annual figures)
UK government borrowing data (September)
UK, Italy, Germany, France car registration data (September)
Bank of England Governor speaks at Bloomberg Global Regulation Forum, New York
Company results from: Verizon, 3M Company, InterContinental Hotels, Lockheed Martin, L’Oreal, General Motors
The Mighty Finale
🌤️Weather today
Dry all day in London. High of 15oC and low of 7oC. Patchy rain in Belfast and Edinburgh.
✏️Life coaching quote of the day
“The most important single factor that guarantees good results, day in, day out, all the months and years of our lives, is a healthy attitude…Our attitude tells the world what we expect in return. If it’s a cheerful, expectant attitude, it says to everyone with whom we come in contact that we expect the best in our dealings with our world. You see, we tend to live up to our expectations. And others give to us, as far as their attitudes are concerned, what we expect.” – Earl Nightingale, motivational speaker
Mighty takeaway: We’ve included an extra-long life coaching quote today but we think you’ll agree it’s worth the extra detail. Your attitude in life really is the key to your happiness and success.
That’s it for this Monday. Thank you for reading today and we hope you have a happy and successful week.
Cheerio!
The Mighty Memo team
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Friday, 18 October 2024
ECB cuts interest rates, chipmaker profits, US stealth bombers and more…
TO: Mighty Memo Readers
FROM: Mighty Memo Editorial Department
SUBJECT: Additional Polling Information
You will see that we have included seven US states in the polling section of today’s Mighty Memo. These are the key swing states that could decide the US presidential election. The other 43 states roughly vote the same way in each election. We hope this information will help you to better understand the presidential race. If you have any feedback on this or any other part of the Mighty Memo, please contact us at hello@mightymemo.co.uk.
The Mighty Headlines
Economics: ECB cuts interest rates to 3.25 per cent
Business: Amazon invests in nuclear energy following Google and Microsoft
Markets: World’s largest chipmaker posts record sales of over $10 billion
Foreign Affairs: EU leaders to consider “new ways” to deal with migration
Security and intelligence: US uses B-2 stealth bombers against Houthis in Yemen
Domestic politics: Badenoch wins snap poll following TV debate with Jenrick
The Mighty Stats
FTSE = 8,385.13 (up 0.67 per cent at Thursday close)
S&P500 = 5,841.47 (down 0.017 per cent at Thursday close)
Nasdaq = 18,373.61 (up 0.036 per cent at Thursday close)
CAC40 = 7,583.73 (up 1.22 per cent at Thursday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 48.3 47.4 Trump +0.9
Pennsylvania 47.9 47.4 Trump +0.5
Wisconsin 47.9 47.8 Trump +0.1
Arizona 48.4 47.3 Trump +1.1
North Carolina 48.5 47.5 Trump +1.0
Georgia 48.7 47.8 Trump +0.9
Nevada 47.7 47.2 Trump +0.5
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The Mighty Detail
Economics: The European Central Bank (ECB) has cut interest rates from 3.5 per cent to 3.25 per cent. President of the ECB Christine Lagarde, cited a fall inflation and weakening business and consumer activity as factors in the decision.
Business: Amazon has announced that it is investing in nuclear energy to power its data centres. The investment in US nuclear company X-energy comes after Google and Microsoft announced similar investments in nuclear energy. The size of Amazon’s investment has not been made public.
Markets: The world’s largest contract chipmaker, TSMC, reported record sales of $10.1 billion between July and September. Its share price rose by more than 11 per cent on the news. The sales figures are a 54 per cent increase from the same period last year and are driven by demand from AI. As a contract chipmaker, TSMC manufactures chips designed by other companies.
Foreign Affairs: EU leaders agreed to consider “new ways to prevent and counter” irregular migration at the European Council summit yesterday. This effectively gives political approval to consider transferring rejected asylum applicants to locations outside of the EU.
Security and intelligence: The United States sent B-2 stealth bombers to hit the Houthi’s underground bunkers in Yemen yesterday. The Houthis, an Islamist paramilitary organisation backed by Iran, have been attacking shipping in the Red Sea since the outbreak of the Israel-Gaza conflict. US Defence Secretary, Lloyd Austin, said the strikes were “a unique demonstration of the United States’ ability to target facilities that our adversaries seek to keep out of reach”.
Domestic politics: The two contenders for the leadership of the Conservative Party, Robert Jenrick and Kemi Badenoch, participated in a televised debate yesterday evening. Following questions on prisons, the NHS and the ECHR among others, a poll of audience members indicated greater support for Badenoch than Jenrick.
The Mighty Calendar
What’s happening today?
The King and Queen begin a tour of Australia
NATO Defence Ministers meet in Brussels ends
European Council Meeting ends
UK retail sales data (September)
United States housing data (September)
Lookahead to the weekend
Saturday
G7 Defence Ministers meeting, Naples (end Sunday)
QIPCO Horse Racing Champions Day
NASA space telescope lecture, Royal Institution, London
Sunday
United States Grand Prix
NFL London Edition: Jacksonville Jaguars vs. New England Patriots
Amsterdam Marathon
The Mighty Finale
🌤️Weather today
Fog in London (like a Victorian novel!). High of 17oC and low of 13oC. Heavy rain in Belfast. Sunny in Edinburgh.
✏️Life coaching quote of the day
“Every time you are tempted to react in the same old way, ask if you want to be a prisoner of the past or a pioneer of the future.” – Deepak Chopra, spiritual writer
Mighty takeaway: Changing your future requires you to change your habits and actions today.
That’s it for this week. We hope you have a good weekend and see you 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
Thursday, 17 October 2024
UK house prices rise, US warns of North Korea, IMF speaks on UK debt and more…
The Mighty Headlines
Economics: UK house prices rise by 2.8 per cent
Business: BMW says that ban on petrol cars by 2035 “no longer realistic”
Markets: Morgan Stanley shares reach record high
Foreign Affairs: European Council meeting begins with migration high on the agenda
Security and intelligence: US warns of North Korea’s military support for Russia
Domestic politics: IMF warning on the UK’s national debt ahead of UK Budget
The Mighty Stats
FTSE = 8,329.07 (up 0.97 per cent at Wednesday close)
S&P500 = 5,842.47 (up 0.47 per cent at Wednesday close)
Nasdaq = 18,367.08 (up 0.28 per cent at Wednesday close)
CAC40 = 7,492.00 (down 0.4 per cent at Wednesday close)
£1 = $1.30 / €1.20
US: Trump / Harris = 47.5 / 49.2 per cent
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The Mighty Detail
Economics: UK house prices rose by 2.8 per cent in the 12 months to August. The average house price in the UK now stands at £293,000. This comes as inflation fell from 2.2 per cent in August to 1.7 per cent in September – a fall which may encourage the Bank of England to cut interest rates further.
Business: The Chairman of BMW, Oliver Zipse, has said that European regulators should reconsider the 2035 ban on petrol and diesel vehicles. Zipse said that the ban was “no longer realistic” and that continuing with it would risk manufacturers relying on Chinese batteries. European manufacturers are behind China in developing affordable electric cars.
Markets: Shares in US bank Morgan Stanley rose by 7.6 per cent during morning trading yesterday and the bank’s stock reached a record high of $120.80. This came as Morgan Stanley’s profits exceeded expectations at $1.88 per share. Morgan Stanley’s investment banking revenue rose by 56 per cent in Q3 2024.
Foreign Affairs: The European Council summit of EU heads of state and government begins today. The issues of Ukraine, the Middle East, EU competitiveness and migration are on the agenda. Migration is likely to dominate discussions, however, particularly on outsourcing asylum procedures and making deportations quicker.
Security and intelligence: The United States Deputy Secretary of State, Kurt Campbell, is warning that North Korea’s increasing military support for Russia and its war on Ukraine was “creating further instability in Europe.” Ukrainian President, Volodymyr Zelensky, has previously said that North Korea was sending troops to fight against Ukraine.
Domestic politics: The International Monetary Fund has said that debt risks in the UK are “elevated” and that the lack of a credible plan to deal with the national debt could “trigger adverse market reactions”. This comes ahead of the UK Budget on the 30th October in which the Chancellor is widely expected to raise taxes.
The Mighty Calendar
What’s happening today?
NATO Defence Ministers meet in Brussels (ends Friday)
European Central Bank interest rate decision
European Council Meeting (ends Friday)
Culture, Media and Sport Questions in the UK Parliament
Robert Jenrick and Kemi Badenoch participate in GB News television debate
Eurozone and Japan CPI inflation data (September)
United States unemployment data (weekly)
United States and China retail sales data (September)
United States and China industrial production data (September)
China GDP data (Q3 2024)
Lookahead to tomorrow
The King and Queen begin a tour of Australia
NATO Defence Ministers meet in Brussels ends
European Council Meeting ends
UK retail sales data (September)
United States housing data (September)
The Mighty Finale
🌤️Weather today
Sunny and dry in London. High of 18oC and low of 8oC. Rain in Belfast from mid-morning onwards. Sunny and dry in Edinburgh.
✏️Life coaching quote of the day
“Your actions reveal how badly you want something. If you keep saying something is a priority but you never act on it, then you don’t really want it. It’s time to have an honest conversation with yourself. Your actions reveal your true motivations.” – James Clear, writer
Mighty takeaway: If you never take action on your dreams, do you really want that dream to become a reality?
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
Wednesday, 16 October 2024
Donald Trump on tariffs, LVMH sales fall, Sweden shootings stats and more…
The Mighty Headlines
Economics: Donald Trump says tariffs will help the US economy
Business: LVMH sales fall in Q3 2024
Markets: Shares in chipmakers ASML and Nvidia fall
Foreign Affairs: Fatal shootings in Sweden double in a year
Security and intelligence: Hezbollah calls for action against Israel and a ceasefire
Domestic politics: Hereditary Peers Bill introduced in the UK House of Commons
The Mighty Stats
FTSE = 8,249.28 (down 0.52 per cent at Tuesday close)
S&P500 = 5,815.26 (down 0.76 per cent at Tuesday close)
Nasdaq = 18,315.59 (down 1.01 per cent at Tuesday close)
CAC40 = 7,521.97 (down 1.05 per cent at Tuesday close)
£1 = $1.31 / €1.20
US: Trump / Harris = 47.6 / 48.9 per cent
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The Mighty Detail
Economics: In a wide-ranging interview yesterday evening, Donald Trump defended his policy on tariffs saying they would protect companies in the United States from competition. He also said that tariffs would raise money for the Government and incentivise foreign companies to open factories in the United States. Last week, Donald Trump suggested he could impose tariffs of over 200 per cent on Mexican vehicle imports.
Business: Luxury fashion retailer, LVMH, saw revenues drop by 3 per cent in Q3 2024. It posted sales of €19.1 billion. Revenue growth of 1 per cent had been expected. The fashion and leather goods division, which makes up nearly half of LVMH’s revenue, saw sales fall by 5 per cent.
Markets: Shares in semiconductor equipment manufacturer, ASML, fell by 15.6 per cent yesterday following a poor set of company results. Net orders for the Dutch company in Q3 2024 came in at €2.6 billion – far below the €5.6 billion that had been estimated. Shares in chipmakers Nvidia and Broadcom fell by 4 per cent on the news.
Foreign Affairs: Fatal shootings in Sweden have more than doubled in a year, with an average of one shooting every day for every 10 million residents. The shootings are linked to a rise in gang-related violence in the country.
Security and intelligence: The Deputy Chief of Hezbollah, Naim Qassem, has said that the group aims to inflict pain on Israel and that it has a right to attack anywhere in Israel. Qassem also added that “the solution is a ceasefire”. Separately, the Israeli Government said that it would listen to the United States in conducting its military campaigns but that it would make “final decisions based on our national interests.”
Domestic politics: The House of Lords (Hereditary Peers) Bill had its Second Reading in the House of Commons yesterday. The Bill will remove the right of the 92 remaining hereditary peers to sit and vote in the House of Lords. The Government says it is a “long-overdue reform.”
The Mighty Calendar
What’s happening today?
EU-Gulf Cooperation Council summit, Brussels
Hong Kong Chief Executive delivers annual Policy Address
Prime Minister’s Questions in UK Parliament
Assisted Dying Bill introduced to the UK Parliament
UK CPI, RPI and PPI inflation data (September)
Canada housing starts data (September)
United States trade data (September)
Japan trade data (September)
Lookahead to tomorrow
NATO Defence Ministers meet in Brussels (ends Friday)
European Central Bank interest rate decision
European Council Meeting (ends Friday)
Robert Jenrick and Kemi Badenoch participate in GB News television debate
Eurozone and Japan CPI inflation data (September)
United States unemployment data (weekly)
United States and China retail sales data (September)
United States and China industrial production data (September)
China GDP data (Q3 2024)
The Mighty Finale
🌤️Weather today
Sunny and largely dry in London. High of 21oC and low of 15oC. Light rain in Belfast. Heavy rain in Edinburgh.
✏️Life coaching quote of the day
“Let others lead small lives, but not you…let others argue over small things, but not you…let others cry over small hurts, but not you…let others leave their future in someone else’s hands but not you.” – Jim Rohn, motivational speaker
Mighty takeaway: Live your life in your own way and live a life that has meaning for you.
That’s about it for this Wednesday. 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
Tuesday, 15 October 2024
China's exports slow, Google's nuclear power deal, Poland suspends asylum and more...
The Mighty Headlines
Economics: China’s export growth slows down
Business: Google signs deal with nuclear power company
Markets: S&P 500 reaches record high
Foreign Affairs: Poland suspends right to asylum
Security and intelligence: China performs military exercises around Taiwan
Domestic politics: UK PM downplays capital gains tax increases
The Mighty Stats
FTSE = 8,292.66 (up 0.47 per cent at Monday close)
S&P500 = 5,859.85 (up 0.77 per cent at Monday close)
Nasdaq = 18,502.69 (up 0.87 per cent at Monday close)
CAC40 = 7,602.06 (up 0.32 per cent at Monday close)
£1 = $1.31 / €1.20
UK: Con / Lab / Reform = 24 / 29 / 19 per cent
US: Trump / Harris = 47.2 / 48.9 per cent
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The Mighty Detail
Economics: China’s exports rose by 2.4 per cent in September, significantly lower than the 8.7 per cent increase in August. Exports were expected to increase by around 6 per cent last month. US and EU tariffs may be having a role in depressing China’s exports.
Business: Google has signed a deal with a nuclear power company to satisfy the energy demands of its data centres and artificial intelligence programmes. The deal will see Google buy energy from small modular reactors produced by Kairos. The reactors will go live in 2035.
Markets: The S&P 500 reached a new record high during trading yesterday. Monday also marked two years of a bull market for the index – where stock prices increase in value over a prolonged period of time. The stock index has risen by 23 per cent this year and by 63 per cent since October 2022.
Foreign Affairs: The Polish Government is temporarily suspending the right of people to claim asylum in the country. The number of people coming to Poland from the Middle East and Africa has increased markedly since 2021. The Polish Government claims that Belarus and Russia are organising a mass migration to Poland to destabilise the EU. The European Commission has rebuked the Polish Government over its decision.
Security and intelligence: China deployed 125 aircraft as well as aircraft carriers and ships in a military exercise around Taiwan on Monday. China’s Taiwan Affairs Office said “This is a resolute punishment for [the President of Taiwan] Lai Ching-te’s continuous fabrication of ’Taiwan independence’ nonsense.” President Lai Ching-te spoke last week of Taiwan’s independence from China.
Domestic politics: The Prime Minister has said speculation that capital gains tax could be increased to 39 per cent at the Budget were “wide of the mark”. Sir Keir Starmer was speaking after the Government’s International Investment Summit at which the Chancellor, Rachel Reeves, launched a new £27.8 billion National Wealth Fund to deliver “impactful investments” in the UK.
The Mighty Calendar
What’s happening today?
Pakistan hosts the Shanghai Cooperation Organisation Summit
Health Questions in UK Parliament
UK Hereditary Peers Bill introduced to the UK Parliament
UK unemployment data (August)
Canada, France and Spain CPI inflation data (September)
Eurozone industrial production data (August)
India trade data (September)
Lookahead to tomorrow
EU-Gulf Cooperation Council summit, Brussels
Hong Kong Chief Executive delivers annual Policy Address
Prime Minister’s Questions in UK Parliament
Assisted Dying Bill introduced to the UK Parliament
UK CPI, RPI and PPI inflation data (September)
Canada housing starts data (September)
United States trade data (September)
Japan trade data (September)
The Mighty Finale
🌤️Weather today
Light cloud but dry in London. High of 18oC and low of 14oC. Light rain in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“A quitter never wins and a winner never quits.” – Napoleon Hill, motivational speaker and writer
Mighty takeaway: Don’t give up on your dreams and goals. Keep on persisting and eventually you’ll arrive at your destination.
That’s about it for this Tuesday. Thank you 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
Monday, 14 October 2024
China stimulus measures, Boeing potential downgrade, US defence system to Israel and more...
The Mighty Headlines
Economics: China announces further economic stimulus measures
Business: Boeing’s credit rating may be downgraded because of strikes
Markets: Traders look to earnings this week for information on consumer spending
Foreign Affairs: Taiwan reports Chinese aircraft carriers nearby
Security and intelligence: US to send advanced missile defence system to Israel
Domestic politics: UK Investment Summit taking place today
The Mighty Stats
FTSE = 8,253.65 (up 0.19 per cent at Friday close)
S&P500 = 5,815.03 (up 0.61 per cent at Friday close)
Nasdaq = 18,342.94 (up 0.33 per cent at Friday close)
CAC40 = 7,577.89 (up 0.48 per cent at Friday close)
£1 = $1.31 / €1.19
UK: Con / Lab / Reform = 27 / 27 / 21 per cent
US: Trump / Harris = 47.2 / 48.9 per cent
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The Mighty Detail
Economics: On Saturday, the Chinese Finance Minister Lan Foan announced further stimulus measures to reverse the country’s falling economic growth. Without providing specific figures, the Government said that it would provide capital to state-owned banks, provide further support to local government, offer subsidies to people on low incomes and support the property market.
Business: Aircraft manufacturer Boeing faces a credit rating downgrade after battling with striking workers over the past month. The strike involves 13,000 people and began on the 13th September. A 25 per cent pay rise was rejected by union members last month and a 30 per cent pay rise was rejected last week. Boeing could be losing $100 million a day in revenue and Standard and Poor’s now says it might downgrade the company because of the lost cash.
Markets: Investors are looking ahead to the earnings of major companies which will be published this week. Earnings from American Express, Netflix, Procter & Gamble and United Airlines as well as retail sales data on Thursday are expected to give an indication of the state of consumer spending in the United States.
Foreign Affairs: Taiwan’s defence ministry said yesterday that a Chinese aircraft carrier group was sailing south of the island. The Chinese Army’s Eastern Theatre Command, which covers Taiwan, also published a video online saying that it was “fully prepared” and “biding one’s time before battle”. Taiwan’s President made a series of remarks last week about his country’s independence from China which are likely to have antagonised China.
Security and intelligence: The United States Government announced yesterday that it would send an advanced missile defence system and associated troops to Israel to support Israeli air defences against Iranian attack. Reacting to the news, the Iranian Foreign Minister said that there were “no red lines in defending our people and interests”.
Domestic politics: The UK Government is holding an International Investment Summit today. It says the Summit will bring business leaders “from around the globe” to boost investment and growth. Ahead of the Summit, the Government launched an Industrial Strategy and confirmed that the CEO of Microsoft UK, Clare Barclay, would chair a new Industrial Strategy Council.
The Mighty Calendar
What’s happening today?
Canada Thanksgiving public holiday
Japan National Sport Day public holiday
Defence Questions in UK Parliament
Terrorism Bill (Second Reading) in UK Parliament
UK Inquiry into the Novichok Poisoning of Dawn Sturgess begins
UK Foreign Secretary meets EU Foreign Ministers in Luxembourg
United States budget data (September)
India CPI inflation data (September)
South Korea trade data (September)
Lookahead to tomorrow
Pakistan hosts the Shanghai Cooperation Organisation Summit
Health Questions in UK Parliament
UK Hereditary Peers Bill introduced to the UK Parliament
UK unemployment data (August)
Canada, France and Spain CPI inflation data (September)
Eurozone industrial production data (August)
India trade data (September)
The Mighty Finale
🌤️Weather today
Dry from mid-afternoon in London. High of 13oC and low of 9oC. Dry all day and mostly sunny in Belfast. Dry and sunny in Edinburgh.
✏️Life coaching quote of the day
“Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minute should be enjoyed and savoured.” – Earl Nightingale, motivational speaker
Mighty takeaway: Enjoy today – you’ll never get it back.
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
Friday, 11 October 2024
US inflation falls, GSK shares climb, Taiwan's President remarks on China and more...
The Mighty Headlines
Economics: US inflation falls to 2.4 per cent
Business: Harvest in the UK set to be the second worst on record
Markets: GSK shares climb on drug lawsuit payout
Foreign Affairs: Taiwan President says China has “no right to represent Taiwan”
Security and intelligence: Israel’s Security Cabinet discusses Iran response
Domestic politics: New Employment Rights Bill won’t be law until 2026
The Mighty Stats
FTSE = 8,237.73 (down 0.073 per cent at Thursday close)
S&P500 = 5,780.05 (down 0.21 per cent at Thursday close)
Nasdaq = 18,282.05 (down 0.052 per cent at Thursday close)
CAC40 = 7,541.59 (down 0.24 per cent at Thursday close)
£1 = $1.31 / €1.19
US: Trump / Harris = 47.1 / 49.1 per cent
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The Mighty Detail
Economics: The rate of inflation in the United States stood at 2.4 per cent in the year to September. This is down slightly on the 2.5 per cent rate in the year to August. On a monthly basis, inflation increased by 0.2 per cent in September, driven by rising food and housing costs.
Business: The harvest in the UK this year is set to be the second worst on record. Heavy rain and cold weather between autumn 2023 and summer 2024 mean that the wheat harvest is down by 21 per cent. Farmers could lose around £600 million on wheat, barley, oats and oilseed rape.
Markets: Shares in pharmaceutical company GSK climbed by over 3 per cent during trading yesterday. This comes after it agreed to pay $2.2 billion to settle legal claims that its heartburn drug, Zantac, caused cancer. Around 80,000 claimants are involved in the lawsuit which GSK has settled without admitting wrongdoing. Zantac was first approved for sale in the US in 1983 and was discontinued in 2020.
Foreign Affairs: In a speech marking Taiwan’s national day, President Lai Ching-te has said that China has “no right to represent Taiwan”. He added, however, that Taiwan would be willing to work with China on issues such as climate change, health and regional security. Anticipating that the remarks could antagonise China, the US Government said that China should not use the speech as a pretext for military activity against Taiwan.
Security and intelligence: Israel’s Security Cabinet met yesterday evening to discuss the country’s response to Iran’s military strike. It was expected to authorise the Prime Minister and Defence Secretary to initiate a response at their discretion. Israeli Defence Minister, Yoav Gallant, previously warned that Israel’s response would be “lethal, precise and above all surprising”.
Domestic politics: The UK Government introduced its Employment Rights Bill in Parliament yesterday but it is unlikely to become law before 2026 because of extensive scrutiny from business leaders and lawmakers. The Bill includes enhanced sick pay, extends paternity pay and protection from unfair dismissal and bans “exploitative” zero hours contracts.
The Mighty Calendar
What’s happening today?
Hong Kong public holiday
Yom Kippur (holiest day in the Jewish calendar)
Nobel Peace Prize winner announced
UK construction data (August)
UK GDP data (August)
UK trade data (August)
UK industrial production data (August)
United States PPI inflation data (September)
Canada employment data (September)
Lookahead to the weekend
Saturday
100th day anniversary of Labour Government in the UK
America’s Cup Match begins, Barcelona
Sunday
o World Health Summit begins in Berlin
o NFL London Edition: Jacksonville Jaguars vs. Chicago Bears
o ICC Women’s T20 Cricket World Cup: England vs. Scotland
The Mighty Finale
🌤️Weather today
Sunny and dry in London. High of 14oC and low of 10oC. Clear skies in Belfast before turning cloudy in the early evening. Rain in Edinburgh.
✏️Life coaching quote of the day
“Most of us spend too much time on what is urgent and not enough time on what is important.” – Stephen Covey, writer
Mighty takeaway: What are you prioritising that you shouldn’t be and what do you want to prioritise instead? Make a decision to prioritise what is truly important to you.
That’s it for today and for this week. 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
Thursday, 10 October 2024
Germany recession risk, Hungary's security risk, X allowed back in Brazil and more...
The Mighty Headlines
Economics: Germany heading for second year of economic recession
Business: X operating again in Brazil
Markets: US stocks rise on higher tech valuations
Foreign Affairs: EU marks Hungary out as a “risk” to EU security
Security and intelligence: North Korea blocks roads and railways to South Korea
Domestic politics: Badenoch and Jenrick reach final Conservative leadership vote
The Mighty Stats
FTSE = 8,243.74 (up 0.65 per cent at Wednesday close)
S&P500 = 5,792.04 (up 0.71 per cent at Wednesday close)
Nasdaq = 18,291.62 (up 0.6 per cent at Wednesday close)
CAC40 = 7,560.09 (up 0.52 per cent at Wednesday close)
£1 = $1.31 / €1.19
US: Trump / Harris = 47.2 / 49.2 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: Germany is likely to suffer from a second successive year of economic contraction in 2024. Germany’s Economy Minister, Robert Habeck, said yesterday that the country’s economy is likely to decrease by 0.2 per cent this year. Growth of 0.3 per cent had been expected. In 2023, the German economy shrank by 0.3 per cent.
Business: X is operating again in Brazil after being banned from the country by a Supreme Court Justice earlier this year. Justice Alexandre de Moraes banned X in August after it refused to remove certain user accounts and pay outstanding fines. X has now complied with de Morae’s requests.
Markets: US stock markets rose again yesterday, driven by the rising valuations of tech companies. Amazon and Apple each rose by 1 per cent and the S&P 500 reached a new high during trading.
Foreign Affairs: The European Commission President, Ursula von der Leyen, has said that Hungary’s close relationship with Russia and China is putting the EU’s security at risk. Von der Leyen pointed to Hungary’s reluctant support for Ukraine, its decision to ease visa restrictions for Russians and its decision to allow police officers from China to patrol streets in Hungary with the Hungarian police.
Security and intelligence: North Korea is set to block all road and railway networks into South Korea. The army also announced that defensive structures would be reinforced. The General Staff said this was necessary because “the touch-and-go of war is ever-escalating.” Tensions between North and South are at their highest level in years, with both sides conducting more regular military drills.
Domestic politics: Kemi Badenoch and Robert Jenrick have made it to the final round of the Conservative Party leadership election. Badenoch, a former Business Secretary, received 41 votes. Jenrick, a former Housing Secretary, received 40 votes. Conservative Party members will now have the final say, with the victor announced on the 2 November.
The Mighty Calendar
What’s happening today?
President Biden travels to Germany
French budget announced
Transport Questions in UK Parliament
General Debate on Sport in UK Parliament
Boris Johnson’s memoirs are published
Italy industrial production data (August)
United States CPI inflation data (September)
South Korea interest data decision
Lookahead to tomorrow
Hong Kong public holiday
Yom Kippur (holiest day in the Jewish calendar)
President Biden meets German Chancellor Olaf Scholz
Nobel Peace Prize winner announced
UK construction data (August)
UK GDP data (August)
UK trade data (August)
UK industrial production data (August)
United States PPI inflation data (September)
Canada employment data (September)
The Mighty Finale
🌤️Weather today
Light cloud in London and largely dry. High of 12oC and low of 3oC. Sunny in Belfast and Edinburgh.
✏️Life coaching quote of the day
“You are today where your thoughts have brought you; you will be tomorrow where you thoughts take you.” James Allen, author
Mighty takeaway: Do you want to change your future? Change your thoughts and attitude. If you don’t change anything, you’ll stay you exactly where you are.
That’s all for this Thursday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Wednesday, 9 October 2024
China tariffs on EU brandy, Imran Khan attempted murder charge, MI5 Russia warning and more…
The Mighty Headlines
Economics: China puts provisional tariffs on EU brandy
Business: US states sue TikTok over children’s mental health
Markets: Oil falls while technology shares rise
Foreign Affairs: Pakistan’s former PM charged with attempted murder
Security and intelligence: MI5 warns of Russian spy plots
Domestic politics: James Cleverly leads Conservative leadership election
The Mighty Stats
FTSE = 8,190.61 (down 1.36 per cent at Tuesday close)
S&P500 = 5,751.13 (up 0.97 per cent at Tuesday close)
Nasdaq = 18,182.92 (up 1.45 per cent at Tuesday close)
CAC40 = 7,521.32 (down 0.72 per cent at Tuesday close)
£1 = $1.31 / €1.19
US: Trump / Harris = 47.2 / 49.2 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 putting provisional tariffs on EU brandy of up to 39 per cent. This comes after the EU agreed earlier this year to levy tariffs of up to 35 per cent on Chinese electric vehicles. Both China and the EU accuse each other of unfairly subsiding or pricing their goods.
Business: More than a dozen US states are suing TikTok, claiming that the platform is addictive and harming children’s mental health. Cari Fais, acting director of New Jersey’s Division of Consumer Affairs said, “The ugly truth is that TikTok misrepresents its platform as being safe for young users when, in reality, it is designed to turn a generation of children into social media addicts for TikTok’s profit.” TikTok has not yet responded to these comments.
Markets: Oil prices fell by more than 4 per cent yesterday as investors saw the threat of an immediate retaliatory strike by Israel on Iran diminishing. Technology shares also increased in value with Nvidia up 4 per cent and Tesla and Microsoft up 1 per cent.
Foreign Affairs: Pakistan’s former Prime Minister, Imran Khan, has been charged with attempted murder. Khan, who is currently in prison, has been accused of inciting the violence that led to the death of a policeman during protests in Islamabad at the weekend.
Security and intelligence: The head of MI5, Ken McCallum, has warned of the threat that the Russian security services (GRU) pose to the UK. He said the GRU had carried out arson and sabotage in the UK with “increasing recklessness” and that MI5’s state-threat investigations had increased by 48 per cent in the last year. He also added that MI5 has acted on 20 Iranian-backed plots since 2022.
Domestic politics: James Cleverly has taken the lead in the latest round of the Conservative Party leadership election. Cleverly, a former UK Foreign Secretary and Home Secretary, secured 39 votes from MPs. Robert Jenrick received 31 votes and Kemi Badenoch received 30 votes. Tom Tugendhat, a former Security Minister, was knocked out.
The Mighty Calendar
What’s happening today?
South Korea public holiday
General Election in Mozambique
Prime Minister’s Questions in UK Parliament
Renters’ Rights Bill Debate (Second Reading) in UK Parliament
Conservative MPs vote in fourth round of Party leadership election
Germany trade data (August)
Mexico and Brazil CPI inflation data (September)
Japan PPI inflation data (September)
Lookahead to tomorrow
President Biden travels to Germany
French budget announced
Transport Questions in UK Parliament
General Debate on Sport in UK Parliament
Boris Johnson’s memoirs are published
Italy industrial production data (August)
United States CPI inflation data (September)
South Korea interest data decision
The Mighty Finale
🌤️Weather today
Light cloud in London. Small chance of rain. High of 17oC and low of 10oC. Patchy rain in Belfast and Edinburgh.
✏️Life coaching quote of the day
“It’s time to start living the life you imagined.” – Henry James, author
Mighty takeaway: Why put off the life you want to lead? You won’t get a second chance at life. Take one action every day that will help you to achieve your goals.
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
Tuesday, 8 October 2024
Oil price rise, Tunisia elections, terrorist attack in Pakistan and more...
The Mighty Headlines
Economics: Retails sales grow in Eurozone
Business: Trump promises up to 200 per cent tariffs on Mexican auto imports
Markets: Brent crude oil surpasses $80 a barrel
Foreign Affairs: President of Tunisia wins another term in office
Security and intelligence: Terrorist attack in Pakistan targets Chinese workers
Domestic politics: UK PM calls for ceasefire in Lebanon and Gaza
The Mighty Stats
FTSE = 8,303.62 (up 0.28 per cent at Monday close)
S&P500 = 5,695.94 (down 0.96 per cent at Monday close)
Nasdaq = 17,923.90 (down 1.18 per cent at Monday close)
CAC40 = 7,576.02 (up 0.46 per cent at Monday close)
£1 = $1.31 / €1.19
US: Trump / Harris = 46.8 / 48.9 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 in the Eurozone grew by 0.2 per cent in August. Factory orders in Germany, however, fell by 5.8 per cent in the same month. This was worse than the 2 per cent decline in factory orders expected. The euro fell below $1.10 on the news.
Business: Donald Trump has indicated he could put 200 per cent tariffs on vehicles from Mexico if he is re-elected President. Trump has previously said that he would impose 100 per cent tariffs in order to support the US auto industry. The President was speaking in the swing-state of Wisconsin – his fourth visit to the state in eight days.
Markets: The price of oil rose to over $80 a barrel yesterday following the continuing tensions in the Middle East. Last week, Brent crude oil rose by more than 8 per cent – the highest weekly increase since the beginning of 2023.
Foreign Affairs: The President of Tunisia, Kais Saied, has secured another term in office with 90 per cent of the vote. Saied faced two rivals, one of whom was jailed last month. A total of 14 other potential candidates were also barred from running.
Security and intelligence: The Chinese Embassy said yesterday that two Chinese workers were killed in a terrorist attack in Karachi, Pakistan on Sunday. The Baloch Liberation Army (BLA), which seeks independence from Pakistan, claimed responsibility. The BLA believes ethnic Baloch residents are not receiving their share of wealth from Chinese investments in the region.
Domestic politics: Speaking in Parliament yesterday, the Prime Minister called for an immediate ceasefire in Lebanon and for Hezbollah to move back north of the Litani River. Sir Keir also called for the return of the Israeli hostages, a ceasefire in Gaza and a two-state solution.
The Mighty Calendar
What’s happening today?
Germany industrial production data (August)
Energy Questions in UK Parliament
European Parliament Debate on the Middle East
French trade data (August)
United States trade data (August)
Canada trade data (August)
Lookahead to tomorrow
South Korea public holiday
General Election in Mozambique
Prime Minister’s Questions in UK Parliament
Renters’ Rights Bill Debate (Second Reading) in UK Parliament
Conservative MPs vote in fourth round of Party Leadership election
Germany trade data (August)
Mexico and Brazil CPI inflation data (September)
Japan PPI inflation data (September)
The Mighty Finale
🌤️Weather today
Thundery showers in London. High of 18oC and low of 13oC. Heavy rain in Belfast and Edinburgh. Autumn is definitely here!
✏️Life coaching quote of the day
“First tell yourself what kind of person you want to be, then do what you have to do. For in nearly every pursuit we see this to be the case. Those in athletic pursuit choose the sport they want, and then do that work.” – Epictetus, Ancient Greek philosopher
Mighty takeaway: If you imagine your successful self in the future, what would they be doing today to achieve your dreams? Take that action today.
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
Monday, 7 October 2024
US dockworkers end strike, Taiwan's China comments, Sue Gray resigns and more...
The Mighty Headlines
Economics: US dockworkers suspend three-day strike
Business: £550 million bid to buy UK Daily Telegraph newspaper
Markets: Middle Eastern stock markets fall following geopolitical tensions
Foreign Affairs: President of Taiwan says “impossible” for China to be the motherland
Security and intelligence: Iran calls for further strikes against Israel if necessary
Domestic politics: Prime Minister’s Chief of Staff resigns
The Mighty Stats
FTSE = 8,280.63 (down 0.023 per cent at Friday close)
S&P500 = 5,751.07 (up 0.9 per cent at Friday close)
Nasdaq = 18,137.85 (up 1.22 per cent at Friday close)
CAC40 = 7,541.36 (up 0.85 per cent at Friday close)
£1 = $1.31 / €1.19
UK: Con / Lab / Reform = 23 / 31 / 18 per cent
US: Trump / Harris = 46.9 / 49.1 per cent
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The Mighty Detail
Economics: US dockworkers have suspended a three-day strike after reaching an agreement with ports and shipping companies. The dockworkers had sought a 77 per cent pay rise over 6 years and a ban on automation at ports. A 62 per cent pay rise is reported to have been agreed. The strikes had come at the peak holiday shopping season for ports.
Business: The owner of the New York Sun is in the lead to buy the UK’s Daily Telegraph. Dovid Efune is reported to be offering £550 million for the newspaper. Efune may seek to expand the Daily Telegraph into the United States.
Markets: Middle Eastern stock markets closed down at the end of trading on Sunday. This follows continued geopolitical tensions in the region. On Friday, Iran’s Supreme Leader called for further strikes against Israel, and Israel continued its bombardment of Lebanon on Sunday. The Saudi Arabian Tadawul All Share Index fell by 1.6 per cent and Qatari QE Index fell by 0.5 per cent.
Foreign Affairs: The President of Taiwan, Lai Ching-te, has said that it is “impossible” for China to be Taiwan’s motherland. Lai Ching-te was elected in May and has been called a “separatist” by China. China claims Taiwan as part of its territory and the comments are likely to inflame tensions with Beijing.
Security and intelligence: Iran’s Supreme Leader, Ayatollah Ali Khamenei, has said that his country would take further action against Israel if necessary. Last Tuesday, it sent nearly 200 missiles to Israel. Separately, Donald Trump has said that Israel should “hit the nuclear first” and strike Iran’s nuclear facilities.
Domestic politics: The UK Prime Minister’s Chief of Staff, Sue Gray, has resigned from her position. Gray said that the “intense commentary” about her role in government risked becoming a distraction. There have been rumours about her influence over the government and tensions with the Prime Minister’s chief adviser, Morgan McSweeney. McSweeney now replaces her as Chief of Staff.
The Mighty Calendar
What’s happening today?
China public holiday
Anniversary of the 7th October attack in Israel
Work and Pensions Questions in UK Parliament
UK house price data (September)
Germany factory orders (August)
Eurozone retail sales (August)
Japan household spending data (August)
Lookahead to tomorrow
Germany industrial production data (August)
European Parliament Debate on the Middle East
French trade data (August)
United States trade data (August)
Canada trade data (August)
The Mighty Finale
🌤️Weather today
Light rain from mid-morning onwards in London. High of 19oC and low of 13oC. Raining in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“Most people die with their music still in them. Why is this so? Too often it is because they are always getting ready to live. Before they know it, time runs out.” – Oliver Wendell Holmes, former United States Supreme Court Justice
Mighty takeaway: Don’t get ready to start your life some day in the future. Live your life now.
That’s it for this 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
Friday, 4 October 2024
Levi's sales, women's rights in Mexico, UK gives up Chagos Islands and more....
The Mighty Headlines
Economics: France increases corporation tax on largest companies
Business: Levi’s sales weaker than expected
Markets: Markets fall following Middle East tensions
Foreign Affairs: Mexico’s first woman president reforms women’s rights
Security and intelligence: NATO head gives support for Ukraine to strike Russia
Domestic politics: UK gives up sovereignty of Chagos Islands
The Mighty Stats
FTSE = 8,282.52 (down 0.1 per cent at Thursday close)
S&P500 = 5,699.94 (down 0.17 per cent at Thursday close)
Nasdaq = 17,918.48 (down 0.037 per cent at Thursday close)
CAC40 = 7,477.78 (down 1.32 per cent at Thursday close)
£1 = $1.31 / €1.19
US: Trump / Harris = 47.2 / 49.4 per cent
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The Mighty Detail
Economics: The French Prime Minister, Michel Barnier, has confirmed an increase in corporation tax for around 300 of France’s largest companies to help balance the government’s budget. The increase will apply to companies with over a €1 billion in turnover.
Business: Levi’s has posted weaker than expected revenue for Q3 2024. Sales amounted to $1.52 billion versus the $1.55 billion expected. Sales at Dockers, the khaki clothing brand Levi’s founded in the 1980s, fell by 15 per cent and has pushed overall results down. Levi’s is now considering selling the brand.
Markets: Stock markets fell on Thursday following concerns about the situation in the Middle East. The pan-European Stoxx 600 fell by nearly 1 per cent and the Dow Jones fell by 0.44 per cent. At the same time, the price of oil rose by 5 per cent as traders anticipate reduced supply.
Foreign Affairs: Mexico’s new president, Claudia Sheinbaum, has announced a number of measures to strengthen women’s rights. Sheinbaum, who took office on Tuesday as Mexico’s first female president, is proposing equal pay for women, equal representation of men and women in state and federal government cabinets, financial support for women over 60 and tackling violence against women.
Security and intelligence: The new head of NATO, Mark Rutte, has given his support to Ukraine to hit targets inside Russia. Rutte, who was prime minister of the Netherlands before becoming head of NATO this week, said that Ukrainian defence “does not end at the border”. He added that Ukraine had a right to target Russian fighter jets and missiles before they arrived in Ukraine.
Domestic politics: The UK Government has announced that it is giving up sovereignty of the Chagos Islands to Mauritius following a long-running dispute. The largest of the islands, Diego Garcia, has been used as a joint UK-US military base since the 1960s and will continue to be so. Residents who were forcibly expelled in the 1960s now hope to return to the islands.
The Mighty Calendar
What’s happening today?
China public holiday
UK PM gives speech on £22 billion carbon capture investment
French President hosts Francophonie Summit at Villers-Cotterêts (ends Saturday)
South Korea retail sales data (August)
Spain and France industrial production data (August)
UK construction data (September)
Lookahead to the weekend
Saturday
Donald Trump returns to Butler, Pennsylvania for rally after attempted assassination
Spanish Book Fair, Conway Hall
Planet Earth III Live in Concert, OVO Arena Wembley
ICC Women's T20 World Cup: England vs Bangladesh
Sunday
Conker Championships, Hampstead Heath
NFL London Edition: New York Jets vs Minnesota Vikings, Tottenham Hotspur Stadium
ICC Women's T20 World Cup: Scotland vs West Indies
The Mighty Finale
🌤️Weather today
Sunny and dry in London. High of 17oC and low of 7oC. Raining all day in Belfast and mostly sunny in Edinburgh.
✏️Life coaching quote of the day
“If you are bored with life, if you don’t get up every morning with a burning desire to do things – you don’t have enough goals.” – Lou Holtz, American Football coach
Mighty takeaway: Don’t waste your time leading an uninspired life. Live a life that is worthwhile and meaningful to you.
That’s all for this week. 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
Thursday, 3 October 2024
Big oil investment in Suriname, CIA recruits new informants, UK PM in Brussels and more...
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
Wednesday, 2 October 2024
Iran strikes Israel, oil prices rise, impeachment in Kenya and more...
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
Tuesday, 1 October 2024
Chinese manufacturing slows, snap election in Japan, US aid to Taiwan and more...
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
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Monday, 30 September 2024
Portuguese house prices, Japanese stocks, Austrian elections and more...
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
*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: 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