Your morning
briefing.
Small but
Mighty.
Friday, 22 November 2024
UK migration levels, US Government set to break up Google, ICC issues arrest warrants for Israeli and Hamas leaders and more…
The Mighty Headlines
Economics: OECD says UK receives highest number of permanent migrants
Business: Nissan cuts jobs in US and worldwide
Markets: Nvidia share price falls despite positive Q3 results
Foreign Affairs: US Justice Department seeks to break up Google
Security and intelligence: Russia fires ballistic missiles and ICC issues arrest warrants
Domestic politics: UK Environment Secretary talks about farmers’ inheritance tax
The Mighty Stats
FTSE = 8,149.27 (up 0.79 per cent at Thursday close)
S&P500 = 5,948.71 (up 0.53 per cent at Thursday close)
Nasdaq = 18,972.42 (up 0.033 per cent at Thursday close)
CAC40 = 7,213.32 (up 0.21 per cent at Thursday close)
£1 = $1.26 / €1.20
Second Trump Administration Cabinet Positions
*Matt Gaetz has withdrawn his name from consideration as Donald Trump’s attorney general, stating that he was “unfairly becoming a distraction” to the Trump/Vance Transition.*
Secretary of State: Marco Rubio, Florida Senator (2011 to now)
Defence: Pete Hegseth, Iraq and Afghanistan veteran and television presenter
Attorney General: Matt Gaetz, Florida Congressman (2017 to 2024)
Interior: Doug Burgum, Governor of North Dakota (2016 to now) and software entrepreneur
Homeland Security: Kristi Noem, Governor of South Dakota (2019 to now)
Health: Robert Kennedy Jr, environmental lawyer
Energy: Chris White, CEO of Liberty Energy
Veterans Affairs: Doug Collins, former Georgian Congressman (2013 to 2021)
Commerce: Howard Lutnick, financier
Transport: Sean Duffy, former Wisconsin Congressman (2011 to 2019)
Education: Linda McMahon, formerly of the Small Business Administration (2017 to 2019)
Treasury, Labour, Housing: vacant
*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: According to the OECD, the UK received the highest number of migrants settling permanently in the country relative to its population in 2023. In the absolute numbers, the UK was second only to the United States. The UK received 750,000 new arrivals, of whom half arrived under a Health and Care worker visa. The US received 1.2 million permanent migrants.
Business: Around 1,000 Nissan employees in the United States have accepted early retirement as the car maker restructures its business. In the six months to September, Nissan reported a 90 per cent drop in its operating profits and net income. The company is reducing its worldwide workforce by 9,000 people.
Markets: Shares in Nvidia dropped by over 1 per cent yesterday. Although its Q3 earnings results were better than expected, there is concern that revenue growth is slowing relative to previous quarters. Nvidia’s share price has increased by 190 per cent this year.
Foreign Affairs: The US Department of Justice is seeking to break up Google over concerns that it holds a monopoly on internet searches. Actions currently proposed include requiring Google to sell Chrome – the internet browser – and prevent Android phones from favouring the Google search engine. Google may also be prohibited from favouring its own platforms such as YouTube.
Security and intelligence: Russia has said that it has struck Ukraine with intermediate-range ballistic missiles in response to the use of “American and British long-range weaponry.” Separately, the International Criminal Court has issued arrest warrants for Israeli Prime Minister Netanyahu, former defence minister Yoav Gallant, and Hamas military commander Mohammed Deif for alleged war crimes.
Domestic politics: The UK Environment Secretary, Steve Reed, spoke to the Country Land and Business Association yesterday where he addressed concerns about plans to levy inheritance tax on agricultural estates. Reed said that although he had promised at the Conference last year not to levy the tax, he said he had not known the financial situation the Government would inherit. He added that “it's hard to be sorry for trying to make this country's economy work and our public services work again.”
The Mighty Calendar
What’s happening today?
UK, Canada retail sales data (October)
UK, United States, France, Germany, Eurozone manufacturing growth data (November)
Canada retail sales data (September)
Lookahead to the weekend
Saturday
Philadelphia Half Marathon, United States
Free entry to Hampton Court Palace (Saturday and Sunday)
Swedish Church Christmas Fair, Marylebone, London
Sunday
Stir Up Sunday (the traditional day to make a Christmas Pudding!)
England versus Japan, Autumn Rugby Nations Series
The Mighty Finale
🌤️Weather today
Sunny spells mixed with cloud in England. High of 7oC and low of 0oC. Same weather in Belfast but bright sunshine in Edinburgh.
✏️Life coaching quote of the day
“I say “Out” to every negative thought that comes to my mind. No person, place, or thing has any power over me, for I am the only thinker in my mind. I create my own reality and everyone in it.” – Louise Hay, motivational speaker
Mighty takeaway: What thoughts will you change to make your life better?
That’s it for this week. We hope you have an enjoyable weekend and see you again on Monday!
Au revoir!
The Mighty Memo team
Thursday, 21 November 2024
Ford cuts 4,000 jobs, Jimmy Lai testifies, UK Government publishes online safety priorities and more…
The Mighty Headlines
Economics: European Central Bank warns of rising national debt
Business: Ford to cut 4,000 jobs in Europe because of weak demand
Markets: Shares in Comcast, a media company, rise following plans to sell subsidiaries
Foreign Affairs: Pro-democracy activist Jimmy Lai testifies in Hong Kong
Security and intelligence: British-made missiles used by Ukraine against Russia
Domestic politics: UK Government outlines priorities for online safety
The Mighty Stats
FTSE = 8,085.07 (down 0.17 per cent at Wednesday close)
S&P500 = 5,895.01 (down 0.37 per cent at Wednesday close)
Nasdaq = 18,869.64 (down 0.62 per cent at Wednesday close)
CAC40 = 7,198.45 (down 0.43 per cent at Wednesday close)
£1 = $1.26 / €1.20
Second Trump Administration Cabinet Positions
Secretary of State: Marco Rubio, Florida Senator (2011 to now)
Defence: Pete Hegseth, Iraq and Afghanistan veteran and television presenter
Attorney General: Matt Gaetz, Florida Congressman (2017 to 2024)
Interior: Doug Burgum, Governor of North Dakota (2016 to now) and software entrepreneur
Homeland Security: Kristi Noem, Governor of South Dakota (2019 to now)
Health: Robert Kennedy Jr, environmental lawyer
Energy: Chris White, CEO of Liberty Energy
Veterans Affairs: Doug Collins, former Georgian Congressman (2013 to 2021)
Commerce: Howard Lutnick, financier
Transport: Sean Duffy, former Wisconsin Congressman (2011 to 2019)
Education: Linda McMahon, former head of the Small Business Administration (2017 to 2019)
Treasury, Labour, Housing: vacant
*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 is warning that rising national debt levels in the Eurozone is reviving concerns about a debt crisis. It said that high national debt, high budget deficits, slow growth and fiscal slippage – where a government’s actual budget deficit is more than expected – are to blame.
Business: Ford is to cut 4,000 jobs in Europe by the end of 2027. The automaker has said that the decision is based on economic problems in Europe, weaker than expected sales of electric vehicles and increased competition. The job cuts represent around 14 per cent of Ford’s European workforce.
Markets: Shares in Comcast, the US media company, rose by over 1 per cent yesterday after it announced that it would sell of some of its networks including CNBC and MSNBC. Shares in chipmaker Nvidia fell by over 1 per cent ahead of its earnings results which were published after the markets closed.
Foreign Affairs: Jimmy Lai, a prominent pro-democracy activist in Hong Kong, testified in court yesterday for the first time since he was charged in 2020. Lai founded Apple Daily, a pro-democracy newspaper, and is charged with endangering National Security. He said in court that he wanted to give people information so that they could enjoy freedom.
Security and intelligence: British-made Storm Shadow missiles are reported to have been fired by Ukraine into Russia for the first time yesterday. This required approval from the UK and the US as the missiles use American-supplied navigation technology. Separately, the US closed its embassy in Kyiv yesterday as it anticipated a large-scale Russian attack on the city.
Domestic politics: The UK Technology Secretary, Peter Kyle, has set out the Government’s priorities on online safety for Ofcom. The regulator is preparing to implement the Online Safety Act next year. Priorities include seeking more transparency from tech companies and embedding safety in online platforms from the start. The UK Government has separately announced a study on the effects of smartphone and social media use on children.
The Mighty Calendar
What’s happening today?
Transport Questions in UK Parliament
Former UK Health Secretary Matt Hancock gives evidence to the Covid-19 Inquiry
EU ministerial meeting on trade relations with the United States
UK public sector borrowing data (October)
United States jobless data (weekly)
United States home sales data (October)
Eurozone consumer confidence data (November)
Japan CPI inflation data (October)
Company results: Royal Mail Group, Intuit
Lookahead to tomorrow
UK, Canada retail sales data (October)
UK, United States, France, Germany, Eurozone manufacturing growth data (November)
Canada retail sales data (September)
The Mighty Finale
🌤️Weather today
A mixture of sun and cloud in England but dry. High of 4oC and low of -1oC. Rain in the afternoon in Belfast. Sunny all day in Edinburgh!
✏️Life coaching quote of the day
“You don't have to get it perfect, you just have to get it going. Babies don't walk the first time they try, but eventually they get it right.” – Jack Canfield, motivational speaker
Mighty takeaway: Never stop trying. Eventually, if you persist, you will get to where you want to be.
That’s about it for today’s edition. If you find this newsletter helpful, do pass it on to someone who might find it helpful too.
Adios!
The Mighty Memo team
Wednesday, 20 November 2024
Inflation increases in Eurozone, Mulberry cuts jobs, Philippines and US military intelligence pact and more…
The Mighty Headlines
Economics: Inflation in Eurozone increases to 2 per cent
Business: Mulberry cuts a quarter of staff as sales drop
Markets: Nvidia shares rise ahead of earnings report today
Foreign Affairs: Russian Government lowers threshold for nuclear weapons response
Security and intelligence: The Philippines and the US sign intelligence sharing pact
Domestic politics: UK Prime Minister launches Global Clean Power Alliance
The Mighty Stats
FTSE = 8,099.02 (down 0.13 per cent at Tuesday close)
S&P500 = 5,916.98 (up 0.4 per cent at Tuesday close)
Nasdaq = 18,987.47 (up 1.04 per cent at Tuesday close)
CAC40 = 7,229.64 (down 0.67 per cent at Tuesday close)
£1 = $1.27 / €1.20
Second Trump Administration Cabinet Positions
Secretary of State: Marco Rubio, Florida Senator (2011 to now)
Defence: Pete Hegseth, Iraq and Afghanistan veteran and television presenter
Attorney General: Matt Gaetz, Florida Congressman (2017 to 2024)
Interior: Doug Burgum, Governor of North Dakota (2016 to now) and software entrepreneur
Homeland Security: Kristi Noem, Governor of South Dakota (2019 to now)
Health: Robert Kennedy Jr, environmental lawyer
Energy: Chris White, CEO of Liberty Energy
Veterans Affairs: Doug Collins, former Georgian Congressman (2013 to 2021)
Commerce: Howard Lutnick, financier
Transport: Sean Duffy, former Wisconsin Congressman (2011 to 2019)
Treasury, Labour, Housing: vacant
*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: Inflation in the Eurozone increased to 2 per cent in October. This is an increase from the 1.7 per cent recorded in September but down from the 2.9 per cent rate of inflation recorded in October 2023.
Business: Luxury British retail company, Mulberry is cutting around a quarter of its workforce. This follows a 19 per cent drop in its revenues in the sixth months to September. Last month, Mulberry refused a £111 million takeover offer by Mike Ashley's Frasers Group.
Markets: Shares in chipmaker Nvidia rose by 2 per cent yesterday. The rise came as investors look ahead to the company's quarterly results. The market more broadly took little account of rising tensions with Russia, with the Nasdaq and S&P 500 both ending the day in positive territory.
Foreign Affairs: The Russian President, Vladimir Putin, has formally lowered the threshold at which the Russian Government would consider using nuclear weapons. This means it may now use nuclear weapons in response to a conventional weapons attack by any country supported by a nuclear power – a tacit reference to US support for Ukraine.
Security and intelligence: The Governments of the Philippines and the United States have signed a new agreement allowing them to share military intelligence with each other. The deal has immediate effect. The pact comes at a time of heightened tension in the South China Sea, parts over which China and the Philippines both claim sovereignty.
Domestic politics: The UK Prime Minister, Sir Keir Starmer, launched the Global Clean Power Alliance in Brazil yesterday. The initiative, which has been joined by 12 countries, aims to help countries share expertise in moving to green energy. Separately, in the UK, around 10,000 farmers protested against the Government's plans to impose inheritance tax on agricultural estates.
The Mighty Calendar
What’s happening today?
Prime Minister’s Questions in UK Parliament
UK CPI inflation data (October)
UK house price data (October)
Eurozone construction output data (September)
United States mortgage applications data (weekly)
Company results from: Nvidia, Severn Trent, British Land
Lookahead to tomorrow
Former UK Health Secretary Matt Hancock gives evidence to the Covid-19 Inquiry
EU ministerial meeting on trade relations with the United States
UK public sector borrowing data (October)
United States jobless data (weekly)
United States home sales data (October)
Eurozone consumer confidence data (November)
Japan CPI inflation data (October)
Company results: Royal Mail Group, Intuit
The Mighty Finale
🌤️Weather today
Sunny and dry in the south of the UK. High of 5oC and low of -2oC. Sunny and dry as well in Belfast and Edinburgh.
✏️Life coaching quote of the day
“If you go out looking for friends, you're going to find they are very scarce. If you go out to be a friend, you'll find them everywhere.” – Zig Ziglar, motivational speaker
Mighty takeaway: One to ponder for today – an interesting reverse take.
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
Tuesday, 19 November 2024
Olive oil prices set to fall, Russia vetoes ceasefire in Sudan, UK PM talks human rights and trade with President of China and more…
The Mighty Headlines
Economics: Price of UK homes for sale falls in October
Business: Cost of olive oil to fall significantly after increase of 150 per cent
Markets: Tesla shares rise by over 5 per cent yesterday
Foreign Affairs: Russia vetoes UN Security Council resolution to pause Sudan war
Security and intelligence: Russia warns against Ukraine’s use of US weapons
Domestic politics: UK Prime Minister talks trade and human rights with China
The Mighty Stats
FTSE = 8,109.32 (up 0.57 per cent at Monday close)
S&P500 = 5,893.62 (up 0.39 per cent at Monday close)
Nasdaq = 18,791.81 (up 0.6 per cent at Monday close)
CAC40 = 7,278.23 (up 0.12 per cent at Monday close)
£1 = $1.27 / €1.20
Second Trump Administration Cabinet Positions
Secretary of State: Marco Rubio, Florida Senator (2011 to now)
Defence: Pete Hegseth, Iraq and Afghanistan veteran and television presenter
Attorney General: Matt Gaetz, Florida Congressman (2017 to 2024)
Interior: Doug Burgum, Governor of North Dakota (2016 to now) and software entrepreneur
Homeland Security: Kristi Noem, Governor of South Dakota (2019 to now)
Health: Robert Kennedy Jr, environmental lawyer
Energy: Chris White, CEO of Liberty Energy
Veterans Affairs: Doug Collins, former Georgian Congressman (2013 to 2021)
Treasury, Commerce, Labour, Housing, Transport: vacant
*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 average price of new properties coming to the market in the UK fell by 1.4 per cent in October to £366,952. This is greater than the usual drop in October of around 0.8 per cent. Over a year, however, home asking prices are 1.2 per cent higher and the volume of sales has increased by 26 per cent.
Business: The world’s largest producer of olive oil, Deoleo, has said the price of olive oil is set to fall in the coming months on the expectation of a better harvest this year. This follows two years of drought which reduced harvests in Spain – the home of nearly 50 per cent of the world’s olive oil production. In January, olive oil prices were 150 per cent higher than at the end of 2021.
Markets: Tesla shares increased by over 5 per cent during trading yesterday. This follows reports that the incoming Trump administration may seek to reduce regulations on self-driving vehicles.
Foreign Affairs: Russia has vetoed a UN Security Resolution calling for a cease-fire in Sudan. The Sudanese army has been at war with Sudanese paramilitary forces since April 2023 as both groups struggle for control of the country. The UN says that Sudan is on the brink of famine. Russia said it applied its veto because “solely the government of Sudan” should be responsible for what happens in Sudan.
Security and intelligence: Russia has said that President’s Biden decision to allow Ukraine to use American long-range weapons against Russia adds “fuel to the fire” and risks escalating tensions higher. Ukraine may use the weapons in the coming days. Meanwhile, there are reports that North Korea may deploy 100,000 troops to support the Russian military against Ukraine.
Domestic politics: The UK’s Prime Minister met President Xi of China yesterday at the G20 summit in Brazil. As well as trade, the Prime Minister Starmer raised the issues of Taiwan, human rights, the South China Sea, the UK and China’s shared interest in Hong Kong and the deterioration in prison of Jimmy Lai, a British citizen and pro-democracy activist in Hong Kong. At this point, Chinese officials pushed British reporters out of the room.
The Mighty Calendar
What’s happening today?
Farmers’ protest in London
Volodymyr Zelensky addresses the European Parliament
Health Questions in UK Parliament
UK, Italy, Germany, France car registration data (October)
Eurozone, Canada CPI inflation data (October)
Japan trade data (October)
Company results from: Walmart, ThyssenKrupp, Imperial Tobacco
Lookahead to tomorrow
Prime Minister’s Questions in UK Parliament
UK CPI inflation data (October)
UK house price data (October)
Eurozone construction output data (September)
United States mortgage applications data (weekly)
Company results from: Nvidia, Severn Trent, British Land
The Mighty Finale
🌤️Weather today
Rain in southern England tomorrow. High of 6oC and low of -1oC in London. Sunny spells in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Either you run the day or the day runs you.” – Jim Rohn, motivational speaker
Mighty takeaway: Organise your time so that you get the most out of every day. Don’t waste your time on the unimportant stuff.
That’s about it for today’s edition. See you tomorrow!
Adios!
The Mighty Memo team
Monday, 18 November 2024
Biden approves missiles for Ukraine, pharma stocks falls after RFK Jr appointment, India introduces restrictions to reduce pollution and more…
The Mighty Headlines
Economics: Starmer to meet China’s President Xi today to discuss trade
Business: General Motors to fire 1,000 staff
Markets: Pharmaceutical stocks fell on Friday after Donald Trump appointed RKF Jr
Foreign Affairs: Indian authorities introduce restrictions as smog worsens
Security and intelligence: Biden approves long-range missiles for Ukraine
Domestic politics: Farmers protest at Welsh Labour Conference
The Mighty Stats
FTSE = 8,063.61 (down 0.094 per cent at Friday close)
S&P500 = 5,870.62 (down 1.32 per cent at Friday close)
Nasdaq = 18,680.12 (down 2.24 per cent at Friday close)
CAC40 = 7,269.63 (down 0.58 per cent at Friday close)
£1 = $1.26 / €1.20
UK: Con / Lab / Reform = 27 / 28 / 17 per cent
Second Trump Administration Cabinet Positions
Secretary of State: Marco Rubio, Florida Senator (2011 to now)
Defence: Pete Hegseth, Iraq and Afghanistan veteran and television presenter
Attorney General: Matt Gaetz, Florida Congressman (2017 to 2024)
Interior: Doug Burgum, Governor of North Dakota (2016 to now) and software entrepreneur
Homeland Security: Kristi Noem, Governor of South Dakota (2019 to now)
Health: Robert Kennedy Jr, environmental lawyer
Energy: Chris White, CEO of Liberty Energy
Veterans Affairs: Doug Collins, former Georgian Congressman (2013 to 2021)
Treasury, Commerce, Labour, Housing, Transport: vacant
*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 Prime Minister, Sir Keir Starmer, is to meet President Xi of China at the G20 in Brazil today. The Prime Minister has said that China is one of the UK’s biggest trading partners and that he would have “serious, pragmatic” discussions with Xi. This is a change from the more distant relationship between the UK and China under the previous Government.
Business: General Motors is to fire 1,000 around workers to decrease costs and increase efficiency. Most of the roles will be white collar roles rather than manufacturing roles. GM’s share price fell by 1 per cent on Friday following the news.
Markets: Pharmaceutical stocks fell on Friday after Donald Trump announced that he had chosen Robert Kennedy Jr to be his Health Secretary. Kennedy, who is sceptical about vaccines, is also an opponent of “Big Pharma” – large and influential pharmaceutical companies. Amgen fell by over 4 per cent and Moderna by over 7 per cent.
Foreign Affairs: Authorities in New Delhi, India are tightening restrictions on vehicles and construction activity as pollution in the city intensifies. On Thursday last week, pollution was 50 times greater than what is considered safe by the World Health Organisation.
Security and intelligence: Yesterday, President Biden authorised Ukraine’s use of American long-range missiles to strike deeper into Russia – a long-term request of Ukraine. Separately, at the Asia-Pacific Economic Cooperation Summit in Peru, President Biden met President Xi of China and reportedly urged China to end its military activity around Taiwan.
Domestic politics: At the Welsh Labour Party Conference in Llandudno, farmers protested against the Government’s plan to impose inheritance tax of 20 per cent on agricultural estates over £1 million. Further protests are expected in London on Tuesday.
The Mighty Calendar
What’s happening today?
Mexico public holiday (Revolution day)
G20 summit in Brazil
Defence Questions in UK Parliament
Eurozone trade data (September)
Canada housing data (October)
Lookahead to tomorrow
Farmers’ protest in London
Volodymyr Zelensky addresses the European Parliament
Health Questions in UK Parliament
UK, Italy, Germany, France car registration data (October)
Eurozone, Canada CPI inflation data (October)
Japan trade data (October)
Company results from: Walmart, ThyssenKrupp, Imperial Tobacco
The Mighty Finale
🌤️Weather today
Rain in the south of England, dry elsewhere. High of 8oC and low of 6oC. Rain in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“To be yourself, in a world that is constantly trying to make you something else, is the greatest accomplishment.” – Ralph Waldo Emerson, writer and philosopher
Mighty takeaway: This is quite profound for a Monday morning but perhaps one to keep with you for the rest of the week.
That’s about it for today. See you tomorrow!
Adios!
The Mighty Memo team
Friday, 15 November 2025
Disney positive results, suicide bomber in Brazil, UK to legislate against new coal mines and more…
The Mighty Headlines
· Economics: Bank of England Governor warns against retaliatory tariffs
· Business: Disney shows positive earnings results
· Markets: US markets close down as Fed Chair signals caution on interest rate cuts
· Foreign Affairs: Donald Trump chooses Robert Kennedy Jr as Health Secretary
· Security and intelligence: Suicide bomber in Brazil tries to blow up Supreme Court
· Domestic politics: UK Government to legislate against new coal mines
The Mighty Stats
· FTSE = 8,071.19 (up 0.51 per cent at Thursday close)
· S&P500 = 5,949.17 (down 0.6 per cent at Thursday close)
· Nasdaq = 19,107.65 (down 0.64 per cent at Thursday close)
· CAC40 = 7,311.80 (up 1.32 per cent at Thursday close)
· £1 = $1.27 / €1.20
· US swing states results
*The Republican Party has won control of the executive and the legislature. It has the presidency as well as a majority in the Senate and the House of Representatives. There are still 7 seats in the House of Representatives which have not been decided.*
Presidency Trump / Harris
· Electoral College: 312 votes / 226 votes
· Popular vote: 75.8 million / 72.8 million
Senate Republican / Democrat
· Senate seats: 53 / 47
House of Representatives Republican / Democrat
· House seats: 218 / 209
Governors Republican / Democrat
· Governors: 27 / 23
*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 Governor of the Bank of England, Andrew Bailey, has stressed the importance of not retaliating against potential new tariffs around the world. Bailey said “let’s remember the importance of openness” and that openness is an “important determinant of productivity”.
Business: Disney’s latest results show sales rising by 6 per cent to $22.6 billion in its fourth quarter. The films, Inside Out 2 and Deadpool & Wolverine, helped the company achieve its positive results. Disney+ also did well, with an operating profit of $253 million in the last quarter. This compares to a loss of $420 million at the same time last year.
Markets: US stocks fell slightly yesterday after the Chairman of the US Federal Reserve, Jerome Powell, indicated caution on the speed of future interest rate cuts. Speaking in Texas, Powell said that “the strength we are currently seeing in the economy gives us the ability to approach our decisions carefully”.
Foreign Affairs: Donald Trump has chosen Robert F. Kennedy Jr as his Health Secretary. Kennedy has said that he would return US health agencies to evidence-based science. Kennedy has also had a history of spreading conspiracy theories about vaccines, cancer and autism. He started his career as an environmental lawyer.
Security and intelligence: Brazilian Supreme Court Justice, Alexandre de Moraes, has said that a suicide bomber who killed himself outside Brazil’s supreme court on Wednesday had wanted to blow up the building itself. This has raised security concerns as Brazil prepares to host the G20 Summit next week.
Domestic politics: The UK Government is to legislate to ban the licensing of new coal mines in the UK. The UK stopped using coal to generate power last month and the Government has said that the UK is in a “prime position to lead the way in phasing out coal power around the world.”
The Mighty Calendar
What’s happening today?
o Brazil, India public holidays
o Peru hosts the Asia-Pacific Economic Cooperation leaders’ summit (ends Saturday)
o UK construction, industrial production, manufacturing production data (September)
o UK GDP data (Q3 2024)
o France, Italy CPI inflation data (October)
o United States retail sales data (October)
o United States industrial production, manufacturing production data (October)
Lookahead to the weekend
Saturday
o England versus South Africa Rugby Autumn International, Twickenham
o Celebration of 50 years of the Rubik’s cube, Hanover Square, London
o Scottish Liberal Democrat Conference
Sunday
o Senegal holds snap Parliamentary elections
o Men’s ATP Tennis finals, Italy
o Men’s DP World Tour Golf Championship final, Dubai
The Mighty Finale
🌤️Weather today
Sunny intervals today in London. High of 11oC and low of 4oC. Nice for November! Light cloud in Belfast and Edinburgh.
✏️Life coaching quote of the day
“To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.” – Charlie Munger, investor
Mighty takeaway: Are you putting in the effort and taking the action to get to where you want to be? Focus on your goals and dreams and take steps every day towards achieving them.
That’s it for this week. We hope you have an enjoyable weekend and have time to rest, relax and recharge for all the opportunities that will be coming your way next week.
Bye!
The Mighty Memo team
Thursday, 14 November 2024
French unemployment rises, European defence stocks increase, Donald Trump fills Cabinet roles and more…
The Mighty Headlines
· Economics: French unemployment rises to 7.4 per cent
· Business: Homebase enters into administration
· Markets: European defence stocks rise in value following Donald Trump victory
· Foreign Affairs: Donald Trump announces key Cabinet positions
· Security and intelligence: Ukraine optimistic about long-range attacks on Russia
· Domestic politics: UK Chancellor to create pension “megafunds”
The Mighty Stats
· FTSE = 8,030.33 (up 0.057 per cent at Wednesday close)
· S&P500 = 5,985.38 (up 0.023 per cent at Wednesday close)
· Nasdaq = 19,230.74 (down 0.26 per cent at Wednesday close)
· CAC40 = 7,216.83 (down 0.14 per cent at Wednesday close)
· £1 = $1.27 / €1.20
· US election results
*The Republican Party is one seat away from gaining control of the House of Representatives. A total of 218 seats is needed to gain control of the House. If they achieve this, they will have full control of the legislature – the House and the Senate – and of the executive.*
Presidency Trump / Harris
· Electoral College: 312 votes / 226 votes
· Popular vote: 74.6 million / 70.9 million
Senate Republican / Democrat
· Senate seats: 53 / 47
House of Representatives Republican / Democrat
· House seats: 217 / 202
Governors Republican / Democrat
· Governors: 27 / 23
*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: Unemployment in France increased by 35,000 people in Q3 2024 and the rate of unemployment rose from 7.3 per cent to 7.4 per cent. Youth unemployment stood at 19.7 per cent in Q3, an increase of 1.8 per cent on the previous quarter.
Business: UK DIY store chain, Homebase, has fallen into administration. The owner of homeware store chain, The Range, is buying up to 70 shops. It is also buying the Homebase brand. A total of 49 shops do not yet have a buyer and will continue to trade for the time being.
Markets: European defence stocks have increased in value significantly since the election of Donald Trump as the next US President. Trump has repeatedly made clear that he believes the US spends too much on NATO. Shares in Italian defence contractor, Leonardo SpA, have risen by 17 per cent in the last week. German arms manufacturer Rheinmetall’s stock has increased by 22 per cent while shares in German defence tech firm, Hensoldt, have increased by 18 per cent.
Foreign Affairs: Donald Trump has been selecting the members of his new government which includes his one-time opponent in the Republican primaries, Marco Rubio, as Secretary of State;
Tulsi Gubbard, a former Democrat Congresswoman turned Republican, as Director of National Intelligence; and Matt Gaetz, an outspoken Florida Congressman, as Attorney General.
Security and intelligence: After meeting with US Secretary of State, Antony Blinken, the Ukrainian Foreign Minister says that he is “cautiously optimistic” that Ukraine will be allowed to use long-range missiles to attack deep within Russia. NATO allies, including the United States, have previously been reticent to support long-range attacks for fear of escalating the conflict.
Domestic politics: The UK Chancellor, Rachel Reeves, has announced plans to create pension “megafunds” to provide “around £80 billion of investment for infrastructure projects”. The funds will be created by merging existing council pension schemes and assets.
The Mighty Calendar
What’s happening today?
o King Charles’s birthday
o Environment, Food and Rural Affairs Questions in UK Parliament
o UK Chancellor delivers keynote speech (“Mansion House” speech)
o Eurozone employment data (Q3 2024)
o Eurozone, Japan GDP data (Q3 2024)
o Eurozone, Japan industrial production data (September)
o China industrial production data (October)
o China retail sales data (October)
o China unemployment rate data (October)
o United States jobless claims (weekly)
o South Korea trade data (October)
o Company results from: E.ON, Disney, WHSmith, Siemens, Swiss Re, Burberry
Lookahead to tomorrow
o Brazil, India public holidays
o Peru hosts the Asia-Pacific Economic Cooperation leaders’ summit (ends Saturday)
o UK construction, industrial production, manufacturing production data (September)
o UK GDP data (Q3 2024)
o France, Italy CPI inflation data (October)
o United States retail sales data (October)
o United States industrial production, manufacturing production data (October)
The Mighty Finale
🌤️Weather today
Sunny spells in London. High of 12oC and low of 3oC. Getting chilly! Cloudy in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Too often, people get stuck in a state of over-thinking. The result if that they never reach a decision.” – Steve Backley, athlete
Mighty takeaway: Hesitation can sometimes be helpful but you need to take action at some point or nothing will ever change for you.
That’s it for this morning. Thanks for reading and we’ll see you again tomorrow.
Bye!
The Mighty Memo team
Wednesday, 13 November 2024
Shell wins landmark legal case, US stocks fall, Blinken in Brussels for urgent Ukraine talks and more…
The Mighty Headlines
Economics: China increases vehicles sales for first time in 5 months
Business: Shell wins landmark climate change legal case
Markets: US stocks fall in value after week-long rally
Foreign Affairs: Germany to hold new elections in February 2025
Security and intelligence: US Secretary of State in Brussels for urgent Ukraine meetings
Domestic politics: UK strengthens carbon emissions reduction target
The Mighty Stats
FTSE = 8,025.77 (down 1.22 per cent at Tuesday close)
S&P500 = 5,983.99 (down by 0.29 per cent at Tuesday close)
Nasdaq = (down by 0.09 per cent at Tuesday close)
CAC40 = 7,226.98 (down 2.69 per cent at Tuesday close)
£1 = $1.27 / €1.20
US election results
*Donald Trump is due to meet President Biden at the White House today to discuss the transition of power. The Republican Party currently looks likely to take control of the House of Representatives. A total of 218 seats is required to win control of the House of Representatives.*
Presidency Trump / Harris
· Electoral College: 312 votes / 226 votes
· Popular vote: 75.1 million / 71.8 million
Senate Republican / Democrat
· Senate seats: 53 / 47
House of Representatives Republican / Democrat
· House seats: 214 / 205
Governors Republican / Democrat
· Governors: 27 / 23
*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: New Chinese vehicle sales rose for the first time in five months in October with exports standing at around 3.05 million vehicles. This is an increase of 7 per cent on the month before. Nearly 50 per cent of shipments were of electric, plug-in hybrid and fuel cell vehicles.
Business: Shell has won a landmark case in the Dutch Court of Appeal against reducing its carbon emissions. A lower court had previously ruled that Shell was required to cut its carbon emissions by 45 per cent by 2030 compared to 2019 levels. The Court of Appeal has now annulled the decision saying that “There is currently insufficient consensus in climate science on a specific reduction percentage to which an individual company like Shell should adhere.”
Markets: Stocks in the US have fallen after the surge in valuations that followed Donald Trump’s election. Shares in Tesla, which had increased by 31 per cent since the election, fell by 6 per cent. Shares in Trump Media fell by nearly 9 per cent. Bitcoin, meanwhile, increased to over $90,000.
Foreign Affairs: Germany is to hold federal elections on 23 February 2025 following agreement by the leaders of the country’s main political parties. This follows the collapse of the current ruling coalition led by Chancellor Olaf Scholz. A vote of confidence will be held on the 16th December to set the path for the February election.
Security and intelligence: The US Secretary of State, Antony Blinken, is in Brussels today to hold urgent talks with EU and NATO leaders on Ukraine. The talks are due to focus on how the US can increase support for Ukraine before the arrival of the Trump administration in January.
Domestic politics: At the COP29 climate summit in Azerbaijan, the Prime Minister announced a new target to reduce UK carbon emissions by 81 per cent by 2035. Then Prime Minister, Boris Johnson, had announced plans in 2021 to reduce emissions by 78 per cent by 2035.
The Mighty Calendar
What’s happening today?
Presidential election in Somaliland
Prime Minister’s Questions in UK Parliament
France, Australia unemployment rate (Q3 2024)
United States CPI inflation data (October)
Company results from: Scottish & Southern Energy, RWE, Fuller
Lookahead to tomorrow
King Charles’s birthday
Environment, Food and Rural Affairs Questions in UK Parliament
UK Chancellor delivers keynote speech (“Mansion House” speech)
Eurozone employment data (Q3 2024)
Eurozone, Japan GDP data (Q3 2024)
Eurozone, Japan industrial production data (September)
China industrial production data (October)
China retail sales data (October)
China unemployment rate data (October)
United States jobless claims (weekly)
South Korea trade data (October)
Company results from: E.ON, Disney, WHSmith, Siemens, Swiss Re, Burberry
The Mighty Finale
🌤️Weather today
Sunny and dry in London. High of 12oC and low of 5oC. Cloudy in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas Edison, inventor
Mighty takeaway: Nothing more to add!
That’s about it for today’s edition. See you tomorrow!
Adios!
The Mighty Memo team
Tuesday, 12 November 2024
China’s trade surplus, Bitcoin climbs even higher, UK NHS staffing plans and more…
The Mighty Headlines
Economics: China trade surplus reaches nearly $1 trillion
Business: Alitalia to dismiss over 2,000 employees
Markets: Bitcoin reaches another record high of over $85,000
Foreign Affairs: Taliban said it will seek closer ties with the US
Security and intelligence: Israel claims responsibility for pager attacks
Domestic politics: UK Health Secretary proposed reduction in agency staff
The Mighty Stats
FTSE = 8,125.19 (up 0.65 per cent at Monday close)
S&P500 = 6,001.35 (up 0.097 per cent at Monday close)
Nasdaq = 19,298.76 (up 0.062 per cent at Monday close)
CAC40 = 7,426.88 (up 1.2 per cent at Monday close)
£1 = $1.29 / €1.21
US election results
*Donald Trump is due to meet President Biden at the White House tomorrow, Wednesday 13th November to discuss the transition of power. The Republican Party currently looks likely to take control of the House of Representatives. A total of 218 seats is required to win control of the House of Representatives.*
Presidency Trump / Harris
· Electoral College: 312 votes / 226 votes
· Popular vote: 74.8 million / 71.2 million
Senate Republican / Democrat
· Senate seats: 53 / 46
House of Representatives Republican / Democrat
· House seats: 214 / 203
Governors Republican / Democrat
· Governors: 27 / 23
*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’s trade surplus with the rest of the world is set to reach nearly $1 trillion this year. This means that China exports nearly $1 trillion more in goods and services than it imports from the rest of the world. This imbalance risks provoking a trade war with other countries, particularly in the US under President-elect Donald Trump who believes the situation is unfair.
Business: The bankrupt Italian airline Alitalia is to dismiss its remaining 2,059 employees after merger talks between its successor, ITA Airways, and Lufthansa stalled. The Italian Government, which owns ITA Airways, has refused Lufthansa’s offer to adjust the price for a 41 per cent stake in ITA Airways.
Markets: The value of Bitcoin saw another significant rise during trading yesterday, reaching another all-time high of over $85,000. The value of all cryptocurrencies now stands at $2.69 trillion and exceeds the value of all the companies in the FTSE 100 which have a combined value of $2.09 trillion.
Foreign Affairs: The Taliban has said that it will seek closer ties with the United States following Donald Trump’s election. The head of the Islamist militant group’s political office in Qatar, Suhail Shaheen, said the Taliban is “open to positive engagement” and that “It seems Mr Trump is more pragmatic and I think we need to be realistic in solution issues.”
Security and intelligence: The Israeli Government has now claimed responsibility for the pager attacks that took place against Hezbollah members in Lebanon in September. The pager attacks injured nearly 3,000 people and killed 37 people. Ahead of the Cabinet Meeting on Sunday, Netanyahu also said that he sees “eye-to-eye” with Donald Trump “on the Iranian threat in all its aspects”.
Domestic politics: The UK Health Secretary, Wes Streeting, has proposed banning the NHS from using agency staff to fill lower-skilled temporary jobs such as healthcare assistants and domestic support workers. NHS spent £3 billion on agency staff last year and this measure is intended to reduce this spending in the future.
The Mighty Calendar
What’s happening today?
Energy Questions in UK Parliament
COP29 Climate Change Summit begins, Azerbaijan (ends 22nd November)
UK average earnings data (September)
Germany CPI inflation data (October)
Japan PPI inflation data (October)
Company results from: Spotify, Vodafone, AstraZeneca, SoftBank
Lookahead to tomorrow
Presidential election in Somaliland
Prime Minister’s Questions in UK Parliament
France, Australia unemployment rate (Q3 2024)
United States CPI inflation data (October)
Company results from: Scottish & Southern Energy, RWE, Fuller
The Mighty Finale
🌤️Weather today
Sunny and dry in London. So nice! High of 12oC and low of 7oC. Misty in Belfast but dry. Sunny in Edinburgh. Another great weather day!
✏️Life coaching quote of the day
“The most important thing is to enjoy your life, to be happy, it's all that matters.” – Audrey Hepburn, actress
Mighty takeaway: This is a very simple quote but absolutely true. At the end of the day, what else matters?
That’s all for this Tuesday. See you tomorrow!
Adios!
The Mighty Memo team
Monday, 11 November 2024
Indonesia and China $10 billion deals, Bitcoin surpasses $80,000, Protests in Valencia and more…
Today is Armistice Day. There will be a two minutes’ silence across the country at 11.00am
The Mighty Headlines
· Economics: Indonesia and China sign $10 billion of business deals
· Business: United States orders chipmaker TMSC to stop shipping to China
· Markets: Bitcoin value crosses $80,000 for the first time
· Foreign Affairs: Protests in Valencia against regional government
· Security and intelligence: Ukraine and Russia exchange record number of drone attacks
· Domestic politics: Tesco to pay £1 billion more in National Insurance from Budget
The Mighty Stats
· FTSE = 8,072.39 (down 0.84 per cent at Friday close)
· S&P500 = 5,995.54 (up 0.38 per cent at Friday close)
· Nasdaq = 19,286.78 (up 0.09 per cent at Friday close)
· CAC40 = 7,338.67 (down 1.17 per cent at Friday close)
· £1 = $1.29 / €1.21
· US swing states results
*Donald Trump is due to meet President Biden at the White House on Wednesday 13th November to discuss the transition of power. The Republican Party currently looks likely to take control of the House of Representatives. A total of 218 seats is required to win control of the House of Representatives.*
Presidency Trump / Harris
· Electoral College: 312 votes / 226 votes
· Popular vote: 74.6 million / 70.9 million
Senate Republican / Democrat
· Senate seats: 53 / 46
House of Representatives Republican / Democrat
· House seats: 213 / 202
Governors Republican / Democrat
· Governors: 27 / 23
*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: Indonesia and China signed business deals worth more than $10 billion on Sunday. In his first state visit to any country, the newly-elected President of Indonesia, Prabowo Subianto, called for “collaboration, not confrontation” with China and said that he wanted Indonesia to be part of China’s economic and “civilizational” power. The two countries also agreed to deepen security ties.
Business: The United States has ordered TSMC – the world’s most valuable semiconductor company – to stop sending sophisticated computer chips to China. The chips would be used in Artificial Intelligence. This comes as TMSC reported last month that one of its chips had been found in a Huawei computer processor, in an apparent violation of US export controls.
Markets: The value of Bitcoin reached $80,000 for the first time during trading yesterday. The rally follows the election of Donald Trump as the next US President. Trump has said that he would make the United States the “crypto capital of the world.”
Foreign Affairs: Ten of thousands of people gathered in Valencia on Saturday to protest at the regional government’s response to floods which have devasted the region. The protestors say that authorities have responded too slowly to the floods, which have killed 220 people, and that flood alerts were sent out too late. They are calling on regional president Carlos Mazón to resign.
Security and intelligence: Ukrainian authorities reported a record number of Russian drone attacks at the weekend. It says a total of 145 drones were launched, targeting cities including Kyiv and Odesa. Russia, at the same time, shot down 34 Ukrainian drones aimed at Moscow – also a record number – which had disrupted flights in the capital city.
Domestic politics: Tesco is set to face a £1 billion increase in its national insurance contributions (NICs) according to analysis by investment bank Morgan Stanley. The company employs 300,000 people in the UK and expects to make profits of £2.9 billion this year. This follows the Chancellor’s increase of employers’ NICs rates at the Budget last month.
The Mighty Calendar
What’s happening today?
o Sir Keir Starmer attends Armistice Day service in France
o Work and Pensions Questions in UK Parliament
o Urgent Question in UK Parliament on breach of security at the Police Service of Northern Ireland
o Norway CPI inflation data (October)
o Mexico industrial production data (September)
o Australia business confidence survey (October)
Lookahead to tomorrow
o COP29 Climate Change Summit begins, Azerbaijan (ends 22nd November)
o UK average earnings data (September)
o Germany CPI inflation data (October)
o Japan PPI inflation data (October)
o Company results from: Spotify, Vodafone, AstraZeneca, SoftBank
The Mighty Finale
🌤️Weather today
Sunny in London! Dry all day and high of 11oC and low of 5oC. Sunny in Edinburgh and sunny intervals in Belfast. A good start to the week for everyone!
✏️Life coaching quote of the day
“Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.” – Dale Carnegie, self-improvement writer
Mighty takeaway: Don’t put off your goals or dreams through fear and indecision. Take action today – just one step will get you started.
That’s it for this Monday morning. We hope you have a good start to this week and we’ll see you tomorrow.
Bye for now!
The Mighty Memo team
Friday, 8 November 2024
Fallout from German Government collapse, UK retailers warn of price increases, Hungary and Ukraine’s leaders clash and more…
The Mighty Headlines
Economics: Bank of England and US Federal Reserve cut interest rates
Business: Sainsbury’s, M&S and BT may increase prices because of the Budget
Markets: US markets reach record high following Trump’s victory
Foreign Affairs: German opposition party calls for vote of confidence
Security and intelligence: Hungary and Ukraine leaders clash
Domestic politics: UK Government announces 56 new sanctions on Russia
The Mighty Stats
FTSE = 8,140.74 (down 0.32 per cent at Thursday close)
S&P500 = 5,973.10 (up 0.74 per cent at Thursday close)
Nasdaq = 19,269.46 (up 1.51 per cent at Thursday close)
CAC40 = 7,425.60 (up 0.76 per cent at Thursday close)
£1 = $1.30 / €1.20
US Presidential and Congressional election results
*At the time of writing, Donald Trump has won the Presidency and the Republican Party has won control of the Senate and looks highly likely to win control of the House of Representatives. A total of 218 seats is required to win control of the House of Representatives.*
Presidency Trump / Harris
· Electoral College: 295 votes / 226 votes
· Popular vote: 72.8 million / 68.2 million
Senate Republican / Democrat
· Senate seats: 53 / 45
House of Representatives Republican / Democrat
· House seats: 210 / 198
*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 Bank of England and the United States Federal Reserve both decided to cut interest rates yesterday. The Bank of England cut rates from 5 per cent to 4.75 per cent. Inflation in the UK is at its lowest in three years, standing at 1.7 per cent. US interest rates – which are given as a range rather than a single figure – were also cut and now stand between 4.5 per cent and 4.75 per cent.
Business: Sainsbury’s, Marks & Spencer and BT have all said they may put up their prices because of the UK Government’s Budget last month. The businesses said they may pass on the cost of the National Insurance tax increase to their customers.
Markets: The US stock markets continue to rise following the election of Donald Trump as the next US President. The S&P 500 closed at a record high of 5,973.10 and the Nasdaq reached a record high of 19,269.46.
Foreign Affairs: Germany’s coalition Government collapsed on Wednesday after Chancellor Scholz, a Social Democrat, fired his Finance Minister Christian Linder, a Free Democrat. Although Chancellor Scholz said he would hold a vote of confidence in January, with a view to elections in March, the opposition CDU party is now demanding the vote be held next week.
Security and intelligence: Hungarian Prime Minister, Viktor Orban, and Ukrainian President Volodymyr Zelensky clashed at the European Political Community summit in Budapest yesterday. Orban called for a ceasefire between Ukraine and Russia, claiming that the United States’ attitude to the war would soon be changing. In a tacit reference to Orban, Zelensky denounced “People who didn't live through war but have only seen it in books and movies. People who've spent years or months talking to Putin, hugging, but never fought him.”
Domestic politics: The UK Government announced 56 new sanctions against Russia yesterday. This is the largest package of sanctions against the country since May 2023. The sanctions target the supply of goods to Russia’s military from companies in China, Turkey and central Asia.
The Mighty Calendar
What’s happening today?
o French trade data (September)
o Italy industrial production data (September)
o Italy retail sales data (September)
o Canada employment data (October)
o China CPI inflation data (October)
o Company results from: IAG, Sony, Paramount
Lookahead to the weekend
Saturday
Lord Mayor’s Show, City of London (free attendance)
NEC Classic Motor Show, Birmingham
Chester Literature Festival (ends 16th November)
Sunday
National Service of Remembrance at the Cenotaph
NFL Munich Game: New York Giants vs. Carolina Panthers, Germany
Men’s ATP Tennis Finals begin, Italy
The Mighty Finale
🌤️Weather today
Light cloud in London and dry. High of 13oC and low of 9oC. Getting colder! Thick cloud in Belfast and sunny spells again in Edinburgh.
✏️Life coaching quote of the day
“Fear does not have any special power unless you empower it by submitting to it.” – Les Brown, motivational speaker
Mighty takeaway: This is a quote to ponder for the weekend. What fears are you giving in to?
That’s all for today and for this week. We hope you enjoy the weekend and we’ll see you again on Monday.
Adios!
The Mighty Memo team
Thursday, 7 November 2024
US election results, Iran’s currency falls, Tesla shares rise, Kashmir’s autonomy demands and more…
The Mighty Headlines
Economics: Iran’s currency falls to all-time low against the dollar following Trump victory
Business: Profits fall at Toyota despite rising sales
Markets: Tesla shares increase by 14 per cent following Trump victory
Foreign Affairs: Kashmir requests that India Government restore its autonomy
Security and intelligence: China and Malaysia agree to strengthen security ties
Domestic politics: UK Government provides £10 million more to tackle rough sleeping
The Mighty Stats
FTSE = 8,166.68 (down 0.07 per cent at Wednesday close)
S&P500 = 5,929.04 (up 2.53 per cent at Wednesday close)
Nasdaq = 18,983.47 (up 2.95 per cent at Wednesday close)
CAC40 = 7,369.61 (down 0.51 per cent at Wednesday close)
£1 = $1.29 / €1.20
US Presidential and Congressional election results
*At the time of writing, Donald Trump has won the Presidency and the Republican Party has won control of the Senate and looks likely to win control of the House of Representatives.*
Presidency Trump / Harris
Electoral College: 294 votes / 223 votes
Popular vote: 72 million / 67 million
Senate Republican / Democrat
Senate seats: 52 / 44
House of Representatives Republican / Democrat
House seats: 205 / 189
*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: Iran’s currency fell to an all-time low against the dollar following the election of Donald Trump as the next President of the United States. The Iranian currency fell to around 703,000 rials for $1. Around the time of the Iran nuclear deal in 2015, the rial traded at around 32,000 rials for $1.
Business: Profits at Toyota fell in the first half of the tax year despite rising sales. The car maker’s sales came to around $151 billion between April and September. This is 6 per cent higher than last year but net profits fell by 20 per cent to around $3.3 billion.
Markets: Shares in Tesla rose by nearly 15 per cent on the news of Donald Trump’s victory in the US Presidential election. Tesla CEO Elon Musk has been a strong supporter of Donald Trump. Although subsidies for electric vehicles may fall under Donald Trump, Tesla’s large market share could insulate it from the potentially weaker demand for electric vehicles.
Foreign Affairs: The Indian-controlled region of Kashmir passed a resolution yesterday requesting that the Indian Government restore its semi-autonomous status. Kashmir’s semi-autonomy was abandoned by Indian Prime Minister Modi in 2019 and the region was split into two centrally governed areas: Ladakh and Jammu-Kashmir.
Security and intelligence: The Chinese and Malaysian Governments have agreed to strengthen ties in security, defence and in infrastructure projects. This follows a meeting between their two Prime Ministers earlier this week. Malaysian Prime Minister Anwar Ibrahim also thanked China for supporting Malaysia’s application to become a full member of the BRICS group of countries.
Domestic politics: The UK Government is providing £10 million of emergency funding to support rough sleepers this winter. It says that the funding will go to councils “in the highest need” and provide access to accommodation.
The Mighty Calendar
What’s happening today?
o King Charles hosts reception for Olympic and Paralympic athletes
o Environment Questions in UK Parliament
o United States Federal Reserve interest rate decision
o Bank of England interest rate decision
o UK house price data (October)
o Germany trade data (September)
o Germany industrial production data (September)
o Italy, Germany construction growth data (October)
o Eurozone retail sales data (September)
o United States jobless claims (weekly)
o Company results from: Sainsbury’s, BT Group, National Grid, Expedia, Taylor Wimpey, ArcelorMittal, Air France
Lookahead to tomorrow
o Sir Keir Starmer attends European Political Community summit in Hungary
o French trade data (September)
o Italy industrial production data (September)
o Italy retail sales data (September)
o Canada employment data (October)
o China CPI inflation data (October)
o Company results from: IAG, Sony, Paramount
The Mighty Finale
🌤️Weather today
Dry and cloudy (again!) in London. High of 14oC and low of 8oC. Cloudy in Belfast with rain in the evening. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Too many of us are not living our dreams because we are living our fears.” – Les Brown, motivational speaker
Mighty takeaway: What is stopping you from living your dream? The only limitation is the one you impose upon yourself.
That’s it for today. See you tomorrow!
Cheerio!
The Mighty Memo team
Wednesday, 6 November 2024
US Presidential Election results, Boeing strikes end, Netflix offices raided and more…
TO: Mighty Memo Readers
FROM: Mighty Memo Editorial Department
SUBJECT: US ELECTION SPECIAL
This morning’s Mighty Memo is our US Election Special. We have included the preliminary results from the Presidential election and also focused on the US in our news stories, weather and life coaching quote. We hope you this special edition informative and if you have any feedback on this edition or any other element of the Mighty Memo, please contact us at hello@mightymemo.co.uk.
Wednesday, 6th November 2024 – www.mightymemo.co.uk
The Mighty Headlines
· Economics: US services growth at two-year high
· Business: Boeing ends strike with 38 per cent pay offer
· Markets: US stock markets rise and Nvidia joins the Dow Jones
· Foreign Affairs: Netflix’s European offices raided by prosecutors on tax fraud charges
· Security and intelligence: US polling station bomb hoax potentially from Russia
· Domestic politics: UK Government stresses “really good” working relationship with Trump
The Mighty Stats
· FTSE = 8,172.39 (down 0.14 per cent at Tuesday close)
· S&P500 = 5,782.76 (up 1.23 per cent at Tuesday close)
· Nasdaq = 18,439.17 (up 1.43 per cent at Tuesday close)
· CAC40 = 7,407.15 (up 0.48 per cent at Tuesday close)
· £1 = $1.30 / €1.19
· US swing states results Trump / Harris
*At the time of writing, Donald Trump has received 266 Electoral College votes. Kamala Harris has received 194 Electoral College votes. 270 are need to win the Presidency.*
Michigan: 52.5 / 45.7 (77.3 per cent of votes counted)
Pennsylvania: 50.8 / 48.1 (95.1 per cent of votes counted)
Wisconsin: 51.2 / 47.2 (92.1 per cent of votes counted)
Arizona: 50.4 / 48.8 (53.9 per cent of votes counted)
N. Carolina: 51 / 47.7 (97.1 per cent of votes counted)
Georgia: 50.7 / 48.5 (98.9 per cent of votes counted)
Nevada: 51.5 / 46.9 (75.7 per cent of votes counted)
*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: Growth in the United States services sector increased to a two-year high in October. The services sector purchasing managers index – which tracks growth in the services sector – reached 56 last month. Any number above 50 indicates growth and this is the highest figure since July 2022.
Business: Striking workers at Boeing have accepted a pay offer that puts an end to a 7-week strike. The deal includes a 38 per cent pay rise over four years and a one-off payment of $12,000. Around 30,000 workers have been on strike at Boeing since the 13th September.
Markets: The US stock markets rose yesterday as traders awaited the results of the US Presidential election. The Nasdaq and S&P 500 both rose by over 1 per cent. Separately, it was announced that chipmaker Nvidia would enter the Dow Jones Industrial Average stock index, replacing technology company Intel.
Foreign Affairs: Netflix’s European offices were raided by prosecutors in France and the Netherlands yesterday morning. The French Financial Prosecutor’s Office said the raid was part of an investigation into alleged tax fraud, money laundering and undeclared work.
Security and intelligence: Hoax bomb threats, purported to come from Russia, were sent to polling stations in three swing states yesterday. The FBI said that the hoax, which focused on polling stations in Georgia, Michigan and Wisconsin, appeared to have come from Russian email domains.
Domestic politics: The UK Health Secretary, Wes Streeting, stressed yesterday that the UK Government would have a “really good working relationship” with Donald Trump were he elected President. Last month, the Trump campaign had accused the Labour Party of interfering in the US election.
The Mighty Calendar
What’s happening today?
o Russian Foreign Minister visits Kazakhstan
o European Commission President hosts French Prime Minister
o Prime Minister’s Questions in UK Parliament
o Prince William attends Earthshot Prize ceremony in South Africa
o Eurozone PPI inflation data (September)
o China, Australia trade data (September)
o UK construction growth data (October)
o France, Germany, Italy, Spain services growth data (October)
o Company results from: Novo Nordisk, Credit Agricole, Commerzbank, Lyft, BMW, Persimmon
Lookahead to tomorrow
o Sir Keir Starmer attends European Political Community summit in Hungary
o King Charles hosts reception for Olympic and Paralympic athletes
o Environment Questions in UK Parliament
o United States Federal Reserve interest rate decision
o Bank of England interest rate decision
o UK house price data (October)
o Germany trade data (September)
o Germany industrial production data (September)
o Italy, Germany construction growth data (October)
o Eurozone retail sales data (September)
o United States jobless claims (weekly)
o Company results from: Sainsbury’s, BT Group, National Grid, Expedia, Taylor Wimpey, ArcelorMittal, Air France
The Mighty Finale
🌤️Weather today
Sunny in Washington D.C., with a high of 28oC and low of 18oC. Cloudy and dry in London, Belfast and Edinburgh. High of 14oC and low of 10oC in London.
✏️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, United States President
Mighty takeaway: What activity is meaningful to you? Find that out and then do it.
That’s it for this morning. Thanks for reading and we’ll see you again soon.
Bye!
The Mighty Memo team
Tuesday, 5 November 2024
EU manufacturing falls, oil prices rise, US accusations at UN Security Council and more…
The Mighty Headlines
Economics: Manufacturing in the Eurozone falls for the 19th month in a row
Business: Profits at Ryanair fall by 18 per cent
Markets: Oil prices rise by 2 per cent following OPEC+ decision
Foreign Affairs: President Sandu wins Moldova election
Security and intelligence: US accuses Russia and China at UN Security Council
Domestic politics: UK Government provides £150 million for Border Security Command
The Mighty Stats
FTSE = 8,184.24 (up 0.087 per cent at Monday close)
S&P500 = 5,712.69 (down 0.28 per cent at Monday close)
Nasdaq = 18,179.98 (down 0.33 per cent at Monday close)
CAC40 = 7,371.71 (down 0.50 per cent at Monday close)
£1 = $1.30 / €1.19
US swing states: Trump / Harris
Michigan 47.0 48.0 Harris +1.0
Pennsylvania 47.8 47.8 Dead heat
Wisconsin 47.3 48.3 Harris +1.0
Arizona 48.9 46.7 Trump +2.2
N. Carolina 48.3 47.3 Trump +1.0
Georgia 48.3 47.3 Trump +1.0
Nevada 47.7 47.4 Trump +0.3
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The Mighty Detail
Economics: According to the latest data, manufacturing in the Eurozone declined for a 19th consecutive month in October. The HCOB Eurozone Manufacturing PMI – an index which tracks growth – came in at 46 in October. Any number below 50 indicates a contraction. While France and Germany both saw declines in manufacturing, Spain saw manufacturing growth at a 32-month high.
Business: Profits at Ryanair fell by 18 per cent in the first six months of the year to €1.79 billion. Although the airline recorded a 9 per cent increase in passenger numbers to 115 million people, lower airfares and delays in the delivery of aircraft from Boeing have meant reduced profitability.
Markets: The price of oil rose by nearly 2 per cent during trading yesterday, with Brent oil futures up to just over $1.66 per barrel. As mentioned in the Mighty Memo yesterday, the OPEC+ group has decided to delay plans to increase oil output in December.
Foreign Affairs: Incumbent President Maia Sandu has won the run-off in Moldova’s Presidential Election. She won 54 per cent of the vote. The election was seen as a proxy battle between pro-EU and pro-Russian forces in the country. There are accusations of Russian attempts to interfere with the election, with claims of false bomb threats at polling stations and vote buying.
Security and intelligence: At the UN Security Council yesterday, the United States accused Russia and China of shielding North Korea from sanctions and so allowing North Korea to build up its “unlawful ballistic missile, nuclear and WMD programs”. At the same time, President Putin hosted North Korea’s Foreign Minister, Choe Son Hui, in Moscow.
Domestic politics: The Government has announced an additional £75 million for Border Security Command, bringing total additional investment for the agency to £150 million over the next two years. The Government says this will provide for 300 more staff as well as provide for 100 specialist investigators at the National Crime Agency.
The Mighty Calendar
What’s happening today?
United States Presidential Election
Justice Questions in UK Parliament
France industrial production data (September)
Spain, New Zealand unemployment data (October)
UK car registrations data (October)
United States, Canada trade data (September)
Company results from: Associated British Foods, Audi, Devon Energy
Lookahead to tomorrow
Prime Minister’s Questions in UK Parliament
Prince William attends Earthshot Prize ceremony in South Africa
Eurozone PPI inflation data (September)
China, Australia trade data (September)
UK construction growth data (October)
France, Germany, Italy, Spain services growth data (October)
Company results from: Novo Nordisk, Credit Agricole, Commerzbank, Lyft, BMW, Persimmon
The Mighty Finale
🌤️Weather today
Dry with sunny intervals in London. High of 14oC and low of 9oC. Overcast in Belfast with a chance of rain in the afternoon. Overcast but dry in Edinburgh.
✏️Life coaching quote of the day
“If you are not willing to risk the unusual, you will have to settle for the ordinary.” – Jim Rohn, motivational speaker
Mighty takeaway: If you don’t want to follow the crowd, you sometimes have to do things differently.
That’s all for this Tuesday. See you tomorrow morning!
Cheerio!
The Mighty Memo team
Monday, 4 November 2024
Berkshire cash grows to $325 billion, Lime ready for IPO, China and Japan discuss North Korea and more…
The Mighty Headlines
Economics: OPEC+ delay increasing oil output
Business: Berkshire Hathaway cash holding grows to £325 billion
Markets: E-bike company Lime ready for IPO
Foreign Affairs: Spain to declare ‘state of catastrophe’
Security and intelligence: China and Japan discuss North Korean troops in Russia
Domestic politics: Badenoch says “loss of trust” led to general election defeat
The Mighty Stats
FTSE = 8,177.15 (up 0.83 per cent at Friday close)
S&P500 = 5,728.80 (up 0.41 per cent at Friday close)
Nasdaq = 18,239.92 (up 0.80 per cent at Friday close)
CAC40 = 7,409.11 (up 0.80 per cent at Friday close)
£1 = $1.29 / €1.19
UK: Con / Lab / Reform = 26 / 28 / 18 per cent (poll conducted between 30 October and 1 November before Kemi Badenoch was elected Leader of the Conservative Party)
US swing states: Trump / Harris
Michigan 47.1 47.8 Harris +0.7
Pennsylvania 47.9 47.6 Trump +0.3
Wisconsin 47.4 48.1 Harris +0.7
Arizona 49.0 46.4 Trump +2.6
N. Carolina 48.4 47.1 Trump +1.3
Georgia 48.5 47.0 Trump +1.5
Nevada 47.8 47.2 Harris +0.6
*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: Eight members of OPEC+ have decided to delay increasing oil output. The eight members – Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman – gave no reason for the decision which would have added 180,000 barrels a day to global supply in December. Oil prices are falling, driven by weakening demand in China.
Business: Berkshire Hathaway saw its cash holdings increase to over $325 billion in Q3 2024. The conglomerate, headed by Warren Buffet, sold $36.1 billion of stock holdings in Q3. It also sold 25 per cent of its shares in Apple.
Markets: The CEO of Lime, the electric bicycle hire company, has said that the company is ready to be listed on the stock exchange. CEO Wayne Ting said, however, that the stock market environment is not yet right and the company is “waiting for better conditions”. Lime made an underlying profit of $97 million last year.
Foreign Affairs: The Spanish Prime Minister, Pedro Sanchez, has said that his government has asked for support from the European Union to deal with the recent floods in the country. The floods have already killed 211 people. The Government is expected to declare a ‘state of catastrophe’ tomorrow which will facilitate access to the European Solidarity Fund.
Security and intelligence: The head of Japan’s national security council, Akiba Takeo, has been meeting China’s Foreign Minister Wang Yi today. The two men will discuss the deployment of North Korean troops against Ukraine. There are suggestions that China is becoming frustrated with the deepening military relationship between Russia and North Korea.
Domestic politics: In her first BBC television interview since becoming leader of the Conservative Party, Kemi Badenoch, said that a “loss of public trust” was the reason for the Conservative Party’s defeat at the General Election. She is expected to announce a Shadow Cabinet team tomorrow.
The Mighty Calendar
What’s happening today?
Japan public holiday (Culture Day)
Education Questions in UK Parliament
Spain, Italy, Germany, France, Eurozone manufacturing data (October)
Spain, Italy, Germany, France car registrations data (October)
South Korea CPI inflation data (October)
Company results from: BioNTech, Ryanair, Fox, New York Times
Lookahead to tomorrow
United States Presidential Election
Justice Questions in UK Parliament
France industrial production data (September)
Spain, New Zealand unemployment data (October)
UK car registrations data (October)
United States, Canada trade data (September)
Company results from: Associated British Foods, Audi, Devon Energy
The Mighty Finale
🌤️Weather today
Misty but dry in London. High of 14oC and low of 8oC. Also dry in Belfast and Edinburgh.
✏️Life coaching quote of the day
“You are the only problem you will ever have and you are the only solution. Change is inevitable, personal growth is always a personal decision.” – Bob Proctor
Mighty takeaway: The answer to changing your life lies within you, not outside of you. No-one can do the work or take the decisions for you.
That’s about it for this Monday. We hope you have a good start to the week and we’ll see you tomorrow.
Adios!
The Mighty Memo team
Friday, 1 November 2024
Microsoft and Meta shares fall, Argentina fires Foreign Minister, UK starts Northern Ireland Brexit vote and more…
The Mighty Headlines
Economics: Inflation increases to 2 per cent in Eurozone
Business: Chinese car company sues the EU because of tariffs
Markets: Microsoft and Meta shares fall because of AI investments
Foreign Affairs: Argentinian President fires Foreign Minister
Security and intelligence: Germany shuts down Iranian consulates
Domestic politics: UK initiates Brexit deal process for N. Ireland
The Mighty Stats
FTSE = 8,110.10 (down 0.61 per cent at Thursday close)
S&P500 = 5,705.45 (down 1.86 per cent at Thursday close)
Nasdaq = 18,095.15 (down 2.76 per cent at Thursday close)
CAC40 = 7,350.37 (down 1.05 per cent at Thursday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 46.9 47.9 Harris +1.0
Pennsylvania 47.9 47.5 Trump +0.4
Wisconsin 47.4 48.2 Harris +0.7
Arizona 48.8 46.5 Trump +2.3
N. Carolina 48.3 47.2 Trump +1.1
Georgia 48.7 46.9 Trump +1.8
Nevada 47.4 47.5 Harris +0.1
*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: Inflation in the Eurozone increased to 2 per cent in October. This is up from 1.7 per cent in September and has been driven by food prices and services. Unemployment in October stayed at a record low of 6.3 per cent.
Business: Chinese car maker SAIC is to sue the EU. The follows the 45 per cent tariffs the EU has imposed on Chinese electric cars. SAIC, a Chinese state-owned car company, said it wanted to protect its rights and interests. The EU has said that the Chinese state is subsiding car production and distorting competition.
Markets: US stock markets fell yesterday, with Microsoft and Meta performing particularly poorly. Microsoft shares fell by over 5 per cent and Meta shares fell by 4 per cent. Although both companies published positive results in Q3 2024, there are concerns that the amount of money they are spending on artificial intelligence could impact profitability.
Foreign Affairs: Argentina’s Foreign Affairs minister has been fired after a vote at the UN in which Argentina voted in favour of ending the United States’ sanctions on Cuba. Argentina’s President Milei is trying to align Argentina with the United States’ foreign policy and his office said that Argentina is “categorically opposed to the Cuban dictatorship”. This is the 32nd year that the UN has voted to end US sanctions on Cuba.
Security and intelligence: Germany has closed its Iranian consulates following the execution of German-Iranian prisoner, Jamshid Sharmahd in Iran. Sharmahd was kidnapped by the Iranian security services in Dubai in 2020. Iran accused him of planning a 2008 terrorist attack and disclosing classified military information. There are suggestions that the kidnap was linked to the collapse of Iran’s 2015 nuclear deal with Western countries including with Germany.
Domestic politics: The UK Government has initiated the Democratic Consent process for the Northern Ireland Protocol. Under the Brexit deal, Northern Ireland must give consent to the Protocol every four years. If it does not do so, this part of Brexit deal could collapse. This will be the first time the Democratic Consent process has been initiated.
The Mighty Calendar
What’s happening today?
Switzerland CPI inflation data (October)
Spain, UK, Canada, United States manufacturing data (October)
Brazil industrial production data (September)
United States unemployment data (October)
Company results from: ExxonMobil, Chevron, Nomura
Lookahead to the weekend
Saturday
New leader of the UK Conservative Party announced
England versus New Zealand Rugby Autumn Nations series
Sunday
Presidential Election in Moldova (second round)
London to Brighton Veteran Car Run
Brazilian Grand Prix
New York City Marathon
The Mighty Finale
🌤️Weather today
Dry in London with light cloud. High of 14oC and low of 9oC. Same in Belfast but light rain in Edinburgh.
✏️Life coaching quote of the day
“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planed for you? Not much.” – Jim Rohn, motivational speaker
Mighty takeaway: What would like to do that you aren’t doing? If you don’t take the action, no-one will do it for you.
That’s about it for today’s edition. Thank you so much for reading this week and we’ll see you on Monday. Enjoy the weekend!
Adios!
The Mighty Memo team
Thursday, 31 October 2024
Volkswagen shares plunge, Russia fines Google $2.5 decillion, Burma lawlessness crisis and more…
The Mighty Headlines
Economics: Donald Trump says the EU will pay a “big price” economically if he wins
Business: Russia fines Google $2.5 decillion
Markets: Volkswagen shares fall to 24-year low
Foreign Affairs: UN Special Envoy warns Burma is spiralling into lawlessness
Security and intelligence: CIA Director visits Egypt and Israel today
Domestic politics: UK Budget includes billions in tax rises and spending
The Mighty Stats
FTSE = 8,159.63 (down 0.73 per cent at Wednesday close)
S&P500 = 5,813.67 (down 0.33 per cent at Wednesday close)
Nasdaq = 18,607.93 (down 0.56 per cent at Wednesday close)
CAC40 = 7,428.36 (down 1.1 per cent at Wednesday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 47.2 48.0 Harris +0.7
Pennsylvania 48.0 47.6 Trump +0.4
Wisconsin 47.7 48.0 Harris +0.3
Arizona 48.8 46.6 Trump +2.2
N. Carolina 48.4 47.2 Trump +1.2
Georgia 48.8 47.0 Trump +1.8
Nevada 47.5 47.6 Harris +0.1
*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: Donald Trump has indicated that the EU would pay “a big price” economically if he were to win the election. At a campaign event in Pennsylvania, Trump said of the EU “They don't take our cars. They don't take our farm products. They sell millions and millions of cars in the United States. No, no, no, they are going to have to pay a big price.” He has previously indicated tariffs of up to 10 per cent on all EU goods exported to the United States.
Business: Russia has fined Google $2.5 decillion for allegedly removing pro-Government content on YouTube. The fine is worth $2.5 trillion trillion trillion and is greater than the world’s GDP which is estimated to be $110 thousand billion. Google said earlier this week that it did not believe that ongoing legal matters would have a “material adverse effect” on the company.
Markets: Volkswagen shares fell to a 24-year low yesterday after its earnings results for Q3 2024 were lower than expected. Volkswagen reported earnings of €3.34 per share, below the €3.46 expected. Shares stand at just under €90, a fall of 75 per cent from an all-time high of €355 in March 2021. The auto manufacturer faces falling demand in China and rising costs.
Foreign Affairs: The UN Special Envoy for Burma, Julie Bishop, has said that the country is spiralling into lawlessness. Bishop, a former Australian Foreign Minister, said that criminal networks of arms production, human trafficking and drug manufacture were “out of control”. She warned that the situation in Burma risks being a “forgotten crisis”.
Security and intelligence: The Director of the CIA, William Burns, is visiting Egypt and Israel today to discuss tensions in the Middle East including Iran, Lebanon and the release of Israeli hostages. Separately, the new leader of Hezbollah, Naim Qassem, has said that Hezbollah will continue fighting against Israel “no matter how long it takes” until it receives suitable ceasefire terms.
Domestic politics: The UK Chancellor, Rachel Reeves, published the Government’s Budget yesterday. The Budget includes £40 billion of tax increases and provides £22.6 billion for the NHS, £2.3 billion for schools, £2.9 billion for defence and £5 billion for housing. The independent Office for Budget Responsibility has said that the larger state may “crowd out” business activity and push living standards down by around 1 per cent.
The Mighty Calendar
What’s happening today?
Trade Questions in UK Parliament
Japan housing data (September)
German retail sales data (September)
France, Italy, Eurozone CPI inflation data (October)
United States jobless data (weekly)
United States personal income and spending data (September)
Canada GDP data (August)
South Korea trade data (October)
China manufacturing growth data (October)
Company results from: Apple, Amazon, Shell, Total, Samsung, Intel
Lookahead to tomorrow
Switzerland CPI inflation data (October)
Spain, UK, Canada, United States manufacturing data (October
Brazil industrial production data (September)
United States unemployment data (October)
Company results from: ExxonMobil, Chevron, Nomura
The Mighty Finale
🌤️Weather today
Dry and misty in London. High of 16oC and low of 9oC. Cloudy and dry in Belfast and Edinburgh too.
✏️Life coaching quote of the day
“You are not stuck where you are unless you decide to be.” – Wayne Dyer, motivational speaker
Mighty takeaway: No further explanation needed about this quote!
That’s about it for today’s edition. See you tomorrow!
Adios!
The Mighty Memo team
Wednesday, 30 October 2024
BP profits, Italian hacking network, new Hezbollah leader and more…
The Mighty Headlines
Economics: Tax rises and public spending increases expected in UK budget
Business: BP reports Q3 profits of £1.8 billion: the lowest profits in nearly four years
Markets: HSBC shares rise by nearly 4 per cent after positive profit news
Foreign Affairs: Italian prosecutors uncover government hacking network
Security and intelligence: Hezbollah elects Naim Qassem as new leader
Domestic politics: UK Government gives funding for 2 million more NHS appointments
The Mighty Stats
FTSE = 8,219.61 (down 0.8 per cent at Tuesday close)
S&P500 = 5,832.92 (up 0.16 per cent at Tuesday close)
Nasdaq = 18,712.75 (up 0.78 per cent at Tuesday close)
CAC40 = 7,511.11 (down 0.61 per cent at Tuesday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 47.3 47.9 Harris +0.6
Pennsylvania 48.0 47.8 Trump +0.2
Wisconsin 47.8 48.0 Harris +0.2
Arizona 48.8 46.8 Trump +2.0
N. Carolina 48.5 47.1 Trump +1.4
Georgia 48.7 47.2 Trump +1.5
Nevada 47.6 47.4 Harris +0.2
*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 UK Budget takes place today from 12.30pm. The Chancellor, Rachel Reeves, is widely expected to increase taxes and public spending in some areas. Rishi Sunak will respond to the Budget in what will likely be his final appearance as Leader of the Opposition.
Business: BP reported its lowest quarterly profits in nearly four years yesterday. The oil company posted profits of £1.8 billion for Q3 2024. This is down by 28 per cent on last year when BP reported profits of $3.2 billion.
Markets: Shares in HSBC increased by nearly 4 per cent yesterday as the bank reported a 10 per cent increase in its quarterly profits. Profits were $8.5 billion in Q3 2024. This comes as the bank’s new CEO announced a restructuring plan that would see its operations divided into eastern and western markets. This could be a potential precursor to separating off the more profitable Asian side of the business although this is denied by HSBC.
Foreign Affairs: Italian prosecutors have uncovered a network of computer hackers and former Italian police officers who have broken into Government databases. The network has allegedly stolen data from 800,000 people with information used to blackmail politicians and entrepreneurs. Prime Minister Meloni and President Mattarella were two of the alleged targets.
Security and intelligence: Hezbollah has elected a new leader, Sheik Naim Qassem. Qassem, 71 years old, has been deputy leader of the Islamist militant group since 1991. He has acted as coordinator of Hezbollah’s parliamentary election campaigns since 1992 and is one of the group’s main spokesmen.
Domestic politics: Ahead of the Budget, the Government announced funding to provide 2 million more NHS operations, scans and appointments a year. It also announced that it would increase the minimum wage by 77 pence to £12.21.
The Mighty Calendar
What’s happening today?
Prime Minister’s Questions in UK Parliament
Budget Statement in UK Parliament
United States, France, Spain, Italy, Germany, Eurozone GDP data (Q3 2024)
Spain, Germany CPI inflation data (October)
Germany unemployment data (October)
China manufacturing data (October)
United State home sales data (weekly)
Japan, Korea retail sales data (September)
Bank of Japan interest rate decision
Company results from: Microsoft, Meta, Standard Chartered, NEXT, Starbucks, eBay, Eli Lilly, Volkswagen
Lookahead to tomorrow
Trade Questions in UK Parliament
Japan housing data (September)
German retail sales data (September)
France, Italy, Eurozone CPI inflation data (October)
United States jobless data (weekly)
United States personal income and spending data (September)
Canada GDP data (August)
South Korea trade data (October)
China manufacturing growth data (October)
Company results from: Apple, Amazon, Shell, Total, Samsung, Intel
The Mighty Finale
🌤️Weather today
Light cloud and dry all day in London. High of 16oC and low of 9oC. Same weather in Belfast but sunny spells again in Edinburgh.
✏️Life coaching quote of the day
“If you always do what you have always done, you will always be where you are right now.” – W. Clement Stone, businessman
Mighty takeaway: You need to take new actions to achieve new things.
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
Tuesday, 29 October 2024
Ford company results, Uruguay presidential election, North Korea troops in Russia and more…
The Mighty Headlines
Economics: UK Prime Minister sets out plan for tax rises
Business: Ford posts positive Q3 results
Markets: Oil prices fall over 6 per cent
Foreign Affairs: Uruguay faces tight presidential election run-off
Security and intelligence: Pentagon confirms North Korean troops to Russia
Domestic politics: UK Government sanctions Russian public relations firms
The Mighty Stats
FTSE = 8,285.62 (up 0.45 per cent at Monday close)
S&P500 = 5,823.52 (up 0.27 per cent at Monday close)
Nasdaq = 18,567.19 (up 0.26 per cent at Monday close)
CAC40 = 7,556.94 (up 0.79 per cent at Monday close)
£1 = $1.30 / €1.20
US swing states: Trump / Harris
Michigan 47.3 47.6 Harris +0.3
Pennsylvania 48.0 47.6 Trump +0.4
Wisconsin 47.8 47.9 Harris +0.1
Arizona 48.7 46.8 Trump +1.9
N. Carolina 48.4 47.1 Trump +1.3
Georgia 48.6 47.0 Trump +1.6
Nevada 47.5 47.3 Harris +0.2
*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 UK Prime Minister has said that tax rises will be required in the Budget on Wednesday to “prevent austerity and rebuild public services”. Income tax bands are expected to be frozen while employers’ National Insurance rates are expected to increase.
Business: The Ford Motor company has posted better than expected Q3 results. Revenue came in at $43.07 billion and earnings per share came in at 49 cents versus the 47 cents expected. This compares well with Q2 results where earnings were around 47 cents per share versus 68 cents expected.
Markets: US oil prices fell by over 6 per cent during trading yesterday. This followed news at the weekend that Israel’s air strikes did not hit Iranian oil facilities. US West Texas Intermediate futures fell by 6.13 per cent – the biggest daily fall since July 2022.
Foreign Affairs: Uruguay will face a tight run-off in its presidential election next month. In the first round of voting at the weekend, centre-left candidate Yamandu Orsi came out top with 1.06 million votes. The two centre-right candidates received 1.03 million votes between them. This means their supporters need only 30,000 votes to stop Orsi from winning in the second round.
Security and intelligence: The Pentagon has said that 10,000 North Korean troops are being sent to Russia and that if this happens they will be “co-belligerents” in the war. The UN Security Council will discuss the possible deployment of North Korean troops at a meeting on Wednesday.
Domestic politics: The UK Government has placed sanctions on three Russian public relations agencies and three senior Russian employees of those companies. The Government accuses the companies of undermining Ukraine’s democracy with a “vast malign online network” known as “Doppelganger”. The network produces fake online posts, counterfeit document and deepfake material.
The Mighty Calendar
What’s happening today?
Treasury Questions in UK Parliament
Great British Energy Bill (Remaining Stages) in UK Parliament
UK mortgage approvals data (September)
United States house prices data (August)
Australia CPI inflation data (Q3 2024)
Company results from: Alphabet, McDonald’s, Santander, HSBC, BP, Lufthansa
Lookahead to tomorrow
Prime Minister’s Questions in UK Parliament
Budget Statement in UK Parliament
United States, France, Spain, Italy, Germany, Eurozone GDP data (Q3 2024)
Spain, Germany CPI inflation data (October)
Germany unemployment data (October)
China manufacturing data (October)
United State home sales data (weekly)
Japan, Korea retail sales data (September)
Bank of Japan interest rate decision
Company results from: Microsoft, Meta, Standard Chartered, NEXT, Starbucks, eBay, Eli Lilly, Volkswagen
The Mighty Finale
🌤️Weather today
Light cloud in London and dry. High of 17oC and low of 10oC. Same weather in Belfast but sunny spells in Edinburgh.
✏️Life coaching quote of the day
“Develop an attitude of gratitude, and give thanks for everything that happens to you, knowing that every step forwards is a step towards achieving something bigger and better than your current situation.” – Brian Tracy, motivational speaker
Mighty takeaway: Congratulate yourself on the small victories you achieve not just the big milestones.
That’s about it for today. Happy Tuesday and we’ll see you tomorrow. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Monday, 28 October 2024
Nvidia versus Apple, UN Sec Gen visit to Ukraine cancelled, Chinese group reportedly hacking Donald Trump’s phone and more…
The Mighty Headlines
Economics: Russia increases interest rates to 21 per cent
Business: Panama Canal increases its profits to nearly $3.5 billion
Markets: Nvidia briefly overtakes Apple as world’s most valuable company
Foreign Affairs: Ukraine cancels visit of UN Secretary General
Security and intelligence: Chinese group reportedly hacking phone of Donald Trump
Domestic politics: UK Government announces £500 million for affordable housing
The Mighty Stats
FTSE = 8,248.84 (down 0.25 per cent at Friday close)
S&P 500 = 5,808.12 (down 0.030 per cent at Friday close)
Nasdaq = 18,518.61 (up 0.56 per cent at Friday close)
CAC40 = 7,497.54 (down 0.076 per cent at Friday close)
£1 = $1.30 / €1.20
UK: Con / Lab / Reform = 24 / 29 / 19 per cent
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
*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: Russia’s central bank has increased interest rates from 19 per cent to 21 per cent. This is the highest level since February 2003. Export revenues from oil and government spending on the military means the rate of inflation in the country is higher than the target and will average out to around 7.9 per cent this year. CNBC
Business: The Panama Canal’s profits increased by 9.5 per cent in the year to September to $3.45 billion. This is despite the Canal suffering from the third driest year on record which has reduced the water available for ships to pass through it. An average of 27 ships a day pass through the Panama Canal out of a maximum capacity of 36 ships. Reuters
Markets: Chipmaker Nvidia briefly overtook Apple as the world’s most valuable company during trading on Friday. Nvidia’s value reached $3.53 trillion on Friday, just above Apple which is worth $3.52 trillion. Nvidia’s shares have risen by 18 per cent in October alone. Reuters
Foreign Affairs: The Ukrainian Government has cancelled a visit by the UN Secretary General following intelligence that North Korean troops would be deployed in Russia against Ukraine. It is thought that North Korean troops could be deployed to the Kursk region of Russia, parts of which Ukraine has held since August. Associated Press
Security and intelligence: There are reports that Chinese hackers have attempted to infiltrate the telephones of Donald Trump, JD Vance and people working on the Harris campaign. The Washington Post has said that the attacks come from a Chinese hacking group called “Salt Typhoon” which is reportedly linked to China’s intelligence agency, the Ministry of State Security.
Domestic politics: Ahead of the UK Budget this week, the Government has said that it will be investing an additional £500 million to deliver up to 5,000 new affordable homes. The Government has said that it will also seek to protect social housing stock by reducing the discount provided by the Right to Buy scheme which allows social housing tenants to purchase their home.
The Mighty Calendar
What’s happening today?
New Zealand public holiday (Labour Day)
Housing Questions in UK Parliament
General Debate on Remembrance in UK Parliament
World Meteorological Organisation Greenhouse Gas Bulletin
Spain retail sales data (September)
Hong Kong trade data (September)
Japan unemployment data (September)
Company results from: Ford Motors
Lookahead to tomorrow
Treasury Questions in UK Parliament
Great British Energy Bill (Remaining Stages) in UK Parliament
UK mortgage approvals data (September)
United States house prices data (August)
Australia CPI inflation data (Q3 2024)
Company results from: Alphabet, McDonald’s, Santander, HSBC, BP, Lufthansa
The Mighty Finale
🌤️Weather today
Light cloud in London and a chance of rain for most of the day. High of 16oC and low of 13oC. Drizzle in Belfast and light could in Edinburgh.
✏️Life coaching quote of the day
“No person, no place and no thing has any power over us, for ‘we’ are the only thinkers in our mind. When we create peace and harmony and balance in our minds, we will find it in our lives.” – Louise Hay, motivational speaker
Mighty takeaway: What you think becomes your reality.
That’s all for today. Have a great week. And don’t forget to live your dreams!
Cheerio!
The Mighty Memo team