Your morning
briefing.
Small but
Mighty.
Wednesday, 11 September 2024
Chinese exports grow, Apple antitrust case, Winter Fuel Payment vote and more...
The Mighty Headlines
Economics: Chinese exports grow by over 8 per cent in August
Business: Apple loses in €13 billion EU antitrust case
Markets: European stocks close down on automotive news
Foreign Affairs: Australia to introduce minimum age for social media use
Security and intelligence: Blinken confirms Iran is supplying weapons to Russia
Domestic politics: Winter Fuel Payment vote passes in Parliament
The Mighty Stats
FTSE = 8,205.98 (down 0.78 per cent at Tuesday close)
S&P500 = 5,495.52 (up 0.45 per cent at Tuesday close)
Nasdaq = 17,025.88 (up 0.84 per cent at Tuesday close)
Nikkei = 35,619.77 (down 1.49 per cent at Wednesday close)
CAC40 = 7,407.55 (down 0.24 per cent at Tuesday close)
£1 = $1.31 / €1.19 / ¥184.96
US: Trump / Harris = 47.3 / 48.4 per cent
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The Mighty Detail
Economics: Chinese exports grew by 8.7 per cent in August year on year. The outlook remains uncertain, however, because of increasing EU and United States tariffs on Chinese goods, particularly on electric vehicles.
Business: Apple has lost a €13 billion antitrust case against the European Union. The European Court of Justice ruled yesterday that Apple had been unlawfully granted tax benefits worth €13 billion by Ireland between 1991 and 2014. Ireland must now recover the money from Apple.
Markets: The pan-European Stoxx 600 index closed down on Tuesday. This was led by a decline in automotive stocks. Shares in BMW and parts supplier Continental were down by around 10 per cent and 11 per cent respectively. Continental, which supplies parts to BMW, is experiencing issues with its brake systems.
Foreign Affairs: The Australian Prime Minister, Anthony Albanese, said yesterday that the Government would introduce a minimum age limit for social media use. Albanese added an age verification trial would be launched before age laws are introduced later this year. The minimum age is expected to be around 14 to 16 years old.
Security and intelligence: In a visit to London yesterday, the US Secretary of State Antony Blinken confirmed that Iran is supplying Russia with ballistic missiles. Blinken said Russia will “likely use them within weeks in Ukraine against Ukrainians.” The United States has now issued new sanctions against Russia and Iran.
Domestic politics: The vote in the UK Parliament to limit winter fuel payments has passed by 348 votes to 228 votes. 52 Labour MPs abstained from the vote and one Labour MP voted against the Government.
The Mighty Calendar
What’s happening today?
Anniversary of 9/11 terrorist attacks
TV debate between Donald Trump and Kamala Harris on ABC (2.00am UK time)
Prime Minister’s Questions in UK Parliament
Debate on building safety in UK Parliament
UK GDP data (July)
UK industrial production data (July)
Mexico industrial production data (July)
United States CPI inflation data (July)
Japan PPI inflation data (August)
Lookahead to tomorrow
G7 Employment Ministers meet in Italy (ends Friday 13th)
G20 Agricultural Ministers meet in Brazil (ends Friday 13th)
Beijing-Xiangshan Security Forum begins in China (ends Saturday 14th)
ECB interest rate decision
Environment Questions in UK Parliament
Spain CPI inflation data (August)
United States PPI inflation data
India industrial production data (July)
The Mighty Finale
🌤️Weather today
Chance of rain mid-afternoon in London. High of 15oC and low of 7oC. Light rain in Belfast and Edinburgh until early evening.
✏️Life coaching quote of the day
“Everything you want is just outside your comfort zone.” – Robert G. Allen, writer
Mighty takeaway: Every success in your life has required you to step outside of your comfort zone at some point. That is the key to personal growth.
That’s all for this Wednesday. Thanks for reading and see you again tomorrow. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Tuesday, 10 September 2024
Taiwan record exports, Spain's PM in China, Government's knife crime taskforce and more...
The Mighty Headlines
Economics: Taiwan exports reached record high in August
Business: 7-Eleven rejects takeover bid
Markets: US stock market rises expecting interest rate cuts
Foreign Affairs: Spain’s prime minister visits China
Security and intelligence: North Korea provides weapons to Russia
Domestic politics: Government launches taskforce to tackle knife crime
The Mighty Stats
FTSE = 8,270.84 (up 1.09 per cent at Monday close)
S&P500 = 5,471.05 (up 1.16 per cent at Monday close)
Nasdaq = 16,884.60 (up 1.16 per cent at Monday close)
Nikkei = 36,159.16 (down 0.16 per cent at Tuesday close)
CAC40 = 7,425.26 (up 0.99 per cent at Monday close)
£1 = $1.31 / €1.19 / ¥187.83
US: Trump / Harris = 47.2 / 48.4 per cent
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The Mighty Detail
Economics: Taiwan exports reached a record high in August as it continues to supply chips for the growing Artificial Intelligence (AI) industry. Exports reached $43.64 billion in August, up 16.8 per cent from the same point last year, and marking the 10th monthly rise in a row.
Business: The 7-Eleven convenience store chain has rejected a takeover offer by Canadian company Alimentation Couche-Tard saying it was undervalued. The offer was previously reported to be $38 billion (£29.2 billion). 7-Eleven has 85,000 shops in 20 countries.
Markets: US stocks ended the day up yesterday, following expectations of an interest rate cut by the Federal Reserve later this month. The S&P500 and Nasdaq both rose by 1.16 per cent. Technology shares were the day’s best performers, with chipmaker Nvidia rising 3.5 per cent.
Foreign Affairs: Spain’s Prime Minister Sanchez visited President Xi in Beijing yesterday amid increased tensions between the EU and China over trade in electric vehicles. The EU is proposing tariffs of up to 36.3 per cent on Chinese-made electric vehicles and China has retaliated by launching an investigation into EU pork imports. Spain is a major EU exporter of pork to China.
Security and intelligence: North Korea is providing weapons to Russia. Speaking yesterday, Germany’s Chief of Defence, General Carsten Beuer, said the weapons would allow Russia to keep its weapon stock high during the Ukraine invasion. Last week, US Deputy Assistant Secretary of Defence, Robert Koepcke, said North Korea had shipped at least 16,500 containers of munitions and material to Russia since September 2023.
Domestic politics: The Government launched a knife crime taskforce yesterday. The Coalition to Tackle Knife Crime is expected to examine the causes of knife crime among young people and provide evidence to develop government policy on the issue.
The Mighty Calendar
What’s happening today?
US Secretary of State visits London
Opening of 79th United Nations General Assembly
Winter Fuel Payment vote in UK Parliament
Justice Questions in UK Parliament
Conservative MPs vote in second round of Conservative leadership election
China trade data (August)
UK unemployment data (July)
Germany CPI inflation data (August)
Italy and Spain industrial production data (July)
Lookahead to tomorrow
TV debate between Donald Trump and Kamala Harris on ABC (2.00am UK time)
Prime Minister’s Questions in UK Parliament
Debate on building safety in UK Parliament
UK GDP data (July)
UK industrial production data (July)
Mexico industrial production data (July)
United States CPI inflation data (July)
Japan PPI inflation data (August)
The Mighty Finale
🌤️Weather today
Largely dry until early evening in London. High of 19oC and low of 7oC. Sunny and dry in Belfast and sunny (most of the time) in Edinburgh.
✏️Life coaching quote of the day
“Happiness is not by chance, but by choice.” – Jim Rohn, motivational speaker
Mighty takeaway: Decide to be happy. Others around you might be happy in the same circumstances but it requires you to change your perspective.
That’s all for today. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Monday, 9 September 2024
Eurozone growth, Iran sends weapons to Russia, PM visits Ireland and more...
The Mighty Headlines
Economics: Eurozone grows 0.2 per cent in Q2 2024
Business: HSBC to expand wealth management arm
Markets: Price of gold falls from record levels
Foreign Affairs: Iran sends weapons to Russia
Security and intelligence: US to withdraw troops from Iraq
Domestic politics: Prime Minister visits Ireland
The Mighty Stats
FTSE = 8,181.47 (down 0.73 per cent at Friday close)
S&P500 = 5,408.42 (down 1.73 per cent at Friday close)
Nasdaq = 16,690.83 (down 2.55 per cent at Friday close)
Nikkei = 36,215.75 (down 0.48 per cent at Monday close)
CAC40 = 7,352.30 (down 1.07 per cent at Friday close)
£1 = $1.31 / €1.18 / ¥187.28
*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 eurozone’s GDP grew by 0.2 per cent in the second quarter of the year. This is a slight decrease on the 0.3 per cent of growth expected. It is also a decrease on the 0.3 per cent of growth recorded in the first quarter of the year.
Business: HSBC is set to expand its wealth management operations in the UK. Hundreds of staff are expected to be recruited as the bank seeks to double assets under management in its wealth management division to around £100 billion over the next five years.
Markets: The price of gold fell on Friday after reaching record levels in late August. Gold fell to $2,495.85 per troy ounce, down from $2,500 per troy ounce on the 20th August. The uncertain size of the US interest rate cut expected this month may be a factor in the fall.
Foreign Affairs: Iran is alleged to have sent more than 200 ballistic missiles to Russia last week. The weapons are likely to be used against Ukraine. Speaking on Saturday, CIA Director William Burns declined to confirm the transfer but said such a transfer would represent a “dramatic escalation” of Russia and Iran’s defence partnership.
Security and intelligence: The US has agreed to withdraw hundreds of its troops from Iraq in 2025. US-led coalition forces have been stationed in the country since 2014 to fight Islamic State militants. Remaining US troops will leave by the end of 2026. Islamic State was territorially defeated in Iraq in 2017 but US-led troops remained to keep the area in check. There are around 2,500 US troops in Iraq.
Domestic politics: The Prime Minister visited Ireland on Saturday to meet Taoiseach Simon Harris. This follows the Prime Minister’s visits to France and Germany last week which the Government says is part of the “UK’s reset with its key European partners.”
The Mighty Calendar
What’s happening today?
Education Questions in UK Parliament
Mexico inflation data (August)
Mexico consumer confidence data (August)
United States vehicle sales data (August)
United States wholesale trade data (July)
Lookahead to tomorrow
Opening of 79th United Nations General Assembly
Winter Fuel Payment vote in UK Parliament
Justice Questions in UK Parliament
Conservative MPs vote in second round of Conservative leadership election
China trade data (August)
UK unemployment data (July)
Germany CPI inflation data (August)
Italy and Spain industrial production data (July)
The Mighty Finale
🌤️Weather today
Dry in London. Cooler temperatures than last week. High of 17oC and low of 10oC. Dry in Belfast until early evening. Dry in Edinburgh.
✏️Life coaching quote of the day
“If you really want to do something, you'll find a way. If you don't, you'll find an excuse.” – Jim Rohn, motivational speaker
Mighty takeaway: If you keep on making excuses for not spending time on your goals in life, think whether you really want to achieve those goals. If they are the right goals, schedule time in your diary every day to dedicate time to them.
That’s about it for today’s edition. Thank you so much for reading to the end! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Friday, 6 September 2024
China pledges $50 billion for Africa, new French Prime Minister, UK signs AI treaty and more
The Mighty Headlines
Economics: China pledges $50 billion of financial support to Africa
Business: Volvo abandons target to make cars fully electric by 2030
Markets: US Steel shares fall as Biden set to block Nippon Steel’s takeover
Foreign Affairs: Michel Barnier appointed French prime minister
Security and intelligence: German police kill gunman near Israeli consulate
Domestic politics: UK signs international treaty on AI risks
The Mighty Stats
FTSE = 8,241.71 (down 0.34 per cent at Thursday close)
S&P500 = 5,503.41 (down 0.3 per cent at Thursday close)
Nasdaq = 17,127.66 (up 0.25 per cent at Thursday close)
Nikkei = 36,391.47 (down 0.72 per cent at Friday close)
CAC40 = 7,431.96 (down 0.92 per cent at Thursday close)
£1 = $1.32/ €1.19 / ¥187.70
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.5 / 48.3 per cent
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: China has pledged to give Africa $50 billion in financial support over the next three years. Speaking at the China-Africa Cooperation Forum in Beijing yesterday, President Xi said that “China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment.”
Business: Automaker Volvo has announced that it has dropped plans to make its cars fully electric by 2030. It now aims to ensure that electric cars – whether hybrid or fully electric – account for “90 to 100 per cent of its global sales volume” by 2030. Volvo CEO, Jim Rowan, said “the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption”.
Markets: US Steel shares fell 17 per cent yesterday on news that President Biden is set to block Nippon Steel’s takeover of the company. Presidential candidates Kamala Harris and Donald Trump have also said they would block the deal from going ahead. The CEO of US Steel has said that a factory would close and jobs would be lost if the deal did not go ahead.
Foreign Affairs: Michel Barnier has been appointed by President Macron as the new French Prime Minister. Barnier is a former foreign affairs minister and served as an MP from 1978 to 1995. He has also twice served as a European Commissioner and was most recently the EU’s Chief Brexit Negotiator. Barnier is from the centre-right Les Républicains party.
Security and intelligence: German police shot dead a suspected Islamist gunman near the Israeli consulate in Munich yesterday. The gunman was an 18-year-old Austrian national known to Austrian authorities. The incident happened on the anniversary of the 1972 Munich Olympics terrorist attack in which 11 Israeli athletes were murdered.
Domestic politics: The UK Government signed the world’s first international treaty addressing risks from Artificial Intelligence (AI) yesterday. The agreement, co-ordinated by the Council of Europe, will require countries to monitor AI developments and protect human rights, the rule of law and citizens’ personal data from AI risks.
The Mighty Calendar
What’s happening today?
Germany trade data (July)
Germany industrial production data (July)
France trade data (July)
China trade data (August)
Italy retail sales data (July)
Eurozone employment data (Q2 2024)
United States payroll and unemployment data (August)
Canada employment and unemployment data (August)
Lookahead to the weekend
Saturday:
US Open Women’s Final
FT Weekend Festival, Kenwood House, London
Goodwood Revival begins, West Sussex
Heritage Open Days, National
Belfast International Tattoo Music and Dance Festival begins
Sunday:
US Open Men’s Final
Goodwood Revival ends, West Sussex
Paralympic Games Closing Ceremony
Belfast International Tattoo Music and Dance Festival ends
The Mighty Finale
🌤️Weather today
Light showers probable for most of the day in London. High of 20oC and low of 13oC. Dry and sunny in Belfast. Overcast but dry in Edinburgh.
✏️Life coaching quote of the day
“The heights by great men reached and kept
Were not attained by sudden flight
But they, while their companions slept,
Were toiling upward in the night.”
– The Ladder of St Augustine by Henry Wadsworth Longfellow
Mighty takeaway: There is no substitution for hard work in reaching your goals. Find the time to commit to your project or aim. It may take effort but it shouldn’t be a struggle. If it is, you may have set yourself the wrong goal.
That’s it for today. Have a good weekend and we’ll see you again on Monday. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Thursday, 5 September 2024
Coca-Cola and Pepsi boycott, Ukraine government reshuffle, US election interference and more...
The Mighty Headlines
Economics: Russia and China say they will strengthen economic ties
Business: Consumer boycott of Coca-Cola and Pepsi in Middle East
Markets: European stocks close down again yesterday
Foreign Affairs: Ukraine begins government reshuffle
Security and intelligence: United States accuses Russia of election interference
Domestic politics: Keir Starmer apologises to victims of Grenfell
The Mighty Stats
FTSE = 8,269.60 (down 0.35 per cent at Wednesday close)
S&P500 = 5,520.07 (down 0.16 per cent at Wednesday close)
Nasdaq = 17,084.30 (down 0.3 per cent at Wednesday close)
Nikkei = 36,657.09 (down 1.05 per cent at Thursday close)
CAC40 = 7,500.97 (down 0.98 per cent at Wednesday close)
£1 = $1.31/ €1.19 / ¥188.28
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.2 / 48.1 per cent
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: President Putin and Chinese Vice President Han Zheng have indicated their readiness to strengthen economic relations. Speaking at the Russian-sponsored Eastern Economic Forum in Vladivostok, Putin said that relations between the two countries had reached an unprecedently high level.
Business: A consumer boycott of Coca-Cola and Pepsi in parts of the Middle East has meant subdued growth for the two companies this year in the region. The soft drinks manufacturers are seen as symbols of United States and its ally Israel. Sales of Coca-Cola in Egypt declined by double digits.
Markets: European stocks closed down again yesterday led by a drop in the valuation of shares in technology companies. Tech stocks dropped 3.2 per cent yesterday. The pan-European Stoxx 600 closed down 1 per cent.
Foreign Affairs: Ukraine will see a reshuffle of its government today. Several high profile ministers, including foreign secretary Dmytro Kuleba, have resigned in anticipation. Elections in Ukraine had been due in May 2024 but the country is currently under martial law.
Security and intelligence: The United States has accused Russia of interfering in the presidential election. This includes Russia covertly providing a US content creation company with nearly $10 million to publish hundreds of TikTok and YouTube videos aligned with Russia’s interests. The videos have been viewed millions of times and two employees of the Russian television company RT have been charged.
Domestic politics: In the House of Commons yesterday, the Prime Minister apologised to victims of the Grenfell Tower fire. Sir Keir Starmer said “the country had failed to discharge its most fundamental duty, to protect you and your loved ones”. This followed the publication of the Grenfell Tower Inquiry report yesterday morning which examined the causes of the tragedy.
The Mighty Calendar
What’s happening today?
Business and Trade Questions in Parliament
Great British Energy Bill in Parliament (Second Reading)
Germany factory orders data (July)
UK, Italy, Germany, France, Eurozone construction data (August)
Eurozone retail sales (July)
United States weekly jobless claims
Japan household spending data (July)
Lookahead to tomorrow
Germany trade data (July)
Germany industrial production data (July)
France trade data (July)
China trade data (August)
Italy retail sales data (July)
Eurozone employment data (Q2 2024)
United States payroll and unemployment data (August)
Canada employment and unemployment data (August)
The Mighty Finale
🌤️Weather today
Rain until late afternoon in London. High of 21oC and low of 17oC. Dry and sunnyish in Belfast. Drizzle most of the day in Edinburgh.
✏️Life coaching quote of the day
“You’’ll never get elected unless you expose yourself to defeat. You’ll never make it to second base if you try to keep one foot on first. You’ll never achieve the dream in your heart unless you take the big jump.” – Earl Nightingale
Mighty takeaway: Fear of failure should not keep you from pursuing your goals. You’ll never know if you don’t try and even if you fail, you learn how not to do it next time.
That’s about it for today’s edition. Thank you so much for reading to the end! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Wednesday, 4 September 2024
Nigeria and China deal, Cathay Pacific grounding, UK railways and nationalisation and more...
The Mighty Headlines
Economics: Nigeria and China sign economic and nuclear deal
Business: Cathay Pacific grounds Airbus A350 airplanes
Markets: Stock markets fall due to concerns over US manufacturing
Foreign Affairs: Venezuelan prosecutors seek arrest of opposition leader
Security and intelligence: Former aide to New York governor charged with espionage
Domestic politics: Government makes first step in nationalising railways
The Mighty Stats
FTSE = 8,298.46 (down 0.78 per cent at Tuesday close)
S&P500 = 5,528.93 (down 2.12 per cent at Tuesday close)
Nasdaq = 18,958.73 (down 3.15 per cent at Tuesday close)
Nikkei = 37,047.61 (down 4.24 per cent at Wednesday close)
CAC40 = 7,575.10 (down 0.93 per cent at Tuesday close)
£1 = $1.31/ €1.19 / ¥190.17
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.2 / 48.1 per cent
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: Nigeria and China have signed an economic and nuclear energy agreement. Nigeria is a partner in China’s Belt and Road development programme and China is also Nigeria’s biggest bilaterial lender with loans of $5 billion.
Business: Cathay Pacific has had to temporarily ground its Airbus A350 fleet after a fault was discovered with the engine of one its airplanes. A flight from Hong Kong to Zurich had to turn back on Monday because of the issue. Cathay Pacific inspected all 48 of its A350 aircraft as a precautionary measure and said that 15 need parts replacing. The A350 engine is manufactured by Rolls-Royce.
Markets: Stock markets in Japan, Europe and the United States fell today and yesterday following concerns about the state of manufacturing in the United States. New data yesterday showed that manufacturing activity in the United States has been declining for 5 months in a row. The pan-European Stoxx 600 index fell by 1 per cent and the Nasdaq and S&P 500 fell by over 3 and 2 per cent respectively. The Japanese Nikkei dropped by over 4 per cent today.
Foreign Affairs: Venezuelan prosecutors have been granted an arrest warrant against Edmundo Gonzalez, the opposition candidate in July’s presidential election. Gonzalez is accused of terrorist-related crimes. Opposition parties claim Gonzalez won 67 per cent of the vote in the election. President Nicolas Maduro also claims victory.
Security and intelligence: The former deputy chief of staff to the Governor of New York state has been charged with espionage. Linda Sun is accused of acting as an undisclosed agent of China and the Chinese Communist Party. Her husband has been charged with money laundering and fraud.
Domestic politics: The Government’s legislation that will help nationalise the railways finished its stages in the House of Commons yesterday. The Passenger Railway Services (Public Ownership) Bill has completed committee stage and third reading and will now move to the House of Lords for further scrutiny.
The Mighty Calendar
What’s happening today?
Wales Questions in Parliament
Prime Minister’s Questions in Parliament
Budget Responsibility Bill in Parliament (Committee and Third Reading)
Conservative MPs vote in first round of Conservative Party leadership election
Grenfell Tower Inquiry report published
Eurozone PPI inflation data (July)
United States trade data (July)
Canada trade data (July)
Australia trade data (July)
South Korea GDP data (Q2 2024)
Lookahead to tomorrow
Business and Trade Questions in Parliament
Great British Energy Bill in Parliament (Second Reading)
Germany factory orders data (July)
UK, Italy, Germany, France, Eurozone construction data (August)
Eurozone retail sales (July)
United States weekly jobless claims
Japan household spending data (July)
The Mighty Finale
🌤️Weather today
Sunny until lunchtime in London then rain in the afternoon and evening. High of 20°C and low of 13°C. Similar weather story in Edinburgh but perhaps a touch dryer in Belfast.
✏️Life coaching quote of the day
“Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.” – Earl Nightingale, writer and speaker
Mighty takeaway: The time it will take to achieve a goal is no excuse for not taking action. If you have a goal or an aim, go for it!
That’s it and thank you for reading! 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, 3 September 2024
Rightmove shares, Turkey airstrikes, Putin visits Mongolia and more...
The Mighty Headlines
Economics: Bank of France governor calls for Eurozone interest rate cut
Business: Volkswagen talks of possible factory closures in Germany
Markets: Rightmove shares increased 27 per cent on Monday
Foreign Affairs: Turkey carries out airstrikes in Iraq
Security and intelligence: Putin travels to Mongolia despite arrest warrant
Domestic politics: Government extends Household Support Fund
The Mighty Stats
FTSE = 8,363.84 (down 0.15 per cent at Monday close)
S&P500 = 5,648.40 (up 1.01 per cent at Monday close)
Nasdaq = 17,713.62 (up 1.13 per cent at Monday close)
Nikkei = 38,686.31 (down 0.038 per cent at Tuesday close)
CAC40 = 7,646.42 (up 0.2 per cent at Monday close)
£1 = $1.31 / €1.19 / ¥191.65
UK: Con / Lab / Reform = 26 / 30 / 19 per cent
US: Trump / Harris = 46.3 / 48.1 per cent
*If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!*
The Mighty Detail
Economics: The Governor of the Bank of France has called for the European Central Bank to cut interest rates this month. François Villeroy de Galhau said it was “fair and wise” to decide on a new rate cut. The interest rate in the eurozone currently stands at 3.75 per cent.
Business: Volkswagen said on Monday that it could not rule out factory closures in Germany as it seeks to “future-proof” the company. Volkswagen CEO, Oliver Blume, said that economic conditions, new competitors in the market and Germany’s decreasing competitiveness were factors in the decision.
Markets: Shares in Rightmove increased by 27 per cent yesterday. This follows news that the Australian REA Group is considering making an offer to buy the online property portal. In accordance with UK regulations, REA Group now has until 30th September to confirm its intention to buy Rightmove.
Foreign Affairs: Turkey carried out airstrikes yesterday in northern Iraq. The Turkish Ministry of Defence said that it had destroyed 20 targets of the Kurdistan Workers Party (PKK). The PKK is a Kurdish militant nationalist organisation that has been designated as a terrorist organisation by the EU, United States and Turkey.
Security and intelligence: President Putin travelled to Mongolia yesterday despite facing arrest in the country. As a member of the International Criminal Court (ICC), Mongolia is required to arrest Putin after the ICC issued a warrant for his arrest over suspected war crimes in Ukraine. Russia and Mongolia appear to have agreed in advance that Putin would not be arrested. Putin is attending military commemorative events in Mongolia and meeting President Ukhnaa Khurelsukh today.
Domestic politics: The Government has said that it would extend the Household Support Fund for an additional six months. The Fund will provide £421 million to councils in England to help residents with living costs including energy, food and water until April 2025.
The Mighty Calendar
What’s happening today?
Treasury Questions in Parliament
Switzerland CPI inflation data (August)
Switzerland GDP data (Q2 2024)
Brazil GDP data (Q2 2024)
Mexico unemployment data (July)
United States and Canada manufacturing data (August)
Lookahead to tomorrow
Wales Questions in Parliament
Prime Minister’s Questions in Parliament
Grenfell Tower Inquiry report published
Eurozone PPI inflation data (July)
United States trade data (July)
Canada trade data (July)
Australia trade data (July)
South Korea GDP data (Q2 2024)
The Mighty Finale
🌤️Weather today
Overcast with a small chance of rain all day in London. High of 22oC and low of 12oC. Dry until early afternoon in Belfast then rain until early evening. Dry until mid-afternoon in Edinburgh then a small chance of rain.
✏️Life coaching quote of the day
“We tend to live up to our expectations.” – Earl Nightingale, writer and speaker
Mighty takeaway: The way you see yourself and the way you see your talents, skills and potential is likely to determine what you achieve in life.
That’s about it for today’s edition. Thank you so much for reading to the end! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Monday, 2 September 2024
Chinese slowdown, Brazil blocks Twitter, health checks in England and more...
The Mighty Headlines
Economics: Chinese manufacturing slows for fourth month
Business: Business confidence in UK fell in August
Markets: European stocks end August at record high
Foreign Affairs: Brazil supreme court blocks X (Twitter)
Security and intelligence: Chinese and Philippine coastguards clash again
Domestic politics: New workplace health checks begin in England
The Mighty Stats
FTSE = 8,376.63 (down 0.036 per cent at Friday close)
S&P500 = 5,648.40 (up 1.01 per cent at Friday close)
Nasdaq = 17,713.63 (up 1.13 per cent at Friday close)
Nikkei = 38,700.87 (up 0.14 per cent at Monday close)
CAC40 = 7,630.95 (down 0.13 per cent at Friday close)
£1 = $1.31 / €1.19 / ¥192.07
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The Mighty Detail
Economics: Manufacturing in China has slowed for a fourth consecutive month. The Purchasing Managers’ Index stood at 49.1 in August. Any number below 50 indicates a decline in activity. Reduced domestic demand may be a factor behind the slowdown.
Business: According to the Institute of Directors, business confidence in the UK fell 19 points between July and August. The Institute of Directors says that the Government’s announcements on new employment rights and tax rises have “dented confidence” in the UK economy.
Markets: European stocks broadly ended August at a record high on Friday. The cross-European Stoxx 600 stock index closed at 525.05 for the first time. The index stands around 1.3 per cent higher than at the start of the month.
Foreign Affairs: The Brazilian supreme court has blocked access to X, formerly known as Twitter, in Brazil. It claims that X failed to name a legal representative in Brazil. X had already closed its offices in Brazil last month accusing the supreme court of wanting to censor it.
Security and intelligence: Chinese and Philippine ships have again collided in the South China Sea. The Philippine Coast Guard accused the Chinese Coast Guard of ramming one of its patrol vessels on Saturday. The Chinese Coast Guard accused the Philippines Coast Guard of deliberately colliding with its ship.
Domestic politics: The NHS Health Check programme is being extended to workplaces for the first time. The programme will record information from patients at their place of work to assess their risk of cardiovascular disease. Over 16 million people are eligible for an NHS Health Check but only around 40 per cent of people currently complete one.
The Mighty Calendar
What’s happening today?
United States and Canada Labor Day holiday
UK Parliament returns from summer recess
James Cleverly Conservative Party leadership launch event
Kemi Badenoch Conservative Party leadership launch event
Germany retail sales data (May)
Italy, France, Spain, Germany, UK manufacturing data (August)
South Korea CPI inflation data (August)
Lookahead to tomorrow
Switzerland CPI inflation data (August)
Switzerland GDP data (Q2 2024)
Brazil GDP data (Q2 2024)
Mexico unemployment data (July)
United States and Canada manufacturing data (August)
The Mighty Finale
🌤️Weather today
Light rain possible throughout the day in London. High of 23oC and low of 16oC. Light rain as well in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Between now and the end of the day, you’ve got an opportunity to do certain things, and doing them will actually change what’s possible for tomorrow.” – Dan Sullivan, business coach
Mighty takeaway: What you do with your day is up to you. Why not take a step in the direction you want your life to go in?
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
Friday, 30 August 2024
Japan rice shortage, Nvidia stock price, UK joins trade bloc and more...
Friday, 30th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Rice shortage in Japan
Business: Berkshire Hathaway reaches $1 trillion in market value
Markets: Chipmaker Nvidia stock falls despite record revenue
Foreign Affairs: Mixed martial arts now banned in Afghanistan
Security and intelligence: Philippines looks to review defence pact with US
Domestic politics: UK to join Pacific trade bloc in December 2024
The Mighty Stats
FTSE = 8,379.64 (up 0.43 per cent at Thursday close)
S&P500 = 5,591.96 (down 0.0039 per cent at Thursday close)
Nasdaq = 17,516.43 (down 0.23 per cent at Thursday close)
Nikkei = 38,647.75 (up 0.74 per cent at Friday close)
CAC40 = 7,640.95 (up 0.84 per cent at Thursday close)
£1 = $1.32/ €1.19 / ¥191.11
UK: Con / Lab / Reform = 33 / 20 / 21 per cent
US: Trump / Harris = 46.2 / 48.0 per cent
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The Mighty Detail
Economics: Japan is facing a shortage of rice following a poor harvest in 2023 and high demand this year. The price of rice recently reached an 11-year high but the shortage is only expected to be temporary with a normal rice harvest expected this year.
Business: Berkshire Hathaway, the company founded by Warren Buffett, has reached a $1 trillion valuation. It joins six other companies valued at and over that price – Microsoft, Apple, Amazon, Google, Facebook and Nvidia. Buffet, who continues to run the company, turns 94 today.
Markets: The price of Nvidia’s shares fell yesterday despite the fact it also announced record revenue of $30 billion in Q2 2024. Shares fell by 6.38 per cent yesterday with investors concerned about a slowdown in growth at the artificial intelligence chipmaker. Nvidia is the world’s third largest company with a value of $3.1 trillion.
Foreign Affairs: The Taliban has banned Mixed Martial Arts (MMA) in Afghanistan. The government says that MMA “have many aspects which are contrary to the teachings of Islam”. An official from the government also said that MMA was too violent and posed a risk of death.
Security and intelligence: The Philippines National Maritime Council has said that it may review its defence agreement with the US. The agreement, which was signed in 1951, requires the US to defend the Philippines if its ships or aircraft are attacked. Earlier in the week, the Philippines Defence Secretary alluded to China and said the agreement should be interpreted more broadly to take into account a more “dynamic and cunning adversary”.
Domestic politics: The UK will join a Pacific trade bloc in December 2024 after majority of existing members ratified the UK’s accession. The bloc includes countries such as Japan, New Zealand, Australia, Singapore, Mexico and Canada. It will have a combined GDP of £12 trillion once the UK joins and around 99 per cent of UK goods exported to the bloc will be tariff-free.
The Mighty Calendar
What’s happening today?
Canada GDP data (Q2 2024)
France CPI inflation data (August)
Italy CPI inflation data (August)
Eurozone CPI inflation data (August)
Eurozone unemployment data (July)
Germany retails sales data (May)
UK mortgage approvals data (July)
Lookahead to the weekend
Saturday:
10th Irish Language Poetry Slam Competition, Belfast
Mudlarking and heritage crafts festival, Southwark Cathedral
Chatsworth Country Fair, Derbyshire
Freestyle ice skating competition, Alexandra Palace
Sunday:
Concours of Elegance Classic Car Show, Hampton Court Palace
Brompton Cemetery Open Day
North Norfolk Food and Drink Festival, Holkham Hall
The Mighty Finale
🌤️Weather today
Sunny and dry yet again! High of 24°C and low of 14°C in London. Also sunny and dry in Belfast and in Edinburgh. A hat trick!
✏️Life coaching quote of the day
“Ships in harbour are safe, but that’s not what ships are built for.” – Susan Jeffers, psychologist and writer
Mighty takeaway: We all have a purpose in life and our own unique talents. But we won’t live up to our full potential if we fail to pursue that purpose or fail to use our talents.
That’s all for today’s edition. Thank you for reading to the end. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Thursday, 29 August 2024
Bank of Japan rates news, Mexico supreme court, PM Germany visit and more...
The Mighty Headlines
Economics: Bank of Japan ready to raise interest rates
Business: Lego to make bricks from more renewable materials
Markets: Warren Buffet sells $982 million of Bank of America shares
Foreign Affairs: Mexico freezes relationship with US and Canadian embassies
Security and intelligence: US National Security Advisor meets Chinese Foreign Minister
Domestic politics: Prime Minister calls for closer relationship with Europe
The Mighty Stats
FTSE = 8,343.85 (down 0.019 per cent at Wednesday close)
S&P500 = 5,592.18 (down 0.6 per cent at Wednesday close)
Nasdaq = 17,556.03 (down 1.12 per cent at Wednesday close)
Nikkei = 38,362.53 (down 0.024 per cent at Thursday close)
CAC40 = 7,577.67 (up 0.16 per cent at Wednesday close)
£1 = $1.32 / €1.19 / ¥191.16
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The Mighty Detail
Economics: The Bank of the Japan’s Deputy Governor said yesterday that the bank was prepared to raise interest rates if inflation carried on its current trajectory. The Bank of Japan raised interest rates to a 15-year high in July.
Business: Lego has said that it plans to make half of the plastic it uses in its bricks from renewable or recyclable materials by 2026. Only 22 per cent of the plastics in Lego bricks is currently made from non-fossil fuel material.
Markets: Warren Buffett has sold $981.9 million worth of shares in Bank of America. The sale occurred between 23 August and 27 August. Buffett’s company, Berkshire Hathaway, has sold around $5.4 billion worth of shares in Bank of America since July but is still its largest shareholder with $35.85 billion worth of shares.
Foreign Affairs: The Mexican government has frozen its relationship with the US and Canadian embassies in the country. This follows the US and Canadian ambassadors’ criticisms of reforms to the Mexican supreme court. The proposed reforms would see supreme court judges elected by popular vote which critics say will give more influence to the government and criminals.
Security and intelligence: The US National Security Advisor, Dan Sullivan, has been in China since Tuesday meeting the Chinese Foreign Minister. Sullivan has raised concerns about China’s unfair trade policies, its use of US technologies to undermine US national security, human rights and China’s support for Russia’s defence industrial base and its actions against the Philippines.
Domestic politics: In a visit to Germany yesterday, the Prime Minister said that he wanted a closer relationship. He announced a bilateral treaty with Germany that would focus on security, economic growth, law enforcement, energy, education, transport, technology and “people-to-people” contacts. The treaty is expected to be signed in early 2025.
The Mighty Calendar
What’s happening today?
Prime Minister meets President Macron
President Macron begins a two-day visit to Serbia
UK, Italy, Germany, France new car registrations (July)
Norway retail sales data (July)
Japan retail sales data (July)
Eurozone CPI inflation data (July)
Japan CPI inflation data (July)
Eurozone consumer confidence data (August)
Lookahead to tomorrow
Canada GDP data (Q2 2024)
France CPI inflation data (August)
Italy CPI inflation data (August)
Eurozone CPI inflation data (August)
Eurozone unemployment data (July)
Germany retails sales data (May)
UK mortgage approvals data (July)
The Mighty Finale
🌤️Weather today
Another dry and sunny day in London. High of 23℃ and low of 11℃. Also dry and sunny in Belfast and Edinburgh!
✏️Life coaching quote of the day
“None of us can change our yesterdays, but all of us can change our tomorrows.” – Colin Powell, former US Secretary of State
Mighty takeaway: Dwelling on the past won’t change your future. But taking action today can change your future. It’s your choice.
That’s all for today’s edition. Thank you for reading to the end. If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Wednesday, 28 August 2024
Canadian tariffs, Macron and his prime minister, Keir Starmer's latest speech and more...
Wednesday, 28th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Canada puts 100 per cent tariffs on Chinese electric vehicles
Business: Hobbycraft bought by investment firm
Markets: Oil prices fall after 7 per cent growth last week
Foreign Affairs: President Macron rules out left-wing Prime Minister
Security and intelligence: Separatists kill 71 people in Pakistan
Domestic politics: Sir Keir Starmer gives state of the nation-style speech
The Mighty Stats
FTSE = 8,345.46 (up 0.21 per cent at Tuesday close)
S&P500 = 5,625.80 (up 0.16 per cent at Tuesday close)
Nasdaq = 17,754.82 (up 0.16 per cent at Tuesday close)
Nikkei = 38,371.76 (up 0.22 per cent at Wednesday close)
CAC40 = 7,565.78 (down 0.32 per cent at Tuesday close)
£1 = $1.32 / €1.19 / ¥191.25
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The Mighty Detail
Economics: Canada is set to raise tariffs on Chinese electric vehicles and Chinese steel. Chinese electric vehicles will see tariffs of 100 per cent. Chinese steel will see tariffs of 25 per cent. Prime Minister Justin Trudeau said that China has an “unfair advantage in the global marketplace.”
Business: Hobbycraft has been bought by investment firm Modella Capital. The UK arts and crafts shop has been owned by private equity firm Bridgepoint Capital for the last 14 years. Hobbycraft has 119 stores and employs around 1,500 people.
Markets: Oil prices fell around 2 per cent yesterday. The price of oil had risen by 7 per cent in the previous three days partly off the back of tensions in the Middle East and expectations of interest rate cuts leading to higher demand for oil in the economy. The fall in prices is expected to be a temporary correction.
Foreign Affairs: President Macron has ruled out appointing a new Prime Minister from the New Popular Front (NPF) political group. The NPF is a left-wing political group comprising the Socialist, Green, Communist and far-left France Unbowed parties. It won the most seats in July’s snap election but failed to gain an absolute majority. Macron said a new government led by a Prime Minister from the NPF would probably fall apart immediately.
Security and intelligence: Separatists kill 71 people in Pakistan on Sunday and Monday. Armed fighters targeted police stations, a military camp and transport infrastructure in Balochistan province. The Balochistan Liberation Army (BLA) claimed responsibility and has accused the Pakistani government of selling out the province’s rich natural resources to China.
Domestic politics: The Prime Minister gave a speech yesterday in which he criticised the legacy of the previous Conservative government on the public finances and society. He set the ground for tax rises in the October budget. The Conservative Party said tax rises were a decision based on the government’s spending plans.
The Mighty Calendar
What’s happening today?
Prime Minister meets German Chancellor Scholz
Chancellor Rachel Reeves visits Glasgow
Paralympic Games begin in Paris
France jobseekers data (July)
France consumer confidence data (August)
Switzerland economic expectations index (August)
New Zealand business confidence data (August)
Lookahead to tomorrow
Prime Minister meets President Macron
President Macron begins a two-day visit to Serbia
UK, Italy, Germany, France new car registrations (July)
Norway retail sales data (July)
Japan retail sales data (July)
Eurozone CPI inflation data (July)
Japan CPI inflation data (July)
Eurozone consumer confidence data (August)
The Mighty Finale
🌤️Weather today
Dry and sunny again in London. High of 26℃ and low of 13℃. Dry until lunchtime in Belfast then thundery showers. Dry until late afternoon in Edinburgh and then thundery showers as well.
✏️Life coaching quote of the day
“Action is the real measure of intelligence.” – Napoleon Hill, writer and motivational speaker
Mighty takeaway: If you have dreams and goals but take no action, your life remains the same. Your situation will only change when you take action.
That’s it for today’s edition. Thank you for reading. 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, 27 August 2024
BoE on inflation, BMW sales, US National Security Advisor in China and more...
Tuesday, 27th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Bank of England Governor gives positive signs on inflation
Business: BMW overtakes Tesla in European electric vehicle sales in July
Markets: Chipmaker Nvidia’s impact on the S&P500 this week
Foreign Affairs: Top US General makes unannounced trip to Middle East
Security and intelligence: US National Security Advisor to visit China
Domestic politics: Prime Minister speaks to President Xi Jinping
The Mighty Stats
FTSE = 8327.78 (up 0.48 per cent at Friday close)
S&P500 = 5,616.84 (down 0.32 per cent at Monday close)
Nasdaq = 17,725.77 (down 0.85 per cent at Monday close)
Nikkei = 38,288.62 (up 0.47 per cent at Tuesday close)
CAC40 = 7,590.37 (up 0.18 per cent at Monday close)
£1 = $1. 32/ €1.18 / ¥190.98
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The Mighty Detail
Economics: The Bank of England Governor has talked positively about the direction of inflation but acknowledged it was “too early to declare victory”. Speaking at the US Federal Reserve’s Jackson Hole Symposium, he said that persistent inflation from the setting of prices and wages was smaller than a year ago but could not be taken for granted.
Business: BMW overtook Tesla in European electric vehicles sales in July. BMW sold 14,869 fully electric cars last month. This represents a 35 per cent year-on-year increase. In contrast, Tesla electric vehicle sales declined by 16 per cent year-on-year to 14,561. In the year to date, Tesla sold 178,700 electric vehicles while BMW sold just over 97,500.
Markets: Nvidia is likely to have an impact on the S&P500 this week as the computer chip maker announces its earnings. The S&P500 stock index has grown by 17 per cent year-to-date and around a quarter of this has been due to the rise in the value of Nvidia’s stock.
Foreign Affairs: The Chairman of the US Joint Chief of Staff began an unannounced visit to the Middle East on Saturday. Air Force General C.Q. Brown is visiting Jordan, Egypt and Israel in a bid to lower tensions in the region. Countries are still waiting for Iran’s promised retaliatory attack on Israel.
Security and intelligence: The White House has announced that the National Security Advisor, Jake Sullivan, will visit China this week. Sullivan will meet Chinese foreign minister, Wang Yi, and is expected to discuss military-to-military communication, the South China Sea and China’s support for Russia’s defence industrial base. This will be the first visit by a US National Security Advisor to China since 2016.
Domestic politics: The Prime Minister spoke to Chinese President Xi Jinping on Friday. The Prime Minister said he hoped to have “open, frank and honest discussions” with Xi on Hong Kong, the war in Ukraine and human rights among other issues.
The Mighty Calendar
What’s happening today?
PM to give speech about recent riots at no.10 Downing Street
PM to travel to Germany for meeting with German Chancellor
Germany GDP data (Q2 2024)
Hong Kong trade data (July)
Spain consumer confidence data (July)
US house price index data (June)
Lookahead to tomorrow
France jobseekers data (July)
France consumer confidence data (August)
Switzerland economic expectations index (August)
New Zealand business confidence data (August)
The Mighty Finale
🌤️Weather today
Dry and sunny all day in London. High of 24℃ and low of 14℃. Light rain until lunchtime in Belfast. Raining basically all day in Edinburgh.
✏️Life coaching quote of the day
“Success is the sum of small efforts, repeated day in and day out.” – Robert Collier, writer
Mighty takeaway: Your goals and ambitions may seem a distant probability but by taking one step each day you will soon be walking in the direction of your dreams.
That’s it for today. Thank you for reading! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Friday, 23 August 2024
Peleton share price, Iran's new Cabinet, Taliban dismisses security forces and more...
Friday, 23rd August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Private sector in Eurozone growing
Business: McDonald’s to open over 200 more restaurants in UK and Ireland
Markets: Peleton shares rise by more than 30 per cent
Foreign Affairs: Iranian Parliament approves new Cabinet
Security and intelligence: Taliban dismisses 280 members of its security forces
Domestic politics: Energy Secretary visits Brazil
The Mighty Stats
FTSE = 8,288.00 (up 0.055 per cent at Thursday close)
S&P500 = 5,570.64 (down 0.89 per cent at Thursday close)
Nasdaq = 17,619.35 (down 1.67 per cent at Thursday close)
Nikkei = 38,364.27 (up 0.4 per cent at Friday close)
CAC40 = 7,524.11 (down 0.0081 per cent at Thursday close)
£1 = $1.31 / €1.18 / ¥190.88
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The Mighty Detail
Economics: The private sector in the Eurozone grew more than expected in August. The Purchasing Manager’s Index survey rose to 51.2 this month. Any figure above 50 indicates growth. This is the fastest growth in three months. The expected level was 50.1.
Business: McDonald’s is set to open over 200 restaurants in the UK and Ireland. Over the next four years, McDonald’s will spend £1 billion to bring its total number of sites to 1,700. It says this will create over 24,000 jobs.
Markets: Shares in Peleton rose by more than 30 per cent yesterday afternoon. This comes after the fitness company announced it had increased year-on-year sales for the first time since the 2021 holiday season. Sales rose by 0.2 per cent to $643.6 million in the three months to 30 June.
Foreign Affairs: The Iranian Parliament approved all members of the Cabinet proposed by the new President Masoud Pezeshkian. The new foreign affairs minister, Abbas Araghchi, said that China, Russia, Africa, Latin America and East Asia are priority regions for foreign policy. He added that Europe would only be a priority if it changed its “hostile behaviour” and the relationship with the US would be based on “conflict management”.
Security and intelligence: The Taliban has dismissed more than 280 members of its security forces for failing to grow a beard in line with a strict interpretation of Islamic law. Around 13,000 people have been detained for “immoral acts in the last year”. Separately, the UN rapporteur on human rights in Afghanistan has been banned from entering the country.
Domestic politics: The Energy Secretary, Ed Miliband, visited Brazil this week to discuss climate change and industrial decarbonisation with the Brazilian government. Brazil will take the presidency of the G20 this year and the presidency of COP30 in 2025.
The Mighty Calendar
What’s happening today?
US Federal Reserve Chair speaks at Jackson Hole
Bank of England Governor speaks at Jackson Hole
Singapore CPI inflation data (July)
Spain consumer confidence data (July)
Canada retail sales data (July)
Lookahead to the weekend
Saturday:
Dartmouth Royal Regatta
Bury St Edmunds Food Festival
Victorious Music Festival, Southsea Common
Sunday:
Notting Hill Carnival
International Beatleweek, Liverpool
Leeds Music Festival
The Mighty Finale
🌤️Weather today
Wet start but then dry from mid-morning. High of 23℃ and low of 14℃. Thundery showers in Belfast. Heavy rain in Edinburgh but dry for a few hours around lunchtime.
✏️Life coaching quote of the day
“You have everything you need to achieve anything you want.” – Jack Canfield, writer and motivational speaker.
Mighty takeaway: You may not know it yet but you have what it takes to achieve your goals. You have what it takes to find the answers. They will come to you once you start working on your goals.
That’s it for today. Thank you for reading! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Thursday, 22 August 2024
Post Office, Nicaragua crack down, Biden nuclear strategy and more....
Thursday, 22nd August 2024 – www.mightymemo.co.uk – 2 minutes, 47 second read time
Good morning! It’s Thursday already. Can you believe it? Here’s what you need to know today:
The Mighty Headlines
💰Economics: China responds to EU tariffs with investigation into EU dairy subsidies
🏢Business: Post Office pays £250 million to law firms
📈Markets: Euro reaches one-year high against the dollar
🌍Foreign Affairs: Nicaraguan government cracks down on 1,500 organisations
🕵️Security and intelligence: Biden’s nuclear conflict strategy refocused on China
🏠Domestic politics: Government announces measures to support UK border security
The Mighty Stats
FTSE = 8,283.43 (up 0.12 per cent at Wednesday close)
S&P500 = 5,620.85 (up 0.42 per cent at Wednesday close)
Nasdaq = 17,918.99 (up 0.57 per cent at Wednesday close)
Nikkei = 38,211.01 (up 0.68 per cent at Thursday close)
CAC40 = 7,524.72 (up 0.52 per cent at Wednesday close)
£1 = $1.31 / €1.17 / ¥190.26
***If you’ve been forwarded the Mighty Memo, subscribe for free at www.mightymemo.co.uk. You’ll receive the Mighty Memo directly in your inbox as soon as it’s published!***
The Mighty Detail
💰Economics: China has launched an investigation into EU subsidies on dairy exports. This comes after the EU launched an investigation into Chinese subsidies on electric vehicle exports and proposed tariffs of up to 36.3 per cent on the Chinese-made vehicles.
🏢Business: The Post Office has paid just over £250 million in legal fees relating to the Horizon IT scandal. The fees date between September 2014 and March 2024. In comparison, £261 million has been paid in financial redress to 2,800 victims of the scandal as of last month.
📈Markets: The euro has reached a one-year high against the dollar. It is continuing to rise ahead of the US Federal Reserve’s Jackson Hole Symposium and expected interest rate cuts. The euro was trading at $1.1143 on Wednesday.
🌍Foreign Affairs: On Monday, the Nicaraguan government banned 1,500 organisations from operating in the country. This includes the Nicaraguan Red Cross, churches, private universities and sports clubs. Over 5,000 groups have been banned since anti-government protests in 2018.
🕵️Security and intelligence: President Biden approved a new US nuclear strategy in March. The classified strategy focuses on a possible nuclear confrontation with China along with Russia and North Korea. The strategy was not made public until yesterday and suggests that China’s nuclear weapons could rival the size and variety of the US and Russia’s in the next decade.
🏠Domestic politics: The Government has announced new border security measures. These include deploying up to 100 new intelligence and investigations officers to disrupt people smugglers; increasing detention capacity; and redeploying staff to increase the removal of failed asylum seekers. The aim is to increase removals to their highest level since 2018.
The Mighty Calendar
✏️ What’s happening today?
Federal Reserve’s Jackson Hole Symposium begins
US Democratic National Convention ends
Norway GDP data (Q2 2024)
Mexico GDP data (Q2 2024)
Eurozone consumer confidence data (August)
Japan CPI inflation data (July)
📆 Lookahead to tomorrow
US Federal Reserve Chair speaks at Jackson Hole
Bank of England Governor speaks at Jackson Hole
Singapore CPI inflation data (July)
Spain consumer confidence data (July)
Canada retail sales data (July)
The Mighty Finale
🌤️Weather today
The weather’s turning. Drizzle and a fresh breeze in London. High of 20°C and low of 16°C. Belfast, you’re in luck today – you’re dry with only light cloud. Edinburgh, you’ve done even better – you’re dry and sunny from mid-morning.
😎Life coaching quote of the day
“When you do the things you need to do when you need to do them, the day will come when you can do the things you want to do, when you want to do them.” – Zig Ziglar, writer and motivational speaker
Mighty takeaway: Some things might be difficult for you to do. You may not feel like doing them. But by applying yourself, doing those tasks and committing yourself, you’ll be rewarded in the end.
That’s about it for today’s edition. Thank you so much for reading to the end! If you like what you read or don’t like it at all, let us know. And do pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Wednesday, 21 August
Eurozone inflation, Paramount bid, Ukraine advances and more...
Wednesday, 21st August 2024 – www.mightymemo.co.uk
Good Wednesday morning! It’s another beautiful day (in London). Here’s what you need to know:
The Mighty Headlines
Economics: Eurozone inflation increases slightly
Business: $4.3 billion bid to buy Paramount
Markets: Demand in UK property market increases
Foreign Affairs: China and Vietnam promise to strengthen ties
Security and intelligence: Ukraine advances into Russia and Russia advances into Ukraine
Domestic politics: Government urges uptake of pension credit
The Mighty Stats
FTSE = 8,273.32 (down 1 per cent at Tuesday close)
S&P500 = 5,597.12 (down 0.2 per cent at Tuesday close)
Nasdaq = 17,816.94 (down 0.33 per cent at Tuesday close)
Nikkei = 37,951.80 (down 0.29 per cent at Wednesday close)
CAC40 = 7,485.73 (down 0.22 per cent at Tuesday close)
£1 = $1.30 / €1.17 / ¥189.96
***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: Eurozone inflation increased slightly year-on-year to 2.6 per cent in July. This is up from 2.5 per cent in June but down from 5.3 per cent in July 2023. Finland had the lowest inflation at 0.5 per cent while Romania had the highest inflation at 5.8 per cent.
Business: Former Warner Music CEO, Edgar Bronfman, has made an offer of around $4.3 billion to buy Paramount. Paramount had already received an offer last month from David Ellison, CEO of Skydance Media. Elliot had offered to buy Paramount and then merge Skydance – his smaller company – into the larger Paramount.
Markets: Demand for properties in the UK property market is increasing according to property website Rightmove. Rightmove said that there has been a 19 per cent increase in buyers enquiring about homes for sales on its website since the Bank of England cut interest rates last month.
Foreign Affairs: China and Vietnam have promised to strengthen ties. This follows a meeting between Chinese President Xi Jinping and Vietnamese President To Lam on Monday. The two Communist leaders stated that they viewed their countries’ relations with each other as a priority.
Security and intelligence: Ukrainian forces have destroyed a third bridge over the Seym River in Russia. This is likely to further affect Russian military logistics. Meanwhile, Russia is closing in on Pokrovsk in Ukraine – a strategic Ukrainian logistics hub.
Domestic politics: The Government is seeking to increase the uptake of the pension credit benefit. This comes after the Government announced it would make the Winter Fuel Payment benefit – worth up to £300 a year – means-tested. Pension credit will be one way of proving eligibility for the Winter Fuel Allowance under the new system. Around 880,000 people are eligible for pension credit but have not yet claimed.
What’s happening today?
Chinese premier concludes visit to Moscow and heads to Belarus
Indian PM travels to Poland for two-day visit
UK government borrowing data (July)
US mortgage data (weekly)
South Africa CPI inflation data (July)
Japan Manufacturing data (July)
Japan Services data (July)
South Korea interest rate decision
Lookahead to tomorrow
Federal Reserve’s Jackson Hole Symposium begins
US Democratic National Convention ends
Norway GDP data (Q2 2024)
Mexico GDP data (Q2 2024)
Eurozone consumer confidence data (August)
Japan CPI inflation data (July)
Weather today
It’s dry again for you, London – you’re in luck. High of 22°C and low of 14°C. Belfast – you just keep on getting more rain. And it’s heavy rain I’m afraid. Edinburgh – you’ve got light rain and gusty winds.
Life coaching quote of the day
“Life is reciprocal. The energy you expend always comes back.” – Oprah Winfrey
Mighty takeaway: The attitudes and behaviours you put out into the world come back to you in one form or another. Have a positive attitude and you’ll receive positivity in return. Have a miserable attitude and you’ll get misery back.
That’s everything – thanks for reading! If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk
Tuesday, 20 August 2024
US recession risk falls, price of gold increases, China and Philippines clash again and more inside...
Tuesday, 20th August 2024 – www.mightymemo.co.uk
Good morning! This is your morning briefing. Here’s what you need to know:
The Mighty Headlines
Economics: Risk of US recession falls
Business: £29 billion bid for 7-Eleven convenience stores
Markets: Price of gold reaches all-time high
Foreign Affairs: China and Philippines clash again
Security and intelligence: US and South Korea begin joint military exercise
Domestic politics: Prime Minister visits Wales and Northern Ireland
The Mighty Stats
FTSE = 8,356.94 (up 0.55 per cent at Monday close)
S&P500 = 5,608.25 (up 0.97 per cent at Monday close)
Nasdaq = 17,876.77 (up 1.39 per cent at Monday close)
Nikkei = 38,062.92 (up 1.8 per cent at Tuesday close)
CAC40 = 7,502.01 (up 0.7 per cent at Monday close)
£1 = $1.30 / €1.17 / ¥191.01
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The Mighty Detail
Economics: The risk of a US recession has fallen according to Goldman Sachs. The investment bank cut the probability of a recession in the next 12 months from 25 per cent to 20 per cent following better than expected retail sales and unemployment benefit claims late last week.
Business: A Canadian company has made an offer of $38 billion (£29.2 billion) for the 7-Eleven convenience store chain. 7-Eleven has 85,000 shops worldwide in 20 countries and has been approached by Alimentation Couche-Tard which is based in Quebec. Alimentation Couche-Tard has around 17,000 shops worldwide.
Markets: The price of gold has reached an all-time high at $2,500 per troy ounce. This means a gold bar is now worth $1 million for the first time in history. The price of gold traditionally increases when interest rates fall.
Foreign Affairs: The Chinese coastguard has accused the Philippine coastguard of deliberately crashing one of its vessels. The Philippine government said that two of its boats were met with unlawful manoeuvres from the Chinese coastguard. The event happened in the disputed South China Sea where the two countries’ air forces also clashed earlier this month.
Security and intelligence: The US and South Korea have started their annual joint military exercises. North Korea stated that the exercises were “provocative war drills for aggression” which justify its own nuclear ambitions.
Domestic politics: The Prime Minister visited Northern Ireland yesterday and is visiting Wales today. In Northern Ireland, the Prime Minister met Chief Constable Jon Boutcher to discuss the recent riots. In Wales, the Prime Minister met the new First Minister Eluned Morgan yesterday and will visit a renewable energy site today.
What’s happening today?
Prime Minister in Wales
Democratic National convention continues
Germany PPI inflation data (July)
Hong Kong CPI inflation data (July)
Eurozone CPI inflation data (July)
Canada CPI inflation data (July)
Japan trade data (July)
Lookahead to tomorrow
UK government borrowing data (July)
US mortgage data (weekly)
South Africa CPI inflation data (July)
Japan Manufacturing data (July)
Japan Services data (July)
South Korea interest rate decision
Weather today
Some cloud, some sun in London. Nice summer temperature. High of 22°C and low of 11°C. Belfast – you’ve got light showers again I’m afraid. Edinburgh – you’ve got light showers as well.
Life coaching quote of the day
“Human beings were given a left foot and a right foot to make a mistake first to the left, then to the right, left again and repeat.” – Buckminster Fuller, inventor and writer
Mighty takeaway: Our failures don’t block our way to success, they are the way to success. In other words, you sometimes need to take the wrong path to find out the path you were always meant to be on.
That’s all for today, everyone. Have a splendid 20th August 2024.
Adios!
The Mighty Memo team
Monday, 19 August 2024
Venezuela protests, Libyan central bank kidnap, US Fed Chair speech and more...
Monday, 19th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: Trump commits to new tariffs
Business: X/Twitter closes Brazil office after dispute with Supreme Court
Markets: US Fed Chair to give major speech on Friday
Foreign Affairs: Protests held in Venezuela against Maduro
Security and intelligence: Libyan central bank shuts down after official kidnapped
Domestic politics: Government outlines reforms to benefits bill
The Mighty Stats
FTSE = 8,311.41 (down 0.43 per cent at Friday close)
S&P500 = 5,554.25 (up 0.2 per cent at Friday close)
Nasdaq = 17,631.72 (up 0.21 per cent at Friday close)
Nikkei = 37,388.62 (down 1.77 per cent at Monday close)
CAC40 = 7,449.70 (up 0.35 per cent at Friday close)
£1 = $1.29 / €1.17 / ¥188.82
The Mighty Detail
Economics: In a major economic speech last week, President Trump confirmed that he would impose further tariffs if re-elected as president. These would include universal baseline tariffs on most foreign imports of around 10 per cent. In June, President Trump also proposed a 60 per cent tariff on all Chinese imports.
Business: X, formerly known as Twitter, has closed its office in Brazil after a disagreement with the Brazilian Supreme Court. Supreme Court judge, Alexandre de Moraes, had asked X to block certain accounts while it investigated them for allegedly spreading disinformation. De Moraes had said X staff could be arrested if they did not comply. X refused and claimed it was censorship.
Markets: US Federal Reserve Chair, Jerome Powell, will give a speech at Jackson Hole this Friday. He is expected to give details on when interest rates could be cut. Central bankers, academics and journalists gather at Jackson Hole in Wyoming every year to discuss economic policy.
Foreign Affairs: Protests were held in Venezuela’s capital city on Saturday against the re-election of President Nicolas Maduro. The opposition’s candidate, Edmundo Gonzalez, gave a speech to the protestors from an undisclosed location. Demonstrations by Venezuelans were also held in Mexico City, Tokyo and Sydney.
Security and intelligence: The Libyan central bank has closed down all operations after the head of its IT department, Musaab Muslam, was kidnapped on Sunday. After groups had already laid siege to the central bank’s headquarters last week, the US ambassador had warned the bank’s management should not be replaced by force.
Domestic politics: The Government has outlined reforms to the benefits bill in the UK. Work and Pensions Secretary, Liz Kendall, said the predicted increase in welfare spending was unsustainable. Reforms could include reviewing Universal Credit and the operation of Jobcentres.
What’s happening today?
Prime Minister Starmer visits Northern Ireland
Democratic National Convention begins
US Federal Reserve Governor Waller gives speech on finance
Spain consumer confidence data (July)
New Zealand trade data (July)
China Foreign Investment data (July)
Lookahead to tomorrow
Democratic National convention continues
Germany PPI inflation data (July)
Hong Kong CPI inflation data (July)
Eurozone CPI inflation data (July)
Canada CPI inflation data (July)
Japan trade data (July)
Weather today
Light cloud but dry in London. High of 22°C and low of 16°C. Cooler with heavy rain in Belfast. Cooler and light rain in Edinburgh.
Life coaching quote of the day
“The more things you try, the more likely it is one of them will work.” – Jack Canfield, writer and motivational speaker
Mighty takeaway: Don’t give up on your goals and ambitions. If things don’t work out the first time, keep trying. You’ll never succeed if you don’t try.
Thank you for reading today! If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
Friday, 16 August 2024
UK economy grows, Walmart outlook, Pakistani spy chief arrested and much more...
Friday, 16th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: UK economy grows by 1.3 per cent in first half of 2024
Business: Positive outlook for Walmart, world’s largest retailer
Markets: US stocks climb on jobs data
Foreign Affairs: Thai Prime Minister dismissed
Security and intelligence: Former Pakistani spy chief arrested
Domestic politics: Government and train drivers agree pay deal
The Mighty Stats
FTSE = 8,334.66 (currently down 0.15 per cent)
S&P500 = 5,543.22 (up 1.61 per cent at Thursday close)
Nasdaq = 17,594.50 (up 2.34 per cent at Thursday close)
Nikkei = 38,062.67 (up 3.64 per cent at Friday close)
CAC40 = 7,423.37 (up 1.23 per cent at Thursday close)
£1 = $1.29 / €1.17 / ¥191.90
The Mighty Detail
Economics: The UK economy grew by 1.3 per cent in the first half of 2024. This includes a 0.6 per cent increase in Q2 2024 and a 0.7 per cent increase in Q1 2024. Growth last quarter was led by the services sector, with the professional, scientific and technical sectors performing the most strongly. They increased their output by 2.5 per cent.
Business: Revenue at Walmart increased to $169 billion in Q2 2024. This is up 4.8 per cent year on year. Walmart – the world’s largest retailer by sales – has also increased its growth forecast for the year to 4.75 per cent. This may indicate that US consumers are looking for value for money in the current economy.
Markets: The US stock market climbed yesterday following positive jobs and retail sales data. Weekly jobless claims in the US fell for a second week by 7,000 to 227,00 – the lowest level since July. Retail sales increased by 1 per cent.
Foreign Affairs: Thailand’s constitutional court has ruled that Prime Minister Srettha Thavisin should be removed after only a year in office. It said the PM had violated the constitution by appointing a cabinet minister who had previously served time in prison. This risks upheaval in a country which has largely been led by military-dominated governments over the last decade.
Security and intelligence: The Pakistani army arrested former spy chief Faiz Hameed over accusations of corruption on Tuesday. Three other officers were arrested yesterday. The arrest may be linked to Hameed’s alleged support for former Prime Minister Imran Khan who is in jail on charges of leaking state secrets.
Domestic politics: The Government has agreed a new pay deal with train drivers. The offer will be voted on by Aslef union members and will see a backdated pay increase of 5 per cent for 2022/23, 4.75 per cent for 2023/24 and 4.5 per cent for 2024/25. The RMT union has now called for the same increase.
What’s happening today?
UK Foreign Secretary and French counterpart travel to Israel
UK retail sales data (July)
Switzerland industrial production data (Q2 2024)
Italy CPI inflation data (July)
US house building data (July)
Lookahead to the weekend
Saturday:
Equestrian Showjumping Championships, Royal Hospital Chelsea
Great British Food Festival, Wentworth Woodhouse, Yorkshire
National Prosecco Weekend begins, Chiswick House
Sunday:
National Prosecco Weekend continues, Chiswick House
The Hundred Final 2024, Lord’s
Weather today
Sunny and dry in London with barely a cloud in the sky. High of 25°C and low of 12°C. Cooler in Belfast with a touch more cloud but still dry. Cooler and dry in Edinburgh.
Life coaching quote of the day
“We come this way but once. We can either tiptoe through life and hope that we get to death without being too badly bruised or we can live a full, complete life achieving our goals and realising our wildest dreams.” – Bob Proctor, writer and speaker.
Mighty takeaway: Dare to do. Moving forward in life requires being uncomfortable and taking calculated risks. As someone once said, “if you risk and win you will be happy. If you risk and lose you will be wise”.
That’s all for today and have a good weekend! We’ll be back on Monday.
As ever, if you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk
Thursday, 15 August 2024
US inflation, AztraZeneca’s share price, Japan PM steps down and more besides…
Thursday, 15th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: US inflation falls for fourth month
Business: AstraZeneca’s value tops £200 billion
Markets: Norwegian sovereign wealth fund posts $138 billion in profits
Foreign Affairs: Japan’s Prime Minister steps down
Security and intelligence: Ukraine continues Russian advance, Russia pauses peace talks
Domestic politics: Government talks employment reform with business and trade unions
The Mighty Stats
FTSE = 8,290.69 (currently up 0.67 per cent)
S&P500 = 5,455.21 (up 0.38 per cent at Wednesday close)
Nasdaq = 17,192.60 (up 0.029 per cent at Wednesday close)
Nikkei = 36,726.64 (up 0.78 per cent at Thursday close)
CAC40 = 7,333.36 (up 0.79 per cent at Wednesday close)
£1 = $1.29 / €1. 17/ ¥189.13
The Mighty Detail
Economics: US inflation fell to 2.9 per cent in the year to July. This is down from 3 per cent in the year to June and is the lowest rate since March 2021. It is the fourth monthly fall in inflation. This may encourage the US Federal Reserve to cut interest rates.
Business: AstraZeneca’s stock market valuation reached £200 billion for the first time on Wednesday. The pharmaceutical company is already the largest company on the London stock exchange. AstraZeneca’s share price has increased by over 21 per cent this year.
Markets: Norway’s sovereign wealth fund posted profits of $138 billion in the first half of 2024. Tech stocks provided the fund with returns of nearly 30 per cent and the overall rate of return on investments was 8.6 per cent. The fund has a total value of $1.6 trillion.
Foreign Affairs: The Prime Minister of Japan has decided not to stand for re-election in September. Fumio Kishida was elected for a three-year term in September 2021. This follows accusations that factions within his Liberal Democratic Party have misused campaign funds.
Security and intelligence: The Ukrainian armed forces continue their advance into Russia. On day 9 of Ukraine’s advance, the Russian foreign ministry said peace negotiations have been put on pause. The Ukrainian foreign ministry has said the goal of the incursion is to prevent Russian missiles from being launched from Russia’s Kursk region into Ukraine.
Domestic politics: The Deputy Prime Minister and the Business Secretary met with business leaders and trade union leaders to discuss the Government’s plans on employment law reform. These plans include, among others, banning certain zero hours contracts and removing age bands from the minimum wage.
What’s happening today?
Public holiday in France, Italy, Spain and much of Europe (Assumption Day)
A-level results in England
UK Construction data (June)
UK GDP data (Q2 2024)
UK Trade data (June)
US Continuing jobless claims data (weekly)
US Initial jobless claims data (weekly)
US retail sales (July)
Lookahead to tomorrow
UK retail sales (July)
Switzerland industrial production data (Q2 2024)
Italy CPI inflation data (July)
US house building data (July)
Weather today
Sunny, dry and generally fine in London. High of 24°C and low of 18°C. Cooler, with heavy rain in Belfast. Cooler, with light rain in Edinburgh.
Life coaching quote of the day
“Worrying is negative goal setting.” – Zig Ziglar, writer and motivational speaker
Mighty takeaway: Worrying makes you focus on what you don’t want to happen. In most cases, your worries don’t even materialise so you’ve wasted your time. In the rare cases they do, you’ve spent additional time being unhappy when you could have done something better with your time.
That’s all for today. If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk
Wednesday, 14 August 2024
UK unemployment down, Starbucks boss fired, Slovakia protests and more interesting news…
Wednesday, 14th August 2024 – www.mightymemo.co.uk
The Mighty Headlines
Economics: UK unemployment down, wages up, inflation up
Business: Starbucks boss replaced after 18 months
Markets: UK stocks are top choice in Europe
Foreign Affairs: Anti-government protests in Slovakia
Security and intelligence: Iran dismisses calls to show restraint against Israel
Domestic politics: Tugendhat gives first speech of Conservative leadership campaign
The Mighty Stats
FTSE = 8,281.85 (currently up 0.57 per cent)
S&P500 = 5,434.43 (up 1.68 per cent at Tuesday close)
Nasdaq = 17,187.61 (up 2.43 per cent at Tuesday close)
Nikkei = 36,442.43 (up 0.58 per cent at Wednesday close)
CAC40 = 7,275.87 (up 0.35 per cent at Tuesday close)
£1 = $1.28 / €1.17 / ¥188.83
The Mighty Detail
Economics: Unemployment in the UK fell last quarter while wages increased along with inflation. Unemployment fell to 4.2 per cent in Q2 down from 4.4 per cent in the previous quarter. Wages were up 5.4 per cent year on year (or 3.2 per cent when inflation is taken into account). Inflation increased from 2 per cent to 2.2 per cent in July.
Business: The boss of Starbucks is to be replaced after less than two years in the role. CEO Laxman Narasimham will be replaced by Brian Niccol who is currently the boss of the Chipotle Mexican Grill restaurant chain. Starbucks has recently experienced a drop in sales, with sales falling 7.5 per cent in Q2 2024.
Markets: UK stocks are preferred to other stocks in Europe according to a new report from Bank of America. The report states that the proportion of investors who would be making outsized investments in UK shares in the next 12 months increased from less than 10 per cent in July to more than 30 per cent in August. Germany has the least preferred stock.
Foreign Affairs: Anti-government protestors took to the streets of Slovakia’s capital city on Monday and Tuesday. The protestors accuse the government of eroding the rule of law and undermining democracy by, among others, disbanding the National Crime Agency which is handling cases involving the Prime Minister. Slovakia has a coalition government led by Prime Minister Robert Fico’s left-wing nationalist Smer party.
Security and intelligence: Iran has rejected calls from the UK and other Western governments to show restraint in its response to the killing of Hamas leader, Ismail Haniyeh, in Tehran in July. A spokesman for the Iranian foreign ministry said that such appeals were “void of political logic, in complete contradiction to the principles and rules of international law, and excessive.”
Domestic politics: A contender for the leadership of the Conservative Party, Tom Tugendhat, gave a wide-ranging speech on Tuesday criticising the Government’s response to the recent riots. In Tugendhat’s first speech on the campaign, he also condemned Nigel Farage and Elon Musk’s responses to the violence.
What’s happening today?
UK CPI inflation data (July)
France CPI inflation data (July)
US CPI inflation data (July)
Eurozone employment data (Q2 2024)
Eurozone industrial production data (Q2 2024)
China unemployment rate (July)
Lookahead to tomorrow
Public holiday in France, Italy, Spain and much of Europe (Assumption Day)
A-level results in England
UK Construction data (June)
UK GDP data (Q2 2024)
UK Trade data (June)
US Continuing jobless claims data (weekly)
US Initial jobless claims data (weekly)
US retail sales (July)
Weather today
Potential for some rain in the morning and early afternoon. High of 23°C and low of 12°C. Same sort of temperatures in Belfast and Edinburgh but dry and sunny for both.
Life coaching quote of the day
“All of us are self-made but only the successful will admit it.” – Earl Nightingale, speaker and writer
Mighty takeaway: Our thoughts and actions in the past have made the circumstances we now have in life. We can make the circumstances we want in the future by changing our thoughts and actions in the present.
That’s all for today. If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk