Wednesday, 15 January 2025

The Mighty Headlines

• Economics: US inflation increases by 0.2 per cent

• Business: Lloyds bank ties bonuses to 2 days a week in the office

• Markets: JP Morgan issues warning about the UK’s economic policies

• Foreign Affairs: Irregular migration to the EU falls by 38 per cent

• Security and intelligence: NATO chief announces more surveillance in the Baltic Sea

• Domestic politics: UK Treasury Minister resigns

The Mighty Stats

• FTSE = 8,201.54 (down 0.28 per cent)

• S&P500 = 5,842.91 (up 0.11 per cent)

• Nasdaq = 19,044.39 (down 0.23 per cent)

• CAC40 = 7,423.67 (up 0.2 per cent)

• £1 = $1.22 / €1.18

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The Mighty Detail

Economics: US wholesale inflation rose by 0.2 per cent in December. The increase was less than expected and was helped by falling food prices and the lack of change in the cost of services. This makes it less likely that the Federal Reserve will cut interest rates.

Business: Lloyds Bank has said that senior staff who do not attend the office at least twice a week may have their bonuses cut. Separately, more than 10,000 staff at advertising giant WPP have signed an online petition against returning to the office four days a week.

Markets: JP Morgan has warned‎ that UK policy credibility is "coming under pressure" because of the continuing unease in the UK gilt markets. It warns that higher borrowing costs and weaker growth will push the budget deficit higher and limit room for future spending. In the House of Commons yesterday, Rachel Reeves said that she would go “further and faster” to improve economic growth.

Foreign Affairs: ‎Irregular migration into the EU fell by 38 per cent in 2024 according to the EU's border agency. The total number of irregular border crossings came to just over 239,000. Frontex also said that the number of crossings into the EU from its borders with Belarus and Russia increased by 192 per cent to 17,000.

Security and intelligence: The Secretary General of NATO, Mark Rutte, has said that NATO is to increase its surveillance in the Baltic Sea with maritime drones, frigates and maritime patrol aircraft. This follows the sabotage of critical undersea infrastructure in the Baltic in the last two months.

Domestic politics: A UK Treasury Minister, Tulip Siddiq, has resigned. Siddiq, whose ministerial responsibilities included tackling corruption, was under pressure to quit following her association with an embezzlement and anti-corruption investigation in Bangladesh.

The Mighty Calendar

What’s happening today?

• NATO defence chiefs meeting, Brussels (ends tomorrow)

• Confirmation hearing for US Secretary of State nominee Marco Rubio

• Prime Minister’s Questions in UK Parliament

• UK CPI and PPI inflation data (December)

• US, France, Spain CPI inflation data (December)

• Japan PPI inflation data (December)

• South Korea interest rate decision

• Company results from: Citigroup, JP Morgan, Wells Fargo, Currys, Hays

Lookahead to tomorrow

• Culture, Media and Sports Questions in UK Parliament

• Former UK Health Secretary Matt Hancock appears at UK Covid Inquiry

• UK GDP data (November)

• China GDP data (Q4 2024)

• UK industrial production and manufacturing production data (November)

• US jobless claims (weekly)

• US, China retail sales data (December)

• China unemployment rate (December)

• Company results from: Morgan Stanley, Bank of America, Taylor Wimpey

The Mighty Finale

🌤️Weather today

Largely dry. High of 10C and low of 6C in London. Bright sunshine in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Stand up to an obstacle. Just stand up to it, that's all, and don't give way under it, and it will finally break. You will break it. Something has to break, and it won't be you, it will be the obstacle.” – Norman Vincent Peale, motivational speaker

Mighty takeaway: Whatever obstacles you face, you can defeat them.

That’s it for today. See you on Thursday.

Adios!

The Mighty Memo team

Tuesday, 14 January 2025

The Mighty Headlines

• Economics: China’s trade surplus reaches nearly $1 trillion

• Business: Tesla sales overtake Audi sales

• Markets: Dollar reaches two-year high

• Foreign Affairs: Russia and Iran to sign strategic partnership agreement

• Security and intelligence: Israel and Hamas presented with final truce deal

• Domestic politics: UK Prime Minister confirms Chancellor remains in post

The Mighty Stats

• FTSE = 8,224.19 (down 0.29 per cent)

• S&P500 = 5,836.22 (up 0.16 per cent)

• Nasdaq = 19,088.10 (down 0.38 per cent)

• CAC40 = 7,408.64 (down 0.3 per cent)

• £1 = $1.22 / €1.19

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The Mighty Detail

Economics: China’s trade surplus increased to nearly $1 trillion in 2024. This is a 21 per cent increase on 2023. Factors behind the increase include record exports to the US, as companies seek to buy goods before the Trump administration imposes tariffs, and a weak level of imports because of low domestic demand in China.

Business: Sales of Tesla vehicles have overtaken those of Audi for the first time. Tesla sold 1.79 million vehicles in 2024, a fall of one per cent from the previous year. Audi sold 1.67 million vehicles last year, a fall of 12 per cent on the previous year.

Markets: The dollar hit a two-year high against the world’s major currencies during trading yesterday. This follows strong US jobs data published late on Friday which indicates a growing economy and makes further cuts to US interest rates unlikely. The pound fell to a 14-month low against the dollar.

Foreign Affairs: It is being reported that Russian President Vladimir Putin and Iranian President Masoud Pezeshkian will meet in Moscow on Friday to sign a comprehensive strategic partnership agreement. The deal is expected to cover trade and military cooperation among others. Russia signed a similar agreement with North Korea last June.

Security and intelligence: Israel and Hamas negotiators were presented with a final truce deal in Qatar yesterday. Difficulties reportedly remain over which hostages and prisoners will be freed and Hamas’s request that Israel withdraw from the Philadelphia corridor – a strip of land between Gaza and Egypt.

Domestic politics: The office of the UK Prime Minister has confirmed that the UK Chancellor, Rachel Reeves, will remain in the post for the duration of the Parliament. Reeves had been facing criticism over rising interest rates on UK Government debt and the falling value of sterling.  

The Mighty Calendar

What’s happening today?

• NATO Baltic summit, Finland

• Impeachment trial of South Korean President due to begin

• Confirmation hearing for US Defence Secretary nominee Pete Hegseth

• Russian Foreign Minister Lavrov holds annual press conference

• French Prime Minister Bayrou outlines vision for his new Government

• Sri Lanka’s President begins four-day visit to China

• Foreign Office Questions in UK Parliament

• Italy industrial production data (November)

• US CPI and PPI inflation data (December)

• South Korea trade data (December)

Lookahead to tomorrow

• NATO defence chiefs meeting, Brussels (ends tomorrow)

• Confirmation hearing for US Secretary of State nominee Marco Rubio

• UN Secretary General outlines priorities for 2025

• Prime Minister’s Questions in UK Parliament

• UK CPI and PPI inflation data (December)

• US, France, Spain CPI inflation data (December)

• Japan PPI inflation data (December)

• South Korea interest rate decision

• Company results from: Citigroup, JP Morgan, Wells Fargo, Currys, Hays

The Mighty Finale

🌤️Weather today

Light clouds and winds but dry. High of 9C and low of 5C in London. Same weather in Belfast but sunny intervals in Edinburgh.

✏️Life coaching quote of the day

“The art of competing, I’d learned from track, was the art of forgetting, and I now reminded myself of that fact. You must forget your limits. You must forget your doubts, your pain, your past.” – Phil Knight, founder of Nike

Mighty takeaway: Our limitations are self-imposed. Remove them!

That’s about it for this Tuesday and we’ll see you tomorrow.

Adios!

The Mighty Memo team

Monday, 13 January 2025

The Mighty Headlines

·        Economics: UK Chancellor agrees trade deals worth £600 million with China

·        Business: Morrisons voices support for UK farmers in inheritance tax dispute

·        Markets: Pound may fall by up to 8 per cent this week according to traders

·        Foreign Affairs: US Government sanctions more Russian oil producers and oil tankers

·        Security and intelligence: Iran to launch new warship and add 1000 drones to arsenal

·        Domestic politics: UK Government sanctions Maduro regime in Venezuela

The Mighty Stats

·        FTSE = 8,248.49 (down 0.86 per cent)

·        S&P500 = 5,827.04 (down 1.54 per cent)

·        Nasdaq = 19,161.63 (down 1.63 per cent)

·        CAC40 = 7,431.04 (down 0.79 per cent)

·        £1 = $1.22 / €1.19

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The Mighty Detail

Economics: Chancellor Rachel Reeves has said that she has secured trade and finance agreements with China that will add £600 million to the UK economy over five years. The agreement was announced at the weekend in the first high-level economic summit between the UK and China in six years.

Business: UK supermarket chain Morrisons is publicly voicing support for farmers in their dispute with the Government over inheritance tax. In a video released on Saturday, the supermarket said that it “understood farmers’ anger” and that it would continue to raise the issue at the “highest levels of government”.

Markets: Currency traders are prepared for the value of sterling to fall further this week, after it fell last week to its lowest level against the dollar since November 2023. Demand in the options market – derivative products – suggests that the pound could fall by up to 8 per cent.

Foreign Affairs: The US Government has imposed sanctions on Russian oil producers and 183 oil-carrying ships. The intention is to weaken demand for Russia’s oil – a major source of the country’s income. The move will also force China and India, some of the largest buyers of Russian oil, to source their oil from the Middle East, Africa and the Americas instead.

Security and intelligence: Iran is to launch a new warship and add around 1,000 advanced drones to its military capabilities in the coming days. According to Iranian Rear Admiral Habibollah Sayyari, the drones will be “long-range” and have “stealth capabilities”.

Domestic politics: The UK Government has imposed sanctions on 15 new people associated with the regime of the Venezuelan President Nicolas Maduro. The UK Government disputes the validity of the election result last July which saw Maduro win the Presidency for a third six-year term. Separately, the US has announced a $25 million reward for Maduro’s arrest.

The Mighty Calendar

What’s happening today?

o   Japan public holiday (Respect for the Aged Day)

o   President Biden delivers final foreign policy speech, US State Department, Washington DC

o   Prime Minister Starmer launches AI Opportunities Action Plan

o   Home Office Questions in UK Parliament

o   India CPI inflation data (December)

Lookahead to tomorrow

o   NATO Baltic summit, Finland

o   Impeachment trial of South Korean President due to begin

o   Confirmation hearing for US Defence Secretary nominee Pete Hegseth

o   Russian Foreign Minister Lavrov holds annual press conference

o   Foreign Office Questions in UK Parliament

o   Italy industrial production data (November)

o   US CPI and PPI inflation data (December)

o   South Korea trade data (December)

The Mighty Finale

🌤️Weather today

Partly cloudy. High of 6C and low of 1C in London. Light rain in Belfast and heavy rain in Edinburgh.

✏️Life coaching quote of the day

“Success is the doing, not the getting; in the trying, not the triumph. Success is a personal standard, reaching for the highest that is in us, becoming all that we can be. If we do our best, we are a success.” – Zig Ziglar, motivational speaker

Mighty takeaway: Nothing further to add to this!

That’s it for this morning. Thanks for reading and we’ll see you again tomorrow.

Bye!

The Mighty Memo team

Friday, 10 January 2025

The Mighty Headlines

• Economics: Canada could impose retaliatory tariffs on the US

• Business: M&S and Tesco’s strong sales over Christmas

• Markets: Price of copper reaches three-week high

• Foreign Affairs: Lebanese army chief elected President

• Security and intelligence: US gives $500 million in military aid to Ukraine

• Domestic politics: Sir Keir Starmer meets President Macron in Buckinghamshire

The Mighty Stats

• FTSE = 8,319.69 (up 0.83 per cent)

• S&P500 = 5,918.25 (up 0.16 per cent)

• Nasdaq = 19,478.88 (down 0.055 per cent)

• CAC40 = 7,490.28 (up 0.51 per cent)

• £1 = $1.23 / €1.20

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The Mighty Detail

Economics: It is being reported that Canada will impose retaliatory tariffs on American orange juice and some steel products if Donald Trump delivers on his threat to impose 25 per cent tariffs on Canadian goods. Speaking about Canadian products this week, Donald Trump said “we don’t need anything they have”.

Business: Marks and Spencer and Tesco both saw sales increase during the Christmas trading period. M&S saw food sales increased by 8.7 per cent and clothing, home and beauty increase by 1 per cent. Tesco food sales increased by 4.7 per cent. Shares in both companies fell, however, with financial prospects partly dampened by inflation, the Budget and interest rates.

Markets: The price of copper has reached a three-week high following strong demand from China. Copper futures, tradeable contracts whose values are based on their underlying assets, rose to over $4.30 yesterday. China is the world’s largest copper supplier and consumer.

Foreign Affairs: The head of the Lebanese army, Joseph Aoun, has been elected as Lebanon’s new President. The position has been vacant since 2022. Aoun, a Maronite Christian, was supported by France, the United States and Saudi Arabia. He has vowed to ensure that only the state has the right to carry arms, in contradiction of the activities of the Iran-backed Hezbollah group.

Security and intelligence: In its final days, the Biden administration has pledged a further $500 million in military aid to Ukraine. The aid will be delivered before Donald Trump’s inauguration. The US has provided around $50 billion in military aid to Ukraine since 2022.

Domestic politics: The UK Prime Minister, Sir Keir Starmer, hosted French President Emmanuel Macron at his official country residence in Buckinghamshire yesterday evening. The leaders discussed the war in Ukraine, the Middle East and UK-EU relations.

The Mighty Calendar

What’s happening today?

• Nicolas Maduro begins new term as Venezuela’s President

• US Supreme Court hears case on TikTok ban

• France consumer spending data (November)

• Italy retail sales data (November)

• US unemployment rate (December)

• Company results from: Walgreens Boots Alliance, Delta Airlines

Lookahead to the weekend

Saturday

• UK Chancellor Rachel Reeves scheduled to visit China

Sunday

• Croatia Presidential Election (second round)

• Australian Open (tennis) continues, Melbourne, Australia

• The Masters (snooker) begins, Alexandra Palace

• Annual Blessing of the River Thames, London Bridge

The Mighty Finale

🌤️Weather today

Another sunny and dry day in almost all of the UK. Still cold though! High of 2C and low of -3C in London.

✏️Life coaching quote of the day

“Excuses are the nails used to build a house of failure.” – Jim Rohn, motivational speaker

Mighty takeaway: Take responsibility for what happens in your life and makes changes if you have to. Excuses will get you nowhere.

That’s about it this week. We hope you have a good weekend and we’ll see you on Monday!

Adios!

The Mighty Memo team 

Thursday, 9 January 2025

The Mighty Headlines

• Economics: India’s growth rate slows to 6 per cent

• Business: UK bicycle manufacturer Raleigh announces losses of over £30 million

• Markets: UK government bond yields reach their highest level since 2008

• Foreign Affairs: US Government shifts military aid from Israel and Egypt to Lebanon

• Security and intelligence: France and Germany push back on Trump’s Greenland claims

• Domestic politics: Sir Olly Robbins appointed new head of the UK Foreign Office

The Mighty Stats

• FTSE = 8,251.03 (up 0.07 per cent)

• S&P500 = 5,918.25 (up 0.16 per cent)

• Nasdaq = 19,478.88 (down 0.055 per cent)

• CAC40 = 7,452.42 (down 0.49 per cent)

• £1 = $1.24 / €1.20

*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 Indian economy is predicted to grow by 6.4 per cent this year according to the latest Indian Government figures. This is below the average 8 per cent growth seen in the last three years. Yesterday, the rupee hit a record low of 85.87 against the dollar.

Business: UK bicycle maker Raleigh has announced a pre-tax loss of £30.1 million for 2023. Raleigh, which was once the largest bicycle manufacturer in the world, last posted a profit in 2021.

Markets: UK gilt yields hit their highest level since 2008 yesterday. The increase reflects concerns about the strength of the UK economy and greater caution over purchasing UK Government debt. The pound also hit its lowest level against the dollar since April yesterday.

Foreign Affairs: The US Government is moving over $100 million of military aid from Israel and Egypt to Lebanon. In notices provided to the US Congress, the US Government said it would provide $95 million of military aid intended for Egypt and $7.5 million intended for Israel to support the Lebanese army in holding the ceasefire with Israel.

Security and intelligence: France's Foreign Minister, Jean-Noel Barrot, has said that the EU would defend its "sovereign borders" after Donald Trump refused to rule out seizing Greenland by military force. German Chancellor Olaf Scholz also pushed back against Trump’s assertions.

Domestic politics: Sir Olly Robbins has been named as the new head of the UK Foreign Office. Sir Olly takes up the role of Permanent Under-Secretary for a fixed term of five years. He previously served as Theresa May’s Brexit adviser.

The Mighty Calendar

What’s happening today?

• State funeral for former US President Jimmy Carter

• Transport Questions in UK Parliament

• Germany trade data (November)

• Germany industrial production data (November)

• Eurozone retail sales data (November)

• US jobless claims data (weekly)

• Company results from: Marks & Spencer

Lookahead to tomorrow

• President Biden meets Pope Francis at the Vatican

• Nicolas Maduro begins new term as Venezuela’s President

• US Supreme Court hears case on TikTok ban

• France consumer spending data (November)

• Italy retail sales data (November)

• US unemployment rate (December)

• Company results from: Walgreens Boots Alliance, Delta Airlines

The Mighty Finale

🌤️Weather today

Sunshine across all parts of the UK today but very cold! High of 3C and low of -3C in London.

✏️Life coaching quote of the day

"The secret to doing anything is believing that you can do it. Anything that you believe you can do strong enough, you can do. Anything. As long as you believe." – Bob Ross, painter

Mighty takeaway: The only limitations are those you set yourself.

That’s about it for today’s edition. See you tomorrow morning!

Adios!

The Mighty Memo team

Wednesday, 8 January 2025

The Mighty Headlines

• Economics: Eurozone inflation rises to 2.4 per cent

• Business: Next to increase prices because of tax rises

• Markets: Investors concerned about Apple sales in China

• Foreign Affairs: Donald Trump refuses to rule out using military force in Greenland

• Security and intelligence: Damaged undersea cables near Taiwan ‎could be sabotage

• Domestic politics: UK Government launches Steel Council

The Mighty Stats

• FTSE = 8,245.28 (down 0.053 per cent)

• S&P500 = 5,909.03 (down 1.11 per cent)

• Nasdaq = 19,489.68 (down 1.89 per cent)

• CAC40 = 7,489.35 (up 0.59 per cent)

• £1 = $1.25 / €1.21

*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 rose to 2.4 per cent in December. This is an increase from the 2.2 per cent recorded in November and is the third consecutive rise. A reduction in Eurozone interest rates is now increasingly unlikely.

Business: High street retailer Next has said that it is to apply a 1 per cent increase to its prices this year. The company said this would cover an anticipated £67 million increase to its wage bill following ‎the National Insurance rises announced by the UK Government.

Markets: Shares in Apple are down by 2.2 per cent so far in January. Investors are concerned about continuing weakness in the Chinese market for Apple products, particularly in light of competition from Chinese domestic brands such as Huawei. In 2024, Apples shares rose by more than 30 per cent.  

Foreign Affairs: Donald Trump has refused to rule out using military force to seize control of the Panama Canal and Greenland. He added that Greenland was needed for national security reasons. ‎The Danish Prime Minister, Mette Frederiksen, has said that Greenland is "not for sale" and that only Greenlanders can decide their future.

Security and intelligence: Taiwanese authorities have announced that an undersea cable has been damaged off the northern coast of Taiwan by a Hong-Kong registered ship. Taiwan's Coast Guard Administration has said that it cannot rule out the possibility of Chinese sabotage.

Domestic politics: The UK Government has launched a new Steel Council. The Council will advise on "rebuilding the industry" and seeks to secure the "future of steel making"‎. Members include Government ministers, steel producers and trade unions.

The Mighty Calendar

What’s happening today?

• Prime Minister’s Questions in UK Parliament

• 5th anniversary of Malaysia Airlines flight MH17 shot down over Ukraine

• France, Australia trade data (November)

• Eurozone business and consumer confidence data (December)

• Eurozone PPI inflation data (November)

• US jobless claims (weekly)

• China CPI and PPI inflation data (December)

Lookahead to tomorrow

• State funeral for former US President Jimmy Carter

• Transport Questions in UK Parliament

• Germany trade data (November)

• Germany industrial production data (November)

• Eurozone retail sales data (November)

• US jobless claims data (weekly)

• Company results from: Marks & Spencer

The Mighty Finale

🌤️Weather today

Light wind and rain in southeast England but bright sunshine almost everywhere else. High of 3C and low of 0C. Sunshine in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Don't worry about the failures, worry about the chances you miss when you don't even try.” – Jack Canfield, motivational speaker

Mighty takeaway: Nothing further to add!

That’s about it for today’s edition. See you tomorrow.

Adios!

The Mighty Memo team

Tuesday, 7 January 2025

The Mighty Headlines

• Economics: German inflation rises higher than expected

• Business: Waterstones mulls potential stock market listing

• Markets: London insurance company goes to New York for listing

• Foreign Affairs: Iran’s nuclear programme near “point of no return”

• Security and intelligence: North Korea launches suspected hypersonic missile

• Domestic politics: UK Government proposes new petrol car ban from 2030

The Mighty Stats

• FTSE = 8,249.66 (up 0.31 per cent)

• S&P500 = 5,975.38 (up 0.55 per cent)

• Nasdaq = 19,864.98 (up 1.24 per cent)

• CAC40 = 7,445.69 (up 2.24 per cent)

• £1 = $1.25 / €1.20

*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 Germany rose to 2.9 per cent in December. This is an increase from 2.4 per cent in November and higher than the 2.6 per cent predicted by analysts. The Eurozone’s own inflation figures will be published today.

Business: The Managing Director of Waterstones, James Daunt, has said that he is considering an IPO for the company. Waterstones, which also owns the Barnes & Noble bookshop chain in the US, is the largest bookseller by shops in the UK and the US.

Markets: A major London insurance company, Aspen Insurance, has said that it will list in New York rather than in London. Aspen’s listing is expected to be worth around £3 billion and marks the latest in a series of companies preferring to list in the US rather than the UK. Deeper pools of capital in the US and more stringent listing rules in the UK may be factors in these decisions.

Foreign Affairs: France’s President, Emmanuel Macron, has said that Iran’s uranium enrichment programme is nearing the “point of no return”. Iran has said that it is enriching uranium for peaceful purposes but in December the UN said that Iran was close to the 90 per cent level for bomb-grade material.

Security and intelligence: During US Secretary of State Antony Blinken’s visit to South Korea yesterday, North Korea fired a suspected hypersonic missile which landed in the sea. Blinken expressed confidence in South Korea’s institutions as South Korean investigators seek an extension to President Yoon’s arrest warrant which expired yesterday.

Domestic politics: The UK Government has launched a consultation on phasing out new petrol and diesel cars by 2030. The deadline set by the previous Government was 2035.

The Mighty Calendar

What’s happening today?

• Orthodox Christmas

• 10th anniversary of the Charlie Hebdo attack in Paris

• Health Questions in UK Parliament

• UK house price data (December)

• France, Italy, Eurozone CPI inflation data (December)

• US, Canada trade data (November)

• Company results from: Next

Lookahead to tomorrow

• Prime Minister’s Questions in UK Parliament

• 5th anniversary of Malaysia Airlines flight MH17 shot down over Ukraine

• France, Australia trade data (November)

• Eurozone business and consumer confidence data (December)

• Eurozone PPI inflation data (November)

• US jobless claims (weekly)

• China CPI and PPI inflation data (December)

The Mighty Finale

🌤️Weather today

Sunny spells for most of England with some potential for snow. High of 6C and low of -2C. Same weather in Belfast and Edinburgh.

✏️Life coaching quote of the day

“Who you are, what you think, feel, and do, what you love – is the sum of what you focus on.” – Cal Newport, academic

Mighty takeaway: Whatever you think of consistently becomes your reality.

That’s about it for today’s edition. See you tomorrow.

Adios!

The Mighty Memo team

Monday, 6 January 2025

The Mighty Headlines

• Business: UK’s market for new cars rises by 2.4 per cent in 2024

• Markets: US stocks rise on Friday after a difficult week

• Foreign Affairs: Antony Blinken meets South Korea Foreign Minister today

• Security and intelligence: US announces $8 billion worth of weapons for Israel

• Domestic politics: UK Parliament debates a new General Election today

The Mighty Stats

• FTSE = 8,223.98 (down 0.44 per cent at Friday close)

• S&P500 = 5,942.47 (up 1.26 per cent at Friday close)

• Nasdaq = 19,621.68 (up 1.77 per cent at Friday close)

• CAC40 = 7,282.22 (down 1.51 per cent at Friday close)

• £1 = $1.24 / €1.21

• UK: Con / Lab / Reform = 23 / 30 / 22 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

Business:  The new car market in the UK increased by 2.6 per cent in 2024 compared with the year before. Around 1.95 million new cars were registered in 2024. The increase was driven by business purchases, which increased by 11.8 per cent. Private purchases fell by 8.7 per cent to around 746,000 vehicles.

Markets: After an uncertain start to the new year, US stocks closed up on Friday. The Nasdaq rose the most during the day, closing up by 1.77 per cent. Tech stocks more broadly continue to rise, with chipmaker Nvidia up by 4.7 per cent on Friday and server maker Super Micro Computer up by 10.9 per cent.

Foreign Affairs: US Secretary of State, Antony Blinken, is in South Korea today where he will meet his counterpart, Cho Tae-yul. Separately, the arrest warrant for President Yoon Suk Yeol also expires today. Yoon unsuccessfully imposed martial law on the country in December. His security guards and the military have prevented his arrest so far.

Security and intelligence: The US Government has notified the US Congress of its intention to deliver $8 billion of weapons to Israel. The weapons would likely take several years to deliver and would bring total US military aid to Israel to nearly $18 billion since October 2023.

Domestic politics: The UK Parliament returns today, after the Christmas recess, where it will discuss a petition on holding another UK General Election. The petition has received 3 million signatures. Any petition which receives over 100,000 signatures is considered for debate in Parliament.

The Mighty Calendar

What’s happening today?

• US Congress Electoral College vote count

• US Secretary of State visits South Korea

• US National Security Adviser visits India

• Defence Questions in UK Parliament

• UK, US, France, Italy, Spain, Germany, Eurozone services growth data (December)

• Germany CPI inflation data (December)

Lookahead to tomorrow

• Orthodox Christmas

• 10th anniversary of the Charlie Hebdo attack in Paris

• Health Questions in UK Parliament

• UK house price data (December)

• France, Italy, Eurozone CPI inflation data (December)

• US, Canada trade data (November)

• Company results from: Next

The Mighty Finale

🌤️Weather today

Gusty wind and light rain in London. High of 12C and low of 1C. Light rain in Belfast. Sleet in Edinburgh.

✏️Life coaching quote of the day

“You draw out of the world what you put into it. ​Want to attract reliable people? Be reliable. Want to attract trustworthy people? Be trustworthy. Want to attract welcoming people? Be welcoming.

Want to attract exceptional people? Be exceptional.” – James Clear, writer and speaker

Mighty takeaway: Be the kind of person you wish to attract into your life.

That’s it for this Monday. We’ll see you tomorrow!

Cheerio!

The Mighty Memo team

Friday, 20 December 2024

TO:                  Mighty Memo Readers

FROM:             Mighty Memo Editorial Department

SUBJECT:        Christmas holidays

The Mighty Memo office will be closed between Monday, 23rd December and Friday, 3rd January. Your next issue of the Mighty Memo will arrive in your inbox on Monday, 6th January. If you wish to contact us during this time, please send your email to hello@mightymemo.co.uk. We will respond to you as soon as we can. As this year comes to an end, we also want to say thank you for subscribing to the Mighty Memo – we’re grateful for your support and loyalty – and we hope you enjoy this special festive edition of the Mighty Memo. Happy Christmas, happy new year and happy holidays!

Friday, 20th December 2024 – Special Festive Edition – www.mightymemo.co.uk

The Mighty Headlines

• Business: Knitted figures of Mary and Joseph visit London’s commuters

• Markets: Manchester’s Christmas markets deemed most scenic in the UK

• Foreign Affairs: Santa Claus train re-starts in Japan

• Security and intelligence: Finnish PM invites EU leaders to Lapland tomorrow

• Domestic politics: UK Aviation Authority gives Santa permission to enter UK airspace

The Mighty Stats

• FTSE = 8,105.32 (down 1.14 per cent at Thursday close)

• S&P500 = 5,867.08 (down 0.087 per cent at Thursday close)

• Nasdaq = 19,372.77 (down 0.1 per cent at Thursday close)

• CAC40 = 7,294.37 (down 1.22 per cent at Thursday close)

• £1 = $1.25 / €1.21

*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

Business: Miniature knitted figures of Mary, Joseph, a donkey and the angel Gabriel have been giving workers and commuters reminders of the Christmas story on London’s underground. The small, knitted figures were bought off eBay by Father Chrichton Limbert and are pictured at underground stations including Gospel Oak, Angel, Carpenders Park, Marylebone and Covent Garden.

Markets: Manchester’s Christmas markets have been named the most scenic in the UK by Jessops. The photography store compiled the list based on the number of Instagram hashtags for each location. Edinburgh was the second-most scenic. London’s Hyde Park Winter Wonderland was deemed to be the third-most scenic.

Foreign Affairs: Every year, a Santa Claus train runs in western Japan. The seasonal train is decorated with Christmas ornaments. University students, dressed in Santa Claus and reindeer outfits, also give out presents and quizzes to children. The train is again in operation and runs until the 25th December.

Security and intelligence: Finland’s Prime Minister is inviting EU leaders to Lapland tomorrow for a mini-political summit. The EU’s Foreign Affairs and Security Policy Chief, Kaja Kallas, and the Prime Ministers of Italy, Greece and Sweden will be attending. They are due to discuss European security, defence, migration and border security.

Domestic politics: The UK Civil Aviation Authority (CAA) has confirmed that Santa Claus has been given permission to enter UK airspace on Christmas Eve. The CAA has also confirmed that Santa Claus’s sleigh has passed vital safety checks, with CAA staff making sure that:

• Presents are stowed away safely and securely;

• The aircrew understand the vehicle’s “elf” and safety procedures;

• Christmas cheer is handled by qualified experts; and

• The sleigh bells ring at an acceptable decibel level.

The Mighty Calendar

What’s happening today?

• UK Christmas Number One song announced

• UK, Canada retail sales data (November)

• UK Government budget deficit data (November)

• Germany, France, Italy PPI inflation data (November)

• Eurozone consumer confidence data (December)

• United States personal spending data (November)

Lookahead to the weekend

Saturday

• Winter solstice celebrations at Stonehenge

• Tyson Fury versus Oleksandr Usyk II, Saudi Arabia

• Tours available of The Charterhouse, London

Sunday

• Spain’s annual ‘El Gordo’ lottery draw (€2.7 billion of prize money!)

• Christmas carol service in most churches and cathedrals this evening

The Mighty Finale

🌤️Weather today

Patchy rain in England, Northern Ireland and Scotland. No snow forecast for Christmas but you never know…For the Met Office to declare a “white Christmas” a single snowflake must be observed by a Met Office observer or automated weather station on the 24 hours of Christmas Day.

✏️Life coaching quote of the day

“There is nothing in the world so irresistibly contagious as laughter and good humour.” – Charles Dickens, A Christmas Carol

Mighty takeaway: It’s simple. Decide to be happy. Make time to do one thing you enjoy doing every day. Too many of us don’t.

That’s about it for today’s edition and for this year. We’ll see you in 2025!

Adios!

The Mighty Memo team

Thursday, 19 December 2024

*Look out for a special festive edition of the Mighty Memo tomorrow!*

The Mighty Headlines

• Economics: US Federal Reserve cuts interest rates

• Business: US Supreme Court to hear TikTok ban appeal on the 10th January

• Markets: Nissan shares rise by over 23 per cent after Honda merger news

• Foreign Affairs: France’s top court upholds Nicolas Sarkozy’s corruption verdict

• Security and intelligence: US Senate authorises $895 billion of military spending

• Domestic politics: English councils receive £700 million of funding mostly for NICs rise

The Mighty Stats

• FTSE = 8,199.11 (up 0.048 per cent at Wednesday close)

• S&P500 = 5,872.16 (down by 2.95 per cent at Wednesday close)

• Nasdaq = 19,392.69 (down by 3.56 per cent at Wednesday close)

• CAC40 = 7,384.62 (up 0.26 per cent at Wednesday close)

• £1 = $1.27 / €1.21

*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 US Federal Reserve has cut interest rates to between 4.25 per cent and 4.5 per cent – back to the rate of December 2022. The US Federal Reserve gives a range rather than a single figure. Chair of the Federal Reserve, Jerome Powell said that the Fed may now be more cautious about future adjustments.

Business: The US Supreme Court will hear an appeal against a law that would ban TikTok. A law passed earlier this year requires TikTok to separate itself from ByteDance, its China-based parent company, by the 19th January or it will be banned. The US Government sees the Chinese connection as a threat to national security. The Supreme Court hearing will take place on the 10th January.

Markets: Shares in Nissan rose by 23.7 per cent yesterday – their best performance in a day since at least 1985 when comparable records began. This follows news of a possible merger between Nissan and Honda as mentioned in the Mighty Memo yesterday. Shares in Honda meanwhile fell by 3 per cent.

Foreign Affairs: France’s highest court has upheld a verdict of corruption and influence peddling against France’s former President, Nicolas Sarkozy. The decision by the Cour de Cassation means that Sarkozy will be required to wear an electronic tag for a year. Sarkozy says he plans to appeal to the European Court of Human Rights.

Security and intelligence: The US Senate has passed legislation that increases military spending to $895 billion. This means that defence spending is increasing by 1 per cent overall. The legislation also provides a 14.5 per cent pay increase for junior armed forces personnel, establishes a fund that could be used to send military equipment to Taiwan and extends restrictions on the US military buying products from China.

Domestic politics: The UK Government has announced that local councils in England are set to receive an additional £700 million next year. This comes on top of an additional £1.3 billion announced at the Budget. Of the £700 million, however, £515 million will be used to pay for the national insurance increases announced at the Budget.

The Mighty Calendar

What’s happening today?

o   European Council summit, Brussels (Ukraine’s President Zelensky to attend)

o   President Putin’s annual press conference

o   Sir Keir Starmer appears before the Liaison Committee in UK Parliament

o   Defra Questions in UK Parliament

o   Bank of England interest rate decision

o   UK, Italy, Germany, France car registrations data (November)

o   US GDP data (Q3 2024)

o   US unemployment data (weekly)

o   Japan CPI inflation data (November)

o   Korea PPI inflation data (November)

o   New Zealand trade data (November)

o   Company results from: FedEx, Blackberry

Lookahead to tomorrow

o   UK Christmas Number One song announced

o   UK, Canada retail sales data (November)

o   UK Government budget deficit data (November)

o   Germany, France, Italy PPI inflation data (November)

o   Eurozone consumer confidence data (December)

o   United States personal spending data (November)

The Mighty Finale

🌤️Weather today

Generally dry in England. High of 8oC and low of 2oC. Patchy rain in Belfast. Bright sunshine again in Edinburgh!

✏️Life coaching quote of the day

“If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment.” – Marcus Aurelius, Roman emperor and philosopher.

Mighty takeaway: You give an interpretation to the events in your life. Any concerns and worries come from that interpretation. But you can change that interpretation.

That’s it for this Thursday. See you tomorrow!

Bye for now!

The Mighty Memo team

Wednesday, 18 December 2024

The Mighty Headlines

·       Economics: US Federal Reserve interest rate announcement today

·       Business: Honda and Nissan prepare merger talks

·       Markets: Dow Jones hits a 9-day losing streak, the first since 1978

·       Foreign Affairs: Syria’s al-Jowlani states rebel groups will be disbanded

·       Security and intelligence: Russia makes new bid for Kursk and Donetsk

·       Domestic politics: UK Government increases police funding by £1 billion

The Mighty Stats

·       FTSE = 8,195.20 (down 0.81 per cent at Tuesday close)

·       S&P500 = 6,050.61 (down 0.39 per cent at Tuesday close)

·       Nasdaq = 20,109.06 (down 0.32 per cent at Tuesday close)

·       CAC40 = 7,365.70 (up 0.12 per cent at Tuesday close)

·       £1 = $1.27 / €1.21

*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 US Federal Reserve will announce its interest rate decision today. A cut in the rate is expected, despite above-target inflation. Separately, UK unemployment remained unchanged yesterday at 4.3 per cent. UK wages rose by 5.2 per cent between August and October. This data suggests that the Bank of England will not cut interest rates when it meets on Thursday. 

Business: Automotive manufacturers Honda and Nissan are preparing to start merger negotiations. The possible merger would help Honda and Nissan compete with Toyota and Tesla as well as with competitors in China.

Markets: The Dow Jones Industrial Average – an index of 30 US stocks – fell by 0.61 per cent yesterday. This was its ninth day of consecutive falls and the first nine-day fall since 1978. The Dow Jones contains fewer high-growth tech stocks than other indexes such as the Nasdaq or S&P 500.

Foreign Affairs: Mohammed al-Jowlani, the leader of the HTS group now governing Syria, has said that Syrian rebel groups will be disbanded and trained to join the “ranks of the defence ministry”. He added that “Syria must remain united”. UK diplomats met al-Jowlani earlier this week. US officials have also made contact with the new regime.

Security and intelligence: Russia is intensifying its offensive in its Kursk region – an area held by Ukraine since August – with around 68 combat clashes a day compared to around 40 at the end of last week. It is also intensifying action in the eastern Donetsk region. The Commander of the Ukrainian Ground Forces, Colonel General Oleksandr Syrskyi, added yesterday that Russia was using North Korean troops in the Kursk region.

Domestic politics: The UK Government has said that police forces in England and Wales will be given £1 billion more in funding next year. The total provisional police funding settlement will come to £19.5 billion. The majority will be given to Police and Crime Commissioners to use in their areas.

The Mighty Calendar

What’s happening today?

o   EU-Western Balkans summit, Brussels

o   Prime Minister’s Questions in UK Parliament

o   US Federal Reserve interest rate decision

o   Bank of Japan interest rate decision

o   US housing starts (November)

o   UK, Eurozone CPI inflation data (November)

o   New Zealand GDP data (Q3 2024)

Lookahead to tomorrow

o   European Council summit, Brussels (Ukraine’s President Zelensky to attend)

o   President Putin’s annual press conference

o   Sir Keir Starmer appears before the Liaison Committee in UK Parliament

o   Defra Questions in UK Parliament

o   Bank of England interest rate decision

o   UK, Italy, Germany, France car registrations data (November)

o   US GDP data (Q3 2024)

o   US unemployment data (weekly)

o   Japan CPI inflation data (November)

o   Korea PPI inflation data (November)

o   New Zealand trade data (November)

The Mighty Finale

🌤️Weather today

Rain in the northwest and northeast of England in the morning. Rain everywhere in England by the evening. High of 15oC and low of 7oC. Patchy rain in Belfast. Sunny spells in Edinburgh!

✏️Life coaching quote of the day

“Sometimes there is no next time, no second chance, or no time out. Stop waiting. It’s now or never. When you wait, you aren’t procrastinating. You are doing something more dangerous. You are deliberately convincing yourself “now is not the time.” You are actively working against your dreams.” Mel Robbins, motivational speaker

Mighty takeaway: Take the action now to start achieving your goals and dreams. Procrastinating will get you nowhere.

That’s it for this morning.

Bye!

The Mighty Memo team

Tuesday, 17 December 2024

The Mighty Headlines

• Economics: Industrial production rises in China but retail sales growth falls

• Business: Private equity firm makes reported £1.5 billion investment in Grant Thornton

• Markets: Broadcom shares rise by 10 per cent

• Foreign Affairs: French lawmakers pass emergency budget

• Security and intelligence: Donald Trump warns Hamas about hostages and a ceasefire

• Domestic politics: UK taken to court by the EU over EU citizens’ Brexit rights

The Mighty Stats

• FTSE = 8,262.05 (down 0.46 per cent at Monday close)

• S&P500 = 6,074.08 (down 0.38 per cent at Monday close)

• Nasdaq = 20,173.89 (up 1.24 per cent at Monday close)

• CAC40 = 7,357.08 (down 0.71 per cent at Monday close)

• £1 = $1.27 / €1.21

• UK: Con / Lab / Reform = 25 / 27 / 22 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: Industrial production in China rose in November by 5.4 per cent when compared to a year earlier. This compares with a 5.3 per cent rise in October. Growth in retail sales slowed, however, from 4.8 per cent in October to 3 per cent in November.

Business: The private equity firm Cinven is reported to be investing around £1.5 billion in Grant Thornton, the accountancy firm. Cinven is one of Europe’s largest private equity firms. Grant Thorton’s partners voted unanimously in favour of the deal. Grant Thornton made an operating profit of £146 million in 2023.

Markets: Shares in Broadcom, a US semiconductor manufacturer, increased by more than 10 per cent yesterday. This means that the company is worth over $1 trillion – its highest ever value. Shares in Apple, Google and Tesla also rose to all-time highs during trading yesterday.

Foreign Affairs: French lawmakers have unanimously passed an emergency budget following the collapse of the Barnier Government earlier this month. The budget rolls over the 2024 budget into 2025 and avoids a Government shutdown. The Banque de France has also reduced France’s growth forecast next year from 1.2 per cent to 0.9 per cent.

Security and intelligence: Donald Trump has warned Hamas about releasing Israeli hostages and added that if a cease-fire isn’t reached between Israel and Hamas by the time he takes office “it’s not going to be pleasant.” He said separately that Ukraine should be “prepared to make a deal” to end the war with Russia.

Domestic politics: The UK is being taken to court by the EU over the rights of EU citizens who who have lived in the UK since before Brexit. The EU is concerned about the “rights of workers” and “extended family members”. Under the Brexit deal, the EU has a four-year period to bring UK cases to the European Court of Justice. This period ends on the 31 December 2024.

The Mighty Calendar

What’s happening today?

o   BBC Sports Personality of the Year announced

o   Energy Questions in UK Parliament

o   UK average earnings data (October)

o   UK unemployment data (October)

o   Germany business expectations and economic sentiment data (December)

o   United States retail sales data (November)

o   United States manufacturing and industrial production data (November)

o   Canada CPI inflation data (November)

o   Japan trade data (November)

o   Company results from: Chemring Group

Lookahead to tomorrow

o   Prime Minister’s Questions in UK Parliament

o   US Federal Reserve interest rate decision

o   Bank of Japan interest rate decision

o   US housing starts (November)

o   UK, Eurozone CPI inflation data (November)

o   New Zealand GDP data (Q3 2024)

The Mighty Finale

🌤️Weather today

Light cloud and dry in most parts apart from the northwest of England, where there will be some rain. High of 11oC and low of 9oC. Light rain in Belfast and drizzle in Edinburgh.

✏️Life coaching quote of the day

“Focus on your likes, not your wants.

You may not want to exercise, but you like how it makes you feel.

You may not want to write, but you like the feeling of accomplishment.

You may not want to wake up early, but you like the calm beauty of morning.

Wanting is the desire you feel before doing something. Liking is the satisfaction you feel after doing something. Let your likes guide you.” – James Clear, writer and speaker

Mighty takeaway: Nothing to add!

That’s about it for today’s edition. Thank you for reading to the end! See you tomorrow.

Cheerio!

The Mighty Memo team

Monday, 16 December 2024

The Mighty Headlines

• Economics: France’s credit rating downgraded because of political turmoil

• Business: US lawmakers give orders to Apple and Google on TikTok ban

• Markets: South Korea’s Finance Ministry ready to stabilise financial markets

• Foreign Affairs: Georgia’s new anti-Western President elected

• Security and intelligence: Syria’s al-Jowlani to reassess ties with Russia and Iran

• Domestic politics: UK Government deports nearly 13,500 people

The Mighty Stats

• FTSE = 8,300.33 (down 0.14 per cent at Friday close)

• S&P500 = 6,051.09 (down 0.0026 per cent at Friday close)

• Nasdaq = 19,926.73 (up 0.12 per cent at Friday close)

• CAC40 = 7,409.57 (down 0.15 per cent at Friday close)

• £1 = $1.26 / €1.20

*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: Ratings agency Moody’s has downgraded France’s credit rating to Aa3 due to the country’s “political fragmentation”. The rating, which measures a country’s ability to repay its debts, is the fourth highest rating and the same rating as the UK. In the G7, Italy and Japan have a lower rating, while the US, Canada and Germany have the highest possible rating.

Business: Members of the US House Select Committee on the Chinese Communist Party have ordered the CEOs of Apple and Google to prepare to ban TikTok next month. The US Government passed a law banning TikTok in April on data security grounds – a decision upheld by the US Court of Appeals 10 days ago.

Markets: South Korea’s Finance Ministry has said that it will use all policy instruments and work with the Government to avoid any further volatility in the financial markets after the impeachment of President Yoon Suk Yeol on Saturday. Yoon was impeached after his declaration of martial law earlier this month.

Foreign Affairs: Mikheil Kavelashvili, has been appointed as Georgia’s new President. The former Manchester City footballer, 53, is known for his anti-Western views and was elected by 224 of 225 members of the electoral college. Georgia’s incumbent pro-Western president, Salome Zourabichvili, has previously vowed to stay in office after her term ends tomorrow. Along with opposition parties, she has stated that the October elections were rigged by Russia.  

Security and intelligence: Mohammed al-Jowlani, the leader of the HTS group now governing Syria and a former al-Qaeda fighter, has said that he will reassess relations with Russia and Iran, has no intention of fighting Israel and will build an inclusive society. Separately, Naim Qassem, the leader of Hezbollah, has said his terrorist group has lost a key Iranian military supply route. With the fall of the Assad regime, Hezbollah can no longer import Iranian weapons through Syria.

Domestic politics: The UK Government has said that it has deported nearly 13,500 people from the UK since entering office. Most of these were voluntary but enforced returns have increased by 25 per cent compared with a year ago.

The Mighty Calendar

What’s happening today?

o   Vote of confidence in German Chancellor’s Olaf Scholz’s government

o   EU Foreign Affairs Ministers meeting, Brussels

o   Cabinet Secretary, Simon Case, steps down from his role

o   Farmers’ protest in London

o   Work and Pensions Questions in UK Parliament

o   UK, US, France, Germany manufacturing data (December)

o   UK, US, France, Germany services data (December)

o   Italy CPI inflation data (November)

o   UK house price data (December)

Lookahead to tomorrow

o   BBC Sports Personality of the Year announced

o   Energy Questions in UK Parliament

o   UK average earnings data (October)

o   UK unemployment data (October)

o   Germany business expectations and economic sentiment data (December)

o   United States retail sales data (November)

o   United States manufacturing and industrial production data (November)

o   Canada CPI inflation data (November)

o   Japan trade data

o   Company results from: Chemring Group

The Mighty Finale

🌤️Weather today

Patchy cloud (again) but generally dry in England. High of 12oC and low of 6oC. Sunny spells in Belfast, again! Drizzle in Edinburgh.

✏️Life coaching quote of the day

“Every morning we are born again. What we do today is what matters most.” – Buddha

Mighty takeaway: Live and enjoy today. Do not re-live yesterday, which no longer exists, or wish for tomorrow, which also does not exist.

That’s it for this morning. Thanks for reading and we’ll see you again soon.

Bye!

The Mighty Memo team

Friday, 13 December 2024

The Mighty Headlines

• Economics: ECB cuts interest rates to 3 per cent

• Business: Currys said it faces £32 million higher tax bill

• Markets: Adobe shares fall by more than 13 per cent

• Foreign Affairs: Romania and Bulgaria become full members of EU passport-free zone

• Security and intelligence: Russia close to agreement on keeping military bases in Syria

• Domestic politics: UK and EU agree to strengthen relationship

The Mighty Stats

• FTSE = 8,311.76 (up 0.12 per cent at Thursday close)

• S&P500 = 6,051.25 (down 0.54 per cent at Thursday close)

• Nasdaq = 19,902.84 (down 0.66 per cent at Thursday close)

• CAC40 = 7,420.94 (down 0.033 per cent at Thursday close)

• £1 = $1.27 / €1.21

*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 (ECB) has cut interest rates to three per cent. This is the third successive cut this year and is designed to strengthen faltering economic growth in the Eurozone. The ECB’s forecast for growth in 2025 has been cut from 1.3 per cent to 1.1 per cent.

Business: Currys has said that it faces a £32 million tax increase due to changes announced at the Budget. This includes £9 million from increases to the National Living Wage, £12 million from National Insurance changes, £2 million from business rates and £9 million passed on as increased costs from suppliers.

Markets: Shares in Adobe fell by more than 13 per cent during trading yesterday. This came as the computer software company revised its expected revenue in the first fiscal quarter downwards to between $5.63 billion and $5.68 billion. Analysts had expected revenue of $5.73 billion. Revenue in the fourth quarter, however, increased by 11 per cent to $5.61 billion.

Foreign Affairs: The European Union has decided to allow Romania and Bulgaria to become full members of the border-free Schengen area. The two EU countries have been waiting to accede to the Schengen area – which waives passport controls – since 2011. They will join on the 1st January 2025 although some checks will remain for six months as a precautionary measure.

Security and intelligence: Russia is reported to be close to an agreement with the new authorities in Syria to keep its two military bases in the country. These include Russia’s naval port at Tartus – its only naval base on the Mediterranean – and its air base at Khmeimim.

Domestic politics: The UK Prime Minister, Sir Keir Starmer, met the European Council President, António Costa, on Thursday. The two men agreed to “strengthen the relationship” between the UK and EU. They added that an UK-EU summit in early 2025 would provide an opportunity to make further progress “on key areas to deliver tangible benefits” for UK and EU citizens.

The Mighty Calendar

What’s happening today?

• Italian PM Giorgia Meloni hosts Palestinian Authority President Mahmoud Abbas, Rome

• World Cup 2026 European qualifying draw

• UK construction data (October)

• UK, Eurozone industrial production data (October)

• UK manufacturing data (October)

• Germany trade data (October)

• France, Spain CPI inflation data (November)

Lookahead to the weekend

Saturday

• Italian PM Giorgia Meloni hosts Argentinian President Milei, Rome

• Georgian lawmakers elect a new President (the incumbent, Salome Zourabichvili, has said she will not stand down citing illegitimate parliamentary elections in November)

• Geminid meteor shower

• Paul McCartney performs at Co-op Live, Manchester

Sunday

• UK officially joins the Trans-Pacific Trade Partnership

• World Darts Championship begins

The Mighty Finale

🌤️Weather today

Light cloud and dry in most of England. High of 7oC and low of 4oC. Sunny spells in Belfast. Light cloud in Edinburgh.

✏️Life coaching quote of the day

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” – Albert Schweitzer, philosopher

Mighty takeaway: Choose happiness every time. Life’s too short to do otherwise.

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

Adios!

The Mighty Memo team

Thursday, 12 December 2024

The Mighty Headlines

• Economics: OPEC cuts estimate for 2025 oil demand

• Business: SpaceX becomes world’s most valuable private start-up

• Markets: S&P 500 rises on US inflation news

• Foreign Affairs: Russia says it will develop alternative to American AI technology

• Security and intelligence: China says it will not tolerate Taiwanese “separatists”

• Domestic politics: Potential election pact between UK Conservatives and Reform Party

The Mighty Stats

• FTSE = 8,301.62 (up 0.26 per cent at Wednesday close)

• S&P500 =

• Nasdaq =

• CAC40 = 7,423.40 (up 0.39 per cent at Wednesday close)

• £1 = $1.28 / €1.21

*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: OPEC has cut its 2025 estimate for global oil demand to 1.45 million barrels per day. This is down from its previous estimate of 1.54 million barrels per day. This could be indicative of a broader slowdown in the global economy, with the Chinese economy struggling in particular.

Business: SpaceX has become the most valuable private start-up company in the world following internal share trading. SpaceX is now worth around $350 billion. The rocket company and its investors bought up to $1.25 billion of the company’s shares from employees at a valuation of $185 a share. Elon Musk owns 42 per cent of the private company.

Markets: The S&P 500 has increased by nearly 1 per cent after the rate of US inflation yesterday came out in line with analysts’ expectations. US inflation in November rose by 0.3 per cent from October and by 2.7 per cent when compared with a year ago.

Foreign Affairs: Russian President, Vladimir Putin, has said that Russia will seek to develop artificial intelligence with other BRICS nations to challenge the superiority of the United States in the technology. The BRICS group was founded in 2009 by Brazil, Russia, India and China and today includes South Africa, Iran, the UAE, Saudia Arabia, Egypt and Ethiopia among others.

Security and intelligence: The Chinese Government has said that it will not tolerate “separatists” and that it was “highly vigilant to the trend of separatist Taiwan forces colluding with external forces”. Taiwan’s President visited Hawaii and Guam earlier this month and this week, Taiwan reported a large scale build-up of Chinese military craft around Taiwan.

Domestic politics: There are reports that some local branches of the UK Conservative Party and the Reform Party could make electoral pacts in the local elections next year. The pacts would see either a Conservative or Reform candidate standing down in a local election to avoid the right-wing vote being split. This would give one of the parties a better chance of defeating the Labour candidate. Neither party at national level has endorsed these proposals.

The Mighty Calendar

What’s happening today?

• EU Interior Ministers meeting, Brussels

• Time Magazine Person of the Year announced

• European Central Bank interest rate decision

• Business and Trade Questions in UK Parliament

• China, UK, France, Germany, Italy, Spain consumer sentiment data (December)

• United States jobless data (weekly)

• United State PPI inflation data (November)

• Canada building permits data (October)

• Japan industrial production data (October)

• Company results from: Currys, Costco

Lookahead to tomorrow

• Italian PM Giorgia Meloni hosts Palestinian Authority President Mahmoud Abbas, Rome

• World Cup 2026 European qualifying draw

• UK construction data (October)

• UK, Eurozone industrial production data (October)

• UK manufacturing data (October)

• Germany trade data (October)

• France, Spain CPI inflation data (November)

The Mighty Finale

🌤️Weather today

Drizzle in southeast England. Drier elsewhere. High of 9oC and low of 6oC. Overcast in Belfast but sunny spells in Edinburgh. Lucky Edinburgh!

✏️Life coaching quote of the day

“Life is very interesting...in the end, some of your greatest pains, become your greatest strengths.” – Drew Barrymore, actress

Mighty takeaway: You learn the most from your failures. Failures will strengthen you, not weaken you.

That’s it for this Thursday. We’ll see you tomorrow!

Adios!

The Mighty Memo team

Wednesday, 11 December 2024

The Mighty Headlines

·        Economics: President Xi warns against a trade war with the United States

·        Business: Value of companies leaving the London stock exchange reaches £107 billion

·        Markets: Shares in Google rise after new quantum computer chip unveiled

·        Foreign Affairs: Nobel Peace Prize awarded to atomic bomb survivors

·        Security and intelligence: Taiwan warns of build-up of Chinese military craft

·        Domestic politics: UK Government departments recommend 2.8 per cent rise

The Mighty Stats

·        FTSE = 8,280.36 (down 0.86 per cent at Tuesday close)

·        S&P500 = 6,034.91 (down 0.3 per cent at Tuesday close)

·        Nasdaq = 19,687.24 (down 0.25 per cent at Tuesday close)

·        CAC40 = 7,394.78 (down 1.14 per cent at Tuesday close)

·        £1 = $1.27 / €1.21

*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 Xi of China has said that there would be “no winners” in a trade war with the United States. Speaking at a meeting with the head of the World Bank and the IMF, among others, Xi added that “only when China is good can the world be good. Only when the world is good can China be better”.

Business: The value of companies leaving the London stock exchange has reached £107 billion this year. Yesterday, construction equipment firm Ashtead became the latest to announced that it was moving to the US. More attractive valuations in countries such as the US may be one factor behind the number of companies leaving the London stock exchange.

Markets: Shares in Alphabet – the parent company of Google – rose by nearly five per cent during trading yesterday. This comes after Google announced it had produced a new computer chip, “Willow”, that is seen as a breakthrough for the more advanced quantum computing.

Foreign Affairs: The Nobel Peace Prize has been awarded to a group of Japanese atomic bomb survivors. The group, known as Nihon Hidankyo, campaigns for a worldwide ban on nuclear weapons. One of the co-chairs of the group, 92 year old Terumi Tanaka, said the deaths he saw because of the atomic bomb “could hardly be described as human deaths.”

Security and intelligence: Taiwan’s defence ministry has said that China has sent the largest number of military craft in recent years to surround Taiwan. Taiwan has said it has detected around 47 military airplanes and 21 naval and patrol vessels. The manoeuvres may be a reaction to the Taiwanese President’s visit to Hawaii and Guam earlier this month.

Domestic politics: UK Government departments have recommended a 2.8 per cent pay rise for public sector workers next year. This includes teachers, NHS staff and senior civil servants. The recommendations will be considered as part of the pay review process by the independent pay review bodies.

The Mighty Calendar

What’s happening today?

o   Prime Minister’s Questions in UK Parliament

o   Swiss elections for President and Vice President

o   US Secretary of State Blinken before House Committee on US’s exit from Afghanistan

o   US CPI inflation data (November)

o   Australia employment data (November)

o   Bank of Canada interest rate decision

o   Company results from: TUI Group, Macy’s, Inditex 

Lookahead to tomorrow

o   EU Interior Ministers meeting, Brussels

o   Time Magazine Person of the Year announced

o   European Central Bank interest rate decision

o   Business and Trade Questions in UK Parliament

o   China, UK, France, Germany, Italy, Spain consumer sentiment data (December)

o   United States jobless data (weekly)

o   United State PPI inflation data (November)

o   Canada building permits data (October)

o   Japan industrial production data (October)

o   Company results from: Currys, Costco

The Mighty Finale

🌤️Weather today

A dry but cloudy day for most of England. High of 8oC and low of 5oC. Sunny intervals in Belfast and Edinburgh.

✏️Life coaching quote of the day

“If you do not think that you deserve success…then you will do things that will keep you from getting success.” – Zig Ziglar, motivational speaker

Mighty takeaway: You will only achieve what you think you deserve and what you think you are capable of achieving. It starts and ends with you.

That’s it for this morning. See you tomorrow!

Bye for now!

The Mighty Memo team

Tuesday, 10 December 2024

The Mighty Headlines

• Economics: Chinese inflation stays low at 0.2 per cent

• Business: Domino’s Pizza’s £3 million tax bill and UK Chancellor’s visit to Brussels

• Markets: Mining stocks rise after China suggests new stimulus measures

• Foreign Affairs: South Korean President banned from leaving the country

• Security and intelligence: Ukraine suggests a diplomatic solution to war

• Domestic politics: UK Government announces new measures for Middle East

The Mighty Stats

• FTSE = 8,352.08 (up 0.52 per cent at Monday close)

• S&P500 = 6,052.85 (down 0.61 per cent at Monday close)

• Nasdaq = 19,736.69 (down 0.62 per cent at Monday close)

• CAC40 = 7,480.14 (up 0.72 per cent at Monday close)

• £1 = $1.27 / €1.21

*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!*

Syria update: Mohammed al-Bashir, a high-ranking official from HTS, is reported to have been nominated as Syria’s interim Prime Minister. We include a profile of al-Bashir below:

• Name: Mohammed al-Bashir

• Age: 41 years old

• Role: Currently Prime Minister of the Salvation Government, an administrative area run by HTS in northwest Syria

• Past: Understood to have an engineering background

• Future: News of his appointment was announced on Al Jazeera yesterday but has not been officially confirmed.

Reminder: Hayat Tahrir al-Sham (HTS) is an Islamist militant group that was founded as an affiliate of al-Qaeda before breaking ties. HTS translates as “Organization for Liberating Syria” and is designated as a terrorist group by the US.

The Mighty Detail

Economics: Consumer prices in China rose less than expected last month. CPI inflation was 0.2 per cent in November when compared to a year ago. Consistently low inflation suggests that China is still struggling with low domestic demand.

Business: Domino’s Pizza has said that it faces £3 million in additional tax because of the UK Government’s Budget. Domino’s has 38,000 employees through its franchises. Separately, the UK Chancellor said yesterday that negotiations on a new trading relationship between the UK and EU would begin in the new year “in the best interest of our shared economies”.

Markets: The value of mining and other Chinese-focused stocks, such as Burberry and Standard Chartered, rose yesterday. It came after China’s Politburo suggested that further economic stimulus measures could be announced as it seeks to stimulate economic growth.

Foreign Affairs: South Korea’s president has been banned by the country’s Justice Ministry from leaving the country. President Yoon Suk-yeol is being investigated on allegations of treason and abuse of power after he declared martial law last week. The opposition Democratic Party will also submit another impeachment motion on Saturday after last week’s motion failed.

Security and intelligence: President Zelensky raised the possibility yesterday of a diplomatic solution to end the war in Ukraine, saying that it would “save more lives.” He also suggested having the troops of allied nations in Ukraine to guarantee Ukraine’s security if NATO membership were not forthcoming.

Domestic politics: In a visit to the Gulf yesterday, UK Prime Minister Starmer announced measures to strengthen UK influence in the region and stabilise the political situation. This includes £11 million of aid to Syria, “greater defence industrial cooperation” with Saudia Arabia, providing training and equipment to the Lebanese armed forces and re-appointing Sir Michael Barber to the Palestine Authority to support its “vital reform agenda”.

The Mighty Calendar

What’s happening today?

o   Chancellor Rachel Reeves attends EU Finance Ministers meeting, Brussels

o   Northern Ireland Assembly holds vote on the Northern Ireland Protocol

o   US Treasury Secretary Yellen speaks at WSJ CEO Council on US’s economic outlook

o   Vivek Ramaswamy and Elon Musk speak at WSJ CEO Council on their future Government roles

o   Justice Questions in UK Parliament

o   Germany CPI inflation data (October)

o   Japan PPI inflation data (October)

o   Italy industrial production data (October)

o   Company results from: Ashtead Group 

Lookahead to tomorrow

o   Prime Minister’s Questions in UK Parliament

o   Swiss elections for President and Vice President

o   US Secretary of State Blinken before House Committee on US’s exit from Afghanistan

o   US CPI inflation data (November)

o   Australia employment data (November)

o   Bank of Canada interest rate decision

o   Company results from: TUI Group, Macy’s, Inditex 

The Mighty Finale

🌤️Weather today

Patchy rain in the southeast of England until lunchtime. Dry elsewhere. High of 8oC and low of 6oC. Sunny in Belfast and Edinburgh.

✏️Life coaching quote of the day

“You have exactly one life in which to do everything you will ever do. Act accordingly.” – Colin Wright, travel writer and speaker

Mighty takeaway: We included this quote in a Mighty Memo recently but it’s so good and pertinent to us all, we’ve decided to include it again. Go and live the life you want.

That’s it for this morning. Thanks for reading and we’ll see you again soon.

Cheerio!

The Mighty Memo team

Monday, 9 December 2024

The Mighty Headlines

• Economics: Eurozone GDP grows at fastest rate in two years

• Business: US court upholds ban on TikTok in the US

• Markets: S&P 500 and Nasdaq close on high following US jobs data

• Foreign Affairs: EU and South America agree trade deal in principle

• Security and intelligence: Profile of al-Jowlani, Syria’s insurgent leader

• Domestic politics: UK Government to publish updated NHS workforce plan

The Mighty Stats

• FTSE = 8,308.61 (down 0.49 per cent at Friday close)

• S&P500 = 6,090.27 (up 0.25 per cent at Friday close)

• Nasdaq = 19,859.77 (up 0.81 per cent at Friday close)

• CAC40 = 7,426.88 (up 1.31 per cent at Friday close)

• £1 = $1.27 / €1.21

• UK: Con / Lab / Reform = 25 / 27 / 21 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: Eurozone GDP increased by 0.4 per cent in Q3 2024. The Eurozone’s economy last grew this quickly two years ago. Ireland recorded the highest growth at 3.5 per cent. Hungary’s economy shrunk the most at 0.7 per cent.   

Business: A US federal appeals court has upheld a proposed ban on TikTok in the US. This comes after President Biden signed a law in April that would ban TikTok unless its Chinese owner sells it by 19 January 2025. There are concerns that TikTok could share users’ data with the Chinese Government. TikTok has said it will appeal the decision to the Supreme Court.

Markets: The S&P 500 and the Nasdaq finished on a high on Friday following positive US jobs data. US jobs data showed an increase of 227,000 more jobs in November, a significant increase from October’s increase of 36,000. The S&P 500 rose by 0.96 per cent over the week and the Nasdaq by 3.34 per cent.

Foreign Affairs: The European Union agreed a trade agreement in principle with South America’s Mercosur trading bloc on Friday. The deal would lift tariffs and ease trade between the EU, Argentina, Brazil, Paraguay, Uruguay and Bolivia. France strongly opposes the deal while Germany strongly supports it. A previous EU-Mercosur deal agreed in 2019 was blocked because it was not supported by all EU member states.

Security and intelligence: Abu Mohammad al-Jowlani, is emerging as a new potential leader in Syria. An Islamist militant, he has recently tried to re-make his image. In an interview last week, he said, “Syria deserves a governing system that is institutional, not one where a single ruler makes arbitrary decisions”. We include a short profile of him below.

• Name: Ahmad al-Sharaa. Goes by the name of Abu Mohammad al-Jowlani.

• Age: 42 years old

• Role: Leader of Hayat Tahrir al-Sham (HTS), an Islamist militant group that was founded as an affiliate of al-Qaeda. HTS translates as “Organization for Liberating Syria” and is designated as a terrorist group by the US.

• Past: Fought against the US in Iraq from 2003. Later broke ties with al-Qaeda.

• Future: Last week said that Syria needs to be rebuilt and that HTS is just one part of the dialogue and HTS could “dissolve at any time”.

Domestic politics: The UK Government has said that it is to publish an updated NHS workforce plan in the summer. It said that the plan will include a “laser focus on shifting care from hospitals and into the community”.

The Mighty Calendar

What’s happening today?

o   Rachel Reeves attending Eurogroup meeting of Eurozone Finance Ministers

o   Education Questions in UK Parliament

o   French Government Budget balance data (October)

o   China trade data (November)

Lookahead to tomorrow

o   Northern Ireland Assembly holds vote on the Northern Ireland Protocol

o   Justice Questions in UK Parliament

o   Germany CPI inflation data (October)

o   Japan PPI inflation data (October)

o   Italy industrial production data (October)

o   Company results from: Ashtead Group 

The Mighty Finale

🌤️Weather today

Overcast but largely dry in England. High of 8oC and low of 7oC. Bright sunshine in Belfast. Light cloud in Edinburgh.

✏️Life coaching quote of the day

“Why is it amazing that I don’t act my age? Why should I act my age? Or more to the point, how is someone my age supposed to act? Old age is part fact, part state of mind, part luck, and wholly something best left for other people to ponder, not you or me. Why waste your time? I don’t.” – Dick Van Dyke, actor

Mighty takeaway: Your life is what you make it. Age is no barrier. The only barrier is your attitude.   

That’s it for this Monday morning. Make the most of your day! We hope you have a good start to the week.

Bye!

The Mighty Memo team

Friday, 6 December 2024

The Mighty Headlines

• Economics: Half of UK companies to raise prices because of NI rise

• Business: Use of cash in UK shops increases

• Markets: French bonds less risky after Government collapse

• Foreign Affairs: Mexico seizes drugs and detains migrants after Trump threats

• Security and intelligence: US concern over Russian interference in Romania’s election

• Domestic politics: UK Prime Minister sets out six new targets

The Mighty Stats

• FTSE = 8,349.38 (up by 0.16 per cent at Thursday close)

• S&P500 = 6,075.11 (down 0.19 per cent at Thursday close)

• Nasdaq = 19,700.26 (down 0.18 per cent at Thursday close)

• CAC40 = 7,330.54 (up 0.37 per cent at Thursday close)

• £1 = $1.28 / €1.21

*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: A survey conducted by the Bank of England shows that 54 per cent of firms expect to raise prices in response to the increase in National Insurance announced at the Budget. A total of 54 per cent also said they expect to lower employment, 38 per cent said they expected to give lower wages and 59 per cent said they would absorb the cost in wages and reduce profits.

Business: The use of cash in shops has risen for a second year in a row, according to data from the British Retail Consortium. Cash accounted for a fifth of transactions, with £22.03 the average amount per purchase. Help with budgeting is cited as a major factor behind the increase.

Markets: The risk associated with French government debt relative to German debt fell to its lowest level in two weeks yesterday. Following the collapse of the French Government on Wednesday and after weeks of uncertainty, investors hope a new budget will be passed quickly.

Foreign Affairs: The Mexican army has seized a record amount of fentanyl, valued at nearly $400 million. Mexico also detained 5,200 migrants across the country earlier this week. This comes after Donald Trump said he would impose 25 per cent tariffs on Mexico unless it reduced the flow of drugs and migrants to the US.

Security and intelligence: The US has expressed concern about Russian interference in the Romanian Presidential election. This comes after Romania’s security council said that the pro-Russia presidential candidate, Calin Georgescu, was heavily promoted on TikTok through paid promotion and coordinated accounts. Georgescu won the first round of voting last month, despite being little known and having declared no spending on his campaign.

Domestic politics: UK Prime Minister, Sir Keir Starmer, outlined six new targets on which to judge his Government yesterday. They included raising living standards, building 1.5 million homes in England, ending hospital backlogs, having a named police officer in every neighbourhood, having more children “ready to learn” at the age of 5 and having at least 95 per cent clean power by 2030. A poll published yesterday also put Reform ahead of Labour for the first time on 24 per cent, Labour on 23 per cent and the Conservatives on 26 per cent.

The Mighty Calendar

What’s happening today?

• UK house price data (November)

• Germany, France trade data (October)

• Germany industrial production data (October)

• Italy retail sales data (October)

• Eurozone employment data (Q3 2024)

• Eurozone GDP data (Q3 2024)

• United States, Canada average earnings data (November)

Lookahead to the weekend

Saturday

• President Macron hosts inauguration ceremony of Notre Dame Cathedral, Paris

• Ghana Presidential and Parliamentary elections

• Illustrators’ Festive Fair, King’s Cross, London

• Home Alone with Royal Philharmonic Orchestra, Royal Albert Hall, London

Sunday

• Notre Dame Cathedral, Paris re-opens to the public

• Second Round of Romania Presidential election

• Barbados Marathon

• Honolulu, Hawaii Marathon

The Mighty Finale

🌤️Weather today

Sunny and dry for most of England until mid-afternoon. High of 9oC and low of 8oC. Heavy rain in Belfast from midday. Light rain in Edinburgh from late afternoon.

✏️Life coaching quote of the day

“The worst thing one can do is not to try, to be aware of what one wants and not give in to it, to spend years in silent hurt wondering if something could have materialized - never knowing.” – Jim Rohn, motivational speaker

Mighty takeaway: Take action on your dreams!

That’s it for this week. We hope you enjoy the weekend and we’ll see you on Monday.

Adios!

The Mighty Memo team

Thursday, 5 December 2024

The Mighty Headlines

• Economics: OECD says UK growth will improve but pessimistic on inflation

• Business: Debenhams returns to profit

• Markets: London stock market shrinks at fastest rate in over 10 years

• Foreign Affairs: Russian ship fires at German military helicopter

• Security and intelligence: US and Russia clash over Syria at UN Security Council

• Domestic politics: Scottish Government ends two-child benefit cap

The Mighty Stats

• FTSE = 8,335.81 (down 0.28 per cent at Wednesday close)

• S&P500 = 6,086.49 (up 0.61 per cent at Wednesday close)

• Nasdaq = 19,735.12 (up 1.3 per cent at Wednesday close)

• CAC40 = 7,303.28 (up 0.66 per cent at Wednesday close)

• £1 = $1.27 / €1.21

*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!*

*France update: French MPs voted to topple the French Government by 331 votes yesterday evening. The French PM will present the resignation of his Government at 10.00am CET. President Macron is due to address the nation at 8.00pm CET. No party in the French Parliament has a majority and fresh elections cannot be held until July 2025.

The Mighty Detail

Economics: The OECD has said that the rate of growth in the UK economy would increase to 1.7 per cent next year. This is up from the 1.1 per cent it projected in September. The economy would then slow again to 1.3 per cent in 2026 and inflation would remain above the 2 per cent target for two years.

Business: Debenhams has returned to profit after it was brought out of administration by Boohoo in 2021. In the year to 29 February 2024, it announced pre-tax profits of £4.5 million compared to a loss of £732,000 the year before. Revenue has also fallen, however, from £87.1 million to £39.7 million. The store now trades online only.

Markets: The London stock market is shrinking at its fastest rate in over a decade. Around 45 companies have come off the London market this year because of mergers and acquisitions as private equity firms in particular look for bargain deals. The number of companies delisted from the market is up 10 per cent compared to 2023.

Foreign Affairs: A Russian ship in the Baltic Sea fired signalling ammunition at a German military helicopter yesterday. The news was announced by Germany’s Foreign Minister, Annalena Baerbock, but she did not provide further details. Signalling ammunition is usually only used in emergencies. Baerbock separately announced that the surveillance of pipelines and data cables in the Baltic Sea would increase following threats from Russia.

Security and intelligence: At a meeting of the UN Security Council in New York, the United States and Russia clashed on whether fighting should continue in Syria. Anti-government forces took hold of the important north Syrian city of Aleppo last Wednesday. Russia said the fighting should continue while the US said the airstrikes, some conducted by Russia, should end.

Domestic politics: The Scottish Government published its Budget yesterday and said that it would abolish the two-child benefit cap in Scotland. The cap currently means that parents cannot claim benefits for a third child. It also announced that it would end the freeze on council tax rates but warned councils against large increases in rates.

The Mighty Calendar

What’s happening today?

• Organisation for Security and Cooperation in Europe meeting, Malta (ends Friday)

• Sir Keir Starmer gives speech on new government targets

• Cabinet Office Questions in UK Parliament

• Singapore, Eurozone retail sales data (October)

• Switzerland unemployment data (November)

• Germany factory orders (November)

• Spain, France industrial production data (October)

• UK, Italy, Germany, France, Eurozone construction data (November)

• United States, Canada trade data (October)

• United States unemployment data (weekly)

• Japan household spending data (October)

• Company earnings results: AJ Bell, DS Smith, DocuSign, Watches of Switzerland

Lookahead to tomorrow

• UK house price data (November)

• Germany, France trade data (October)

• Germany industrial production data (October)

• Italy retail sales data (October)

• Eurozone employment data (Q3 2024)

• Eurozone GDP data (Q3 2024)

• United States, Canada average earnings data (November)

The Mighty Finale

🌤️Weather today

Patchy rain across much of England. High of 14oC and low of 7oC. Drizzle in Belfast and light rain in Edinburgh from mid-afternoon.

✏️Life coaching quote of the day

“No matter how far away from yourself you may have strayed, there is always a path back. You already know who you are and how to fulfil your destiny.” – Oprah Winfrey

Mighty takeaway: Everyone has the opportunity to make changes at any stage of their life.

That’s about it for today’s edition! See you tomorrow morning.

Adios!

The Mighty Memo team