Tuesday Briefing – The New York Times
Stocks tumbled over fears of a U.S. economic slowdown
A wave of anxiety rippled through financial markets yesterday, and stocks fell around the world as investors zeroed in on signs of a slowing American economy.
The drop extended a sell-off that began on Friday after the U.S. released a job report that showed the highest level of unemployment in nearly three years. That deepened fears that the world’s largest economy could be headed for slower growth.
There were other factors at play in the plunge: concerns that tech stocks had run up too far, too fast, and that a strengthening yen could hurt the prospects of Japanese companies and some global traders. In the U.S., some questioned whether the Federal Reserve might have waited too long to cut interest rates. Here’s the latest on the market meltdown.
By the numbers: In the U.S., the S&P 500 fell 3 percent, its worst day since September 2022. In Japan, the Nikkei 225 index dropped 12.4 percent, its biggest one-day point decline. The FTSE 100, Britain’s benchmark index, had its worst day since July 2023, falling just over 2 percent.
A scramble to avoid wider war in the Middle East
Diplomats across the Middle East are working to contain escalating tensions between Israel and Iran as fears of a widening conflict grow in the region after Iran vowed revenge for the killing of a senior Hamas leader, Ismail Haniyeh, on its soil.
The U.S. defense secretary, Lloyd Austin, has ordered more combat aircraft and missile-shooting warships to the Middle East in response to threats to Israel from Iran and its proxies, and President Biden convened his national security team to discuss developments in the region and spoke with King Abdullah II of Jordan, according to a White House statement.
Foreign ministers from Islamic countries are to gather in Saudi Arabia tomorrow for an “extraordinary” meeting of the Organization of Islamic Cooperation that was called to discuss “the continued crimes of the Israeli occupation against the Palestinian people,” including Haniyeh’s killing, the organization said in a statement.
Quotable: “We must be prepared for anything — including a swift transition to offense,” said Yoav Gallant, Israel’s defense minister.
In Lebanon: Hezbollah and Israel continued to trade cross-border fire, with an Israeli airstrike killing two people in southern Lebanon, according to Lebanon’s Ministry of Health.
In Israel: A quarrel between Biden and Prime Minister Benjamin Netanyahu over Israel’s approach to cease-fire talks mirrors growing domestic tensions.
🇺🇸 2024
The presidential election is less than 100 days away. Here’s the latest from the campaign trail.
Japan desperately needs foreign workers to fill jobs left open by a declining and aging population. But even as these employees become much more visible, they are treated with ambivalence — and the pathways for them to stay indefinitely are few and narrow.
CONVERSATION STARTERS ARTS AND IDEAS
That’s it for today’s briefing. See you tomorrow. — Natasha
Reach Natasha and the team at [email protected].
#Tuesday #Briefing #York #Times