FT News Briefing The US dollar surges
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Nov 18, 2024 
Miles McCormick, FT's Houston correspondent, sheds light on the renewed surge in offshore oil drilling amidst rising U.S. dollar strength. He discusses the implications of President Biden's decision allowing Ukraine to strike back against Russia, as well as the impacts on global markets from potential tariff proposals. The conversation also dives into Shell's innovative Vito platform, aiming for efficiency and reduced emissions, while exploring the contrasting views on environmental concerns within the industry.
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Dollar Surge
- The US dollar surged to a one-year high after Donald Trump's presidential win.
- Investors bet Trump's policies will fuel inflation, requiring higher interest rates, thus attracting investors and boosting the dollar.
Dollar's Impact
- A strong dollar benefits US importers and tourists spending abroad.
- However, it negatively affects US exporters and manufacturers, potentially leading to job losses.
European Market Woes
- European markets tumbled after Trump's win, underperforming US markets significantly.
- Traders anticipate Trump's proposed tariffs will severely impact European companies, wiping out stock gains.