FT News Briefing The return of the rice crisis
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Oct 30, 2023 Israel intensifies its military actions in Gaza while a handful of tech giants shape global stock markets. Meanwhile, a looming rice crisis threatens food security for millions, fueled by political decisions and environmental challenges. Insights reveal the impact of India’s export restrictions and link current rice price spikes to historical crises. The discussion also touches on a surprising decline in cognac sales in the U.S., reflecting broader consumer economic trends.
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Tech's Impact on Global Stocks
- Seven tech companies (Apple, Microsoft, etc.) drive global stock gains.
- This raises questions about the reliability of indexes reflecting the broader economy.
US Stock Dominance
- The dominance of US stocks reflects a broader trend since 2008.
- US companies and the economy are seen as consistently outperforming others, like Europe.
The Return of the Rice Crisis
- India's rice export ban, driven by domestic political concerns, fuels a global rice crisis.
- This impacts 3.5 billion people dependent on rice, especially in Asia, Latin America, and West Africa.