Israel expands ground offensive in Gaza to destroy Hamas. Tech companies dominate global stocks. World facing rice crisis due to export bans and climate change impact. Discusses the reasons for US stock dominance and alternative indexes. Compares current rice crisis to the one in 2007-2008.
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Quick takeaways
Israel has entered a new phase of its war against Hamas in Gaza, aiming to minimize Hezbollah's involvement in the conflict.
The dominance of just seven tech giants in the stock market raises concerns about the reliability of using indexes to measure the overall economy.
Deep dives
Israel expands ground offensive in Gaza
Israel has entered the second stage of its war with Hamas, with combat operations continuing in the north of the Gaza Strip. The death toll in Gaza has risen to over 8,000 Palestinians since the start of the Israeli offensive. Israel's gradual build-up is aimed at reducing the likelihood of involvement by the Iranian-backed militant group Hezbollah.
Seven American tech stocks drive global indexes higher
Just seven tech giants, known as the Magnificent Seven (Apple, Microsoft, Alphabet, Meta, Amazon, NVIDIA, and Tesla), have been responsible for all of the gains in global stocks this year. Their strength can be attributed to their involvement in artificial intelligence and the difficulty faced by other companies in uncertain economic times. This domination of global stocks by a few massive companies raises questions about the effectiveness of using indexes to gauge the stock market and the broader economy.
Global rice crisis impacts billions of people
The cost of rice has significantly increased in countries like Nigeria, Vietnam, and Thailand due to various factors. India, the world's largest exporter of rice, has put a ban on some rice exports and imposed tariffs on others for political reasons. Climate change and the El Nino weather phenomenon have also affected rice yields, leading to supply concerns. Around half the world's population, including Asia, Latin America, and West Africa, relies heavily on rice, making this crisis particularly significant.
Israel has expanded its ground offensive in Gaza as the country launches a new phase of its war to destroy Hamas, and seven tech companies are dominating global stocks. Plus, the FT’s Susannah Savage explains why the world is entering a rice crisis and what can be done to fix it.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.