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FT News Briefing
Europe’s battery darling runs out of juice
Sep 20, 2024
The S&P 500 hits a record high, but Europe's leading hope in EV batteries, Northvolt, faces dire challenges that could impact the automotive industry. The Bank of England decides to maintain interest rates at 5%, causing ripples in economic discussions. Meanwhile, frequent flyers express growing frustration with airline loyalty programs, as redeeming points becomes increasingly difficult in a post-COVID world. Emotional ties to these programs are strong, yet customers aren't happy with recent changes, raising concerns about their future.
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Quick takeaways
- The S&P 500 reached a record high, fueled by investor optimism following the Federal Reserve's interest rate cuts, signaling economic stability.
- Northvolt, Europe's leading EV battery manufacturer, is struggling with production challenges amid fierce Asian competition, threatening the continent's automotive future.
Deep dives
Market Optimism and Economic Indicators
Recent market trends indicate significant investor optimism, with the S&P 500 reaching an all-time high. This surge is attributed to expectations that the Federal Reserve's recent interest rate cuts will effectively mitigate the risk of recession. Notably, the tech sector has benefited the most from these low rates, leading to a notable increase in major tech indices like the NASDAQ. This positive momentum wasn't restricted to the U.S.; European and Japanese markets reflected similar gains, suggesting a broader global confidence in economic stability.
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