Newsletter Sep 12, 2022

3 things you must know

Report: Biden administration to cut chip shipments to China
The Biden administration plans to broaden curbs on shipments to China of semiconductors used for artificial intelligence and chip-making tools, according to a report. Next month, the Commerce Department plans to publish new regulations based on restrictions communicated in letters earlier this year to three U.S. companies. The letters, which the companies publicly acknowledged, forbade them from exporting chip-making equipment to Chinese factories.
WHAT THE MOVE WOULD MEAN FOR US-CHINA RELATIONS

Wall Street rallies ahead of key inflation data due this week
After a shaky start, Wall Street staged a strong rally last week, snapping a three-week losing streak ahead of a critical inflation number scheduled for next week. The gains were broad, led by the tech-heavy Nasdaq, which had suffered the most significant losses since the Fed's hawkish statement at the central bankers' symposium at the end of August, where Fed chair Jerome Powell vowed to take whatever steps necessary to curb high inflation.
FIND OUT THE FACTORS FUELING WALL STREET'S RALLY

Musk sounds off about Starlink's roll in new iPhone feature
SpaceX and Tesla CEO Elon Musk revealed he had "some promising conversations" with Apple on the iPhone 14's satellite feature, calling the Apple team "super smart." During last week's "Far Out" event, Apple announced the satellite feature of the iPhone 14, making it the first consumer-level smartphone to have satellite connectivity functionality via Musk's Starlink program.
SEE WHAT MUSK TWEETED ABOUT WORKING WITH APPLE

Markets

DJIA	32,151.71	1.19%
S&P 500	4,067.36	1.53%
Nasdaq Composite	12,112.31	2.11%
Japan: Nikkei 225	28,540.16	1.15%
UK: FTSE 100	7,351.07	1.23%
Crude Oil Futures	85.44	-1.56%
Gold Futures	1,726.30	-0.13%
Yen	142.67	0.06%
Euro	1.01	0.47%
* As of market close

China's Xi to visit Central Asia, meet Putin

Xi Jinping will leave China this week for the first time since the start of the COVID-19 pandemic for a trip to Central Asia where he will meet Vladimir Putin just a month before Xi is poised to cement his place as the most powerful Chinese leader since Mao Zedong. The trip also comes amid a perilous global situation: Russia's confrontation with the West over Ukraine, the crisis over Taiwan; and a stuttering global economy. The meeting will give Xi an opportunity to underscore his clout while Putin can demonstrate Russia's tilt towards its Asian allies.

SEE WHAT CHINA AND RUSSIA SEEK TO GAIN FROM MEETING

Funeral, tributes announced for late queen

Buckingham Palace has announced the funeral arrangements for Queen Elizabeth II on Sunday as her coffin made the six-hour journey to Edinburgh. The queen, who died Thursday at age 96, will be honored with a state funeral on Sept. 19 at Westminster Abbey in Central London. The funeral will be followed by a committal at St. George's Chapel in Windsor, where Queen Elizabeth II's parents, sister Princess Margaret and husband Prince Philip were laid to rest.

SEE THE LIST OF PLANNED TRIBUTES LEADING UP TO FUNERAL

Teen Alcaraz takes US Open, No. 1 ranking

Spanish teenager Carlos Alcaraz claimed his maiden Grand Slam title at the US Open on Sunday and became the youngest man to ascend to the world's No. 1 ranking. The 19-year-old defeated Casper Ruud in the final to become the youngest Grand Slam men's champion since Rafael Nadal at the 2005 French Open after a performance which yielded 55 winners and 14 aces. On a day of landmarks, he is also the youngest champion in New York since Pete Sampras in 1990.

SEE HOW IGA SWIATEK WON THE US OPEN WOMEN'S TITLE

Regal beagle?

What new breed of dog did Queen Elizabeth II inadvertantly introduce?

Friday's answer: Originated in 1941, the name "Jeep" comes from a military term derived from the words "general purpose" vehicle.