☕️ Goodbye to all that coal

The UK shuttered its last coal plant... October 01, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( Presented By [Bonobos]( Good morning and Happy 100th Birthday to Jimmy Carter, the longest-living president and now the first to reach the century mark. When Carter entered hospice care more than 19 months ago, his family and close friends weren’t sure he’d make it a week. Not only is Carter still alive on his 100th birthday, but family members told the NYT he’s even “[perked up]( in recent months and has been following the presidential election, listening to music (Bob Dylan, The Allman Brothers Band, Garth Brooks), and following the playoff-bound Atlanta Braves. Talk about longevity: Carter has lived through 40% of US history since the Declaration of Independence was signed in 1776. —Molly Liebergall, Cassandra Cassidy, Sam Klebanov, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 18,189.17 +0.38% S&P 5,762.48 +0.42% Dow 42,330.15 +0.04% 10-Year 3.802% +5.0 bps Bitcoin $63,678.45 -3.31% Stellantis $14.05 -12.52% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: Like Aerosmith’s “Dream On,” Q3 ended on a high note yesterday, with the S&P 500 clinching a [record close]( to cap off a winning month and a winning quarter. It was the index’s best year-to-date performance as of the end of September since 1997. - Stock spotlight: Stellantis fell after issuing a warning on its profit for the year and dragged other carmakers down with it.  ENERGY [The first coal-powered country is officially coal-free]( [Ratcliffe-on-Soar Power Station]( King/PA Images/Getty Images It’s leaving home: The only remaining coal plant in the UK shut down yesterday, marking the first time a G7 member has completely [ended]( its reliance on the original fossil fuel. After 142 years of burning bricks, the Brits have made good on a deadline set in 2015 to phase out coal by 2025. The move is expected to [help lower]( UK demand for the resource to preindustrial levels, according to the climate publication Carbon Brief. It’s a full-circle moment for the country where coal-fired electricity originated: - After Thomas Edison’s first coal plant lit London’s streets in 1882, coal went on to provide almost all of the UK’s power. It still made up 80% of the grid by the 1980s and 40% in 2012, according to the Guardian. - Solar and other renewables went from providing 7% of the UK’s power in 2010 to 50% in the first half of this year, following the introduction of cleaner energy sources and carbon taxes. - But production of another fossil fuel, natural gas, has also filled the vacuum left by ditching coal to account for about one-third of the British grid. Cracking down on the dirtiest fuel Burning coal belches more greenhouse gas emissions into the atmosphere than any other fossil fuel, so the UK isn’t the only major economy that’s worked to quit it. The US and the rest of the G7 nations aim to close any coal plants that don’t capture their carbon emissions by 2035. - The American grid [dropped]( from 56% coal-powered in 1985 to about 16% in 2023, per an MIT Technology Review analysis of information from Our World in Data. - The US is the largest country to cut down on coal so quickly, but more effort is needed to zero out by the target date, according to Global Energy Monitor. Big picture: Coal-burning among the 38 countries in the OECD—a forum for market-based democracies—has halved since peaking in 2007. Several smaller member-states, including Belgium, Austria, Sweden, and Portugal, already went coal-free in the past decade.—ML Presented By Bonobos [No tailor needed]( [Bonobos]( A great ’fit isn’t just about how you look—it’s also about how you feel when you’re rockin’ it. And no one knows this better than [Bonobos](. They want to help you feel the confidence and energy that comes from wearing a suit that fits just right—and right now, they’re offering you 20% off so you can feel the perfect fit for yourself. How do they make everything fit so good? Bonobos did the math and developed three blazer fits to choose from—slim, standard, and athletic—along with over 20 sizes. Add in a li’l [extra stretch for comfort]( and you can officially kiss your tailor goodbye (don’t actually kiss them; that’d be weird). Get 20% off with code BREW20 + [find your perfect fit]( for every occasion. WORLD [Tour de headlines](#) [Cargo ships at an East Coast port]Brandon Bell/Getty Images Dockworkers strike shuts down ports. At 12:01am ET, despite last-minute talks, ~45,000 dockworkers at 36 ports on the East and Gulf Coasts went on [strike]( after their contract expired without their union, the International Longshoremen’s Association, and the US Maritime Alliance, which reps the port operators and container carriers, coming to terms on a new one. The impact of shutting down ports along one side of the US (West Coast ports will remain open) might be massive: Analysts estimate it could cost the economy $5 billion per day, and a protracted strike could lead to shortages of items like bananas and cars and create holiday shopping sticker shock. But many retailers have been preparing and brought items into the country earlier this year. Israel’s ground forces crossed into Lebanon. In a significant escalation of Israel’s offensive against Iran-backed Hezbollah, which has been shelling northern Israel since the war in Gaza began, Israel sent [ground troops]( into Lebanon for what it described as “limited, localized and targeted ground raids”—though it would not specify a timeline for the operation. The move comes after weeks of Israeli attacks on Hezbollah and its leadership, including airstrikes that Lebanon’s prime minister said had forced 1 million people from their homes. Powell hints that more rate cuts are coming…but maybe not fast. Fed Chair Jerome Powell made it clear when speaking at a conference yesterday that the central bank is willing to keep bringing interest rates down, but that how much and how fast will depend on what the [economic data shows](. JPow said the economy is “solid” and “we intend to use our tools to keep it there.” But he also noted that the committee that makes the decision will take it meeting by meeting, stating, “This is not a committee that feels like it’s in a hurry to cut rates quickly.”—AR ENTERTAINMENT [DirecTV’s buying its rival for $1 (kinda)]( [Satellite dishes on a roof]( Sullivan/Getty Images In the satellite TV equivalent of Godzilla and Kong teaming up against Skar King, DirecTV announced it’s buying longtime rival Dish for $1 in a deal that unites the two providers as they fight to maintain relevance in the age of streaming. The complex deal [entails]( DirecTV buying Dish (and Sling) from its parent company, EchoStar, for $1 and the assumption of nearly $10 billion in debt. At the same time, private equity firm TPG will buy AT&T’s 70% stake in DirecTV for $7.6 billion, giving TPG full ownership of the combined company (it bought the other 30% of DirecTV from AT&T in 2021). It’s a bid to save the satellites. The two companies have lost a combined 63% of their customers since 2016. The merger will make DirecTV the largest US TV distributor, with 18 million subscribers—a number that CEO Bill Morrow hopes will help it [negotiate]( better deals and offer smaller packages, so customers aren’t forced into paying for the Bob Ross Channel and Disney Junior. Looking ahead…the deal is subject to regulatory approval—though Morrow said he’s confident that regulators won’t block the merger (which they did the last time the companies tried to merge in 2002)—before DirecTV upholds its promise to investors to cut $1 billion in costs annually. That’s typically corporate speak for layoffs.—CC Together With LetsGetChecked [LetsGetChecked]( This research might impact you. The US Preventive Services Task Force lowered the recommended age for colorectal cancer screening from 50 to 45. Thankfully, LetsGetChecked offers [a noninvasive screening test](. Simply collect your sample at home, and you’ll have online results in about 2–5 days. Get peace of mind and [save 25% with code BREW2024](. FINANCE [Inside the Chinese stock-buying frenzy]( [China flag stock rally]( Kim FOMO resulted in China’s stock market having its best day since 2008 yesterday. Investors, motivated by the same feeling as a high schooler trying to skip a family ski trip for a New Year’s Eve party, piled into Chinese stocks after the government unveiled [aggressive measures]( to reanimate the nation’s sluggish economy. Pros and amateurs eager to ride the upswing traded a record $372 billion worth of stock on Chinese markets yesterday. China’s benchmark CSI 300 index rose over 8% with a record-shattering five-day gain of over 25%, while the Nasdaq Golden Dragon stock index of US-traded companies that do most of their business in China popped almost 23% over the past week. China rescues itself The buy bonanza is driven by a barrage of surprise moves the Chinese government announced last week to help restore the country’s economic mojo, particularly in its problem-child sector: housing. - People’s Bank of China, the central bank, said that it would pump $114 billion into the stock market. - Three megacities eased restrictions on buying homes. - The central bank also slashed a key lending rate and ordered existing mortgage rates to be lowered. But…skeptics aren’t convinced the market rally will stick as the stimulus measures might not be enough to fix China’s long-term woes. It’s still facing anemic consumer demand, slowing manufacturing, and a property market in shambles.—SK STAT [Prime number: Shifting borders](#) [The Matterhorn]Christo/Corbis/Getty Images The Matterhorn Bobsled ride may be situated in The Happiest Place on Earth, but the actual Matterhorn—one of Europe’s tallest mountains, which rests between Switzerland and Italy—is in an area that’s a bit of a bummer right now. That’s because nearby glaciers have melted so much that they’re forcing the two countries to [adjust their borders](. In 2023, Swiss glaciers lost 4% of their volume from melting. It was the second biggest shrinkage ever, after 6% the year before. Those big melts came after the glacier under the famous mountain lost almost 25% of its mass between 1973 and 2010. Because parts of the border were drawn along glacier ridgelines and areas of perpetual snow, both countries acknowledged they needed to be updated—particularly a ~100-meter stretch near the mountain and popular ski resorts. Switzerland signed off on the new border last week and said Italy is also working toward approval.—AR NEWS [What else is brewing](#) - [Hundreds of people]( remained missing yesterday as rescue efforts continue after Hurricane Helene. At least 130 have been confirmed dead due to the storm, which caused flooding and knocked out power to millions. - [Epic Games]( slapped Google with an antitrust suit over app stores for a second time. The new suit also targets Samsung, claiming it worked with Google to add a default feature to its phones that makes it harder for users to use third-party app stores. - Sad news: Baseball’s [Pete Rose]( who set a record for most hits but also earned a lifetime ban for betting on MLB games, died at age 83. And [Dikembe Mutombo]( an NBA legend and champion of humanitarian causes in his native Democratic Republic of the Congo, died at age 58 from brain cancer. - [The FTC]( said it would allow Chevron’s $53 billion purchase of Hess, but it barred Hess CEO John B. Hess from sitting on Chevron’s board over his communications with OPEC. - [YouTube]( said it reached a deal to bring back music videos, including some from famous artists like Adele and Green Day, that were removed because of a contract dispute with performance rights group SESAC. Don’t worry, [this one]( was always available. RECS [Tuesday To Do List] Focus on the lyrics: A map of the [most translated songs]( from around the world. Read: [Recommended books]( for animal lovers. Watch: What it takes to work like New York’s [Hot Dog King](. Wash your sheets: The case for [cleaning your bedding]( more often. Master Excel: Attending Miss Excel’s free 60-minute live workshop on data analysis can make you 10x cooler and better at your job. [Reserve your spot here](. And…action!: Video can elevate all kinds of strategies—marketing, sales, customer success. Let [Wistia’s complete video platform]( help you execute your wildest video dreams. Need some motivation? [Here’s your hype song]( Exec Q&A: Wanna hear from the top brass? Tune in to the latest episode of the [After Earnings]( podcast as Affirm COO/CFO Michael Linford [addresses burning shareholder questions]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Neal finished today’s Mini in a minute flat. Can you beat that time? (The answer is yes.) [Play it here](. History trivia Jimmy Carter was born on Oct. 1, 1924, so here are some questions about the year 1924. - This Vermont-born lawyer, whose first and last name start with the same letter, was the president of the US. - Carter’s beloved Atlanta Braves were still playing ball in their original city, this Northeastern capital. - On November 27, this annual New York City tradition was held for the first time. - This event was also held for the first time in January and February in Chamonix, France. - The Computing-Tabulating-Recording Company renamed itself to this. The company has a market cap of $200 billion today. SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER - Calvin Coolidge - Boston - Macy’s Thanksgiving Day Parade - Winter Olympics - IBM Word of the Day Today’s Word of the Day is: barrage, meaning “a vigorous outpouring of many things at once.” Thanks to David from Minneapolis for chucking the suggestion at us. Submit another [Word of the Day here](. Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Cassandra Cassidy]( and Sam Klebanov Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011