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Wall Street’s main stock indexes closed at record highs on Wednesday after the Federal Reserve eased investor jitters bykeeping borrowing costs unchangedand reinforcing expectations that rates could be cut as many as three times this year.

The Dow Jones Industrial Average jumped 401.37 points, or 1%, to a record close of 39,512.13. The S&P 500 gained 0.9% and topped 5,200 for the first time, while the Nasdaq surged more than 200 points, or 1.2%

The Fed’s policy statement described inflation as remaining “elevated,” and it updated quarterly economic projections to forecast growth of 2.1% for the year versus 1.4% projected in December and an unemployment rate ending the year at 4%, lower than the 4.1% anticipated in December.

Stocks added to gains after Fed Chair Jerome Powell said in a press conference that despite recent inflation data coming in hotter than expected, the numbers “haven’t really changed the overall story, which is that of inflation moving down gradually, on a somewhat bumpy road.”

Strategists said Wall Street was reassured by Powell’s comments.

“He said he wasn’t trying to dismiss any data but he kind of gave the market a reason they could use to dismiss the data,” said Alex Coffey, senior trading strategist at TD Ameritrade.

“We came in to this day feeling Jerome Powell might push back on market expectations or pivot away from dovish expectations since December because of the data we’ve had in the last two months,” said Coffey. “While he didn’t necessarily go full dove, it was dovish versus recent market worries.”

Most of the S&P’s 11 major sectors gained ground.

The healthcare sector was under pressure during the session partly due to COVID-19 vaccine makers. US-listed shares of BioNTech dropped after it reported a 2023 revenue and earnings plunge as it shifted focus to cancer drug development.

Shares of COVID-19 vaccine makers Moderna and Novavax  both eased.

Boosting the consumer discretionary sector, Tesla gained after confirming to Reuters that it will raise the price of its China-produced Model Y vehicles by 5,000 yuan ($694.55) from April 1.

Equinix shares eased after Hindenburg Research said it has taken a short position in the data center operator.

Chipotle Mexican Grill shares climbed after the company said its board had approved a 50-for-1 split of its common stock.

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UK

UK weather: Trains delayed and care home hit by lightning after overnight thunderstorms

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UK weather: Trains delayed and care home hit by lightning after overnight thunderstorms

A night of heavy rainfall and thunderstorms has caused travel delays and damaged a care home in West Sussex.

Thunderstorms hit southeast England overnight – with a Met Office warning in place until 10am.

In southwest England and Wales a similar storm warning was in place until 8am Thursday morning.

However, the wet weather may be sandwiched between two of the hottest days of 2024 so far.

Two Met Office weather warnings for thunderstorms on 1 and 2 May 2024. Pic: Met Office
Image:
The Met Office thunderstorm warnings. Pic: Met Office

Overnight, two buildings in Sussex were damaged by lightning strikes, according to West Sussex Fire & Rescue.

A care home in Elmer, West Sussex, was struck, causing damage to its roof, and a university building in Chichester sustained damage to its roof and power system.

The service confirmed that no one was injured and occupants were relocated while the damage was assessed.

Get the latest Sky News forecast for your area

Pic: @WestSussexFire
Image:
Pic: @WestSussexFire

Lightning dances above Worthing
Image:
Lightning above Worthing

There were travel delays on South Western Railway trains after the stormy weather, causing delays between Axminster and Honiton expected to last until at least 11am on Thursday.

This has affected trains running into London Waterloo, from as far as Exeter St David’s.

The Met Office warned the storms overnight may trigger travel disruption leading into Thursday’s rush hour, causing “difficult driving conditions and some road closures”.

There is also a chance of possible cancellations to public transport, as well as power cuts.

Temperatures could reach 24C

Marco Petagna, a meteorologist at the Met Office, said that some places could see the warmest weather of the year on Thursday, with temperatures reaching as high as 24C.

This comes after Wednesday saw temperatures peak at their highest of the year so far as well, at 22.1C.

However, even as it becomes warmer, more thunderstorms could come on Thursday afternoon.

“After a night of storms, the rain will ease in the south of England for a while,” Mr Petagna said.

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“We could see the skies brightening up in a few places and it will be another warm day.

“Parts of the southeast could even get to 24C and beat Wednesday’s temperatures.

“But as the skies brighten and temperatures increase, this could spark a few more thundery showers in the afternoon, so it is likely to still be a bit unsettled and the forecast will be changeable over the next few days.”

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Looking ahead to the Bank Holiday weekend, Mr Petagna said the forecast was a “very mixed picture”.

Most of the UK is likely to experience some rain, but temperatures will remain fairly warm in the mid to late teens.

Wednesday was the warmest day of the year so far, with temperatures peaking at 22.1C in Santon Downham, in Suffolk, and reaching 21.9C in Aultbea, in the northwest Highlands.

However, other parts of the UK saw temperatures over 10C lower in some coastal areas – in Inverbervie, northeast Scotland, temperatures only peaked at 9.9C.

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Politics

Indian enforcement agency collaborates with Binance to bust scam app

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Indian enforcement agency collaborates with Binance to bust scam app

The law enforcement agency managed to track the funds linked to the E-Nugget scam app to different crypto exchanges and, with their help, seized over $10.5 million in crypto assets.

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Environment

There’s a new trend making electric bike batteries safer

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There's a new trend making electric bike batteries safer

A new type of electric bicycle battery is gaining traction in the industry, potentially ushering in unprecedented levels of safety and security for riders. Get ready, because we’re quickly approaching the age of the potted e-bike battery.

There’s no doubt that fire safety is an important subject when it comes to e-bike batteries. Despite the actual number of battery fires being incredibly low compared to tens of millions of e-bikes on the road, the lethal effects of just a single fire drive home the importance of the issue.

Now, a new type of manufacturing process is growing in popularity, claiming to significantly increase the safety of e-bike batteries by reducing the risk of fires, even when the battery is abused or damaged.

Potting, which uses a hardening resin poured between cells to isolate them from each other and the environment, can mitigate the two biggest factors resulting in fires: corrosion and physical damage.

As we learned from battery expert Luke Workman on the Wheel-E Podcast, salt water spray and vapor penetrating the seals in an e-bike battery case can slowly corrode battery cells, eventually leading to a short circuit. Even when properly sealed, physical damage to a battery, such as from a major drop or a crash, can also rupture cells or potentially lead to short circuits, which can, on rare occasions, result in fires.

We recently learned from Pedego, a major national e-bike brand, that it was adopting new potted e-bike batteries that use heat-absorbing resin between cells. Potting the batteries and enclosing the cells in a thermally conductive material helps Pedego protect the battery from impact and puncture damage, and also helps dissipate heat more effectively.

This heat management is vital, as excessive heat can lead to thermal runaway, a condition where increasing temperature causes further heat release, escalating into potentially hazardous situations.

Another advantage is that potted batteries can significantly extend the lifespan of e-bike batteries by reducing the wear and tear associated with vibration and repeated impact—common issues for bicycles used on a variety of terrains. Components such as electrical connectors and nickel conductor strips can sometimes vibrate loose in e-bike batteries, often requiring access to the battery’s internals to diagnose and fix the problem.

Potting resin can be applied over cells similarly to this artistic representation (though the cells would be welded together first)

The solidified potting material stabilizes the battery cells, minimizes movement within the casing, and offers a buffer against the jolts and bumps of everyday riding. This stabilization not only maintains the integrity of the battery but also ensures consistent performance and reliability, which are crucial for users who rely on e-bikes for regular commuting or recreational activities.

Pedego’s adoption of potted e-bike batteries follows quickly behind Rad Power Bikes’ announcement that it was introducing its own potted battery design. Neither are the first movers in this respect, with companies like Luna Cycle and Grin Technologies beating them by many years.

But the major difference this time is that both companies with recent announcements are major national brands, not smaller e-bike companies with less industry influence.

rad power bikes safe shield battery e-bike batteries

While the original companies deserve credit as first movers, in many cases, it is the first followers who result in the biggest shifts.

Just like with these new potted batteries, the first followers demonstrate that it is no longer a coincidence, this new trend is a pattern.

And with major national brands adopting the safety benefits of potted batteries, it will come as no surprise when other companies begin following this lead.

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