AFP

Dollar softens after rally but Asian stocks struggle to recover

The dollar lost a little of its strength Tuesday after starting the week by surging against major peers, including a record high versus the pound, though equity traders struggled to claw back recent losses owing to recession fears.

While central banks around the world are ramping up interest rates to fight inflation, the main focus is on the US Federal Reserve’s increasingly hawkish tone that has seen it unveil three successive bumper hikes with a warning of more to come.

That has seen investors pile into the dollar, sending it to record or multi-decade peaks, which has rattled governments from Tokyo to Beijing and London.

On Monday it hit its highest-ever level against the pound — touching $1.0350 after traders were spooked by a massive tax giveaway mini-budget by new UK finance minister Kwasi Kwarteng.

Sterling staged a small recovery but fell back again after traders were left disappointed by a lack of solid action from the Bank of England, with governor Andrew Bailey saying only it would not hesitate to increase rates by as much as needed.

The dollar’s rally against the pound was matched by advances across forex markets, with the euro hitting a new 20-year low and the yen pushing back to the level it hit when the government intervened to support the currency last week.

But the greenback surge ran out of steam Tuesday as a little stability returned to markets, though analysts warned that volatility would remain high as more global rate hikes were in the pipeline and geopolitical crises remained unresolved.

Added to that were concerns that inflation remained stubbornly high.

“The market is pricing in some Fed increases, but we’re a bit worried that it might not be pricing in everything,” Laila Pence, of Pence Wealth Management, told Bloomberg Television.

“We got whipsawed in August when inflation was up not down — everyone is nervous.”

Another selloff in Wall Street stocks saw the S&P 500 suffer its lowest close since December 2020, and Asia also struggled.

Tokyo, Shanghai and Sydney all rose but red was flashing up on screens in Hong Kong, Singapore, Seoul, Wellington, Taipei, Manila and Jakarta.

“Right now financial markets are a mess,” said OANDA’s Edward Moya.

“Wall Street is realising that we won’t be seeing a significant sign that inflation is easing fast enough in the next couple of months and that should make it tough to buy the dip just yet.”

Oil prices edged slightly higher, though both contracts remain wedged at their lowest levels since January owing to the stronger dollar and worries about demand caused by the expected recession.

And Moya added there appeared little chance the commodity will stage a near-term recovery, despite speculation that major producers could announce a fresh output cut.

“Chaos in the forex markets could keep crude prices heavy no matter what OPEC+ does over the short-term,” he wrote. “Forex volatility won’t let up anytime soon and that will send oil on a very long roller-coaster ride.”

– Key figures at around 0230 GMT –

Tokyo – Nikkei 225: Up 0.8 percent at 26,651.60 (break)

Hong Kong – Hang Seng Index: DOWN 0.6 percent at 17,755.57

Shanghai – Composite: UP 0.1 percent at 3,053.60

Pound/dollar: UP at $1.0761 from $1.0689 on Monday

Euro/dollar: UP at $0.9629 from $0.9611

Euro/pound: DOWN at 89.49 pence from 89.87 pence 

Dollar/yen: DOWN at 144.52 yen from 144.72 yen

West Texas Intermediate: UP 0.4 percent at $77.02 per barrel

Brent North Sea crude: UP 0.4 percent at $84.38 per barrel

New York – Dow: DOWN 1.1 percent at 29,260.81 (close)

London – FTSE 100: FLAT at 7,020.95 (close)

Japan honours assassinated Abe at controversial funeral

Thousands of Japanese offered flowers and prayers on Tuesday in honour of assassinated former prime minister Shinzo Abe ahead of a controversial state funeral attended by hundreds of foreign dignitaries.

Abe’s ashes will arrive in the afternoon for the ceremony at Tokyo’s Budokan venue, but a huge line of people gathered from early in the morning to lay flowers at a mourning tent nearby.

Koji Takamori came all the way from northern Hokkaido with his nine-year-old son.

“I wanted to thank him. He has done so much for Japan,” the 46-year-old told AFP.

“The way he died was so shocking.

“To be honest, I also came because there has been so much opposition. It’s almost like I’m here to oppose those who are opposing this (funeral),” he added.

Abe was Japan’s longest-serving prime minister and one of the country’s most recognisable political figures, known for cultivating international alliances and his “Abenomics” economic strategy.

He resigned in 2020 over recurring health problems, but remained a key political voice and was campaigning for his ruling party when a lone gunman killed him on July 8.

The shooting sent shock waves through a country with famously low gun crime and prompted international condemnation.

But the decision to give him a state funeral — only the second for a former premier in the post-war period — has provoked opposition, with around 60 percent of Japanese against the event in recent polls.

– Discontent over state funeral –

Abe’s accused killer targeted the former leader believing he had ties to the Unification Church, which he resented over massive donations his mother had made to the sect.

The assassination prompted fresh scrutiny of the church and its fundraising, and uncomfortable questions for Japan’s political establishment, with the ruling party admitting around half its lawmakers had links to the religious organisation.

Prime Minister Fumio Kishida has pledged the party will sever all ties with the church, but the scandal helped fuel discontent over the state funeral.

Thousands have protested the ceremony and a man set himself on fire last week near the prime minister’s office, leaving notes reportedly expressing his objection to the event.

Some lawmakers from opposition parties are also boycotting the funeral altogether.

The controversy has various causes, with some accusing Kishida of unilaterally approving the funeral instead of consulting parliament, and others resentful of a nearly $12 million price tag.

It is also the legacy of Abe’s divisive tenure, marked by persistent allegations of cronyism, and opposition to his nationalism and plans to reform the pacifist constitution.

Despite the controversy, so many people lined up to offer flowers in Tokyo that officials opened the tent half an hour earlier than planned.

– Moment of silence –

The crowd, some dressed smartly in black but others wearing casual clothes, spanned age groups, and mourners placed mostly white bouquets before a photo of Abe with black ribbons draped across its top corners.

Kishida’s government may be hoping the solemnity of the event, attended by an estimated 4,300 people including 700 foreign invitees, will drown out the controversy.

US Vice President Kamala Harris and world leaders including Indian Prime Minister Narendra Modi and Australian premier Anthony Albanese will attend the ceremony.

Abe worked to cultivate close ties with Washington to bolster the key US-Japanese alliance, and also courted a stronger “Quad” grouping Japan, the United States, India and Australia.

Abe’s ashes are expected to arrive at the site to the sound of a 19-gun salute, and chief government spokesman Hirokazu Matsuno will open proceedings around 2:00 pm (0500 GMT) before the national anthem and a moment of silence.

Eulogies will follow from Kishida and politicians including Yoshihide Suga, who succeeded Abe after his resignation.

Japan’s emperor and empress will not attend, as neutral national figures, but Crown Prince Akishino and his wife are expected to lead mourners in offering flowers at the end of the 90-minute service.

The event will involve a massive security operation, accounting for a significant part of the estimated 1.7 billion yen cost of the funeral.

The security flaws that allowed a gunman to approach and kill Abe have prompted a policing overhaul, and local media reported that 20,000 police officers would be deployed for the funeral.

Far-right Trump supporters go on trial for Jan. 6 'sedition'

The leader and four members of the far-right Oath Keepers militia who joined the January 6, 2021 attack on the US Capitol go on trial Tuesday for the rare charge of sedition.

Stewart Rhodes, the eyepatch-wearing former soldier and Yale Law School graduate who plotted a military-style assault on the Capitol, and his followers are charged with taking up weapons against the United States in an effort to keep Donald Trump in the White House despite his election defeat.

The sedition charge is the toughest yet in the prosecutions of hundreds who took part in the January 6 rebellion, which aimed to reverse Joe Biden’s victory in the November 2020 election, and brings up to 20 years in prison.

Rhodes and eight Oath Keeper members in total have been charged with sedition; four of the eight will go on trial beginning November 29.

Rhodes and his followers conspired “to oppose by force the law transfer of presidential power,” the charges say.

At Rhodes’ direction “they coordinated travel across the country to enter Washington DC (and) equipped themselves with a variety of weapons, donned combat and tactical gear” for the attack, it said.

“We aren’t getting through this without civil war,” Rhodes told the Oath Keepers in a group chat weeks before the uprising, according to the indictment.

If Biden became president, he said, “It will be a bloody and desperate fight… That can’t be avoided.”

– Rarely used charge –

The nine Oath Keepers will be the first of some 870 charged in the Capitol attack to go on trial for seditious conspiracy.  

The majority have been charged with illegally entering the Capitol, illegally disrupting a session of the legislature — the confirmation of Biden as president-elect — and assault on law enforcement officers. 

The sedition charge is very rarely used by US prosecutors. The last time a conviction was obtained on the charge was against Ramzi Yousef, the planner of the 1993 World Trade Center bombing.

The charge of seditious conspiracy was used in that case in the absence of a domestic terrorism law, and was used to highlight Yousef’s intent to damage the US government.

In the January 6 case, the charge is being used against members of armed militia groups who took part and allegedly coordinated among themselves to lead the attack.

Members of the Proud Boys, another key player on January 6, were also charged with seditious conspiracy in June, but their case has not gone to court yet.

– Insurrection Act defense –

The Oath Keepers was launched in the early 2000s by Rhodes to bring together people, mostly former military, who believed the government was becoming repressive and that the time would come to rise up in an armed revolt.

The trial will focus on allegations that they planned a violent attack on January 6, positioning a stockpile of weapons at a hotel just a few miles (kilometers) from the Capitol, and moved together in a military-style “stack” formation to break through police lines and into the Capitol.

The FBI has collected communications between the group members and has photos and videos of their actions that day.

The group’s lawyers suggest they will defend themselves by saying they understood that Trump would invoke the 1807 Insurrection Act on that day and deputize the militias to lawfully prevent Biden from being confirmed as president.

That claim has raised expectations that the trial could reveal more about links between the Capitol attack and members of Trump’s administration or his personal advisors.

The first days of the trial will focus on jury selection, picking a panel of a dozen out of 120 candidates.

Cuba, Florida brace for Hurricane Ian

Cuba declared an emergency alert in multiple provinces Monday as fast-approaching Hurricane Ian strengthened rapidly, with Florida also ramping up preparations ahead of a likely hit.

Some 50,000 people in Cuba’s western Pinar del Rio province moved to safer locations, 6,000 of them to state-run shelters and the rest to the homes of relatives and friends, local authorities said.

The US National Hurricane Center (NHC) warned Ian was intensifying and could pass over western Cuba late Monday and early Tuesday.

“Maximum sustained winds are near 100 miles per hour (155 kilometers per hour) with higher gusts,” it said, making Ian a Category 2 storm on the Saffir-Simpson scale.

“Rapid strengthening is expected during the next day or so,” the NHC added.

– ‘Huge storm surge’ expected –

In Florida, the city of Tampa was under a hurricane watch, and Governor Ron DeSantis declared a state of emergency in all 67 counties as officials scrambled to prepare for the storm’s forecast landing on Wednesday or Thursday.

Ian “will bring heavy rains, strong winds, flash flooding, storm surge, along with isolated tornado activity along Florida’s Gulf Coast,” DeSantis said at a press conference in Tallahassee on Monday.

He warned people to prepare for power cuts.

“Even if the eye of the storm doesn’t hit your region, you’re going to have really significant winds, it’s going to knock over trees, it’s going to cause interruptions,” DeSantis said, warning of likely flooding.

The governor urged residents to stock up on food, water, medicine and fuel, and he activated 7,000 National Guard members to help with the effort.

Authorities in several Florida municipalities, including Miami, Fort Lauderdale and Tampa, started distributing free sandbags to residents to help protect their homes from the risk of flooding.

President Joe Biden approved emergency aid to 24 counties in Florida through the Federal Emergency Management Agency (FEMA).

NASA said it was rolling back its massive Moon rocket into its storage hangar at the Kennedy Space Center in Florida due to the hurricane.

– Fiona’s wake –

The Caribbean and parts of eastern Canada are still counting the cost of powerful storm Fiona, which tore through last week, claiming several lives.

When it arrived in eastern Canada, the storm packed intense winds of 80 miles per hour, bringing torrential rain and waves of up to 40 feet (12 meters).

Three people are believed to have died when Fiona barreled into Canada’s Atlantic provinces as a post-tropical cyclone early Saturday.

Prince Edward Island authorities confirmed the death of one person, while officials in Newfoundland said they found the body of a 73-year-old woman believed to have been swept from her home. She was apparently sheltering in her basement when waves broke through.

A third person has been reported missing in Nova Scotia — one of the hardest-hit provinces — and is presumed dead

“The devastation is immense,” Nova Scotia Premier Tim Houston told reporters. “The magnitude of the storm is incredible.”

Storm surges swept at least 20 homes into the sea in the town of Channel-Port aux Basques, on the southwestern tip of Newfoundland.

Around 200 residents had been evacuated before the storm hit.

“Some people have lost everything, and I mean everything,” Mayor Brian Button told CBC News.

Cuba, Florida brace for Hurricane Ian

Cuba declared an emergency alert in multiple provinces Monday as fast-approaching Hurricane Ian strengthened rapidly, with Florida also ramping up preparations ahead of a likely hit.

Some 50,000 people in Cuba’s western Pinar del Rio province moved to safer locations, 6,000 of them to state-run shelters and the rest to the homes of relatives and friends, local authorities said.

The US National Hurricane Center (NHC) warned Ian was intensifying and could pass over western Cuba late Monday and early Tuesday.

“Maximum sustained winds are near 100 miles per hour (155 kilometers per hour) with higher gusts,” it said, making Ian a Category 2 storm on the Saffir-Simpson scale.

“Rapid strengthening is expected during the next day or so,” the NHC added.

– ‘Huge storm surge’ expected –

In Florida, the city of Tampa was under a hurricane watch, and Governor Ron DeSantis declared a state of emergency in all 67 counties as officials scrambled to prepare for the storm’s forecast landing on Wednesday or Thursday.

Ian “will bring heavy rains, strong winds, flash flooding, storm surge, along with isolated tornado activity along Florida’s Gulf Coast,” DeSantis said at a press conference in Tallahassee on Monday.

He warned people to prepare for power cuts.

“Even if the eye of the storm doesn’t hit your region, you’re going to have really significant winds, it’s going to knock over trees, it’s going to cause interruptions,” DeSantis said, warning of likely flooding.

The governor urged residents to stock up on food, water, medicine and fuel, and he activated 7,000 National Guard members to help with the effort.

Authorities in several Florida municipalities, including Miami, Fort Lauderdale and Tampa, started distributing free sandbags to residents to help protect their homes from the risk of flooding.

President Joe Biden approved emergency aid to 24 counties in Florida through the Federal Emergency Management Agency (FEMA).

NASA said it was rolling back its massive Moon rocket into its storage hangar at the Kennedy Space Center in Florida due to the hurricane.

– Fiona’s wake –

The Caribbean and parts of eastern Canada are still counting the cost of powerful storm Fiona, which tore through last week, claiming several lives.

When it arrived in eastern Canada, the storm packed intense winds of 80 miles per hour, bringing torrential rain and waves of up to 40 feet (12 meters).

Three people are believed to have died when Fiona barreled into Canada’s Atlantic provinces as a post-tropical cyclone early Saturday.

Prince Edward Island authorities confirmed the death of one person, while officials in Newfoundland said they found the body of a 73-year-old woman believed to have been swept from her home. She was apparently sheltering in her basement when waves broke through.

A third person has been reported missing in Nova Scotia — one of the hardest-hit provinces — and is presumed dead

“The devastation is immense,” Nova Scotia Premier Tim Houston told reporters. “The magnitude of the storm is incredible.”

Storm surges swept at least 20 homes into the sea in the town of Channel-Port aux Basques, on the southwestern tip of Newfoundland.

Around 200 residents had been evacuated before the storm hit.

“Some people have lost everything, and I mean everything,” Mayor Brian Button told CBC News.

Boost climate action or we'll see you in court, activists tell govts

Governments around the world must scale up climate action “or face further legal action”, an open letter from campaign groups warned Tuesday, as battles over policies to cut emissions and protect the environment are increasingly fought in the courts.

From legal efforts to steer governments to do more to curb fossil fuel pollution, to court action over companies’ misleading green claims, the number, scope and ambitions of climate litigation is expanding, say experts, with an increasing number of cases are being launched against governments. 

And that will continue if they do not use the upcoming United Nations COP meeting in Egypt to substantially enhance their climate action, according to an open letter signed by lawyers from more than 20 organisations around the world. 

“Governments of the world: your delay is costing lives. Strong action is needed now to protect people and the planet,” the letter said. 

“If you continue to fail us, we will continue to turn to the courts to demand accountability.”

The groups said they had already launched more than 80 legal cases around the world to “compel” governments from the Netherlands to Brazil, warning that the world was on the “precipice of the most serious intergenerational violation of human rights in history”.

Research from the Grantham Research Institute at the London School of Economics this year has found that of the 2,000 or so climate legal cases filed since 1986, almost a quarter were started since the beginning of 2020. 

Some 80 of these cases have been filed against national or subnational governments since 2005, the research found, with a record number of 30 new cases submitted in 2021. 

Perhaps the most successful of this kind of case was environmental group Urgenda’s landmark 2019 victory in Dutch courts, which saw the government ordered to reduce greenhouse gas emissions by at least 25 percent by the end of 2020. The target was largely met.

“Climate action is a legal duty. Yet governments are failing to comply with their own laws and commitments,” said Sarah Mead Co-Director of Climate Litigation Network, part of the Urgenda Foundation, which signed the letter. 

“We want to make sure that countries understand that the law is on our side.”

– Cases rise –

But legal rulings can go both ways. 

In June, the US Supreme Court ruled that the government’s key environmental agency cannot issue broad limits on greenhouse gases.

Campaigners say that energy companies are increasingly turning to international arbitration to recoup investments as governments accelerate the shift away from fossil fuels.

Earth has warmed nearly 1.2 degrees Celsius above pre-industrial levels so far, unleashing more intense weather extremes, including dangerous heatwaves and floods.  

The 2015 Paris Agreement saw governments agree to a cap on warming of well below 2C and preferably a safer 1.5C. 

But the UN’s Environment Programme has said that even taking into account updated global promises to cut emissions of heat-trapping gases, the world is currently on course to warm 2.8C. 

'A new era': NASA strikes asteroid in key test of planetary defense

Bullseye: A NASA spaceship on Monday struck an asteroid seven million miles away in order to deflect its orbit, succeeding in a historic test of humanity’s ability to prevent a celestial object from devastating life on Earth.

The Double Asteroid Redirection Test (DART) impactor hit its target, the space rock Dimorphos, at 7:14 pm Eastern Time (2314 GMT), 10 months after blasting off from California on its pioneering mission.

“We’re embarking on a new era, an era in which we potentially have the capability to protect ourselves from something like a dangerous hazardous asteroid impact,” said Lori Glaze, director of NASA’s planetary science division.

Dimorphos — a 530-foot (160-meter) asteroid roughly comparable in size to an Egyptian pyramid — orbits a half-mile long big brother called Didymos. Never seen before, the “moonlet” appeared as a speck of light around an hour before the collision.

Its egg-like shape and craggy, boulder-dotted surface finally came into clear view in the last few minutes, as DART raced toward it at roughly 14,500 miles (23,500 kilometers) per hour.

NASA scientists and engineers erupted in applause as the screen froze on a final image, indicating that signal had been lost and impact had taken place.

To be sure, the pair of asteroids pose no threat to our planet as they loop the Sun every two of our years.

But NASA has deemed the experiment important to carry out before an actual need is discovered.

By striking Dimorphos head on, NASA hopes to push it into a smaller orbit, shaving 10 minutes off the time it takes to encircle Didymos, which is currently 11 hours and 55 minutes. 

Ground telescopes — which can’t see the asteroid system directly but can detect a shift in patterns of light coming from it — should provide a definitive orbital period in the coming days and weeks. 

The proof-of-concept has made a reality of what has before only been attempted in science fiction — notably in films such as “Armageddon” and “Don’t Look Up.” 

– Astronomy community abuzz –

Minutes after impact, a toaster-sized satellite called LICIACube, which already separated from DART a few weeks ago, was expected to make a close pass of the site to capture images of the collision and the ejecta — the pulverized rock thrown off by the strike.

LICIACube’s pictures will be sent back in the next weeks and months. 

Also watching the event: an array of telescopes, both on Earth and in space — including the recently operational James Webb — which might be able to see a brightening cloud of dust.

The mission has set the global astronomy community abuzz, with more than three dozen ground telescopes participating, including optical, radio and radar. 

“There’s a lot of them, and it’s incredibly exciting to have lost count,” said DART mission planetary astronomer Christina Thomas.

Finally, a full picture of what the system looks like will be revealed when a European Space Agency mission four years down the line called Hera arrives to survey Dimorphos’ surface and measure its mass, which scientists can currently only guess at.

– ‘Earthlings can sleep better’ –

Very few of the billions of asteroids and comets in our solar system are considered potentially hazardous to our planet, and none are expected in the next hundred years or so. 

But wait long enough, and it will happen.

We know that from the geological record — for example, the six-mile wide Chicxulub asteroid struck Earth 66 million years ago, plunging the world into a long winter that led to the mass extinction of the dinosaurs along with 75 percent of all species.

An asteroid the size of Dimorphos, by contrast, would only cause a regional impact, such as devastating a city, albeit with greater force than any nuclear bomb in history.

How much momentum DART imparts on Dimorphos will depend on whether the asteroid is solid rock, or more like a “rubbish pile” of boulders bound by mutual gravity — a property that’s not yet known.

If it had missed, NASA would have another shot in two years’ time, with the spaceship containing just enough fuel for another pass.

But its success marks the first step towards a world capable of defending itself from a future existential threat.

“I think Earthlings can sleep better, definitely I will,” said DART mission systems engineer Elena Adams.

'A new era': NASA strikes asteroid in key test of planetary defense

Bullseye: A NASA spaceship on Monday struck an asteroid seven million miles away in order to deflect its orbit, succeeding in a historic test of humanity’s ability to prevent a celestial object from devastating life on Earth.

The Double Asteroid Redirection Test (DART) impactor hit its target, the space rock Dimorphos, at 7:14 pm Eastern Time (2314 GMT), 10 months after blasting off from California on its pioneering mission.

“We’re embarking on a new era, an era in which we potentially have the capability to protect ourselves from something like a dangerous hazardous asteroid impact,” said Lori Glaze, director of NASA’s planetary science division.

Dimorphos — a 530-foot (160-meter) asteroid roughly comparable in size to an Egyptian pyramid — orbits a half-mile long big brother called Didymos. Never seen before, the “moonlet” appeared as a speck of light around an hour before the collision.

Its egg-like shape and craggy, boulder-dotted surface finally came into clear view in the last few minutes, as DART raced toward it at roughly 14,500 miles (23,500 kilometers) per hour.

NASA scientists and engineers erupted in applause as the screen froze on a final image, indicating that signal had been lost and impact had taken place.

To be sure, the pair of asteroids pose no threat to our planet as they loop the Sun every two of our years.

But NASA has deemed the experiment important to carry out before an actual need is discovered.

By striking Dimorphos head on, NASA hopes to push it into a smaller orbit, shaving 10 minutes off the time it takes to encircle Didymos, which is currently 11 hours and 55 minutes. 

Ground telescopes — which can’t see the asteroid system directly but can detect a shift in patterns of light coming from it — should provide a definitive orbital period in the coming days and weeks. 

The proof-of-concept has made a reality of what has before only been attempted in science fiction — notably in films such as “Armageddon” and “Don’t Look Up.” 

– Astronomy community abuzz –

Minutes after impact, a toaster-sized satellite called LICIACube, which already separated from DART a few weeks ago, was expected to make a close pass of the site to capture images of the collision and the ejecta — the pulverized rock thrown off by the strike.

LICIACube’s pictures will be sent back in the next weeks and months. 

Also watching the event: an array of telescopes, both on Earth and in space — including the recently operational James Webb — which might be able to see a brightening cloud of dust.

The mission has set the global astronomy community abuzz, with more than three dozen ground telescopes participating, including optical, radio and radar. 

“There’s a lot of them, and it’s incredibly exciting to have lost count,” said DART mission planetary astronomer Christina Thomas.

Finally, a full picture of what the system looks like will be revealed when a European Space Agency mission four years down the line called Hera arrives to survey Dimorphos’ surface and measure its mass, which scientists can currently only guess at.

– ‘Earthlings can sleep better’ –

Very few of the billions of asteroids and comets in our solar system are considered potentially hazardous to our planet, and none are expected in the next hundred years or so. 

But wait long enough, and it will happen.

We know that from the geological record — for example, the six-mile wide Chicxulub asteroid struck Earth 66 million years ago, plunging the world into a long winter that led to the mass extinction of the dinosaurs along with 75 percent of all species.

An asteroid the size of Dimorphos, by contrast, would only cause a regional impact, such as devastating a city, albeit with greater force than any nuclear bomb in history.

How much momentum DART imparts on Dimorphos will depend on whether the asteroid is solid rock, or more like a “rubbish pile” of boulders bound by mutual gravity — a property that’s not yet known.

If it had missed, NASA would have another shot in two years’ time, with the spaceship containing just enough fuel for another pass.

But its success marks the first step towards a world capable of defending itself from a future existential threat.

“I think Earthlings can sleep better, definitely I will,” said DART mission systems engineer Elena Adams.

'A new era': NASA strikes asteroid in key test of planetary defense

Bullseye: A NASA spaceship on Monday struck an asteroid seven million miles away in order to deflect its orbit, succeeding in a historic test of humanity’s ability to prevent a celestial object from devastating life on Earth.

The Double Asteroid Redirection Test (DART) impactor hit its target, the space rock Dimorphos, at 7:14 pm Eastern Time (2314 GMT), 10 months after blasting off from California on its pioneering mission.

“We’re embarking on a new era, an era in which we potentially have the capability to protect ourselves from something like a dangerous hazardous asteroid impact,” said Lori Glaze, director of NASA’s planetary science division.

Dimorphos — a 530-foot (160-meter) asteroid roughly comparable in size to an Egyptian pyramid — orbits a half-mile long big brother called Didymos. Never seen before, the “moonlet” appeared as a speck of light around an hour before the collision.

Its egg-like shape and craggy, boulder-dotted surface finally came into clear view in the last few minutes, as DART raced toward it at roughly 14,500 miles (23,500 kilometers) per hour.

NASA scientists and engineers erupted in applause as the screen froze on a final image, indicating that signal had been lost and impact had taken place.

To be sure, the pair of asteroids pose no threat to our planet as they loop the Sun every two of our years.

But NASA has deemed the experiment important to carry out before an actual need is discovered.

By striking Dimorphos head on, NASA hopes to push it into a smaller orbit, shaving 10 minutes off the time it takes to encircle Didymos, which is currently 11 hours and 55 minutes. 

Ground telescopes — which can’t see the asteroid system directly but can detect a shift in patterns of light coming from it — should provide a definitive orbital period in the coming days and weeks. 

The proof-of-concept has made a reality of what has before only been attempted in science fiction — notably in films such as “Armageddon” and “Don’t Look Up.” 

– Astronomy community abuzz –

Minutes after impact, a toaster-sized satellite called LICIACube, which already separated from DART a few weeks ago, was expected to make a close pass of the site to capture images of the collision and the ejecta — the pulverized rock thrown off by the strike.

LICIACube’s pictures will be sent back in the next weeks and months. 

Also watching the event: an array of telescopes, both on Earth and in space — including the recently operational James Webb — which might be able to see a brightening cloud of dust.

The mission has set the global astronomy community abuzz, with more than three dozen ground telescopes participating, including optical, radio and radar. 

“There’s a lot of them, and it’s incredibly exciting to have lost count,” said DART mission planetary astronomer Christina Thomas.

Finally, a full picture of what the system looks like will be revealed when a European Space Agency mission four years down the line called Hera arrives to survey Dimorphos’ surface and measure its mass, which scientists can currently only guess at.

– ‘Earthlings can sleep better’ –

Very few of the billions of asteroids and comets in our solar system are considered potentially hazardous to our planet, and none are expected in the next hundred years or so. 

But wait long enough, and it will happen.

We know that from the geological record — for example, the six-mile wide Chicxulub asteroid struck Earth 66 million years ago, plunging the world into a long winter that led to the mass extinction of the dinosaurs along with 75 percent of all species.

An asteroid the size of Dimorphos, by contrast, would only cause a regional impact, such as devastating a city, albeit with greater force than any nuclear bomb in history.

How much momentum DART imparts on Dimorphos will depend on whether the asteroid is solid rock, or more like a “rubbish pile” of boulders bound by mutual gravity — a property that’s not yet known.

If it had missed, NASA would have another shot in two years’ time, with the spaceship containing just enough fuel for another pass.

But its success marks the first step towards a world capable of defending itself from a future existential threat.

“I think Earthlings can sleep better, definitely I will,” said DART mission systems engineer Elena Adams.

Stocks volatile, pound hits record low

Wall Street stocks fell again Monday as recession fears brought volatility to financial markets, pushing the pound to an all-time low against the greenback and pressuring oil prices.

After last week’s rout, US indices climbed early in the session before tumbling back into the red.

Both the Dow and S&P 500 dropped more than one percent to finish at their lowest value of the year. The Dow also entered a “bear market,” defined as a 20 percent retreat from its last record.

London shares closed flat, paring earlier losses after the pound hit a record low against the dollar on surging fears about the ailing UK economy, before recovering ground.

“Investors are reacting to a really toxic brew of bad news that was made worse by what happened in the UK on Friday, which was the stimulus spending into an already bigger inflationary problem,” said Andy Kapyrin, co-chief investment officer at RegentAtlantic. 

“I’m not sure that we’ve seen the bottom here,” Kapyrin said. “But I think it does make sense for investors to dip their toe into the water, the stock market is materially cheaper than it started the year.”

Having extended losses in morning trading, Frankfurt and Paris edged higher by mid-afternoon, only to close the session in the red.

The pound on Monday struck an all-time low at $1.0350, days after new UK finance minister Kwasi Kwarteng’s inflation-fighting budget.

The Bank of England said it was paying close attention to financial markets and would “not hesitate to change interest rates by as much as needed” to curb inflation.

Economists expressed concerns that last week’s huge tax-cutting budget from the government of new Prime Minister Liz Truss — aimed at helping the recession-threatened economy — could actually spark massive borrowing and further fuel inflation.

Sterling has struggled in recent years as the UK fails to strike major trade deals following its exit from the European Union.

Prior to Monday’s crash, the pound suffered a series of 37-year lows against the greenback this month on UK recession fears propelled by sky-high inflation.

The euro has additionally come under heavy selling pressure against the dollar in recent months, as the Federal Reserve hikes interest rates more aggressively than the European Central Bank.

The euro struck a new 20-year low at $0.9554 on Monday before recovering.

A day after Eurosceptic populists swept to victory in Italy’s general election, the interest rates on 10-year government bonds hit their highest level for around a decade in France, Germany and Italy.

But the Italian stock market closed higher as markets assessed the future political landscape.

“Time will tell how successful the new government will prove to be but the prospect of some political stability appears to be generating a small relief rally today,” said Craig Erlam, analyst at trading platform OANDA.

Elsewhere, oil prices pulled back, with US benchmark West Texas intermediate ending at its lowest level since January, as the strong dollar weighed on the commodity, along with worries over petroleum demand.

– Key figures at around 2030 GMT –

Pound/dollar: DOWN at $1.0689 from $1.0859 on Friday

Euro/dollar: DOWN at $0.9611 from $0.9687

Euro/pound: UP at 89.87 pence from 89.29 pence 

Dollar/yen: UP at 144.72 yen from 143.31 yen

New York – Dow: DOWN 1.1 percent at 29,260.81 (close)

New York – S&P 500: DOWN 1.0 percent at 3,655.04 (close)

New York – Nasdaq: DOWN 0.6 percent at 10,802.92 (close)

London – FTSE 100: UP less than 0.1 percent at 7,020.95 (close)

Frankfurt – DAX: DOWN 0.5 percent at 12,227.92 (close)

Paris – CAC 40: DOWN 0.2 percent at 5,769.39 (close)

EURO STOXX 50: DOWN 0.2 percent at 3,342.56  (close)

Tokyo – Nikkei 225: DOWN 2.7 percent at 26,431.55 (close)

Hong Kong – Hang Seng Index: DOWN 0.4 percent at 17,855.14 (close)

Shanghai – Composite: DOWN 1.2 percent at 3,051.23 (close)

West Texas Intermediate: DOWN 2.6 percent at $78.71 per barrel

Brent North Sea crude: DOWN 2.4 percent at $84.06 per barrel

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