US Business

Asian and European markets rally, euro surges

Asian and European markets rallied on Monday, building on the momentum of gains in the United States and elsewhere at the end of last week, as investors price in the expectation of further interest rate hikes aimed at taming inflation.

The euro surged in early trading, a day after German central bank chief Joachim Nagel signalled that the European Central Bank (ECB) would probably continue raising its key rate.

The European single currency rocketed more than 1.4 percent against the dollar and 1.6 percent versus the yen.

The ECB raised the key rate by a historic 75 basis points last week, and markets expect a similar-sized hike at an October meeting.

Nagel predicted inflation in Europe might peak at more than 10 percent in December.

London, Paris and Frankfurt all opened higher on Monday, with bourses in Japan, Australia, Singapore, Taiwan, Jakarta, Malaysia and Thailand also rising.

Markets in Hong Kong, China and South Korea were closed for a public holiday.

This week, investors worldwide will be closely watching US inflation data for August, due to be released on Tuesday, with the consumer price index (CPI) expected to ease slightly to eight percent — still well above the Fed’s two-percent target.

Traders expect the Fed to impose another large rate hike next week, after two 75-basis-point increases already.

“A downside surprise in US CPI is likely more of a concern and that could see the dollar weakening further,” Charu Chanana, a strategist at Saxo Capital Markets, told Bloomberg Television.

Clifford Bennett, chief economist at ACY Securities, said he expected stocks to “continue to drift higher” ahead of Tuesday’s US CPI data.

“(US CPI) may well see further improvement as petrol prices have continued to pull back,” he said. 

“Other components are still likely to be pointing higher, but fuel prices could well dominate this CPI number.” 

Oil began the week flat, as investors weigh the possibility of global demand weakening as growth slows and China’s harsh zero-Covid policy continues to sap economic activity.

On Monday, new data showed British GDP expanded by 0.2 percent in July, according to the Office for National Statistics. 

Concerns remain, however, about the overall health of the UK economy. 

“July’s GDP remains below the level seen in May, pointing to an overall contraction over the first two months of summer,” said Yael Selfin, chief economist at KPMG UK. 

– ‘Soft landing’ hopes –

US Treasury Secretary Janet Yellen on Sunday said she was hopeful the US economy could avoid a recession, but that the Fed would need to skilfully manage interest rates and also rely on “some good luck to achieve what we sometimes call a soft landing”.

“My hope is we will achieve a soft landing, but Americans know it’s essential to bring inflation down and, over the longer run, we can’t have a strong labour market without inflation under control,” she told CNN.

Yellen said that while the US economy’s growth rate was slowing, the labour market remained “exceptionally strong”, with almost two openings for every jobseeker.

In addition to the US CPI figures on Tuesday, traders will be closely watching UK CPI on Wednesday, and European CPI and China home sales, retail sales and industrial production data on Friday.

In Tokyo, stocks closed higher on Monday with gains by tech shares and a weaker yen boosting the market.

The dollar fetched 143.18 yen in Asian trade, against 142.56 yen on Friday in New York.

“A cheaper yen is positive for corporate performances, despite recent media reports” that highlight the negative aspects of the weak yen, said chief strategist Masayuki Kubota of Rakuten Securities.

On Friday, Bank of Japan chief Haruhiko Kuroda met Prime Minister Fumio Kishida, saying the rapid weakening of the currency was “undesirable”, an indication of possible upcoming action to arrest the fall.

– Key figures at around 0830 GMT –

Tokyo – Nikkei 225: UP 1.2 percent at 28,542.11 (close) 

Hong Kong – Hang Seng Index: closed for public holiday

Shanghai – Composite: closed for public holiday

New York – Dow: UP 1.2 percent at 32,151.71 (close)

New York – S&P 500: UP 1.5 percent at 4,067.36 (close)

New York – Nasdaq: UP 2.1 percent at 12,112.31 (close)

London – FTSE 100: UP 1.2 percent at 7,436.07 

Frankfurt – DAX: UP 1.4 percent at 13,268.26 

Paris – CAC 40: UP 1.0 percent at 6,275.81 

EURO STOXX 50: UP 1.2 percent at 3,612.75

Euro/dollar: UP at $1.0185 from $1.0046 

Pound/dollar: UP at $1.1691 from $1.1587  

Euro/pound: UP at 87.12 pence from 86.84 pence

Dollar/yen: UP at 142.77 yen from 142.56 yen 

Brent North Sea crude: UP 0.1 percent at $92.92 per barrel

West Texas Intermediate: DOWN 0.1 percent at $86.73 per barrel

Queen's funeral set to knock UK economy after rebound

The UK’s recession-threatened economy rebounded in July, data showed Monday, but is set to receive a further hit from a public holiday marking next week’s funeral of Queen Elizabeth II.

British gross domestic product expanded 0.2 percent after a drop of 0.6 percent in June, the Office for National Statistics said in a statement.

June’s big decline had been attributed partly to an extra public holiday for the queen’s Platinum Jubilee marking 70 years on the throne before her passing last week.

Another public holiday is scheduled next Monday for the queen’s state funeral.

“The feeble 0.2-percent bounce back in July was driven by weak GDP in June due in part to the loss of working days from the Jubilee long weekend,” noted Yael Selfin, chief economist at KPMG UK.

“More concerning, July’s GDP remains below the level seen in May, pointing to an overall contraction over the first two months of summer.”

Britain usually has only one public holiday in early summer but the amount was doubled for the Jubilee.

Time off work for millions of Britons next Monday means the economy will have had two more public holidays than usual in 2022.

The Bank of England (BoE) expects the UK economy to enter recession before the end of the year on decades-high inflation fuelled by surging energy and food bills.

– ‘More damaging’ –

“Looking ahead, the extra public holiday for the queen’s funeral on September 19 has the potential to be more damaging for the economy than the extra day off for the Jubilee in June,” Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said following Monday’s data.

“That said, many businesses will be able to catch up work, as most of them did in June.” 

Pantheon is predicting the funeral to hit September GDP by 0.2 percent. 

“That suggests that a technical recession — widely defined as two quarters of declining GDP — is hanging in the balance.”

The BoE forecasts UK inflation — already at a 40-year high above 10 percent — to keep surging this year.

In a bid to tame runaway prices, the central bank has hiked its main interest rate several times since the end of last year.

More tightening of borrowing costs had been nailed on at a BoE meeting this week but its latest monetary policy gathering has been delayed until after the funeral.

Mourners later Monday get the first opportunity to pay respects before the coffin of Queen Elizabeth II, as it lies in an Edinburgh cathedral where successor King Charles III will mount a vigil.

The queen died in Scotland last Thursday, aged 96.

South Korean drama 'Squid Game' competes for Emmys history

South Korea’s “Squid Game” is bidding to make Emmys history Monday by becoming the first foreign-language television show to win top honors for best drama.

The Netflix show — in which misfits and criminals compete for cash in barbaric and deadly versions of schoolyard games — is aiming to emulate the success of Oscar-winning South Korean movie “Parasite” with a triumph at TV’s top prize gala.

But it faces tough competition from previous winner “Succession,” the tale of a family vying for control of a media empire — rife with Shakespearean backstabbing — that earned the most nominations overall at 25.

“It’s pretty hard to go against that HBO juggernaut,” said Pete Hammond, awards columnist for Hollywood publication Deadline.

Experts polled by awards prediction site Gold Derby have tipped “Succession” as the favorite.

“I do think [‘Squid Game’] is going to win best actor,” noted Hammond — an outcome that would make Lee Jung-jae the category’s first winner for a non-English performance.

Other shows contending for the night’s top drama prizes include Apple TV+ dystopian workplace series “Severance,” starring Adam Scott, and the final season of Netflix’s much-lauded crime saga “Ozark.”

Zendaya, who became the youngest-ever best actress winner two years ago for HBO’s hard-hitting teen drama “Euphoria,” is tipped to repeat. 

– Keaton ‘lock’ –

Best comedy series looks like an open goal for season two of Apple TV+’s fish-out-of-water soccer coach “Ted Lasso.” 

In the best actor category, star Jason Sudeikis is up against Bill Hader, whose dark hitman comedy “Barry” returns from a three-year absence.

Jean Smart is heavily tipped to repeat as best comedy actress for “Hacks,” in which she plays an aging Las Vegas diva forced to reinvent her dated stand-up routine.

Offering some fresh blood are the nominees in the limited series section, which honors shows capped at a single season.

Four of the five contenders chronicle real-life scandals.

“Dopesick” looks at the US opioid crisis, “The Dropout” recounts the Theranos fraud, “Pam and Tommy” recalls an infamous celebrity sex tape and “Inventing Anna” is inspired by a Russian con artist who scammed upper-crust New York.

But the pundits’ favorite in a tight race is “The White Lotus,” a satirical look at hypocrisy and wealth among the guests at a luxury Hawaii hotel.

The show — which is bending Emmy rules having returned for a second season, albeit with a largely new cast and location — has a whopping eight acting nominations, including for Jennifer Coolidge.

“I think Michael Keaton has got a lock on actor in a limited series” for ‘Dopesick’,” said Hammond, while Amanda Seyfried’s turn as disgraced Theranos boss Elizabeth Holmes in “The Dropout” is expected to prove popular.

– ‘The Slap’ –

The ceremony, which will be hosted by “Saturday Night Live” stalwart Kenan Thompson, is the first major Hollywood awards ceremony since this year’s extraordinary Oscars.

Back in March, Will Smith stunned viewers by slapping Chris Rock live on stage for cracking a joke about his wife.

Emmy organizers say they don’t expect a repeat.

“We have smart security. We have people around that make quick decisions,” Television Academy head Frank Scherma told Deadline.

“I can’t imagine that lightning will strike twice.” 

Mongolia completes rail crossing with China to boost coal exports

Mongolia has launched a rail line that could help boost coal exports to China to 50 million tonnes a year, the country’s president said, ending a decade-long wait for the crossing.

A ceremony to mark the launch of the rail service between the Tavan Tolgoi coal field and Gashuun Sukhait on the Chinese border was held on Friday.

Mongolian President Ukhnaa Khurelsukh was among the dignitaries in attendance, according to his website.

Heavily dependent on mining, Mongolia has long sought cheaper and more efficient ways to export its minerals abroad and has a national strategy to expand its rail network connections with Russia and China. 

Mining makes up a quarter of the country’s gross domestic product.

China has stepped up its investment in coal in the face of extreme weather, an economic slowdown and a global fuel crisis.

The 233-kilometre (145-mile) Tavan Tolgoi rail line has the capacity to export between 30 million and 50 million tonnes of coal to China annually, according to Tavantolgoi Railway LLC, the state agency that built the line. 

In 2020 the North Asian country exported 28.6 million tonnes of coal. Last year, exports fell to 15.9 million tonnes. 

The railway is also expected to lower the cost to transport coal to $8 per tonne, compared to $32 per tonne when coal is delivered by truck, according to the railway authority. 

Tavan Tolgoi is rich in coking coal, an essential ingredient in the steel-making process. 

For years coal has been transported in trucks to China, a process that has led to long queues at the border and frequent accidents. 

Mongolian governments have attempted to build a railway from Tavan Tolgoi to the Gashuun Sukhait border for more than a decade. 

Tavantolgoi LLC was formed in 2018 to complete the project. Ulaanbaatar-based Bodi International served as the general contractor. 

The Gashuun Sukhait-Gantsmod border crossing is now the second Mongolia-China border point with a rail crossing, with the other at Zamyn-Uud-Erlian. 

Progress Rail, a division of Caterpillar, agreed to supply 16 locomotives to support operations for the railway project. 

The new locomotives are designed to fit the 1,520 mm gauge used in Mongolia, Russia, and other former Soviet republics. 

Mongolia’s current 1,900 km rail network was almost entirely constructed during the 20th century with help from the Soviet Union. 

It consists mainly of the Trans-Mongolia line between Russia and China, and a spur line to the city of Erdenet.

Asian markets rally in early trading, building on US gains

Asian markets rallied in early trading on Monday, building on the momentum of gains in the United States and Europe at the end of last week, as investors price in the expectation of further interest rate hikes aimed at taming inflation.

Equities in Japan, Australia, Singapore, Taiwan and Jakarta surged, while markets in Hong Kong, China and South Korea were closed for a public holiday.

The euro continued to gain against the dollar, with investors in Europe weighing the prospect of the European Central Bank (ECB) following the US Federal Reserve’s lead and raising key rates.

On Sunday, German central bank president Joachim Nagel signalled the ECB would probably continue raising interest rates to curb runaway inflation.

Nagel predicted inflation in Europe might peak at more than 10 percent in December.

The ECB raised the key rate by a historic 75 basis points last week, and markets expect a similar-sized hike at an October meeting.

This week, investors worldwide will be closely watching US inflation data for August, due to be released on Tuesday, with the consumer price index (CPI) expected to ease slightly to eight percent — still well above the Fed’s two-percent target.

Traders expect the Fed to impose another large hike in interest rates next week, after two 75-basis-point increases already.

“A downside surprise in US CPI is likely more of a concern and that could see the dollar weakening further,” Charu Chanana, a strategist at Saxo Capital Markets, told Bloomberg Television.

“We’ve seen some glimpses of that… towards the end of last week. That could potentially be a risk to watch particularly this week.”

– ‘Soft landing’ hopes –

On Sunday, US Treasury Secretary Janet Yellen said she was hopeful the US economy could avoid a recession, but that the Fed would need to skilfully manage interest rates and also rely on “some good luck to achieve what we sometimes call a soft landing”.

“My hope is we will achieve a soft landing, but Americans know it’s essential to bring inflation down and, over the longer run, we can’t have a strong labour market without inflation under control,” she told CNN.

Yellen said that while the US economy’s growth rate was slowing, the labour market remained “exceptionally strong”, with almost two openings for every jobseeker.

In addition to the US CPI figures on Tuesday, traders will be closely watching UK CPI on Wednesday, and European CPI and China home sales, retail sales and industrial production data on Friday.

In Tokyo, stocks opened higher on Monday, driven by positive market sentiment off the back of last week’s gains and a weaker yen.

The dollar fetched 142.65 yen in early Asian trade, against 142.56 yen on Friday in New York.

“A cheaper yen is positive for corporate performances, despite recent media reports” that highlight the negative aspects of the weak yen, said chief strategist Masayuki Kubota of Rakuten Securities.

On Friday, Bank of Japan chief Haruhiko Kuroda met Prime Minister Fumio Kishida, saying the rapid weakening of the currency was “undesirable”, an indication of possible upcoming action to arrest the fall.

– Key figures at around 0300 GMT –

Tokyo – Nikkei 225: UP 1.1 percent at 28,528.90 

Hong Kong – Hang Seng Index: UP 2.7 percent at 19,362.25 (closed for public holiday Monday)

Shanghai – Composite: UP 0.8 percent at 3,262.05 (closed for public holiday Monday)

New York – Dow: UP 1.2 percent at 32,151.71 (close)

New York – S&P 500: UP 1.5 percent at 4,067.36 (close)

New York – Nasdaq: UP 2.1 percent at 12,112.31 (close)

London – FTSE 100: UP 1.2 percent at 7,351.07 (close)

Frankfurt – DAX: UP 1.4 percent at 13,088.21 (close)

Paris – CAC 40: UP 1.4 percent at 6,212.33 (close)

EURO STOXX 50: UP 1.6 percent at 3,570.04 (close)

Euro/dollar: UP at $1.0085 from $1.0046 

Pound/dollar: UP at $1.1609 from $1.1587  

Euro/pound: UP at 86.86 pence from 86.84 pence

Dollar/yen: UP at 142.65 yen from 142.56 yen 

Brent North Sea crude: DOWN 1.4 percent at $91.57 per barrel

West Texas Intermediate: DOWN 1.5 percent at $85.49 per barrel

Western arms production to ramp up as Ukraine burns through stockpiles

Western governments are mobilizing their arms manufacturers to ramp up production and replenish stockpiles heavily diminished by supplying Ukraine’s six-month-old battle against Russia’s invasion.

US Defense Secretary Lloyd Austin announced this week a meeting of senior national armaments directors from allied countries to make long-term plans for supplying Ukraine and rebuilding their own arms reserves.

“They will discuss how our defense industrial bases can best equip Ukraine’s future forces with the capabilities that they need,” he said at a meeting at Ramstein Air Force Base in Germany of the Ukraine Contact Group, 50 countries currently supporting the war effort.

On Friday, the Pentagon’s arms acquisition chief Bill LaPlante said the meeting would take place in Brussels on September 28.

The goal is to determine “how we can continue to work together to ramp up production of key capabilities and resolve supply chain issues and increase interoperability and interchangeability of our systems,” LaPlante told reporters at the Pentagon.

– Billions more for arms –

NATO countries do not all have the same weapons, but their arms are compatible. So ammunition manufactured in one country in the Atlantic alliance can be used by another.

At the start of the war, Ukraine’s military mostly used weapons and munitions that matched Russian standards. But within a few months those were exhausted — especially in crucial artillery and missile systems — and it has grown to depend on Western allies with NATO-standard arms.

But that in turn has drawn down large amounts of munitions the allies had kept for their own defense.

Rebuilding those supplies is now crucial. 

In July, the European Union announced 500 million euros for joint purchases over the next two years to replenish arms provided to Kyiv.

The priority is more anti-armor and anti-aircraft missile systems, and 155mm artillery pieces and ammunition.

EU countries “have drawn on their stocks of ammunition, light and heavy artillery, anti-aircraft and anti-tank defense systems, and even armored vehicles and tanks,” European Commissioner Thierry Breton said at the time.

“This has created a de facto vulnerability that now needs to be addressed urgently,” he warned.

The United States, the primary defense supplier of Ukraine since the war began, has pledged $15.2 billion worth of weaponry, including Javelin anti-tank missiles, artillery and ammunition compatible with NATO weaponry.

– Boosting production –

The Pentagon has furnished some 800,000 155mm artillery rounds to Ukraine, while United States has just one factory making them, the General Dynamics plant in Scranton, Pennsylvania that produces only 14,000 rounds a month.

“We have plans…  to get that in increments ultimately up to 36,000 a month in about three years,” said LaPlante.

But that would take annual production to just over half of what Washington has given the Ukrainians in less than six months.

The Pentagon wants allies to ramp up their own production lines to help replenish stockpiles.

The US military has recently announced a slew of new contracts with arms manufacturers inside and outside the United States to do this. 

It includes $364 million for 250,000 rounds of 155mm artillery ammunition from multiple makers, $624 million for Stinger anti-aircraft missiles, $324 million for Javelin anti-tank missiles, and millions more for other weapons systems, ammunition and defense supplies.

Dave Butler, spokesman for the Pentagon’s joint chiefs of staff, said the decision is guided by but not determined specifically by US manufacturing capacities.

“Ukraine’s needs for a given weapon are the ultimate driving factor,” he said.

Grief, solidarity as US marks 21st anniversary of 9/11

The United States on Sunday observed the 21st anniversary of the 9/11 attacks, with President Joe Biden recalling Americans’ sacrifice and honoring the nearly 3,000 people killed when hijacked planes hit the Twin Towers, the Pentagon and a Pennsylvania field.

Relatives of victims, police officers, firefighters and city leaders gathered at the National September 11 Memorial in Lower Manhattan, where the names of those who died there were read aloud in an hours-long ritual that has occurred annually since the deadliest single attack on US soil.

They rang bells and held moments of silence six times, including at 8:46 am and 9:03 am (1246 and 1303 GMT), the precise minutes the passenger jets struck the World Trade Center’s North and South Towers.

Biden commemorated the anniversary at the Pentagon, where Al-Qaeda hijackers crashed a plane into the massive building that serves as Defense Department headquarters.

In a steady rain, the president approached a wreath of flowers and placed his hand over his heart.

“I know for all those of you who lost someone, 21 years is both a lifetime and no time at all,” Biden said in a somber speech.

“The American story itself changed that day,” he said. “What we cannot change, never will, is the character of this nation” the attackers sought to wound.

“The character of sacrifice and love, of generosity and grace, of strength and resilience,” he said.

Biden also recalled how in the hours after the attacks, Queen Elizabeth II — who died Thursday at age 96 — sent a touching message to the American people.

“She pointedly reminded us: ‘Grief is the price we pay for love,'” Biden said.

Al-Qaeda hijacked a total of four planes. The third hit the Pentagon and the fourth, United Flight 93, was reportedly headed to the US Capitol Building when passengers and crew onboard fought the hijackers.

The plane crashed in a field near Shanksville, Pennsylvania, killing all aboard.

First Lady Jill Biden attended a ceremony there Sunday. September 11 “touched us all,” she said. “It changed us all. It reminds us that, with courage and kindness, we can be a light in that darkness.”

She has said that the passengers’ actions on Flight 93 saved scores of lives — possibly including that of her husband, then a US senator who was headed to the Capitol that day.

– ‘Secure our democracy’ –

Vice President Kamala Harris and Mayor Eric Adams were among dignitaries attending the New York event, where relatives hugged and wept, placed flowers at the memorial and held placards with images of their lost loved ones.

“While the grief recedes a bit with time, the permanent absence of my father is just as palpable as it ever was,” the son of Jon Leslie Albert said after reading several victims’ names, including his father’s.

September 11 marked a foreign attack on American soil, but Biden has warned the country faces anti-democratic turmoil from within, notably from his predecessor Donald Trump’s supporters who stormed the US Capitol on January 6, 2021 seeking to overturn the 2020 election.

On Sunday, he subtly touched on the issue, urging Americans to “secure our democracy together.”

“It’s not enough to stand up for democracy once a year or every now and then,” he said. “It’s something we have to do every single day.”

Condolence messages arrived from foreign dignitaries including NATO chief Jens Stoltenberg, Canada’s Prime Minister Justin Trudeau and Ukrainian President Volodymyr Zelensky, who called September 11 “one of the most tragic days” for the US and the world.

“Facing missile attacks daily, Ukraine knows well what terrorism is and sincerely sympathizes with the American people,” Zelensky tweeted.

New York was illuminated late Saturday by a “Tribute in Light” that showed two blue beams, symbolizing the Twin Towers, projecting into the night sky.

In addition to those killed on September 11, thousands of first responders, construction workers and residents have since fallen ill, many of them terminally, as a result of inhaling the toxic fumes.

With 'Barbarian' at the gate, N.American moviegoers shiver

“Barbarian,” a new horror film with a modern twist, has scared its way to the top of North America’s box office, earning an estimated $10 million on yet another slow movie weekend, industry watcher Exhibitor Relations said Sunday.

The film, from 20th Century and New Regency, tells the story of a woman (played by English actress Georgina Campbell) who checks into an AirBnB-type house in a sketchy Detroit neighborhood only to find it has also been booked by Bill Skarsgard — yes, the diabolical clown in the fright-filled “It” movies. Justin Long also stars.

“Barbarian” has enjoyed strong reviews, with Variety calling it a “new horror classic.” David A. Gross of Franchise Entertainment Research said its debut was “a good opening” for a low-budget horror film.

Another new release, fantasy adventure film “Brahmastra: Part One — Shiva” from Disney subsidiary Star Studios, took in $4.4 million for second place — a surprisingly strong showing for a Hindi-language Bollywood production playing in only 810 theaters.

It follows a young man named Shiva in modern-day India where his love for young Isha is complicated by his unexpected connection to a secret society. This is the first chapter in a trilogy.

In third place, down one spot from last weekend, was Sony action thriller “Bullet Train,” at $3.3 million. Brad Pitt stars as a paid killer on a high-speed Japanese train.

Meantime, Paramount’s enduring action flick “Top Gun: Maverick” — which placed a surprising first last weekend in its 15th week out — lost a bit of altitude. It took in $3.2 million for fourth place, even while nearing the $750 million mark overseas.

And in fifth, down one notch from last weekend, was Warner Bros.’ family-friendly animation “DC League of Super-Pets,” at $2.8 million.

Rounding out the top 10 were:

“The Invitation” ($2.6 million)

“Lifemark” ($2.2 million)

“Beast” ($1.8 million)

“Minions: The Rise of Gru” ($1.7 million)

“Spider-Man: No Way Home” ($1.3 million)

Grief, solidarity as US marks 21st anniversary of 9/11

The United States on Sunday observed the 21st anniversary of the 9/11 attacks, with President Joe Biden recalling Americans’ sacrifice and New Yorkers honoring the nearly 3,000 people killed when hijacked planes destroyed the Twin Towers.

Relatives of victims, police officers, firefighters and city leaders gathered at the National September 11 Memorial in Lower Manhattan, where the names of those who died were read aloud in an hours-long ritual that has occurred annually since the deadliest single attack on US soil.

They rang bells and held moments of silence six times, including at 8:46 am and 9:03 am (1246 and 1303 GMT), the precise minutes the passenger jets struck the World Trade Center’s North and South Towers.

Biden commemorated the anniversary at the Pentagon, where Al-Qaeda hijackers crashed a plane into the massive building that serves as Defense Department headquarters.

In a steady rain, the president approached a wreath of flowers and placed his hand over his heart.

“I know for all those of you who lost someone, 21 years is both a lifetime and no time at all,” Biden said in a somber speech outside the Pentagon.

“The American story itself changed that day,” he said. “What we cannot change, never will, is the character of this nation” the attackers sought to wound.

“The character of sacrifice and love, of generosity and grace, of strength and resilience,” he said.

Biden also recalled how in the hours after the attacks, Queen Elizabeth II — who died Thursday at age 96 — sent a touching message to the American people.

“She pointedly reminded us: ‘Grief is the price we pay for love,'” Biden said.

Al-Qaeda hijacked a total of four planes. The third hit the Pentagon and the fourth, Flight 93, crashed in a field near Shanksville, Pennsylvania after passengers launched a revolt onboard.

First Lady Jill Biden attended a ceremony there Sunday.

– ‘Secure our democracy’ –

Vice President Kamala Harris and Mayor Eric Adams were among dignitaries attending the New York event, where relatives hugged and wept, placed flowers at the memorial and held placards with images of their lost loved ones.

“While the grief recedes a bit with time, the permanent absence of my father is just as palpable as it ever was,” the son of Jon Leslie Albert said after reading several victims’ names, including his father’s.

September 11 marked a foreign attack on American soil, but Biden has warned the country faces anti-democratic turmoil from within, notably from his predecessor Donald Trump’s supporters who stormed the US Capitol on January 6, 2021 seeking to overturn the 2020 election.

On Sunday he subtly touched on the issue, urging Americans to “secure our democracy together.”

“It’s not enough to stand up for democracy once a year or every now and then,” he said. “It’s something we have to do every single day.”

Condolence messages arrived from foreign dignitaries including NATO chief Jens Stoltenberg, Canada’s Prime Minister Justin Trudeau and Ukrainian President Volodymyr Zelensky, who called September 11 “one of the most tragic days” for the US and the world.

“Facing missile attacks daily, Ukraine knows well what terrorism is and sincerely sympathizes with the American people,” Zelensky tweeted.

New York was illuminated late Saturday by a “Tribute in Light” that showed two blue beams, symbolizing the Twin Towers, projecting into the night sky.

In addition to those killed on September 11, thousands of first responders, construction workers and residents have since fallen ill, many of them terminally, as a result of inhaling the toxic fumes.

'It came from the gut': New mother Jennifer Lawrence returns with 'Causeway'

When Jennifer Lawrence was offered a script about a wounded US Army engineer who returns from Afghanistan to a strained relationship with her mother, she was on a sabbatical from acting and not yet a parent.

The Oscar-winning “Silver Linings Playbook” star, 32, whose fame had rocketed ever since the wildly popular “The Hunger Games” movies, had been a near-ubiquitous presence with a prolific run of movies, before announcing a pause because “everybody had gotten sick of me.”

But when she read a script for “Causeway” — then entitled “Red, White, and Water” — something changed.

“It was really just something that came from the gut, just like this urgency,” she told AFP at the Toronto film festival.

“I was very clear that I didn’t want to work, and then somehow it landed on my desk, and I just had this sense of urgency, like ‘let’s make it, let’s do this.'”

The subtle, character-driven indie movie — which also became the first project for Lawrence’s fledgling production company — follows military engineer Lynsey’s return to her mother’s home in New Orleans.

A debilitating brain injury following an IED explosion in Afghanistan is not the only trauma she must overcome, as issues from her childhood and family life flood to the surface.

Lawrence chose the film in part to showcase “what these heroes go through to keep us safe.”

“It was wonderful to be able to talk to the amazing men and women who have served, to try to get some more information and background,” she said on the red carpet of the film’s world premiere Saturday.

– Motherhood –

But she also partly drew on her own childhood for the role in “Causeway,” in which Lynsey has a fractious relationship with her unreliable mother.

“I have complications in my childhood just like everybody else does — so it was more kind of working that out,” she said of the film, which began shooting in 2019 before it was interrupted by the pandemic and eventually resumed in 2021.

During that delay Lawrence also filmed and promoted doomsday comedy “Don’t Look Up.”

And she has since become a mother herself, giving birth earlier this year to her son Cy.

“Oh God, everything changes after you become a mom!” she told AFP.

“How am I complicating his life? I don’t know yet,” she joked.

The film sees Lynsey build an unlikely friendship with James, played by Brian Tyree Henry, an auto repair worker who fixes her truck when it breaks down. 

While both grew up in New Orleans, their backgrounds are very different.

But he too has a family trauma buried deeply in his past, which the two bond over, in a relationship which soon forms the emotional anchor of the film.

– ‘Invisible injury’ –

“This film is an excavation of how we begin to process, how we manage, how we actually change, how we start to connect again,” said director Lila Neugebauer, making her film debut after success on Broadway.

“Both Jen and Brian connect so deeply with their characters on this film, as actors and as human beings.”

For Lawrence, there was “something about this woman who has been through so much, and is suffering from this invisible injury, and trying to rebuild her home and where she belongs.”

“There was something that deeply connected with me,” she said. 

“Causeway” will be released November 4 in select theaters and on Apple TV+. The Toronto International Film Festival runs through September 18.

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