Five things to know to start your Wednesday

Global markets stagger as Trump’s agenda unfolds

After Donald Trump won the election, the U.S. stock market hit record highs and the U.S. dollar reached its strongest level in two years. However, it’s been anything but good news for the rest of the world.

Stock markets outside the United States are falling sharply. For instance, the MSCI ACWI recorded its worst day since the August 5 rout. The MSCI emerging markets index also lost more than 1% following the US election, nearly erasing this year’s gains. European investments, including their currency (the euro), are also struggling.

The gap between U.S. and international investments has grown larger as Trump begins choosing his government team. He’s picking people who strongly support his “America First” ideas for important positions. And that has confirmed the worst of investors’ fears: that the push for higher tariffs, particularly on China, will gain momentum, alongside a host of potentially disruptive policies that can drive inflation higher and bind the hands of central banks. Such worries have prompted investors to park their money in US assets.

Global carbon emissions have risen this year

A report that tracks annual pollution showed that in 2024, the world released more carbon dioxide (CO2) into the air than ever before. This makes it harder for countries to achieve the goals agreed to in Paris in 2015 to limit global warming.

The pollution comes mainly from burning fossil fuels – coal, oil up by 0.8% this year, reaching 37.4 billion metric tons. When you add in pollution from changing how we use land (like cutting down forests), the total rises to 41.6 billion metric tons. To put this in perspective: the amount of CO2 in our atmosphere is now 52% higher than it was before factories and machines became common.

This news comes as world leaders meet at a major climate conference called COP29 in Baku, Azerbaijan. The report is another warning sign that Earth is heating up dangerously fast.

In fact, scientists now say there’s a 50-50 chance that within just six years, the world will be 1.5 degrees Celsius (about 2.7 degrees Fahrenheit) warmer than it was before the industrial age began.

Death toll from Lassa fever and meningitis hit 535

As of October 13, 2024, doctors have confirmed that 1,035 people have Lassa fever, though they suspect many more – 8,569 cases in total. Sadly, 174 people have died from this disease, which has spread across 28 states and 129 local government areas.

Another dangerous disease, Cerebrospinal Meningitis, is also causing problems. During the 2023/2024 season, it has killed 361 people. Doctors have confirmed 380 cases of this disease, though they suspect nearly 5,000 people might have it. These cases are spread across 24 states and 174 local government areas.

Dr Jide Idris, who leads the Nigeria Centre for Disease Control and Prevention, shared these numbers during a meeting with reporters on Tuesday in Abuja.

Somaliland is heading to the polls today, hoping for international recognition

People in Somaliland will vote for their next president on Wednesday. This election is especially important because Somaliland believes it might finally get international recognition as an independent country, something it has wanted for 30 years.

Somaliland sits in a valuable location near the Red Sea. It broke away from Somalia in 1991 and has been running itself ever since, but no other country officially recognizes it as independent. This creates big problems for its 6 million residents – they have trouble getting international loans and can’t easily travel to other countries.

The current president, Muse Bihi Abdi, who has led since 2017, is running for another term. His main opponent is Abdirahman Cirro from the opposition party. This election was supposed to happen in 2022, but lawmakers delayed it by two years, letting President Bihi stay in power longer.

FG spent $3.58 billion servicing foreign debts

Nigeria is spending much more money paying back its foreign loans this year. In the first nine months of 2024, the government paid $3.58 billion to service these debts. That’s almost 40% more than what it paid during the same period in 2023, which was $2.56 billion.

These numbers come from the Central Bank of Nigeria, which tracks how much money the country pays to other nations. The rising payments show that Nigeria is under growing financial pressure while dealing with various economic problems.

In 2024, Nigeria paid the most in May – $854.37 million in a single month. Compare this to 2023, when the highest monthly payment was $641.70 million in July. The difference is especially striking when you look at May of both years: Nigeria paid $854.37 million in May 2024, but only $221.05 million in May 2023. This big jump in payments is partly because the naira has lost a lot of its value.