Abu Dhabi bids for Germany’s industrial jewel
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 September 2024
⏱️ 14 minutes
🧾️ Download transcript
Summary
Investors snapped up consumer staples such as Coca-Cola and Colgate-Palmolive amid concerns over a potential slowdown in the US economy. Abu Dhabi’s oil company Adnoc could offer €14.4bn for German chemical group Covestro, and the European Central Bank cut interest rates to 3.5 per cent. Plus, people in Los Angeles are encouraged to park their car obsession ahead of the 2028 Olympics, and amateur astronauts completed the first private spacewalk.
Investors pile into Coca-Cola and Colgate as recession fears grow
Abu Dhabi closes in on German group that helped ‘invent chemistry’
ECB cuts interest rates to 3.5%
Can LA end its love affair with cars?
Astronauts complete first private spacewalk
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Peter Wells, Persis Love, Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. |
| 0:11.0 | The UK. |
| 0:12.0 | Good morning from the Financial Times. Today is Friday, September 13th, and this is your |
| 0:18.0 | FT news briefing. That toothpaste you're brushing your teeth with, the company behind it is probably more valuable these days. |
| 0:26.0 | And competition in the European Union is at a crossroads right now. |
| 0:31.0 | Plus, Los Angeles has big shoes to fill after the Paris Olympics, but can it do it |
| 0:36.0 | without all the traffic? I'm Kasha Broussallion and here's the news you need to start your |
| 0:40.4 | day. investors are snapping up shares in the makers of some everyday staples. |
| 1:01.0 | The stocks of U.S. companies like Coca-Cola and Colgate have gotten more popular lately |
| 1:06.9 | as people hunt for places to stash their cash in case of a recession. And the numbers don't lie. Coca-Cola is up 20% this year. |
| 1:15.0 | Target and Walmart they're looking peachy too. In fact, the good sector more |
| 1:20.0 | broadly has been outperforming the Blue Chip Stock Index in the S&P 500 for the last two months. |
| 1:26.9 | Consumer goods are called defensive areas of the market. |
| 1:29.9 | They're safer space, and the stocks tend to do well in the lead up to an interest rate cut, like the one the Federal |
| 1:35.9 | Reserve is meeting about next week. But when the economy is doing great and people are |
| 1:40.4 | feeling good about it, the appeal of defenses will start to fade. |
| 1:44.0 | I'm betting that this German company called Covestro doesn't ring a bell, but you're probably familiar with its products. |
| 1:58.0 | That's because the company invented the chemicals that go into a lot of plastics. |
| 2:02.0 | Think of the headlights on your car or remember |
| 2:05.3 | those things called CDs? Yeah, those. But now, Kovesro is about to be bought out by the Abu Dhabi |
... |
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