Are companies bailing on fossil fuels or doubling down?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 14 August 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
US stocks and Treasuries rallied as traders assessed lower than expected wholesale inflation data, and investors hope that abundant electricity in northern Sweden can power a new wave of industrialisation. Meanwhile, the world’s biggest publicly listed coal producer is dropping plans to ditch the commodity.
Mentioned in this podcast:
US stocks climb as soft inflation data spurs Treasury rally
Can Sweden deliver its much hyped green energy boom?
‘Cash is king’: Why Glencore kept faith with coal
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Katie McMurran,
Molly Nugent, 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. UK. Good morning from the Financial Times. Today is Wednesday, August 14th, and this is your |
| 0:19.0 | FT news briefing. The world is going green, or maybe it's actually doubling down on fossil fuels. |
| 0:26.3 | It's kind of hard to tell these days. We'll try to clear the air and make sense of it for you. |
| 0:31.6 | But first an update on U.S. markets. I'm Sonia Hudson |
| 0:35.8 | and here's rally. U.S. investors were feeling optimistic yesterday. |
| 0:53.2 | Equities and Treasury's rallied. |
| 0:55.2 | The S&P 500 rose 1.7 percent, and the yield on the 10-year Treasury fell 0.05 percentage points. That was after lower than expected wholesale |
| 1:06.4 | inflation data came out. Now this is different from the Consumer Price Index that |
| 1:11.0 | will get an update on today. |
| 1:13.0 | Yesterday's rally shows that investors are feeling even more confident about interest rate |
| 1:17.7 | cuts this fall. So we've covered the backlash to something called ESG on the show many times before, |
| 1:30.3 | you know, environmental, social, and governance investing companies who once |
| 1:34.5 | promised to well clean up their act are now backtracking on that but it's all a |
| 1:40.0 | bit confusing I mean there are businesses powering ahead with their green |
| 1:44.1 | plans too. So I wanted to spend some time today looking at how different industries |
| 1:49.7 | are prepping or not prepping for climate change. |
| 1:53.2 | First up is Glencore. |
| 1:54.9 | It's the world's biggest coal exporter. |
| 1:57.6 | And it was going to spin off the business |
| 2:00.4 | in favor of cleaner energy. But the Swiss-based company recently bailed on |
... |
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