Bad news bears (market)
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 14 June 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
US stocks dipped into bear market territory, two major cryptocurrency players blocked withdrawals, and British prime minister Boris Johnson published legislation to make sweeping changes to trading rules for Northern Ireland. Plus, hundreds of Japanese companies have left Tokyo for the countryside — will it have a lasting effect?
Note: We wanted to apologize to our listeners for not publishing a show on Monday, June 13. This was due to a technical error.
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Mentioned in this podcast:
US stocks trade in bear market territory as sell-off accelerates
Bitcoin tumbles after crypto lender Celsius blocks all redemptions
What does Northern Ireland protocol bill do and why is it contentious?
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. Today is Tuesday June 14th and this is your FT News Briefing. |
| 0:18.4 | US stocks slide back into a bear market. The crypto meltdown is entering a new phase. |
| 0:25.4 | The FT's Katie Martin explains what it means for the broader ecosystem. |
| 0:29.6 | It looks like with the price of crypto crashing a lot of the organizations where you trade this |
| 0:35.0 | stuff a lot of the exchanges simply can't cope. The UK wants to tear up its 2020 Brexit trade |
| 0:42.0 | agreement with Northern Ireland and the EU is not pleased. I'm Joanna Gal, in for Mark Filipino |
| 0:50.7 | and here's the news you need to start your day. |
| 1:00.7 | US stocks dropped into a bear market yesterday. By the end of trading, the benchmark S&P 500 was more |
| 1:07.5 | than 20% lower than its recent high in January. Investors were rattled by an unexpectedly high US |
| 1:14.3 | inflation report that was released on Friday. Analysts then upgraded their forecasts of how much the |
| 1:20.3 | Fed will raise interest rates to deal with inflation. This is the second time Wall Street has |
| 1:25.6 | entered a bear market in the past month. In May, it just briefly hit the threshold and rebounded |
| 1:31.0 | within the same day. The crypto market also had a bad day yesterday. First, Celsius, a major |
| 1:43.7 | player in crypto that lets users lend out their tokens for high returns blocked its customers |
| 1:49.2 | from pulling money from its platform. It said this was due to extreme market conditions. |
| 1:55.7 | Then Binance, the world's biggest crypto exchange, also suspended customer withdrawals of Bitcoin. |
| 2:02.4 | The moves fueled a broad sell-off across the digital asset market. Our markets editor Katie |
| 2:07.7 | Martin joins me to discuss what's going on. Hi Katie. Hey, how you doing? I'm doing well. So what are |
| 2:14.2 | the underlying causes of this crypto meltdown? Yeah, it is a meltdown and what is interesting right now |
| 2:21.1 | is that it's entered a new phase. So the price of crypto assets for which we can use Bitcoin as our |
... |
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