Big Tech props up US stocks
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 28 April 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
Russia’s stock market has climbed to its highest level in more than a year, European commercial real estate deals hit an 11-year-low last quarter, and Big Tech continues to prop up the US stock market.
Mentioned in this podcast:
Russian stock market hits year high as trapped investors have nowhere else to go
Traditional investors are learning it’s tricky to be picky
European commercial real estate dealmaking falls to 11-year low
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.2 | Good morning from the Financial Times. |
| 0:11.9 | Today is Friday, April 28th, and this is your FT News Briefing. |
| 0:18.8 | Russia's stock market has rebounded. |
| 0:21.3 | Europe's commercial real estate deals have slowed, |
| 0:24.4 | and the S&P 500 is up since the start of the year, |
| 0:28.1 | but a handful of stocks are doing all the work. |
| 0:30.7 | I'm not even being facetious here. |
| 0:32.2 | Where would we be without a tech stock? |
| 0:34.8 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:43.2 | Russia's stock market has bounced back to its highest level in more than a year. |
| 0:47.5 | The Mox Index has risen more than 10% in dollar terms since its October lows, |
| 0:52.9 | but it's still nowhere near where it was before Moscow invaded Ukraine last year. |
| 0:58.7 | What's boosting the market is all the money that's trapped inside the country, |
| 1:02.7 | since Moscow has restricted money from leaving. |
| 1:05.6 | Russian retail investors have nowhere else to put their cash, |
| 1:09.2 | and stocks are much cheaper than before the war. |
| 1:12.1 | So investors are buying up stocks in big Russian companies like |
| 1:15.2 | Luke Oil, Gazprom, and Spurbank, which recently collectively rewarded shareholders |
| 1:20.6 | with billions of rubles in dividends. |
| 1:29.1 | In Europe, there hasn't been a ton of activity in the market for office buildings. |
... |
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