European bank earnings, coronavirus threat to call centres
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 28 April 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
US oil prices fell sharply on Monday after the world’s largest oil-backed exchange traded fund began offloading all of its short-term contracts, and investors in European banks are braced for significant loan-loss provisions as the sector reports quarterly earnings this week. Plus, the FT’s John Reed will explain why the Philippines’ coronavirus lockdown is causing pain for the country’s vast outsourcing sector.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:01.8 | Today is Tuesday, April 28th. |
| 0:04.1 | This is your FT News briefing. |
| 0:08.7 | The price of US oil continued its wild ride |
| 0:11.5 | with another sharp drop yesterday and investors expect |
| 0:14.8 | European banks to set aside sizable loan loss provisions as they begin to |
| 0:18.9 | report first-quarter earnings today. Plus the F.T.'s John Reed will explain why the coronavirus lockdown in the Philippines |
| 0:25.6 | is causing pain for the country's vast outsourcing sector. |
| 0:28.9 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:37.0 | Last Monday, the U.S. benchmark West Texas Intermediate Oil fell below the $0.00 mark for the first time. |
| 0:46.2 | The plunge into negative prices came just a day before the May W.T.I. contract expired. |
| 0:51.9 | The price recovered over the course of last week. |
| 0:54.0 | This is for the delivery of June oil, but the price dropped again yesterday. |
| 0:58.2 | The most recent fall, a nearly 25% drop, by the way, came after a move by the United States Oil Fund. |
| 1:04.8 | This is the largest oil-backed exchange-traded fund in the world. |
| 1:08.7 | And yesterday it started to offload all of its short-term contracts, worried that U.S. oil prices would, once again, |
| 1:15.4 | fall into negative territory. |
| 1:17.5 | The United States Oil Fund said it would sell a fifth of its $36 billion dollar portfolio. |
| 1:23.4 | W.T. I ended up around $13 a barrel yesterday, |
| 1:26.6 | and this latest fall shows how speculative trading |
| 1:29.1 | can disrupt an increasingly fragile oil market. |
| 1:32.4 | More oil is being produced than needed as coronavirus lockdowns continue to freeze businesses and travel. |
... |
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