Friday, March 13
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 March 2020
⏱️ 9 minutes
🧾️ Download transcript
Summary
US stocks fell almost 10 per cent in their worst day since the 1987 market crash despite emergency action by the Federal Reserve. Meanwhile, following the US ban on travellers from Europe, airlines are demanding immediate government action to alleviate the industry’s deepening crisis. Plus, companies took on vast amounts of debt in the era of low interest rates. The FT’s US business editor, Andrew Edgecliffe-Johnson, explains the risk this debt poses now.
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Transcript
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| 0:00.0 | Good morning from the newsroom of the Financial Times. |
| 0:02.6 | Today is Friday, March 13th, and this is your FT news briefing. |
| 0:08.7 | U.S. stocks had their worst day in 30 years, |
| 0:11.3 | despite a promise by the Federal Reserve to pump trillions of dollars into the |
| 0:15.3 | financial system. |
| 0:17.0 | And airlines are asking for immediate government assistance as Donald Trump's European |
| 0:21.6 | travel ban threatens an industry already in trouble. |
| 0:25.3 | Plus, could the fallout from the coronavirus trigger a corporate debt crisis? |
| 0:29.7 | The F.T.'s U.S. business editor Edgecliff Johnson will tell us what's at risk. |
| 0:35.4 | I'm Mark Filipino, and here's the news you need to start your day. On Thursday, U.S. stocks dropped nearly 10%, the biggest drop since the market crash of 1987. |
| 0:49.3 | In Europe, Equity shed a tenth of their value, while London's footsy 100 fell 11%. |
| 0:55.1 | It was a dramatic investor response to escalating fears of a global recession and severe |
| 0:59.6 | credit crunch, as well as national lockdowns as a result of coronavirus. |
| 1:04.2 | This followed President Trump's announcement on Wednesday night of a 30-day ban on non-Americans |
| 1:08.6 | traveling to the U.S. from Europe. |
| 1:10.6 | It was part of a supposed attempt to contain the outbreak. |
| 1:13.0 | Earlier on Thursday, the Federal Reserve said it would pump trillions of dollars into the financial system in a vain attempt to ease the stresses showing up in the short-term lending markets. The F.T.'s U.S. economics editor |
| 1:24.9 | Brendan Greeley explains. |
| 1:27.5 | So the simplest way of describing what happened on Thursday morning was that people were having |
| 1:31.1 | difficulty finding a price for treasuries. |
| 1:33.7 | To give you an idea of how profound that is, Treasury is the bedrock of global financial |
| 1:37.2 | markets. |
... |
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