Germany falls out of love with China
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 4 November 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
The US labour market appears to be cooling, the Bank of England raised interest rates by 75 basis points, the biggest increase in 30 years, and Russia has rejoined a deal to allow grain exports from Ukraine through the Black Sea. Plus, the FT’s Yuan Yang explains why Germany is reconsidering its dependence on trade with China.
Mentioned in this podcast:
Tech groups cut jobs and pause hiring amid ‘leaner times’
Bank of England raises interest rates by 0.75 percentage points
Germany struggles with its dependency on China
Russia agrees to rejoin Ukraine grain exports deal
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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. 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.
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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 |
| 0:10.0 | Good morning from the Financial Times. |
| 0:11.5 | Today is Friday, November 4th, and this is your FT News Briefing. |
| 0:18.6 | US tech companies are laying off workers, the Bank of England raised rates, |
| 0:22.6 | but it's not taking all of its cues from the Federal Reserve, |
| 0:26.3 | and Germany is reconsidering its relationship with China. |
| 0:30.1 | I'm Mark Philippineau, and here's the news you need to start your day. |
| 0:45.0 | Tech stocks have been tumbling, and now jobs are going. |
| 0:48.6 | Ride-hailing service lift yesterday said it's laying off 13% of its workforce. |
| 0:53.2 | Also yesterday, the CEO of Stripe said his company had over-hired for the world we're in. |
| 0:58.6 | The payment processor will cut 14% of its workforce. |
| 1:02.6 | Amazon also said it would pause new hires. |
| 1:05.7 | These layoffs are part of tech company's efforts to cut costs as consumers pull back on spending. |
| 1:11.5 | This morning, we'll get the latest reading on the broader US job market. |
| 1:15.2 | Job growth is expected to have cooled for a third consecutive month, |
| 1:18.7 | a sign that the Federal Reserve's rate increases are having their intended effect. |
| 1:28.6 | The Bank of England raised interest rates yesterday by 75 basis points. |
| 1:32.8 | It's the BOE's highest rate rise in 30 years, |
| 1:36.2 | but the central bank also signaled it won't raise rates much higher. |
| 1:40.8 | The really funny thing in a way is the market reaction, right? |
| 1:44.8 | Our market's editor Katie Martin says usually when rates go up, people buy the currency. |
... |
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