Hamas is not Israel’s only concern
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 12 October 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
Analysts forecast that four of the six big US banks will see Q3 profits fall year on year, Israel has been fighting on its northern border with Lebanon in addition to war with Hamas,and the star witness in the Sam Bankman-Fried trial testifies. Plus, shares in Birkenstock dropped more than 12 per cent on their first day of trading.
Mentioned in this podcast:
Rising interest rates curb lending growth for big US banks
Birkenstock shares slip on first day of trading
What links Hamas to the ‘Axis of Resistance’ and its patron Iran?
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Monica Lopez, 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 | Good morning from the Financial Times. |
| 0:04.1 | Today is Thursday, October 12th, and this is your FT News briefing. |
| 0:09.6 | U.S. bank earnings look like they've taken a turn for the worse, and the jury in |
| 0:13.9 | Sandbank been freed's criminal trial heard some pretty stunning testimony. |
| 0:18.8 | Plus Israel is worried about another front in an already brutal conflict. |
| 0:23.6 | The concern is that we're this to become an all-out conflict between Israel and |
| 0:28.8 | Hezbollah that would be fighting Hamas and the South and Hezbollah and the North. |
| 0:32.9 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:51.1 | Big U.S. banks will start reporting earnings on Friday, JP Morgan Chase, Wells Fargo, and |
| 0:56.2 | City Group will all release quarterly reports. |
| 0:59.8 | But the good times might be coming to an end for Wall Street, here to walk us through |
| 1:03.6 | what to expect as the FT's U.S. banking editor, Joshua Franklin. |
| 1:07.1 | Hey, Josh. |
| 1:08.1 | Hi. |
| 1:09.1 | So the past few quarters when we've talked to you about bank earnings, it's been pretty |
| 1:12.6 | good news, but this time around analysts are saying that the majority of the six biggest |
| 1:17.6 | U.S. banks will see their third quarter profits fall year on year. |
| 1:22.5 | What's changed? |
| 1:24.1 | Nothing good lasts forever for these banks. |
| 1:26.3 | So basically, what banks have been really benefiting from from the last 12 to 18 months has |
| 1:31.0 | been rising interest rates. |
| 1:32.5 | They've been able to charge more for loans that they make, but they haven't really been |
... |
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