Italian political drama weighs on markets
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 15 July 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Italian prime minister Mario Draghi offered to resign, which caused problems for Italian stocks and for the euro. Plus, two of the biggest US banks had worse earnings reports than analysts expected.
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Mentioned in this podcast:
Mario Draghi offers to resign as Italy’s prime minister
JPMorgan and Morgan Stanley profit miss casts pall over Wall Street
Rising recession fears and broad shift into haven assets have boosted the greenback
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. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
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. |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.4 | Today is Friday, July 15. |
| 0:13.4 | And this is your FT News Briefing. |
| 0:18.4 | Markets are on edge as the Italian government wobbles |
| 0:21.8 | and the euro is sinking and sinking as currency investors flocked to the safety of the green back. |
| 0:28.1 | The dollar is just screaming higher. |
| 0:31.7 | And U.S. banks kicked off earning season with a surprise for investors. |
| 0:36.2 | A Mark Filipino and here's the news you need to start your day. |
| 0:45.6 | Italian politics are kind of like a bad movie right now. |
| 0:49.0 | One of the stars, Prime Minister Mario Draghi, a guy known for his competence, |
| 0:53.2 | offered to resign yesterday after political opponents refused to work with him. |
| 0:57.5 | The president Sergio Maderella said, no, you can't leave. |
| 1:01.7 | He's rejected the resignation and asked Mario Draghi to communicate with Parliament |
| 1:07.9 | on Wednesday next week. |
| 1:10.5 | That's our own correspondent, Amy Cazman. |
| 1:13.4 | So there's going to be a lot of behind-the-scenes political maneuvering |
| 1:18.4 | as members of Parliament decide whether they can persuade, drag to stay or whether they're |
| 1:24.7 | happy for Italy to be plunged into early elections. |
| 1:28.8 | There's a lot of uncertainty about what the shape of the new government would look like. |
| 1:33.3 | So there's a lot of anxiety about what lies ahead. |
... |
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