January stocks hit the skids
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 1 February 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
The US stock market has suffered its worst start to the year since the global financial crisis, US and European allies are preparing what is being described as the most aggressive package of economic and financial sanctions ever assembled to punish Russian president Vladimir Putin, and Italian government bonds rallied as investors welcomed the re-election of Sergio Mattarella as president.
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Mentioned in this podcast:
US stock markets endure worst January since global financial crisis
US and European allies ready aggressive sanctions against Russia
Draghi gains vital time for policy revamp after Italy re-elects Mattarella as president
Sony buys video game maker Bungie for $3.6bn as dealmaking accelerates
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber 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. |
| 0:09.7 | Good morning from the Financial Times. Today is Tuesday, February 1. |
| 0:13.4 | And this is your FT News Briefing. |
| 0:18.6 | It was a dry January indeed. |
| 0:21.2 | US stocks had their worst start of the year since the depths of the financial crisis in 2009. |
| 0:26.7 | Italian lawmakers decided they want more of the same with their leadership and the country's |
| 0:31.2 | bond markets were thrilled. Plus, Western countries are trying to deter Russia from attacking Ukraine |
| 0:37.1 | with the toughest sanctions ever. It's really a package on a scale like we've never seen. |
| 0:43.7 | Our Washington Bureau Chief James Plyty will have more. A Mark Filipino and here's the news you |
| 0:49.0 | need to start your day. |
| 0:50.4 | January was a landmark kind of rotten for US stocks. The S&P 500 is down over 5% compared to a month |
| 1:01.1 | ago and the NASDAQ is down 9%. This all adds up to the worst trading month since the financial crisis. |
| 1:08.0 | The FT's US Capital Markets correspondent Nicholas McGulles says there are a few reasons for this |
| 1:12.8 | no good very bad month. The biggest one was the outlook for interest rates and inflation. |
| 1:19.1 | We've been moving in this direction for a while but the Federal Reserve really kind of stepped up |
| 1:23.6 | its signaling this month. They would start lifting interest rates to fight price rises which is |
| 1:29.3 | bad for stocks for various reasons. In simple terms, it's because it increases the income |
| 1:34.6 | that an investor can get now from bonds and that therefore reduces the relative value that they |
| 1:40.6 | put on future income that stocks promise. It's a sort of bird in the hand versus two in the bush |
| 1:45.4 | situation. Is part of this just that Wall Street is coming down from the crazy pandemic highs |
| 1:51.6 | that we saw? Last year, when things were first reopening, everything looks amazing in comparison |
... |
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