Market relief rally, ECB flexes, WeWork cash burn
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 March 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
US stocks were up for a third straight day after the Senate agreed to a $2.2tn stimulus package Wednesday. The bill comes as a report on Thursday showed that a record 3.3m Americans filed for unemployment last week from the coronavirus shutdown. Plus, the European Central Bank is giving itself a tremendous amount of flexibility in its plan to buy €750bn in additional bonds to contain the fallout from the virus. And, WeWork burnt through $1.4bn last quarter, almost all the cash injection its principal backer SoftBank had most recently provided.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:01.8 | Today is Friday, March 27th, |
| 0:04.3 | and this is your FT news briefing. |
| 0:07.5 | According to some figures, the United States |
| 0:09.7 | has overtaken China as the country with the highest number of confirmed coronavirus cases. |
| 0:15.0 | This on the same day initial jobless claims showed just how hard hotels, restaurants, and other service workers have been hit by the shutdowns to stop the spread of the disease. |
| 0:26.0 | Despite the grim numbers, Wall Street extended a rally on Thursday, and the European Central Bank |
| 0:31.0 | has given itself unprecedented flexibility to contain financial |
| 0:34.8 | fallout of the outbreak. |
| 0:36.8 | Plus new documents show We Work has burnt through a significant amount of cash as it gets |
| 0:41.4 | ready for a showdown with Soft Bank. I'm Mark |
| 0:44.7 | Filipino and here's the news you need to start your day. |
| 0:51.4 | Yesterday we got the first picture of the damage the coronavirus shutdown has done to the |
| 0:56.0 | US economy. More than 3 million Americans had filed a claim for unemployment benefits |
| 1:00.7 | last week. Yet Wall Street rallied for a third straight day on Thursday, |
| 1:05.0 | the F.T.'s U.S. markets editor, Jennifer Ablon, has more. |
| 1:09.0 | A lot of people are wondering why the markets were rallying so strongly on such dire numbers. |
| 1:17.0 | Well, I think two things. |
| 1:19.0 | Economists were bracing for a historic surge. Economists and traders were bracing and expecting that. |
| 1:27.0 | And secondly and more importantly, investors were looking ahead to the two trillion dollar stimulus package that had |
| 1:35.6 | cleared the US Senate and the House indicated it could vote on the deal as early as |
| 1:40.8 | Friday. Now a lot of traders and investors are telling me that they still |
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