Markets’ dove-coloured glasses
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 3 February 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
Big Tech companies reported earnings lacklustre yesterday, equities markets ended Thursday higher despite central banks tightening monetary policy, and US job growth is expected to have slowed for the sixth consecutive month.
Mentioned in this podcast:
Apple’s revenue growth streak snapped after supply chain woes
Meta shares soar on resilient revenue and share buybacks
ECB raises rates by 0.5 percentage points as Lagarde commits to ‘stay the course’
Bank of England raises interest rates by 0.5 percentage points to 4%
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.
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 |
| 0:10.1 | Good morning from the Financial Times. Today is Friday, February 3rd. This is your FT News Briefing. |
| 0:18.4 | Tech companies had a difficult quarter despite strong demand, |
| 0:21.9 | and central banks raised rates this week. Markets acted like that was dovish. |
| 0:27.9 | The big money managers that I speak to are like, I do not understand why everyone is so excited. |
| 0:34.0 | The FT's Katie Martin was baffled too. Plus, we'll preview the latest US jobs numbers. |
| 0:39.9 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:47.9 | Three big tech companies reported earnings yesterday, Apple, Alphabet, and Amazon, |
| 0:52.8 | and things did not look pretty for them for the fourth quarter of 2022. |
| 0:57.4 | We will start with Apple, which snapped a streak of 14 street quarters of revenue growth. |
| 1:02.9 | The FT's West Coast editor Richard Waters explains what happened. |
| 1:06.8 | Primarily because it's supply chains, you know, it's struggling. In China, the effects of the |
| 1:12.8 | COVID lockdowns really held back its manufacturing. And so despite the very strong demand, |
| 1:20.2 | we had a week quarter of a mile. And that is very much what we seem reflected in the other |
| 1:24.6 | companies for various reasons across all their markets. It's quite a week quarter. |
| 1:29.2 | Yeah, let's talk about some of those reasons. What happened with Amazon and with Google's |
| 1:33.4 | parent company Alphabet? Digital advertising growth has slowed down tremendously. |
| 1:39.7 | The other thing, and this definitely is an Amazon story as well as a Google story and a |
| 1:44.9 | Microsoft story, is the cloud computing market, which has been one of the huge growth |
| 1:52.3 | levers for the entire tech sector is actually slowing much faster than anybody thought at this stage. |
| 1:59.2 | And it's reflecting this rapid deceleration in a really hot market. And the reason for that is |
... |
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