Markets keep calm despite global tensions
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 4 October 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
A strike that closed US east and Gulf coast ports will be suspended, and market reaction to escalations in the Middle East remains minimal. Plus, Italy’s government will raise more taxes from companies earning windfall profits, and luxury group LVMH will become a top sponsor of car-racing franchise Formula One.
Mentioned in this podcast:
US dockworkers suspend strike that threatened to cripple ports
Italy seeks to raise more windfall taxes from companies
The market reaction to global tensions might not follow the old script
LVMH strikes sponsorship deal with Formula 1
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Credit: CNBC, LVMH
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. |
| 0:11.0 | The UK. |
| 0:12.0 | Good morning from the Financial Times. Today is Friday, October 4th, and this is your |
| 0:18.0 | F.T. news briefing. Major ports in the U.S. will reopen today and markets have been pretty calm during a chaotic week. |
| 0:29.0 | Plus luxury brands are teaming up with mainstream sports. I'm Sonia Hudson and |
| 0:35.8 | here's the news you need to start your day. The U.S. Port strike is over, at least for now. |
| 0:48.6 | The U.S. Port strike is over, at least for now. |
| 0:58.3 | Doc workers walked off the job three days ago which closed all the ports on the east and Gulf coasts. That was obviously hugely disruptive to the US economy. |
| 1:04.2 | J.P. Morgan estimated that the work stoppage could cost as much as four and a half |
| 1:09.5 | billion dollars a day. |
| 1:12.0 | The dock workers union and the group that represents ocean carriers |
| 1:15.6 | had been at an impasse over wages and automation, but they reached a tentative deal |
| 1:22.1 | yesterday. |
| 1:23.0 | It reportedly includes a 62% raise over six years. |
| 1:28.0 | The deal also extends the expired contract until mid-January, while the two groups negotiate the last major |
| 1:35.5 | outstanding issue automation. |
| 1:39.6 | Geo political terms Geopolitical turmoil and armed conflict usually stress out markets. |
| 1:49.8 | So when fighting majorly escalated in the Middle East this week, I expected a major reaction. |
| 1:56.8 | But markets have been surprisingly steady. |
| 2:00.5 | Here to explain why is Katie Martin. She's our markets columnist. Hi Katie. |
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