Money market madness
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 March 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
Goldman Sachs, JPMorgan Chase and Fidelity are the biggest winners from investors pouring cash into US money market funds over the past two weeks, senior EU and UK officials have stepped up discussions on potential plans for closer defence and security co-operation, the London Metal Exchange has found bags full of stones at one of its warehouses instead of the nickel they were supposed to contain in the latest drama to hit the scandal-stricken metals market, and crypto companies are heading to Hong Kong to try and capture demand from Mainland China
Mentioned in this podcast:
Money market funds swell by over $286bn as investors pull deposits from banks
Trafigura: the 10-day unravelling of an alleged $500mn fraud
LME finds bags of stones instead of nickel in metal warehouse
EU and UK ramp up talks on defence cooperation
Crypto groups expand in Hong Kong in bid to tap mainland China demand
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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. |
| 0:09.8 | Hey guys, we're going to get to today's briefing in just a second, |
| 0:12.6 | but first I want to tell you about FT Edit. |
| 0:15.2 | It's an app for your iPhone and iPad that gives you access to eight of the FT's best stories |
| 0:20.8 | handpicked every weekday. |
| 0:22.8 | The app's editor serve up a perfect mix of politics, business, and global news from our award-winning |
| 0:28.1 | journalists, plus opinion pieces from our top columnists. |
| 0:31.9 | The best part? You can try FT Edit today completely free for 30 days, no obligation. |
| 0:37.6 | Just head to the show notes for the link. |
| 0:41.4 | Good morning from the Financial Times. Today is Monday, March 27. |
| 0:45.2 | And this is your FT News Briefing. |
| 0:50.0 | Cash is pouring into U.S. money market funds, and crypto companies are heading to Hong Kong. |
| 0:56.0 | Plus, the London Metal Exchange found out recently that some of the nickel in its warehouses |
| 1:01.2 | wasn't nickel. You know, there was supposed to be these bags of nickel in there, |
| 1:05.1 | but instead there was stones inside these bags. |
| 1:08.4 | And that was only the latest scandal to hit the market for this metal. |
| 1:12.8 | We'll tell you more about it. |
| 1:14.5 | I'm Mark Philippine out, and here's the news you need to start your day. |
| 1:17.8 | The past two weeks, investors have shifted nearly 300 billion dollars into U.S. money market funds |
| 1:29.5 | as according to data provider EPFR. It's the biggest month for money market inflows since the |
| 1:35.5 | depths of the COVID-19 crisis. It could be a sign of investor jitteriness of banks after the |
... |
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