Tech stocks fall on inflation fears, Brazil’s oil intervention, Big Tech goes green
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 23 February 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
The Nasdaq Composite closed 2.5 per cent lower on Monday as rising inflation expectations undercut arguments for tech stocks’ high valuations, Brazilian markets were rattled after president Jair Bolsonaro removed the head of Petrobras, and American rapper Jay-Z signs a big champagne deal with LVMH. Plus, the FT’s clean energy and environment correspondent, Leslie Hook, explains how Big Tech companies became one of the world’s largest supporters of green energy.
Global stocks fall on nerves over inflation outlook
https://www.ft.com/content/cab2caee-60c9-40cb-a115-099287ab8bf4
Brazilian markets rattled by Bolsonaro’s removal of Petrobras chief
https://www.ft.com/content/68b0c6cf-7d78-4e0e-9025-bfaca7e098e2
LVMH signs champagne deal with rap star Jay-Z
https://www.ft.com/content/840826e8-a70e-4f1d-82a4-1b83895eced5
How tech went big on green energy
https://www.ft.com/content/0c69d4a4-2626-418d-813c-7337b8d5110d?
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Tuesday, February 23rd. |
| 0:04.0 | And this is your FT News Briefing. |
| 0:08.5 | Tech stocks dropped yesterday on inflation fears. |
| 0:11.6 | Brazilian markets tumbled after the country's president named a new CEO of Petrobras |
| 0:16.7 | and Jay-Z scores big on champagne sales. Plus, big tech companies dominate a lot of markets. |
| 0:23.9 | Here's one you may not know about. A climate reporter Leslie Huck will tell us how Google, |
| 0:28.0 | Amazon, and other tech companies are now the biggest buyers of green energy. |
| 0:33.1 | I'm Mark Filipino, here's the news you need to start your day. |
| 0:40.6 | Technology stocks started the week with a pretty sharp drop. |
| 0:44.4 | The Nasdaq fell nearly 2.5% on Monday. Apple fell 3% and Amazon dropped just over two. |
| 0:51.5 | The tech sell-off was fueled by fears about inflation and rising long-term interest rates. |
| 0:56.5 | Rising long-term rates could lower the present value of future earnings. |
| 1:00.6 | And that undercuts a lot of the justification for the sky-high share prices of high-growth tech stocks. |
| 1:06.8 | The yield on the 10-year treasury note rose to 1.37% as investors continued a bond sell-off from last |
| 1:12.8 | week. Yields, of course, move inversely to prices. Inflation concerns are linked to President |
| 1:17.9 | Joe Biden's proposed $1.9 trillion economic stimulus package. Some fear it could push a prices. |
| 1:25.2 | And the big question is whether that will push the Federal Reserve away from its |
| 1:29.2 | ultra-loose monetary policy. Today, Fed Chairman Jay Powell delivers his semi-annual testimony |
| 1:34.6 | before Congress, and investors will be watching for clues. |
| 1:43.9 | Brazil's biggest company lost a fifth of its value yesterday. Investors dumped shares in |
| 1:49.9 | Petrobras, that's the state-controlled oil company, after Brazil's president, |
| 1:54.0 | Jair Bolsonaro moved to replace its chief executive with an army general who has no experience |
... |
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