The ECB is in a pickle
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 September 2023
⏱️ 12 minutes
🧾️ Download transcript
Summary
UBS has reported the biggest-ever quarterly profit for a bank, eurozone core inflation has edged down, and Switzerland has proposed sweeping measures to clamp down on money laundering.
Mentioned in this podcast:
UBS breaks record with $29bn profit after Credit Suisse deal
‘Deal of the century’ — How UBS’s rescue of Credit Suisse proved a boon
Eurozone core inflation edges down ahead of crunch ECB decision
Switzerland unveils money laundering clampdown
FT Weekend festival promo code: FTPodcast
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, 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 |
| 0:10.2 | Good morning for the financial times. |
| 0:11.6 | Today is Friday, September 1st. |
| 0:13.8 | This is your FT News Briefing. |
| 0:18.7 | Eurozone inflation is being a little stubborn and UBS reported the biggest quarterly profit |
| 0:25.7 | ever for a bank. |
| 0:27.6 | Plus, Switzerland wants to clean up its reputation, so it's cracking down on money laundry. |
| 0:34.4 | I'm Mark Filipino, here's the news you need to start your day. |
| 0:41.3 | The European Central Bank is facing a bit of a dilemma in the run-up to its meeting later this month. |
| 0:46.5 | Inflation data from the Eurozone came in just a tad hotter than expected yesterday, |
| 0:51.9 | even as core inflation edged down. |
| 0:54.7 | Here to talk about it is the FT's Frankfurt Bureau Chief Martin Arnold. |
| 0:58.3 | Hey, Martin, how's it going? |
| 1:00.2 | Well, I'm holding up a bit like Eurozone inflation, actually. |
| 1:04.3 | Nice, so great segue. |
| 1:06.1 | Give us a recap where is inflation across the Eurozone right now. |
| 1:11.3 | Inflation has overall stagnated in August at 5.3% that was unchanged from the previous month, |
| 1:21.1 | and that was a little bit higher than economists had expected. |
| 1:27.2 | Yeah, economists had been forecasting something closer to 5.1% for headline inflation, |
| 1:32.6 | which is close to what we got yesterday, but yeah, it's still a little higher. |
| 1:36.8 | So, Martin, I'm curious, how are some of the biggest economies in the Eurozone |
... |
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