The European Central Bank’s cautious first step
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 7 June 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
The European Central Bank has cut interest rates for the first time in nearly five years, and the European Commission will recommend the start of EU accession talks with Ukraine this month.
Plus, the FT’s Katie Martin explains how optimistic we should be about a revival of the London Stock Exchange.
Mentioned in this podcast:
ECB cuts interest rates for first time in five years
A cautious revival of the London IPO market
Ukraine ready for EU membership talks, Brussels says
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Jess Smith, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. 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 UK's energy partner. |
| 0:06.2 | Learn more at equinore. |
| 0:07.2 | At Aquinore. |
| 0:09.2 | UK. |
| 0:09.8 | Good morning from the Financial Times. Today is Friday, June 7th, and this is your |
| 0:17.5 | FT news briefing. The European Central Bank became the first leading Central Bank to cut interest rates, |
| 0:25.1 | and Ukraine might start talks to join the European Union. Plus the London Stock Exchange, |
| 0:32.0 | so hot right now. |
| 0:34.0 | It's very easy to be cynical about the UK |
| 0:36.0 | and heaven knows I've done it myself from time to time. |
| 0:38.4 | But you cannot argue with how this market has done so far this year. |
| 0:42.3 | I'm Mark Filipino, and here's the news you need to start your day. The European Central Bank cut interest rates for the first time in five years yesterday. The ECB made a quarter point |
| 1:06.5 | cut and investors think the Central Bank might lower rates again in a few months. |
| 1:11.7 | Here to talk about it is the F.T's economics commentator Chris |
| 1:14.6 | Giles. Hey Chris. Hey Mark. So Chris, why did the ECB feel like this was the |
| 1:21.0 | time to cut rates after such a long period of higher for longer. |
| 1:25.0 | So the Eurozone economy isn't doing that well. |
| 1:30.0 | Now it's done a little bit better than we feared it might do at the |
| 1:33.3 | start of the year but still pretty weak and inflation has been coming down a |
| 1:39.0 | long way so the ECB feels its own words it can dial back the restrictiveness, so it still thinks the interest rate at 3.75% instead of 4% is constraining the economy somewhat, but it doesn't feel it needs to have such a tight |
| 1:54.9 | grip. So if you think about a car metaphor they were breaking pretty hard and now |
| 2:00.1 | they're just releasing their foot a little bit on the brake pedal but still |
... |
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