The highs and lows of the ‘Trump trade’
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 8 November 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
US stocks rallied after Donald Trump’s election victory, but the euphoria could be short-lived if his policies drive up inflation. Plus, German opposition leader Friedrich Merz has called for snap elections as early as January following the collapse of Olaf Scholz’s government, and Trump’s victory is set to cast a pall over the UN COP29 summit next week.
Mentioned in this podcast:
Risk assets rally but bond market views Donald Trump’s victory with caution
Federal Reserve cuts interest rates for second consecutive meeting
German opposition leader Friedrich Merz calls for snap elections
Trump victory seen as blow to climate action ahead of COP summit
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.
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 Equinoor, the UK's energy partner. |
| 0:06.5 | Learn more at equinore.com.uk. |
| 0:12.5 | Good morning from the Financial Times. |
| 0:15.4 | Today is Friday, November 8th, and this is your FT News briefing. |
| 0:20.3 | Wall Street Euphoria from Donald Trump's victory |
| 0:23.2 | might be short-lived, and the uneasy political coalition in Germany finally snapped. Plus, |
| 0:30.5 | the world's biggest climate conference kicks off next week. Can it get anything done? |
| 0:36.1 | There was an expectation that these would be an incredibly |
| 0:39.0 | tough set of negotiations even before Donald Trump won the election. I'm Sonia Hudson, |
| 0:43.9 | and here's the news you need to start your day. There's been a bit of a split screen going on in U.S. market since the election. |
| 0:59.9 | Stocks have been on the rise the last two days, but the bond market is feeling nervous about a second Trump term. |
| 1:07.0 | Investors are also contending with the Federal Reserve's quarter point interest rate cut yesterday. |
| 1:13.1 | Here to unpack all this is the FT's U.S. markets editor, Jennifer Hughes. |
| 1:17.7 | Hi, Jen. |
| 1:18.7 | Hi, there. |
| 1:20.0 | So how have markets performed in the days since the election? |
| 1:23.3 | Give us an overview. |
| 1:24.8 | Well, in two words, we could say it was Trump trades. |
| 1:28.8 | This is what we saw during the election counting and after the result was known. And it is, like you said, it's been |
| 1:35.6 | seen as good for stocks, I say bad for bonds. All of this is a bit circumstantial at the moment, |
| 1:42.6 | very speculative. We're still trying to figure out what exactly Trump will actually do. But what we did see was these massive moves straight away. Best day for US stocks in about two years. What we've seen since has been a little bit of a pullback as people go, okay, directionally, we're okay with this, |
| 2:01.9 | but maybe we want to wait and see what a new President Trump actually comes up with. |
... |
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