The UK’s gilt trip continues
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 12 October 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
Volodymyr Zelenskyy called on G7 countries to speed up supplies of air defence systems after another day of Russian missile attacks, and the biggest US banks will signal worries about the economy in third-quarter earnings reports and analysts expect them to set aside more than $4bn to cover potential losses from bad loans.
Mentioned in this podcast:
US banks to set aside $4bn for potential losses from bad loans
Bank of England warns of ‘fire sale’ risk as it widens government bond purchases
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 |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.6 | Today is Wednesday, October 12th, and this is your FT News Briefing. |
| 0:18.5 | Ukraine's leader is pleading for more air defense systems. |
| 0:22.0 | The Bank of England says it's getting out of the guilt market at the end of the week, |
| 0:26.0 | as planned, no extensions, and US banks will start rolling out their latest earnings reports, |
| 0:31.8 | and things aren't looking too bad. |
| 0:35.0 | What's challenging for banks is that bank stock investors in the worth of one analyst |
| 0:39.5 | they're never a group to enjoy the moment. |
| 0:42.7 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:50.6 | Ukraine's president Vladimir Zelinsky yesterday urged G7 countries to send air |
| 0:55.5 | defense systems more quickly. He said this at a video conference a day after more Russian |
| 1:00.7 | missile strikes hit civilians and infrastructure targets in Ukraine. Zelinsky said Russia fired |
| 1:06.4 | more than 100 cruise missiles and launched dozens of drones over the past two days. |
| 1:11.4 | Russia's president Vladimir Putin said the strikes were retaliation for a recent attack on a railway |
| 1:17.0 | bridge connecting Russian occupied Crimea and the mainland. |
| 1:26.4 | The Bank of England yesterday warned of dysfunction in the UK government bond or guilt market, |
| 1:32.2 | and it intervened for the second straight day, buying up government bonds to prop up prices. |
| 1:37.6 | It's all part of the central bank's 65 billion pound plan to steady guilt |
| 1:42.8 | after the market tanked in reaction to the government's mini budget. |
| 1:46.8 | Adam Samson is our market's news editor. He joins me now with the latest. |
... |
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