UK Budget spooks bond markets
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 November 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
Apple reported solid revenue growth in the past quarter, and investors are worried about the additional borrowing set out in UK chancellor Rachel Reeves’ Budget. The US warned that North Korean troops are expected to enter combat alongside Russia’s army in the coming days, and Spain is set to become the world’s fastest-growing major advanced economy this year.
Mentioned in this podcast:
Apple’s revenue beats Wall Street expectations on higher iPhone sales
UK borrowing costs hit highest level this year after Budget
Ukraine and US warn Kyiv’s troops could face North Korean forces ‘in days’
Spanish growth soars as Eurozone stumbles
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. |
| 0:12.4 | Good morning from the Financial Times. |
| 0:15.3 | Today is Friday, November 1st, and this is your FT News briefing. |
| 0:20.5 | Apple beat expectations on the back of its new AI |
| 0:23.9 | features, and a sell-off in the UK bond market got worse. Plus, the Spanish economy has a new spring |
| 0:31.9 | in its step. Spain is doing really well in comparison with its neighbors. |
| 0:43.1 | It represents a bit of a turnaround from what we're more accustomed to in the EU. |
| 0:47.2 | I'm Sonia Hudson, and here's the news you need to start your day. Thank you. Apple is feeling optimistic about artificial intelligence. |
| 1:03.6 | The tech giant reported a 6% rise in quarterly revenue yesterday. |
| 1:08.4 | And it was pretty bullish on how new AI capabilities would drive an |
| 1:13.2 | uptick in sales for things like the iPhone, laptops, and iPads. The company's chief financial |
| 1:19.7 | officer told the FT that customers seem to embrace these new features, which are rolling out |
| 1:25.4 | in the latest update on some Apple products. |
| 1:28.1 | He said they downloaded it twice as fast as last year's software update. |
| 1:38.1 | Borrowing costs in the UK hit their highest levels of the year yesterday. |
| 1:43.3 | Bond investors are getting jittery about Labor's new budget, specifically all the borrowing |
| 1:48.7 | that Chancellor Rachel Reeves has outlined. |
| 1:51.7 | The FTs Senior Markets correspondent Ian Smith says there's a few reasons for that. |
| 1:56.9 | One is the budget on Wednesday prompted investors to scale up their expectations for how much borrowing the UK government was going to try and do, how much debt issuance it was going to try and push through the gilt market, through the UK government bond market. |
| 2:12.5 | We've seen guilt prices fall, pushing up yields to the highest in the year, and not far off the post-global financial |
| 2:20.6 | crisis high. Another thing that has happened is all of the spending announced in Wednesday's |
... |
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