US banks ride ‘soft landing’ high
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 14 October 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Russia has expanded the capacity of its shadow fleet of oil tankers despite western sanctions, and US bank stocks hit their highest level since before the collapse of Silicon Valley Bank on Friday, following better than expected quarterly earnings. Plus, the Eurozone’s weak economic growth and sluggish consumer prices have raised concerns about low inflation, and Argentina’s president Javier Milei is not ready to lift the country’s currency controls.
Mentioned in this podcast:
Russia’s shadow fleet grows despite western crackdown
US bank stocks pass pre-SVB high on hopes for economic ‘soft landing’
Spectre of low inflation returns to haunt Eurozone policymakers
Argentina’s Javier Milei says his ‘regime of freedom’ not ready to drop currency controls
Musk’s SpaceX catches returning booster rocket in technical milestone
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 UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At equinore. |
| 0:11.0 | Good morning from the Financial Times. Today is Monday, October 14th, and this is your |
| 0:18.1 | F.T. news briefing. Russian oil tankers are sailing past Western sanctions and we're in the middle of |
| 0:25.6 | earning season for US banks. Plus in Argentina strict currency controls seem to |
| 0:32.0 | have staying power. |
| 0:34.1 | I'm Kasha Brousyan, and here's the news you need to start your day. A shadow fleet of oil tankers from Russia is thriving. So much so that its capacity to |
| 0:55.6 | transport oil has grown by over 70% since last year. That's according to a new |
| 1:01.8 | report out today. |
| 1:03.0 | And the increase is in spite of a crackdown on shipping companies and insurers |
| 1:08.0 | who have essentially allowed Moscow to get around Western sanctions. |
| 1:12.0 | Now these were first put in place to limit |
| 1:14.9 | Russia's ability to generate revenues for its war in Ukraine and they haven't |
| 1:19.7 | been that successful. Now on top of that the report also highlights the |
| 1:24.0 | environmental risks of the fleet. These ships are old and because of the |
| 1:28.1 | sanctions underinsured, so oil spills and accidents are more likely to happen. |
| 1:33.3 | We're in the middle of another earning season for US banks. |
| 1:43.0 | J.P. Morgan Chase and Wells Fargo both beat expectations when they reported on Friday. |
| 1:48.0 | The big investment banks, including Bank of America and Goldman Sachs published later this week. |
| 1:54.0 | To get the details and some insights, I have my colleague Josh Franklin here. |
| 1:58.0 | Hey Josh. |
... |
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