US stimulus talks end, Macy’s buys stake in Swedish fintech
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 7 October 2020
⏱️ 11 minutes
🧾️ Download transcript
Summary
Donald Trump abruptly broke off talks with congressional Democrats on a new fiscal stimulus package until after next month’s presidential election, and economists estimate the coronavirus pandemic has put millions more workers across the developed world out of jobs than official unemployment statistics suggest. Plus, why US department store chain Macy’s is set to take a stake in Europe’s highest valued private fintech.
Trump calls off stimulus talks
https://www.ft.com/content/9f130c9c-fb1e-4d05-8864-1c8ac08c54bb
Hidden joblessness threatens economic recovery in US and Europe
https://www.ft.com/content/ec3d88dc-0dc1-4f6e-adf7-37e8f4316a22
Macy’s takes stake in Klarna as part of payment partnership
https://www.ft.com/content/c2a26072-8c45-4ce3-9249-bd5b856bbe1c
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Wednesday, October 7th, and this is your F-T news briefing. |
| 0:08.0 | U.S. stock markets dropped on Tuesday after Donald Trump announced on Twitter that he had instructed Republicans |
| 0:14.0 | to stop negotiating on another stimulus package. |
| 0:17.9 | This as economists estimate that there may be hidden joblessness we can't yet see in the data. Plus, why Macy's is set to buy a |
| 0:25.9 | stake in a FinTech from Sweden where all the best tech startups come from. |
| 0:30.5 | I'm Brendan Greeley. I'm in from Mark Filipino and here's the news you know. come from |
| 0:33.0 | Mark Filipino and here's the news you need to start your day. |
| 0:39.0 | U.S. stock markets closed down for the day after a surprise, but is anybody really surprised |
| 0:45.4 | that Donald Trump opened up Twitter and told Republicans to stop negotiating? |
| 0:50.5 | James Polini covers economics and trade in our Washington Bureau. |
| 0:54.0 | James, why would he do this? |
| 0:57.0 | So it's mystifying to many and particularly because he's down in the polls and desperate need to change the dynamics of the race. |
| 1:09.1 | And this could have reinforced, which is what is probably one of the strong, his strongest points heading into the vote, |
| 1:16.2 | which is that most Americans have generally given him more credit in handling the economy |
| 1:22.8 | than certainly than handling the coronavirus. |
| 1:26.0 | But perhaps one theory out there is that this helps |
| 1:29.0 | unify the party because many Republican rank-and-file members of Congress don't like more spending and the base dislikes Nancy Pelosi and the Democrats and so doing a deal with them could be potentially controversial within the base. |
| 1:46.0 | But of course, the economic pain that will result from the lack of stimulus could be pretty overwhelming. So it's a very difficult calculation to understand. |
| 1:57.0 | Let's talk about that pain a little bit because we've been focusing on the politics of this |
| 2:01.0 | but what you and I had planned to talk about was something |
| 2:04.1 | that happened earlier in the day which is that Jay Powell Chairman of the Federal Reserve |
| 2:08.4 | in a speech almost begged for some kind of federal fiscal stimulus from Congress and the President. |
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