US stocks drop on Monday on coronavirus fears, European banks, Alibaba’s push into grocery delivery
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 October 2020
⏱️ 11 minutes
🧾️ Download transcript
Summary
US stocks on Monday notched their biggest one-day drop in a month on fears that rising coronavirus infections will dampen business activity, and European banks get a lift from equities revenue. Plus, the FT’s China corporate tech reporter, Ryan McMorrow, explains how Alibaba is making a push into a crowded grocery delivery field.
Alibaba to pay $3.6bn to take control of Chinese supermarket chain Sun Art
https://www.ft.com/content/fb6dee7d-704e-444e-aa7f-32969296fb51
US stocks have worst day in a month as virus cases hit a record
https://www.ft.com/content/770938ee-c511-4332-968c-c290dd89cc33
Barclays recovers as bad debt charges fall
https://www.ft.com/content/8374dd0e-87c1-4b58-8c29-5cc4f45d3960
UBS pledges to boost payouts as pandemic impact diminishes
https://www.ft.com/content/10005024-87dc-41b8-abc4-728261b34bf0
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:02.0 | Today is Tuesday, October 27th, |
| 0:04.4 | and this is your FT news briefing. |
| 0:09.0 | The uptick in coronavirus cases in the US and Europe |
| 0:12.2 | has investors worried, but some European banks have |
| 0:15.1 | been doing well despite the pandemic. Plus China's answer to Amazon is |
| 0:19.7 | making a push into the grocery delivery business. |
| 0:22.8 | But can Alibaba make its own way |
| 0:24.7 | in an already crowded market? |
| 0:26.9 | I'm Mark Filipino, and here's the news |
| 0:30.0 | you need to start your day. U.S. stocks had their worst day in a month yesterday. |
| 0:37.0 | The S&P 500 settled. U.S. stocks had their worst day in a month yesterday. |
| 0:43.3 | The S&P 500 settled on a loss of a little less than 2% after an even rougher day of trading. |
| 0:49.4 | And it wasn't just in the U.S. |
| 0:51.8 | European stocks fell too. |
| 0:54.0 | Germany's Dax Index slumped nearly 4%. |
| 0:57.8 | I'm on the line with the US head of Fast FT, |
| 0:59.8 | Mumta Begcar, |
| 1:00.9 | Mumta, what happened in the US yesterday? |
| 1:04.0 | So all eyes have been focused on stimulus talks right now. |
| 1:07.7 | There's still an impasse in Washington over stimulus. |
| 1:10.8 | On Monday, Larry Cuddler appeared on CNBC, and he said the talks have certainly |
... |
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