Wall Street keeps investing in China, ECB to discuss strong euro, LVMH vs Tiffany
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 10 September 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
Some of Wall Street’s most powerful financial institutions are striking deals in China even as relations sour between Beijing and the US, and the European Central Bank will address the strong euro situation...without using its most effective tool. Plus, the FT’s James Fontanella-Khan on why LVMH says it can no longer complete a $16.6bn deal with US jewelry company, Tiffany.
Wall Street brushes off political tensions to dig deeper into China
https://www.ft.com/content/01f92c8b-11dc-431c-adaf-c299e3964ff1?
ECB will struggle to rein in the euro, say investors
https://www.ft.com/content/5d935f19-9891-48bb-bfbf-482818de8b63
LVMH says it cannot complete Tiffany takeover after France intervenes https://www.ft.com/content/a3dcc777-ab12-4ee9-a147-54de1ac0f7e7
The FT’s New Economic Reality event https://nersciencemarkets.live.ft.com/home?segmentId=dc611fd0-c193-49f1-dc6a-217255a89d6c&utm_campaign=FEEAK
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:02.0 | Today is Thursday, September 10th. |
| 0:04.3 | This is your FT news briefing. |
| 0:08.7 | Wall Street is shrugging off tensions |
| 0:10.5 | between the US and China, and the ECB is addressing the strong euro. |
| 0:16.2 | Plus LVMH is trying to back out of its 16 and a half billion dollar deal to buy Tiffany. |
| 0:22.6 | Will their arguments hold up in court? |
| 0:25.0 | I'm Mark Filipino, and here's the news you need |
| 0:27.5 | to start your day. Donald Trump said the US economy should decouple from China, but Wall Street didn't |
| 0:40.0 | get the memo. Powerful financial institutions are trying to strike deals in China |
| 0:44.8 | even as things get more tense between Washington and Beijing. Black Rock was |
| 0:50.0 | approved for a partnership with a state-owned bank in China, and it's important because Blackrock is the world's biggest asset manager. |
| 0:57.0 | Just a few days later, Vanguard said it would relocate its regional headquarters to Shanghai. |
| 1:02.0 | Meanwhile, Citigroup is now the first U.S. Bank to get a fund custody |
| 1:06.0 | license in the country. The moves come as Beijing moves to liberalize its heavily protected |
| 1:12.0 | capital markets. |
| 1:13.6 | And American institutions want to get in now. |
| 1:16.6 | One consultancy estimates that China will overtake the UK as the world's second largest fund market |
| 1:22.0 | by 2023. |
| 1:25.0 | The euro has become a lot stronger over the past few months |
| 1:32.0 | and its worrying policy makers at the European Central Bank. |
| 1:36.2 | The main concern is a euro that's valued too high against other currencies could hold back the |
... |
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