FT News Briefing Germany falls out of love with China
Nov 4, 2022
The US labor market shows signs of cooling, while the Bank of England makes a historic interest rate hike. A surprising return of Russia to the grain export deal from Ukraine adds to geopolitical tensions. Meanwhile, Germany is reevaluating its dependency on China as businesses face challenges amid policy shifts. Chancellor Olaf Scholz's planned visit to Beijing is a pivotal moment in the evolving relationship, highlighting internal divisions and the need for a more cautious approach.
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Tech Layoffs and Hiring Freezes
- Tech companies like Lyft, Stripe, and Amazon are cutting jobs and pausing hiring.
- This comes as consumer spending slows and tech stocks decline.
Bank of England's Rate Hike
- The Bank of England raised interest rates by 0.75%, its largest increase in 30 years.
- However, it signaled less aggressive future increases than the Federal Reserve.
Russia Rejoins Grain Deal
- Russia rejoined the Ukraine grain export deal after initially withdrawing.
- Turkey played a key role in persuading Russia to return.