FT News Briefing Wednesday, March 4
Mar 4, 2020
Joe Biden makes a striking comeback in the Democratic primaries, challenging Bernie Sanders as the stakes rise. The Federal Reserve's unexpected interest rate cut stirs concerns about a looming recession. Meanwhile, Tesla short sellers cash in big as stock prices drop. Airbus faces tough decisions on delivery targets as the global pandemic reshapes airline demand. The intersection of innovation and design even touches on Kohler's smart toilet making waves at New York Fashion Week.
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Biden's Super Tuesday Surge
- Joe Biden emerged as a strong challenger to Bernie Sanders in the Super Tuesday Democratic primaries.
- Biden secured victories in at least eight states, while Sanders won four, with Texas uncertain.
Economic Measures to Combat Coronavirus
- The Federal Reserve made an emergency interest rate cut to address coronavirus recession fears.
- The World Bank announced $12 billion in funding for countries to improve their responses to the outbreak.
Market Reaction to Fed's Move
- The Fed's emergency rate cut, reminiscent of 2008, didn't reassure investors.
- Markets questioned if the Fed knew something they didn't, leading to a fall in US stocks.