FT News Briefing Friday, June 21
Jun 21, 2019
Tensions soar in the Middle East as a U.S. drone is shot down, raising fears of escalating conflict. In UK politics, Boris Johnson prepares for a showdown against Jeremy Hunt amidst Brexit debates. Meanwhile, the real estate market faces challenges, with signs of a possible slowdown following a global boom. Slack makes waves with its impressive market debut, while retail giants struggle as unsold luxury apartments proliferate. Experts discuss how shifting economic landscapes are reshaping tenant demands and investment strategies.
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Oil Price Surge
- Oil prices surged after Iran shot down a U.S. drone, raising concerns about escalating tensions.
- The incident prompted a significant price jump, marking one of the largest single-day increases for Brent crude this year.
Trump's Reaction
- President Trump initially stated the drone was in international waters and the downing was documented scientifically.
- He later downplayed the incident, suggesting it might have been unintentional and a "foolish move."
Slack's Direct Listing Success
- Slack's direct listing on the NYSE resulted in a $20 billion valuation, tripling its previous worth.
- This unconventional approach bypassed traditional IPO processes, generating significant gains for founders and early investors.