FT News Briefing Tech stocks fall on inflation fears, Brazil’s oil intervention, Big Tech goes green
Feb 23, 2021
Tech stocks are feeling the heat as inflation fears spike, causing major players like Apple and Amazon to tumble. In Brazil, political upheaval strikes as President Bolsonaro fires the head of Petrobras, unsettling investors. Meanwhile, Jay-Z's partnership with LVMH for a champagne deal showcases the lucrative blend of celebrity and luxury branding. Plus, a deep dive into how Big Tech is championing green energy efforts, marking a significant shift towards sustainability in the industry.
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Tech Sell-off
- Tech stocks fell sharply, with Nasdaq dropping nearly 2.5% due to inflation fears and rising interest rates.
- These rising rates could lower the value of future earnings, impacting high-growth tech stocks.
Petrobras CEO Replacement
- Brazilian markets reacted negatively to President Bolsonaro's replacement of Petrobras' CEO with an army general.
- Investors are concerned about increased government intervention and populist economic policies, potentially impacting their interests.
Big Tech and Green Energy
- Big tech companies like Google, Amazon, and Microsoft are now the largest corporate buyers of green energy.
- Their demand has accelerated the transition to clean energy and influenced other companies to adopt net-zero emissions goals.