FT News Briefing Wednesday, May 29
May 29, 2019
A UK health secretary blasts rival Boris Johnson in a bold challenge for Conservative leadership. Meanwhile, Spain and France team up to block a German candidate for the European Commission presidency. The escalating US-China trade war raises expectations for Federal Reserve interest rate cuts, stirring global economic concerns. Additionally, insider insights reveal the potential impact of a 33 billion euro merger between Fiat Chrysler and Renault, hinting at a seismic shift in the auto industry.
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Hancock vs. Johnson
- UK Health Secretary Matt Hancock criticizes Boris Johnson's anti-business stance.
- Hancock, a Conservative leadership candidate, wants to improve relations with corporate Britain.
EU Power Play
- Spanish and French Prime Ministers, Pedro Sanchez and Emmanuel Macron, are working together to block Manfred Weber's candidacy.
- They aim to prevent the German conservative from becoming the European Commission president.
Fed Rate Cut Bets
- Investors are increasing bets that the Federal Reserve will cut interest rates due to the US-China trade war.
- This comes amid fears of an economic slowdown, with the probability of at least two rate cuts by year-end exceeding 40%.
