FT News Briefing Friday, March 13
Mar 13, 2020
US stocks experienced a shocking drop, marking their worst performance since 1987, triggered by fears surrounding the coronavirus and a travel ban. Airlines are urgently seeking government support to navigate their escalating crisis. The podcast highlights a massive financial intervention aimed at stabilizing the treasury market. Moreover, the surge in corporate debt has raised alarms amongst investors, revealing vulnerabilities in heavily affected sectors. Companies now face a dichotomy: stronger firms may thrive, while weaker ones risk financial distress.
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Market Crash
- Global markets reacted dramatically to recession fears and coronavirus lockdowns.
- US stocks suffered their worst day since 1987, and European markets also fell sharply.
Treasury Crisis
- The bedrock of global financial markets, US treasuries, became difficult to price.
- This caused the Federal Reserve to intervene with trillions of dollars.
Airlines Seek Help
- Airlines are requesting government assistance due to the US travel ban and coronavirus impact.
- They are calling for temporary suspension of airport slot rules and other relief measures.