FT News Briefing Tuesday, August 13
Aug 13, 2019
Investors are worried as Argentina faces soaring odds of a debt default following Alberto Fernández's primary win. The U.S. yield curve has flattened to pre-financial crisis levels, signaling economic uncertainty. KPMG has made headlines by ousting its UK financial services head due to misconduct. In a spotlight shift, Saudi Aramco discussed its robust financials during its first-ever earnings call, revealing a strategic 20% acquisition in Reliance Industries to bolster its Indian market presence.
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Argentine Election Impact
- Argentina's primary election results caused a market shock.
- Opposition leader Alberto Fernández's win raises default probabilities, impacting Argentine assets.
Flattening Yield Curve
- The U.S. yield curve flattened significantly, reaching levels unseen since 2007.
- This is a potential recession indicator, increasing investor concern.
Aramco's First Earnings Call
- Saudi Aramco held its first earnings call, signaling preparation for its IPO.
- Despite low oil prices, they emphasized their financial resilience.