FT News Briefing Friday, September 20
Sep 20, 2019
Saudi Arabia is applying pressure on wealthy families to invest in its oil giant's IPO. The Federal Reserve is taking action in US money markets, addressing liquidity issues. Sterling rises as a Brexit deal seems plausible. Companies are eager to enhance their environmental credentials ahead of global climate protests. Meanwhile, Netflix appears vulnerable, facing subscriber declines amid stiff competition from giants like Apple and Disney, with ongoing challenges related to its content strategy and debt.
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Saudi Aramco IPO Pressure
- Saudi Arabia pressures wealthy families to invest in Saudi Aramco's IPO.
- This tactic aims to boost confidence in the deal, especially after recent attacks on oil infrastructure.
Federal Reserve Intervention
- The Federal Reserve intervened in the U.S. money market for the third consecutive day due to several factors.
- These include companies paying taxes, treasury coupons, and the rise in oil prices after the attack on Saudi oil production.
Brexit Deal Optimism
- Sterling climbed after Jean-Claude Juncker expressed optimism about a Brexit deal.
- Juncker suggested he'd scrap the Irish backstop if Boris Johnson offered an alternative solution.