FT News Briefing Friday, March 6
Mar 6, 2020
U.S. stocks took a hit as Treasury yields reached record lows, signaling market turmoil. Didi Chuxing is feeling the pinch from the pandemic with a significant drop in user numbers. ExxonMobil stands firm against rivals on carbon emission goals. Global oil traders are slashing demand forecasts, raising the stakes for OPEC to cut production. An urgent meeting is set to address the oil market crisis as prices continue to tumble.
AI Snips
Chapters
Transcript
Episode notes
Bank Stock Drop
- US stocks fell over 3%, with banks like JPMorgan Chase, Bank of America, and Citigroup dropping roughly 5%.
- This drop coincided with record low treasury yields, impacting bank profit margins.
Low Treasury Yields and Banks
- Falling treasury yields put pressure on bank profits, especially as interest rates are expected to decrease.
- This makes investors seek higher-yielding, riskier assets.
Jamie Dimon's Surgery
- JPMorgan Chase CEO Jamie Dimon underwent emergency heart surgery for an acute aortic dissection.
- He is recovering well; co-presidents Daniel Pinto and Gordon Smith will lead during his absence.