UK Budget boosts taxes to all-time high

S&P Global Ratings calls into question Tether’s ability to maintain its US dollar peg, and UK chancellor Rachel Reeves takes the wraps off the highly anticipated Budget. Plus, India’s booming steel production might be helping the domestic economy, but it’s causing environmental damage and trade tensionsMentioned in this podcast:S&P downgrades Tether’s assets to lowest level            UK Budget 2025: Reeves raises taxes by £26bn to all-time high  The cost of India’s hunger for cheap steel Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Victoria Craig, Fiona Symon, and Lucy Baldwin. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Google’s parent company got close to a record $4tn market capitalisation, and more than $1tn has been wiped from the cryptocurrency market in the past six weeks. Plus, US consumers aren’t feeling too merry ahead of the holidays, and the UK prepares for its long-awaited Budget day. Mentioned in this podcast:US retail sales growth slows as affordability crunch weighs on householdsCrypto market sheds $1.2tn as traders shun speculative assetsNvidia shares tumble on signs Google gaining upper hand in AIThe four audiences Reeves’ ‘high-wire’ Budget must satisfyEmail Marc with your holiday stories and questions: [email protected] Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Traders are piling into bets that Wednesday’s UK Budget will push the pound lower against the dollar, and the pharmaceutical industry saw some promising — and not so promising — clinical trial results. Plus, US tech stocks leapt on Monday and Ireland’s military neutrality has created a weak spot in Europe’s defences. Mentioned in this podcast:Currency traders bet against sterling ahead of BudgetNovo Nordisk shares slump after drug failure in Alzheimer’s trialBayer soars on promising trial results for stroke prevention drugUS tech stocks surge as Fed rate cut bets fuel reboundHow Ireland became the weak spot in Europe’s defencesNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US pressure on Ukraine and its allies to agree a peace deal with Russia ignites fresh concern in Europe, and the US has officially designated Venezuela’s “Cartel of the Suns” a terror group. Plus, Europe looks to increase investment rules to stand up to China, and a look at why insurance companies are thinking about excluding AI risks from their corporate policies. Mentioned in this podcast:Trump hits out at Ukraine and Europe as confusion over US position mountsWhat is Venezuela’s ‘Cartel of the Suns’?EU to tighten investment rules to stand up to China Insurers retreat from AI cover as risk of multibillion-dollar claims mountsModerna is most shorted stock in S&P 500 as Americans skip jabsNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Victoria Craig, and produced by Julia Webster and Sonja Hutson. Our show was mixed by Alexander Higgins. Additional help from Peter Barber. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tech stocks have been on a rollercoaster since Nvidia reported earnings, the US added 119,000 jobs in September but unemployment reached its highest level in four years, and the US has formally handed Ukraine a sweeping peace plan drawn up with Moscow. Plus, we’ll go over all the drama that’s ensued in the run-up to the G20 conference in South Africa. Mentioned in this podcast:US tech stocks slide as jolt of volatility hits Wall StreetThe American exceptionalism trade is wobblingUS adds 119,000 jobs in September but unemployment hits four-year peakUS hands Ukraine new peace plan drawn up with RussiaTrump’s total boycott of G20 casts shadow over its futureTo sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.comNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Mischa Frankl-Duval, Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Nvidia grew sales of its chips even faster than Wall Street anticipated in its latest quarter, and UK inflation fell to 3.6 per cent in October. Plus, Paramount is trying to buy Warner Brothers Discovery and China’s opaque economic data is coming under scrutiny. Mentioned in this podcast:Nvidia reports strong growth from bumper AI chip salesThe president’s men: Ellisons’ Trump ties shape battle for Warner Bros UK inflation falls to 3.6% in OctoberThe growing problem with China’s unreliable numbersNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Marc Filippino and produced by Lucy Baldwin, Fiona Symon, Victoria Craig, Sonja Hutson Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Meta has won the antitrust case that threatened to break it apart, the EU plans to create a central body to co-ordinate the purchasing and stockpiling of critical minerals. Plus, US tech stocks sold off on Tuesday as worries mounted over high valuations for artificial intelligence companies, and activist hedge fund Elliott Management has built a large stake in Barrick Mining.Mentioned in this podcast:Meta wins US case that threatened split with WhatsApp and InstagramBrussels plans minerals stockpile centre to stop US snapping up suppliesUS tech stocks dip as traders fret over ‘frothy’ AI valuations Elliott builds stake in gold miner BarrickToday’s FT News Briefing was produced by Fiona Symon and Marc Filippino. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The cryptocurrency market is struggling as bitcoin has lost all its gains from this year, and HSBC leaders cannot agree on the bank's next chair of the board. Plus, the US House of Representatives votes on the release of the Jeffrey Epstein files today, and the Financial Times’ Alison Killing explains why an estimated multitrillion-dollar infrastructure project in Saudi Arabia may take decades to get done. Mentioned in this podcast:Crypto market sheds $1.1tn as traders shun speculative assetsHSBC board at odds over candidates to succeed Mark Tucker as chairDonald Trump backs vote to release Jeffrey Epstein filesEnd of The Line: how Saudi Arabia’s Neom dream unravelledToday’s FT News Briefing was produced by Victoria Craig, Fiona Symon, Persis Love, and Marc Filippino. Our show was mixed by Kent Militzer. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Goldman Sachs is on track to notch its best performance in the global deals market in 24 years. Plus, what UK gilt markets are looking for after Friday’s selloff, and how Spain’s deficit is set to fall below Germany’s for the first time in two decades. And, the government shutdown has posed complications for US economic data collection. Mentioned in this podcast:Goldman Sachs on brink of best M&A performance in 24 yearsUK politics as it happened — Gilts sell off on tax plan U-turnUS economic outlook obscured by shutdown-triggered data gapSpain’s deficit to fall below Germany’s for the first time in two decadesUK to launch first lead poisoning screening study of children after FT investigationToxic legacy: uncovering the threat of lead poisoningToday’s FT News Briefing was produced by Julia Webster, Sonja Hutson, and Marc Filippino. Our show was mixed by Alexander Higgins. Additional help from Peter Barber. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

 Oracle’s enormous borrowing to fund a push into artificial intelligence computing has spooked investors, Sir Jim Ratcliffe’s heavily indebted empire, Ineos, is under increasing financial pressure, and we take a look at a glaring hole in US inflation data. Plus, the FT’s Sonja Hutson reports back from Bethlehem, Pennsylvania, as part of a new FT series. Mentioned in this podcast:Oracle hammered in tech sell-off over its huge AI betIneos debt sell-off accelerates amid fears over European chemicals sector‘Big Short’ investor Michael Burry to close hedge fund as he warns on valuationsThe Bethlehem Project: An immigration raid divides a communitySubscribe to the Swamp Notes podcastToday’s FT News Briefing was produced by Henry Larson, Victoria Craig, Sonja Hutson, and Marc Filippino. Our show was mixed by Kelly Garry. Additional help from David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.