寰球商情速递：2024年12月31日

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{"url":"https://creatives.ftmailbox.cn/album/5bc04434-b3af-44a6-bc5b-9836b5c43628.mp3","text":[[{"start":null,"text":""}],[{"start":null,"text":"This is an audio transcript of the <a href=http://www.acphonor.com/interactive/\"https://www.ft.com/ft-news-briefinghttp://www.acphonor.com/interactive/\">FT News Briefing</a> podcast episode: <a href=http://www.acphonor.com/interactive/\"https://www.ft.com/content/5bc04434-b3af-44a6-bc5b-9836b5c43628?shareType=nongifthttp://www.acphonor.com/interactive/\">‘Biden’s departing gift to Ukraine’</a>"}],[{"start":4.109607,"text":"Sonja Hutson Good morning from the Financial Times. "},{"start":6.744584,"text":"Today is Tuesday, December 31st. "},{"start":8.87101,"text":"And this is your FT News Briefing. "},{"start":12.065739,"text":"Investors in US equities are cashing in on another blockbuster year. "},{"start":16.85098,"text":"And the Biden administration is scrambling to send aid to Ukraine before Trump takes office. "},{"start":23.762408,"text":"Plus, European asset managers are getting shown up by their American rivals. "},{"start":null,"text":""}],[{"start":30.653419,"text":"Brooke Masters So as global investors looked around and said, I wanna get away from slow growth in Europe, they wanna buy American assets. "},{"start":null,"text":""}],[{"start":37.113312,"text":"Sonja Hutson I’m Sonja Hutson, and here’s the news you need to start your day. "},{"start":null,"text":""}],[{"start":null,"text":"[MUSIC PLAYING]"}],[{"start":51.464572,"text":"US stocks dropped for the second trading day in a row yesterday. "},{"start":55.720137,"text":"The S&P 500 fell 1 per cent and the Nasdaq Composite dropped 1.2 per cent. "},{"start":62.614831,"text":"Equities had such a good year that investors are now selling shares so they can cash in on all that growth. "},{"start":70.592234,"text":"Monday’s sell-off was really broad. "},{"start":74.315,"text":"About 95 per cent of stocks tracked by the S&P fell. "},{"start":77.496836,"text":"But throughout 2024, the S&P still gained more than 20 per cent for the second consecutive year, and the Nasdaq rose almost 30 per cent. "},{"start":null,"text":""}],[{"start":88.635798,"text":"[MUSIC PLAYING]"}],[{"start":95.023403,"text":"The US says it’s sending $6bn in additional aid to Ukraine. "},{"start":100.342017,"text":"The Biden administration is rushing to give Kyiv as much money as possible before president-elect Donald Trump takes office next month. "},{"start":109.904869,"text":"It’s not totally clear how Trump will approach funding as president. "},{"start":114.684147,"text":"I’m joined now by the FT’s Felicia Schwartz to explain. "},{"start":118.389672,"text":"Hi, Felicia. "},{"start":null,"text":""}],[{"start":120.000065,"text":"Felicia Schwartz Hi, Sonja. "},{"start":null,"text":""}],[{"start":121.055089,"text":"Sonja Hutson Can you start off by just explaining where exactly this money came from and what it’s going to? "},{"start":null,"text":""}],[{"start":127.423298,"text":"Felicia Schwartz Congress appropriated billions of dollars for Ukraine in April that the Biden administration has essentially been trying to spend all of it before leaving office in January. "},{"start":141.782896,"text":"And the funds yesterday came from a few different buckets, one for direct budget assistance for Ukraine, another allowing the US to take weapons and ammunition off of its own shelves to send to Ukraine and the third to engage directly with defence contractors. "},{"start":null,"text":""}],[{"start":159.298059,"text":"Sonja Hutson And after the disbursement of aid that was announced yesterday. "},{"start":164.083272,"text":"How much money does the White House have left to spend? "},{"start":null,"text":""}],[{"start":167.286141,"text":"Felicia Schwartz So after yesterday’s announcements of the accounts that I mentioned before, the Direct Budget Support account, that one is empty. "},{"start":175.765412,"text":"So is the one that gives money to Ukraine to engage in direct contracts with defence contractors. "},{"start":182.13757,"text":"And there’s probably a little less than $4bn or so left in the account that allows the US to send weapons to Ukraine directly from its stockpiles. "},{"start":193.860144,"text":"And Biden administration officials have made pretty clear, that is a lot of money worth of stuff. "},{"start":200.211858,"text":"They’re gonna have a hard time fully sending all of that or emptying that account, as it were before — about three weeks from now when Trump is set to take office. "},{"start":211.368631,"text":"So they will definitely leave him with some money in the bank, but they’re gonna try to spend as much as they can. "},{"start":null,"text":""}],[{"start":217.235854,"text":"Sonja Hutson What do we know about what US aid to Ukraine might look like under a second Trump administration? "},{"start":null,"text":""}],[{"start":224.12553,"text":"Felicia Schwartz That’s the million- or billion-dollar question. "},{"start":227.826685,"text":"We’ve done some reporting here at the FT that European officials learned from some of their counterparts in the incoming Trump administration that Trump is expected to continue supporting Ukraine with military assistance, but that he wants to see a significant increase in defence spending from the US as Nato allies to the tune of 5 per cent of their GDP, which is, you know, more than double what Nato allies are required to spend now. "},{"start":260.244619,"text":"So just reading the tea leaves here, I think that aid to Ukraine will be a tool that Trump will use to kind of get Europe to do more. "},{"start":null,"text":""}],[{"start":267.676718,"text":"Sonja Hutson And what position does this all leave Ukraine in? "},{"start":272.467053,"text":"I mean, I imagine they are very happy about this influx of aid that was announced yesterday, but also perhaps a little scared about what comes next in January. "},{"start":null,"text":""}],[{"start":282.02369,"text":"Felicia Schwartz It’s already been a very tough winter for Ukraine on Christmas Day. "},{"start":286.267572,"text":"They had a pretty devastating Russian attack on Ukrainian infrastructure, left I think about half million people without power, without heat water and electricity. "},{"start":297.965677,"text":"The fighting on the battlefield is more or less a stalemate. "},{"start":301.675501,"text":"So Ukraine is in quite a difficult position, very dependent on American and European assistance to try to get to a place where it has somewhat of an upper hand to negotiate with Russia. "},{"start":314.949905,"text":"That’s what the Trump administration has said it wants Ukraine to do. "},{"start":319.209415,"text":"And I think much of the world sort of agrees that next year there probably will be some sort of negotiation. "},{"start":322.396131,"text":"So for Ukraine, it’s really trying to get to the best place it can be militarily on the battlefield when that moment comes. "},{"start":331.444737,"text":"And I think the next few weeks will be really critical for that. "},{"start":null,"text":""}],[{"start":335.137758,"text":"Sonja Hutson Felicia Schwartz is the FT’s US foreign affairs and defence correspondent. "},{"start":339.398714,"text":"Thanks, Felicia. "},{"start":null,"text":""}],[{"start":340.449056,"text":"Felicia Schwartz Thanks for having me. "},{"start":null,"text":""}],[{"start":null,"text":"[MUSIC PLAYING]"}],[{"start":348.44261,"text":"Sonja Hutson South Korea wants to inspect all its planes that are the same model as the one that crashed over the weekend. "},{"start":355.346019,"text":"It failed to deploy its landing gear, killing almost all of the 181 passengers. "},{"start":361.712169,"text":"Acting president Choi Sang-mok ordered the emergency checks yesterday on B737-800 models operated by South Korean airlines. "},{"start":371.805918,"text":"The incident is yet another setback for Boeing. "},{"start":375.502715,"text":"Earlier this year, a door plug blew off a 737 max mid-flight. "},{"start":380.825315,"text":"Plus, there were fatal Boeing plane crashes in 2018 and 2019. "},{"start":386.689177,"text":"Shares in the aircraft maker fell 2.3 per cent yesterday. "},{"start":null,"text":""}],[{"start":null,"text":"[MUSIC PLAYING]"}],[{"start":396.254885,"text":"US asset managers are gobbling up business from their European rivals. "},{"start":401.553874,"text":"Of the 10 fastest growing funds in Europe this year, seven of them are American. "},{"start":407.383861,"text":"The FT’s Brooke Masters has been looking into this takeover and what it means for European funds. "},{"start":413.241857,"text":"Hi, Brooke. "},{"start":null,"text":""}],[{"start":414.845099,"text":"Brooke Masters Hi. "},{"start":null,"text":""}],[{"start":416.439856,"text":"Sonja Hutson So tell me about the gains that US asset managers have been making in Europe. "},{"start":420.160188,"text":"What have you been seeing? "},{"start":null,"text":""}],[{"start":421.737282,"text":"Brooke Masters Well, over the past decade, the assets under management that US groups have in the UK and Europe have more than doubled from just over 2tn in 2014 to 4.5tn as of the end of September, according to data we’ve got. "},{"start":437.162462,"text":"This has far outpaced the growth of the larger market. "},{"start":441.40865,"text":"So they are not only growing, but grabbing market share from European and UK rivals. "},{"start":null,"text":""}],[{"start":446.159127,"text":"Sonja Hutson So what’s behind this switch to US groups? "},{"start":null,"text":""}],[{"start":450.941251,"text":"Brooke Masters US asset managers got the jump on everyone else in what are known as exchange traded funds, which are, you know, investment funds that trade daily on an exchange. "},{"start":461.052042,"text":"So when Europeans and British investors were like, oh I kinda like this ETF thing, the folks offering those ETFs, at least initially, were American firms. "},{"start":470.082167,"text":"The other advantage Americans have is that there’s growing interest in passive investing, which is investing in funds that where there isn’t active efforts to pick a good company, simply track an index, whether it’s the S&P 500 or the Footsie 100. "},{"start":485.505609,"text":"And again, US firms started doing this much earlier. "},{"start":489.22465,"text":"The other advantage is that the fastest growing economy really over the last five years especially, has been the US. "},{"start":497.701254,"text":"So as global investors looked around and said, OK, you know, as I want my portfolio to be a bit diversified and I wanna get away from slow growth in Europe, they wanna buy American assets. "},{"start":507.815013,"text":"And it makes sense if you wanna buy American assets to go to an American firm because it’s their home market. "},{"start":null,"text":""}],[{"start":512.047462,"text":"Sonja Hutson I guess by contrast, then, why have European asset managers been struggling? "},{"start":null,"text":""}],[{"start":518.964478,"text":"Brooke Masters It’s sort of the flip of the same story, which is they were slow to understand that ETFs were the hot new product. "},{"start":526.409062,"text":"Similarly, they stuck with stock picking as their main source of funds much longer. "},{"start":534.359625,"text":"While many of them have now added passive investment options. "},{"start":536.499749,"text":"They were slow to do so. "},{"start":539.661212,"text":"The other thing that European asset managers have really struggled with is: as regulatory costs and data costs have gone up — and technology costs because everybody wants an app, everybody wants to be able to trade online, all that stuff — it’s much easier to take those costs and spread them across a big group of asset. "},{"start":557.214236,"text":"And so as the Americans kept growing and they have this giant home market, they were able to spread costs across far more funds. "},{"start":563.056706,"text":"And so they then don’t have to charge as high fees. "},{"start":null,"text":""}],[{"start":566.237779,"text":"Sonja Hutson What kind of effect is this exodus basically having on European asset managers? "},{"start":null,"text":""}],[{"start":574.215836,"text":"Brooke Masters Many of them have decided that bigger is better. "},{"start":577.942161,"text":"And so they are looking to combine forces, you know, by doing deals. "},{"start":583.240782,"text":"For example, Axa combined its asset management group with that of BNP Paribas, the French bank, in hopes that they’ll have a bigger firm and they can spread the costs and also, you know, be able to compete for really big mandates from really big investors. "},{"start":597.055904,"text":"Some of them have sold out altogether. "},{"start":599.177767,"text":"Dutch insurer NN decided that it just didn’t wanna get — be in the asset management business any more. "},{"start":604.510085,"text":"And it sold off its investment arm to Goldman Sachs, which is a US firm. "},{"start":610.324487,"text":"And so that’s I mean, that’s been their basic response, it’s either get out or grow. "},{"start":null,"text":""}],[{"start":615.637808,"text":"Sonja Hutson Brooke, do you see this trend of American asset managers gobbling up market share in Europe, accelerating in the coming years? "},{"start":null,"text":""}],[{"start":626.25825,"text":"Brooke Masters I do. "},{"start":628.413987,"text":"I think partly because the next trend in asset management is what people call the barbell effect, where people either put their money in passive funds, where the American firms are already very strong, or they put their money into something called alternatives, which is, you know, private equity, private debt, real estate infrastructure. "},{"start":644.873668,"text":"And that’s another area where US groups are huge and very competitive players. "},{"start":650.179849,"text":"So if investors continue to put their money into alts, they’re gonna give that money to American firms. "},{"start":659.739399,"text":"And again, the European firms are a little bit slower, a little bit smaller. "},{"start":660.792259,"text":"I mean, they have all this stuff, but they’re just a little bit behind. "},{"start":665.059445,"text":"So they’re gonna continue to lose market share. "},{"start":null,"text":""}],[{"start":666.113338,"text":"Sonja Hutson Brooke Masters is the FT’s US financial editor. "},{"start":669.303683,"text":"Thanks, Brooke. "},{"start":null,"text":""}],[{"start":670.878697,"text":"Brooke Masters Thanks for having me. "},{"start":null,"text":""}],[{"start":null,"text":"[MUSIC PLAYING]"}],[{"start":677.795189,"text":"Sonja Hutson Before we go, plenty of people are gonna head out to nightclubs to ring in the new year tonight. "},{"start":683.646873,"text":"But clubbing is actually in decline, even though dance music has been exploding in popularity. "},{"start":692.163072,"text":"There are fewer all-night parties now. "},{"start":694.787308,"text":"Basically, there have been more restrictive licensing rules after the Covid-19 pandemic, and young people are more health conscious and careful with their money than previous generations. "},{"start":706.490959,"text":"That’s led to a ton of clubs closing in nightlife capitals like Melbourne and Berlin. "},{"start":712.345631,"text":"The Germans even have a word for it, Clubsterben or club death. "},{"start":null,"text":""}],[{"start":718.706578,"text":"[MUSIC PLAYING]"}],[{"start":720.829877,"text":"You can read more on all these stories for free when you click the links in our show notes. "},{"start":724.545832,"text":"This has been your daily FT News Briefing. "},{"start":726.678505,"text":"We are off tomorrow for New Year’s, but check back on Thursday for the latest business news. "},{"start":null,"text":""}],[{"start":null,"text":"US stocks dropped for the second straight trading session, the Biden administration said it will unleash almost $6bn in additional aid to Ukraine, and South Korea plans to inspect all B737-800 Boeing aircraft operated by domestic airlines after a passenger jet crashed. "},{"start":null,"text":"Plus, US asset managers are gobbling up business from their European rivals and the nightclub business is in decline. "},{"start":null,"text":""}],[{"start":null,"text":"Mentioned in this podcast:"}],[{"start":null,"text":"<a href=http://www.acphonor.com/interactive/\"https://on.ft.com/40chZbVhttp://www.acphonor.com/interactive/\">US stocks slip in broad pullback as investors cash in on 2024 gains</a>"}],[{"start":null,"text":"<a href=http://www.acphonor.com/interactive/\"https://on.ft.com/3WnP56vhttp://www.acphonor.com/interactive/\">US to send Ukraine $6bn in fresh military and budget assistance</a>"}],[{"start":null,"text":"<a href=http://www.acphonor.com/interactive/\"https://on.ft.com/3W0561Xhttp://www.acphonor.com/interactive/\">South Korea to inspect all Boeing B737-800 aircraft after crash</a>"}],[{"start":null,"text":"<a href=http://www.acphonor.com/interactive/\"https://on.ft.com/40c6pgOhttp://www.acphonor.com/interactive/\">The relentless advance of American asset managers in Europe</a>"}],[{"start":null,"text":"<a href=http://www.acphonor.com/interactive/\"https://on.ft.com/3DEZxA0http://www.acphonor.com/interactive/\">Who killed the rave? "},{"start":null,"text":"Late-night dancing falls into global decline</a>"}],[{"start":null,"text":"The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. "},{"start":null,"text":"Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. "},{"start":null,"text":"Our engineer is Joseph Salcedo. "},{"start":null,"text":"Topher Forhecz is the FT’s executive producer. "},{"start":null,"text":"The FT’s global head of audio is Cheryl Brumley. "},{"start":null,"text":"The show’s theme song is by Metaphor Music."}],[{"start":null,"text":"<a href=http://www.acphonor.com/interactive/\"https://www.ft.com/content/760c6ba0-75ee-4cce-bea8-69964e1276adhttp://www.acphonor.com/interactive/\">Read a transcript of this episode on FT.com</a>"}],[{"start":null,"text":""}]]}

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