Unhedged

The battle between Novo Nordisk and Pfizer to acquire Metsera is over. But is this merger a sign of strength or weakness for the industry? Today on the show, Rob Armstrong talks with US finance editor James Fontanella-Khan about the pressures on drug companies from Washington and the market. Also they go long Nasdaq and short Nasdaq.  For a free 30-day trial to the Unhedged newsletter go to:...

Companies such as Procter & Gamble and Chipotle say lower-income customers are spending less, while upper-income customers keep splurging. But data from the Federal Reserve and others suggests incomes – and the differences between them – have remained steady. Today on the show, Katie Martin and Rob Armstrong try to understand why and if consumer behaviour is changing. Also, they go long passiv...

Today’s show is a live recording from the Kilkenomics Festival in Kilkenny, Ireland. Katie Martin hosts a panel with guests David McWilliams, founder of the festival, and Mark Blyth, professor of political economics at Brown University. From the Home Rule Club in Kilkenny, they ask if the US is starting to behave like an emerging market. Also, they go long sterling and short futuristic cities in t...

With the government shut down, US investors are looking for data in different places. Today on the show, Katie Martin and Rob Armstrong discuss home brewed data, and try to figure out what’s really going on in the US economy. Also they go short flying taxis and the UK defaulting.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert...

Tech companies are spending historic amounts of money on computing power and data centres.  Today on the show, Rob Armstrong and Katie Martin talk to Lex editor John Foley to try to understand the computing arms race. Also they go long M&A, short free buses, and long cleanfluencers.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can...

How does populism affect the long-term health of economies? And is there a difference in outcomes between the extreme politics of the left and the right? Today on the show, Rob Armstrong and the FT’s chief economics commentator Martin Wolf discuss an extensive study on populism and economics. Also, they go long China and short tech companies with no profits. For a free 30-day trial to the Unhedged...

US Treasury secretary Scott Bessent has one of the hardest jobs in recent history. He has to implement bizarre economic strategies and keep rational market players calm. Today on the show, Rob Armstrong and Katie Martin discuss Bessent’s balancing act. Also they go long depreciation expense and short predictions about gold.  For a free 30-day trial to the Unhedged newsletter go to: https://ww...

It won’t be easy, and you’ll think it’s strange, when we try to explain … why US Treasury secretary Scott Bessent is suddenly reversing all current US policy and proposing to send billions of dollars to Argentina. Today on the show, Katie Martin, Rob Armstrong and the FT’s Latin America editor Michael Stott discuss Javier Milei’s cry for help. Also they go long renaissance composer Palestrina and...

Sanae Takaichi is the first female prime minister of Japan. She also claims Margaret Thatcher as a role model. Today on the show, Katie Martin and the FT’s Tokyo bureau chief Leo Lewis discuss this historic election and what it might mean for markets in Japan and globally. Also, they go long shorts – for real this time.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft...

China’s announcement that it would be restricting the export of rare earths put markets into a tailspin on Friday. Today on the show, Rob Armstrong, Katie Martin and new Unhedged reporter Hakyung Kim ask if this is the card that will make Donald Trump fold? Also they go long Strava, and short protein.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer...

On November 26, parliament will make the UK an offer it can’t refuse: The 2026 Budget. But the UK can complain about it! And likely will, as it will almost certainly include increased taxes on the middle class. Today on the show, Katie Martin and the FT’s economics commentator Chris Giles discuss Labour’s big problem: social services are expensive. Also they short the IMF and go long people who sa...

Is AI making everybody richer? Or just more entangled in each others’ business? Today on the show, Rob Armstrong and Lex editor John Foley try to untangle the growing web of companies investing in each other. Also they go long steak and long cocoa.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at u...

Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You might be living with lead and not know it: the toxin is often invisible to the human eye, but wreaks havoc on our bodies once we’re exposed. The first episode of Untold: Toxic Legacy launches October 22.  Listen on Apple Podcasts , Spotify , Pocket...

Gold keeps hitting all-time highs, and no sober talk about speculation or productivity has stopped it. Today on the show, Rob Armstrong and Katie Martin take stock of the frenzy. Also they go short the yen and long Japanese stocks.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com ....

Today on the show, Rob Armstrong and Katie Martin take on three things they’ve been thinking about: the markets' complete lack of worry about a government shutdown, the growing balance sheet problem with artificial intelligence spending, and the rise of shadow banking. Also they short cyber attacks and the fall wave of Covid-19.  For a free 30-day trial to the Unhedged newsletter go to: https...

Electronic Arts, a publicly traded company, was just purchased for $55bn by a consortium of investors led by Donald Trump’s son-in-law Jared Kushner. The investors included the Saudis and Silver Lake Partners, one of the smartest players in private equity. Today on the show, Robert Armstrong speaks with US finance editor James Fontanella-Khan and US deals correspondent Oliver Barnes about the doll...

First Brands Group, a roll-up of car parts manufacturers, is preparing a bankruptcy filing after amassing as much as $10bn in debt. And last week, Tricolor, a subprime auto loan lender, ran into trouble. Today on the show, Rob Armstrong and Katie Martin ask if we are at a turning point in credit markets. Also they go long collective nouns for groups of canaries.  For a free 30-day trial to th...

The dollar is down almost 10 per cent since the beginning of the year. Yes, it has fallen from a very strong position, but the drop might also reflect growing international unease about the direction of American institutions of government. Today on the show, Rob Armstrong and Katie Martin discuss the weakening of the dollar, and how traders are betting on it. Also, they go short not having jo...

This week, President Donald Trump suggested that companies only report earnings twice a year. This would be a significant change to how markets in the US operate. Today on the show, Rob Armstrong and Katie Martin ask, is it a good idea? Also, they go short smart glasses and long empty nesting.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You ca...

With interest rates high, private equity has had a harder time finding investors … and making money. To solve this problem, the industry has found novel ways to avoid closing their funds. But time may be running out. Today on the show, Katie Martin and Rob Armstrong talk to the FT’s US private equity editor Antoine Gara about how private equity is going to have to turn its homework in eventually....

The annual jobs numbers are in. And they have been revised down by 911,000 positions. But in a quickly changing economy, with many laborers literally leaving the country, what does that mean? Today on the show, Rob Armstrong and Aiden Reiter discuss the new landscape of employment in the US, and what it might mean for interest rates. Also they go long a new richest man in the world and long tweed....

2025 has been a chaotic year, with seemingly random tariffs, the reduction of the labour force, the partial nationalisation of major companies and a looming hostile takeover of the long independent Federal Reserve. Before a live audience at Kenwood House in London, Katie Martin and Rob Armstrong try to understand which markets are responding to all this self-generated chaos, and why. Also they go...

Central banks have been around for hundreds of years. But they haven’t always done the same thing. Today on the show, Katie Martin and Rob Armstrong talk to Brendan Greeley, a former FT reporter, about the changing role of the Federal Reserve. Greeley is the author of the forthcoming The Almighty Dollar. Also, they go long internships at XTX and short private credit. Sign up for the FT Weekend Fes...

Valuations are high. Employment is down. The Federal Reserve is under attack. For many market watchers, this looks a lot like a recipe for disaster. Today on the show, Rob Armstrong and Katie Martin discuss the case for a collapse. Also, they go long the UK and long September.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.&nbsp...

The Trump administration has again extended its control over the US economy, now taking a 10 per cent stake in the chip manufacturer Intel. Control of the means of production is a foundational tenet of socialism and Marxism, but the Republican party remains silent. Today on the show, Katie Martin and US managing editor Brooke Masters ask, “What the hell?”  Sign up for the FT Weekend Festival...