Unhedged

There is fast money and there is real money. Fast money means day traders and hedge funds, who jump in and out on the day's news. But the real money — that of governments and insurance and pension funds — moves much more slowly, and with greater effect. Today on the show, Katie Martin speaks with Ian Smith on what may be a slow turn of allocation out of the US and into Europe. Also they go short consumer confidence and long lepidoptery. 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.Read a transcript of this episode on FT.com

The GDP contracted this past quarter – a turnaround from two years of surprisingly steady growth. Baked into that negative number are imports, as sellers rush to bring in goods ahead of tariffs. Today on the show, Rob Armstrong and Aiden Reiter dissect the GDP and what it tells us about the rapidly changing economy. Also they go long soyabeans and long blackouts. 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.Read a transcript of this episode on FT.com

Air and sea freight bookings for international cargo are plunging. As the reality of empty shelves starts to hit consumers, will Donald Trump blink? Today on the show, Katie Martin and Rob Armstrong try to figure out how long the US president can hold out, and wonder, if he does blink, how long it might take to get trade going again. Also they go long Greggs bakery chain and short the AAII Investor Sentiment Survey.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.Read a transcript of this episode on FT.com

The current administration rode in on a wave of support from America’s traders, lenders and money managers. But that might be changing. Today on the show, Rob Armstrong talks to the FT’s US finance editor, James Fontanella-Khan, about what the titans of Wall Street really think about President Donald Trump. Also they go long AC Milan and short the market. 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.Read a transcript of this episode on FT.com

Nvidia shares, along with many others in the tech sector, plunged on Wednesday on news that the Trump administration will be blocking sales of certain technology to China. Particularly hard hit was the outlook for Nvidia’s H20 chip. The company expected the president’s decision to cost it $5.5bn in sales. Today on the show, Katie Martin and Aiden Reiter are joined by Lex editor John Foley to discuss the clampdown on tech and the prospects for AI in general. Also they go long turbulence at the Federal Reserve, and short Dutch chip company ASML. 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.Read a transcript of this episode on FT.com

The White House has announced dizzyingly high — and hard-to-follow — tariffs on goods from China. And Beijing has responded. But the real trade war may be between the US president and the American consumer. Today on the show, Katie Martin and Aiden Reiter dig into the tariffs battle and discuss China’s options. Also, Aiden doubles down on donkey metaphors and Katie goes short performative space expeditions.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.Read a transcript of this episode on FT.com

Trump folded on Wednesday, reducing his so-called “reciprocal” tariffs across the board, with the notable exception of massive taxes on goods from China. Today on the show, Rob Armstrong and Katie Martin unpack the market gyrations that followed, and wonder if lasting damage has been done to America’s borrowing costs. Also, they go long global trade and long battered European stocks.Join Unhedged for a subscriber webinar about the Trump effect on markets on April 23 at 13:00-14:00 UK time. Go to ft.com/trumpmarkets to register now and send your questions to the team.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.Read a transcript of this episode on FT.com

As the markets try to absorb and value the announced US tariffs, China has responded with its own levies. Today on the show, Katie Martin and Rob Armstrong sum up the old bad news, add it to the new bad news, and divide it by the good news. The result isn’t pretty. Also they go long patience and short buying the dip. 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.Read a transcript of this episode on FT.com