Friday's business news and markets
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Breakfast Business with Enterprise Ireland on Newstalk. Good morning and welcome to Breakfast Business and thank you to your sunny Shane Beattie. It is Friday the 17th of October at 6.31. Happy Pasta Day. Coming up on today's show, we'll be talking about new shipping routes via the Arctic and we'll be chatting to Workday and AI doing HR jobs and all the markets as usual. You can email us business at newstalk.com.
What are the main business stories covered today?
But first, let's have a look at the main business stories in the newspapers and websites, which we shall do in the competent and rarely complacent company of Aidan Donnelly from Davies. Good morning, Aidan. Good morning, Joe. How are you? Not too bad. Any plans for the weekend?
A nice quiet one. It's been a very busy week.
Oh, it has. OK. Were you counting your cash then last night?
Not at all. I don't have enough of that to be counting it.
Let us start actually talking about money and exchanges. The German Chancellor Friedrich Merz gave a very interesting speech in the Bundestag yesterday in Berlin calling for a single European stock exchange.
Yeah, it's interesting until you kind of, when you pick, well, I don't disagree that, you know, there's changes to be made. He's really, what he's saying is, look, if we had one exchange, you know, European companies wouldn't need to go to New York to get quoted on New York Stock Exchange in order to get capital. But I think, you know, how many exchanges you have is kind of the last step of the way. There's an awful lot of other changes needed to be made and If you look at the EU plans for capital market integration, they've pretty much stalled for the last good few years because in large part due to Germany's opposition to shifting the supervision of the financial markets from Germany Germany itself, so Bonn, the BaFin, to basically the European Securities and Markets Authority.
Now, that looks as if they're willing to see that power now, and it's certainly a good start. But look, I think from a European perspective, there's a lot of changes need to be required in terms of not just on the regulation side. We do have two major exchange companies now in Euronext and Deutsche Börse. you know, there's two major exchanges in the US, there's New York Stock Exchange, then Aztec. So the number of exchanges I don't think is necessarily the important one. But the other thing that I think that's more important is just to try to increase the public's desire to be investing in the markets. And I think that's a much bigger thing because when you look across Europe, there is so much money held in deposits in banks that never get into the investment markets.
And I think if Europe are serious about trying to fund investment into companies and getting a much more active capital market. they need to make it easier for people to invest in the markets.
You're absolutely right, and that is the purpose of the Savings and Investments Union that the European Union is talking about, and I was speaking to the Financial Services Commissioner about this three weeks ago exactly. Yes, it's prizing open those wallets and purses because of the trillions of euros sitting on current accounts, earning nothing. It's interesting, though, from the perspective of Friedrich Merz, he used to work for BlackRock, And he sat on the board of Deutsche Börse or the German Stock Exchange. So he kind of knows what he's talking about. If he and the French could agree on this, it is possible. Of course, it will mean that the Dublin Stock Exchange, Euronext Dublin, would kind of almost disappear in terms of importance.
Well, look, again, I think it's about if you're freeing up funds and investment funds to get into the market, I think if you see substantial growth in markets, I think it's a place for everybody ultimately to operate in that type of environment.
Now, the reawakened trade war, which Trump reawakened last week, is getting nastier.
Yeah, I think there's a lot of media rhetoric has definitely increased. I think when you look at it, I think many believe that a major escalation of trade tensions with China is not kind of a base case.
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