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Paul Murphy

Paul Murphy

Paul Murphy is the founding editor of FT Alphaville and an associate editor of the Financial Times. He joined the FT in London in 2006 as development editor of FT.com, concentrating on the expansion of the online business. Prior to that, he served as the Guardian’s financial editor for seven years. He has also held senior positions in business journalism at the Sunday Business newspaper and the Daily Telegraph. Murphy is a graduate of the London School of Economics.

Articles by Paul Murphy

Markets Live: Tuesday, 14th November, 2017

10 days ago

11:01 am

PM11:01amMorning

PM11:02amWelcome to Markets Live

VV75
morning

PM11:02amNow, it seems 34,000 British millionaires have gone missing.

AAAA
bonjour les amis !

Soundbuy
Morning.First morning using a standing desk. If I don’t comment within the next 10 mins you know I’ve passed out.

11:03 am

PM11:03amI was trying to find a pic to illustrate that, but failed.

vlade
@PM – means there won’t be much rabble today?

PM11:04amSo there’s no pic for today

PM11:04amBut you can have the intro to the CS Wealth Report instead

11:04 am

PM11:04amIncoming

VV75
maybe a pic of corbyn

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Markets Live: Monday, 13th November, 2017

11 days ago

11:01 am

PM11:01amMorning

PM11:01amWelcome to Markets Live

Lawro
morgen

Soundbuy
Bonjour

PM11:02amLet’s get a pic up

11:01 am

PM11:02amhmm

PM11:02amUK politics such an omni-shambles

PM11:02amBut we can’t a political pic

11:02 am

PM11:02amOh i know

PM11:02amThis chap

PM11:02am

11:02 am

PM11:03amEugene Kaspersky

PM11:03amhttps://www.ft.com…-ab18-7a9fb7d6163e

BE11:03amHm.

AAAA
bonjour les amis !

AAAA
zzzzzzzzzzzzzzz

11:03 am

PM11:03amThat link is to Sam’s piece this morning

PM11:04amBarclays been busy handing out Kaspersky’s anti-virus

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Markets Live: Friday, 10th November, 2017

14 days ago

Blank canvas
good morning everyone on both sides of the page

11:00 am

PM11:00amMorning

Otter
Hello nice friday friends

PM11:01amWelcome to Markets Live

PM11:01amI’m back

Soundbuy
Hello

11:01 am

PM11:01amBack to help Bryce

PM11:01amRescue him perhaps?

#REF!
Morning, glorious sunshine in the North West today

PM11:01amNo.

11:01 am

PM11:01amDisrupt?

PM11:01amMaybe

PM11:01amGet in the way?

Blank canvas
Welcome back, did you go somewhere interesting?

11:01 am

PM11:01amyes, for sure

PM11:01amLet’s get a pic up

PM11:02am

11:02 am

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Markets Live: Monday, 6th November, 2017

18 days ago

11:01 am

PM11:01amMorning

Soundbuy
Morning all……….

DRichi
Good morning!

PM11:01amWelcome to Markets Live

epicurean
Good morning all

PeterC
Morning

PM11:02amSome chunky news around

11:02 am

PM11:02amSaudis

PM11:02amOff shore leaks

VV75
morning

PM11:03amGuess we should go for the former for our pic for today

11:03 am

PM11:03am

Paper Chase
Hullo

PM11:03amMbS, as he is known

red
saudis>>>all in the name of creating momentum for oil price and keeping aramco ipo on track

PM11:03amNight of the

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Further reading

18 days ago

Elsewhere on Monday,— The Paradise Papers in full.— Ritz Carlton Riyadh Blues.— We all need a serious discussion about InfoSec.— What will we do with the ultimate problem-solving machine?— Deutsche Bank and Kaupthing is very much still a thing.— How can any US child not born in a yacht afford to go to school these days?— A slanderous, poorly argued, thinly sourced, intellectually shabby conspiracy theory?— A fake journalist.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our

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A Saudi purge list

19 days ago

If you have Arabic, go here:الموقوفون من أمراء ووزراء حتى الآن#الملك_يحارب_الفساد pic.twitter.com/4EWNBFr3nv— صحيفة الاقتصادية (@aleqtisadiah) November 5, 2017Alternatively, here’s list of the most prominent names, courtesy of Reuters:– Prince Alwaleed bin Talal, chairman of Kingdom Holding– Prince Miteb bin Abdullah, minister of the National Guard– Prince Turki bin Abdullah, former governor of Riyadh province– Khalid al-Tuwaijri, former chief of the Royal Court– Adel Fakeih, Minister of Economy and Planning– Ibrahim al-Assaf, former finance minister– Abdullah al-Sultan, commander of the Saudi navy– Bakr bin Laden, chairman of Saudi Binladin Group– Mohammad al-Tobaishi, former head of protocol at the Royal Court– Amr al-Dabbagh, former governor of Saudi Arabian General Investment

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Markets Live: Friday, 3rd November, 2017

21 days ago

11:01 am

PM11:01amHiya

AAAA
Bon dia amics !

Blank canvas
good morning to everyone

PM11:01amWelcome to Markets Live

GBKrona
Hola, TGIF

Soundbuy
Howdy……….

alewis2005
fun article from Kadhim about dodgy fx binary spivs

#REF!
congrats to Kadhim on his tech journo of the year award last night. He’s very tall in person

PM11:03amThe mania over clown finance has reached Christine Lagarde

Alchemy30
morning, I trust everyone is long bitcoin going into the weekend, should be $10k early next week

11:03 am

PM11:03amSo i guess she

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Further reading

21 days ago

Elsewhere on Friday,— A Yellen retrospective.— Those other Musk products threatened by the Tesla inferno.— Kuroda brushed off the notion that researchers can use AI to analyze his facial expressions.— The environmental footprint of clown money.— Apocalyptic populism is dumb.— Fed chair history, in Tweets.— The Mercer’s memo in full.— Eleven sane minutes.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by

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Markets Live: Thursday, 2nd November, 2017

22 days ago

11:01 am

PM11:01amMorning

Binocular
hola

PM11:01amWelcome to Markets Live

Soundbuy
Morning all………..

Sancho
morning

PM11:01amSuppose we should have this chap as our pic for today

11:01 am

PM11:01am

Blank canvas
morning everyone

PM11:02amJerome Powell

Janne
huomenta

PM11:02amIt it a thing that central bankers need to be suave now?

11:02 am

PM11:03amAlso, it’s rates going up day in the UK

PM11:03amCan’t forget that

PM11:03amIn fact, we’re something of a warm up act

11:03 am

PM11:03amFor this https://www.youtub…394de8a3-111054549

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Further reading

22 days ago

Elsewhere on Thursday,— Against a hike.— Beyond old men (and women) shaking fists.— What it takes to be human.— Powell is already worried about China’s debt.— Chinese ODA.— Understanding the US decline in prime-age women’s labour force participation.— A generative adversarial network.— Is AI faking it?— Running against the puritan streak…— What the private sector innovates, the state eventually regulates and appropriates.— In the meantime, this guy lost his crypto pin.

Copyright The Financial Times Limited 2017. All

Read More »

Markets Live: Tuesday, 31st October, 2017

24 days ago

11:00 am

PM11:01amHi there

PM11:01amWelcome to ML

PM11:01amPlenty of news around this morning

11:01 am

PM11:01amWell, lots of statements

Soundbuy
Morning all…….

PM11:01amBut what to start with…

AAAA
bonjour les amis !

GBKrona
Buenas dias

PM11:02amBond Vigilantes have a bunch of scary charts for Halloween

11:02 am

PM11:02amOne of those will do

PM11:02am

PM11:02amhttps://www.bondvi…lebrate-halloween/

Soundbuy
Debt is sooooooo yesterday……..

11:03 am

PM11:03amIt is kinda extraordinary how total debt just gets bigger and bigger and bigger

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Further reading

24 days ago

Elsewhere on Tuesday,— An urbanista.— Another (recommended) US election autopsy.— The bubble in books about the bloody blockchain.— The housing non-bubble.— De-centralising China.— Apple, avoiding Chinese tax.— A new venture from the founder of the Psychic Discovery Network.— Two-Jets Jeff.— The rise of solo living.— Fit for gender-neutral combat?— Look, women don’t ruin food.— This is the first in a series of articles where Bloody Elbow explores how the male gaze impacts the world of women’s MMA; featuring interviews with Miesha Tate, Cris Cyborg, Julie Kedzie, and more!— Gawker was on it already!

Read More »

Further reading

25 days ago

Elsewhere on Monday,— Welcome to the “week that may change everything.”— An actual ICOmic.— Dollar effects, not quite playing out as expected.— Saluting a few old-world intellectuals.— Exploiting quasi-experimental variations in the assignment of rent control. In San Francisco.— More on UKips ‘off-balance sheet’ funding.— The dogcatcher dig.— Some “fairly shocking” new detail on Operation Mongoose.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don’t cut

Read More »

Further reading

28 days ago

Elsewhere on Friday,— The JFK Assassination Records. Well, most of them.— As if we know what’s going on at the top of the CCP!— 38 ideas for repairing America’s broken civic life.— “Rarely has an interest rate rise in the UK been as well flagged as the one expected next week.”— Great Moderation or Worsening Skew?— The discomfort caused by pay transparency is worth it.— Wait, we’re not actually at the beginning of the AI revolution?— “A baby-aspirin-size amount of powdered toxin is enough to make the global supply of Botox for a year.”

Read More »

Markets Live: Thursday, 26th October, 2017

29 days ago

11:02 am

PM11:02amMorning

Blank canvas
good morning to everyone

PM11:02amWelcome to Markets Live

PM11:02amSorry a bit late today

11:02 am

PM11:02amNo excuse

PM11:03amNow, I don’t want to share another picture of Xi

PM11:03amBut you should read this

11:03 am

PM11:03amhttps://www.ft.com…-beba-5521c713abf4

PM11:03amOn United Front

PM11:03amAnd Chinese softpower

11:03 am

PM11:03amIt’s very good

Blank canvas
where is everyone?

PM11:04amInstead, as a pic, you can have a tweet

PM11:04amhttps://twitter.com/chigrl/status/923444721237807104

PeterC
Morning, good pic of a frowning Jes Staley on the front page

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Further reading

29 days ago

Elsewhere on Thursday,— The Russian push for control of the “information space.”— The importance of knowing what utopia might look like.— Do remember that US tax reform is also about inequality.— US corporations’ foreign earnings are already home. The decision now is how to tax them.— So, was it good policy or good luck that prevented severe deflation post-crisis?— More on that hidden Chinese debt.— Explaining how the huge Indian bank bailout doesn’t hike India’s fiscal deficit.— How supposedly more affordable mortgage loans became less affordable.— Ten years fighting Wells Fargo.— African urbanisation.—

Read More »

A simple, three-step solution for Venezuela (updated)

October 25, 2017

Yes, really.Received wisdom has it that when it comes to Venezuela, it’s a case of not if but when the country defaults. Foreign exchange reserves are estimated at circa $10bn and at least $3bn in debt payments are due by the end of the year.One payment of close to $1bn by the state oil company, PDVSA, is due this Friday and another chunky one on November 2. So the situation is stressed.The Venezuelan government does keep managing to pay the PDVSA bills, since it fears the company’s oil shipments getting seized by angry creditors — but it’s very much at the expense of the Venezuelan people.There have been murmurings of an IMF rescue, but the complexities here have been described as “Argentina meets Greece.” The specific problem here is the apparent need to carry out two massive

Read More »

Markets Live: Wednesday, 25th October, 2017

October 25, 2017

11:01 am

PM11:01ammorning

PM11:01amWelcome to Markets Live

Soundbuy
Morning all…………

PM11:01amI guess we should have this chap.

11:01 am

PM11:02amHis official portrait

PM11:02am

J L
Morning

alewis2005
oh hey it’s the chinese god emperor

LordByron
Not Odey?

PM11:02amXi Jinping

FJ
Why is there no webcast of BAT’s Investor day?

11:02 am

PM11:02amWhat do we make of the new fangled Xi Jinping Thought for the New Era of Socialism With Chinese Special Characteristics

PM11:02am??

Penderyn
Morning all. Markets live in one window, Davis

Read More »

Further reading

October 25, 2017

Elsewhere on Wednesday,— Breaking the diversity/equality doom loop.— Wage stagnation.— “A system for constraining the choices of other social actors.’— Is Taylor a hawk or not a hawk?— More on Google Urbanism.— Farming roll-ups.— Xi Jinping Thought vs. Deng Xiaoping Theory

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web.

Read More »

Markets Live: Tuesday, 24th October, 2017

October 24, 2017

11:01 am

PM11:01amMorning

PM11:01amWelcome to Markets Live

Soundbuy
Morgen

DRichi
Hola!

PM11:02amI have a pic for today, which I can share

11:02 am

PM11:02amBut I also have something novel to accompany said pic

PM11:02am

PM11:02amMark Johnson

11:02 am

PM11:03amand..

BornCynic
Morning

PM11:03am

PM11:03amHang on, dont click that

11:03 am

PM11:03amUs this link

PM11:03amhttp://ig.ft.com/audio/Johnson1.wav

PM11:03amIts 49 seconds long — and you have to listen right to the end

Noddy Boffin
Bon dia. Listening to message as instructed

11:04 am

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This is nuts. When’s the crypo crash?

October 24, 2017

Emphasis ours.Dear PaulI hope that this email finds you well. I contact you in order to enquire if you’d be willing to write a piece on trade.io. It’s forecast to be the biggest ICO to date.I’d be delighted with the opportunity to work with you. Please let me know any costs [email protected]

What does a crypto startup do with $230m?
From dot.comedy to ICOmedy…
In the crypto

Read More »

Further reading

October 24, 2017

Elsewhere on Tuesday,— Amis on Trump.— Is Facebook sustaining itself by staying just one side of anti-trust regs?— China’s Social Credit System is actually happening.— The white-shoe cabal.— Why no “New Monetarists”? — It was the year 9 AD…— Are some Asian economies are getting a free FX pass?— We’re Not in Kansas Anymore.— Driverless cars and the familiarity principle.— Is everything other than equities about to move?— Average statistics no longer reflect the conditions of the average man.— The Roman concrete recipe finally revealed!

Read More »

Markets Live: Monday, 23rd October, 2017

October 23, 2017

Blank canvas
Monday greetings to all

11:01 am

PM11:01amMorning, welcome to Markets Live

Boncoeur
Abe! Free money in Japan forever.

Soundbuy
Morning all

PM11:02amA few bits and pieces going on

PM11:02amAnd I believe we have Bryce back in the saddle

11:02 am

PM11:02amWhich is a relief

PM11:02amFor all of us

BE11:02amThumbs up

11:02 am

PM11:02amBut let’s have a pic for today

PM11:03amhttps://upload.wik…edia/commons/1/14/Дерипаска_Олег_Владимирович.jpg

PM11:03amSorry

Boncoeur
that link didn’t work.

11:03 am

PM11:03amLet me try a different link

PM11:03amI want Oleg

Read More »

Further reading

October 23, 2017

Elsewhere on Monday,— BoJ, stock-picker.— All of those named in this story deny they have been involved in ad fraud.— Ad creativity.— “From this analysis, the future of tokens might not be that bright.”— Monetary freedom, a couple of millennia back.— Fedupbook.— The emancipatory vision of national sovereignty.— A franc expiration.— Coyle on Tirole.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or

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Harking back to Prestiti stock — eight centuries of the risk-free rate

October 20, 2017

Here’s the chart…And here’s the fascinating Bank of England staff paper, penned by Paul Schmelzing.Abstract:This paper presents a new dataset for the annual risk-free rate in both nominal and real terms going back to the 13th century. On this basis, we establish for the first time a long-term comparative investigation of ‘bond bull markets’. It is shown that the global risk-free rate in July 2016 reached its lowest nominal level ever recorded. The current bond bull market in US Treasuries which originated in 1981 is currently the third longest on record, and the second most intense.The second part of this paper presents three case studies for the 20th century, to typify modern forms of bond market reversals. It is found that fundamental, inflation-led bond market reversals have inflicted

Read More »

Markets Live: Friday, 20th October, 2017

October 20, 2017

11:01 am

PM11:01amMorning

Blank canvas
good morning everyone

SupposeToBeWorking…
Morning

PM11:01amWelcome to Markets Live

VV75
morning

PM11:01amFriday!

Alchemy30
morning

Soundbuy
Morning…………

11:01 am

PM11:01amYou’ll have had enough of me doing Mono ML by the end of this session

SoS
a windy Friday, morning

PM11:02amWhich is fine, because I’ll be mono no longer on Monday

PM11:02amHopefully

11:02 am

PM11:02amSo, light corporate news flow — but there is plenty of other stuff going on

Blank canvas

Read More »

Further reading

October 20, 2017

Elsewhere on Friday,— Psychopaths underperform.— More on macro pie — and more!— The Taylor rule and Taylor’s record.— “When glitzy recruitment videos yield to the reality of suburban cul-de-sacs…”— “An utter transformation of human habitation across the globe within one generation.”— The (unvarnished) Trump White House policy wish list.— Lucy, seven weeks in.— Further listening.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don’t cut articles from

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Markets Live: Thursday, 19th October, 2017

October 19, 2017

Blank canvas
good morning everyone

11:01 am

PM11:01amGood morning

DRichi
Buenos Dias

PM11:01amWelcome to Markets Live

AAAA
bon dia !

Paper Chase
Hullo

Soundbuy
Bonjour

PM11:01amOur daily chat about markets and stuff

11:02 am

PM11:02amQuick announcement…

Paper Chase
Enjoying the puerile but amusing ‘Connected 3 Growth’

PM11:02amI believe this session is being streamed at the Inet edinburgh festival today

PM11:03amSo Rabble on the right…

11:03 am

PM11:03amYou have a new audience

PM11:03amSo behave!

Flaneur

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