The battle for control of European pay-TV giant Sky heated up on Wednesday, with 21st Century Fox raising its bid and cable company Comcast quickly countering later in the day. The showdown could affect the broader fight between Comcast and Walt Disney to acquire most of Fox’s entertainment assets.
Broadcomreed to buy software company CA Technologies for $18.9 billion, a surprise move that would take the chip-making giant in a new direction. Broadcom shares fell sharply on the news in after-hours trading.
Big banks are expected to report another quarter of strong profits starting on Friday. But that might not be enough to get skittish investors interested in bank stocks again.
The 25-mile undersea link between Britain and mainland Europe is critical to supply chains spanning the continent that require goods to arrive at their final destination exactly when they are needed. Concern over the preservation of these delicate ‘just-in-time’ systems after Brexit has moved from corporate boardrooms to Downing Street.
Investors are wondering whether an unexpected dollar rally that jarred markets for much of the second quarter has finally petered out. But some warn that the exchange of tariffs between the US and China will send investors back to the safety of the greenback.
The UK housing market has fallen asleep and there are few signs it’s going to wake up soon. The number of newly agreed sales fell for the 16th consecutive month in June, according to the closely watched survey put together by the Royal Institution of Chartered Surveyors.
IN THE PAPERS
Theresa May has abandoned plans for a tight new relationship with the EU in financial services after Brexit, laying out a new proposal for a looser partnership in her long-awaited white paper on Thursday. Financial Times (£)
Chinese and US officials have raised the prospect of resuming talks over trade between the two nations after President Donald Trump ratcheted up the pressure by announcing a huge new round of potential tariffs. Bloomberg (£)
Chinese telecom ZTE was poised to resume business with its US suppliers as the last major hurdle of the deal President Trump made to save the firm had been cleared. WSJ
Federal Reserve officials are scouring new niches of the financial markets to find signals accurate enough to warn the central bank when it is time to stop hiking interest rates before they risk tipping the economy into a recession. Reuters
Turkish equities, bonds and the lira took a hammering on Wednesday as Recep Tayyip Erdogan predicted a fall in interest rates and investors fretted over the health of the country’s economy. FT (£)
European stocks recovered some ground after another round of US tariffs on Chinese imports sparked a global selloff on Wednesday.
The Stoxx Europe 600 gained 0.3% at the open and the UK’s FTSE 100 rose 0.2%. Brent crude rose more than 1% after suffering sharp falls on Wednesday.
Sky topped the UK benchmark, rising more than 3% after the pay-TV company received a higher offer from Comcast, valuing it at $34 billion. 21st Century Fox earlier submitted its own revised bid.
Asian stocks performed better, with the Shanghai Composite, which recently entered a bear market, bouncing more than 2%. The Nikkei 225 also rose more than 1%.
EU industrial production; ECB accounts of its last monetary policy discussions; Donald Trump begins UK visit; Eurogroup meeting of eurozone finance ministers.
Source : https://blogs.wsj.com/moneybeat/2018/07/12/wsj-city-trumps-call-to-double-spending-creates-tense-nato-summit-comcast-swiftly-counters-foxs-bid-for-sky/Thanks you for read my article WSJ City: Trump’s Call To Double Defense Spending Creates Tense NATO Summit, Battle For Sky Heats Up With New Comcast Bid