Asian markets climbed again on Tuesday thanks to some relief of an end to the US government closure plus rising US corporate earnings. Shares in Samsung came back to strength, up almost +2%, returning much of Monday’s losses. However the tailing of the US market by Asian stocks is unusually close.
The Nikkei closed almost +1.3% higher – its highest level since the end of 1991, almost – mirrored by strong gains from the South Korean Kospi and the Hang Seng. What's particularly interesting is the momentum, especially for the Nikkei. The Japanese index has been holding similar altitudes with ease for several weeks. Overnight, the Bank of Japan kept monetary policy unchanged with a more optimistic assessment on (needed) inflation.
Good news also for Netflix: membership has surfed past the 117m member mark. “We believe our big investments in content are paying off." Netflix will spend around $8bn on content this year, much of it original.
The pound was a little softer over night, down -0.16% to 1.3964 on the dollar but still comfortably over the 1.39 handle. Some chunky swings from crypto with Bitcoin trading -5.5% down at 10,219.
- UK FTSE 100 7,715.44 -0.20%
- DAX 13,463.69 +0.22%
- CAC 40 5,541.99 +0.28%
- Euro Stoxx 600 402.11 +0.31%
- Dow 26,071.72 +0.21%
- S&P 500 2,810.30 +0.44%
- Nasdaq 7,336.38 +0.55%
- Nikkei 225 24,124.15 +1.29%
- Gold 1,336.30 +0.34%
- Oil WTI 63.66 +0.46%
CMA opposes Murdoch-Sky bid on UK media ‘control’
We start with a blow for Rupert Murdoch. The competition watchdog the CMA says a £11.7bn offer from 21st Century Fox to buy the remaining chunk of Sky would “likely…operate against the public interest”. This view is given even though Fox is flogging much of its entertainment assets to Disney.
The CMA said: “It would lead to the Murdoch Family Trust, which controls Fox and News Corporation, increasing its control over Sky, so that it would have too much control over news providers in the UK across all media platforms (TV, Radio, Online and Newspapers).”