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Quantity and quality of FTSE 100 earnings both improve even as the index struggles | Thursday 11 Oct 2018
“As the FTSE 100 remains in the grip of a global bout of ‘risk-off’ sentiment, investors can draw some reassurance from how the quantity and quality of UK plc’s earnings seem to be improving,” says Russ Mould, AJ Bell Investment Director.
European stocks slump, as techs follow U.S. lead lower
European stocks were losing ground Tuesday, beginning the second quarter of 2018 dogged by the same technology-sector and trade-war worries that hurt equity markets during the first quarter. The moves were tracking a selloff in U.S. stocks on Monday, when European markets were closed for the Easter break. But Wall Street’s major indexes looked poised to steady Tuesday after the rough start to the month’s trading.
U.S. stocks poised for a higher, but nervous, start after tech-driven selloff
U.S. stocks looked set to open higher on Tuesday, after suffering a rough start to the new month and quarter as technology stocks struggled. But worries over global trade conflict and about President Donald Trump’s plans, if any, for a clampdown on the tech sector were still sending a drumbeat of worry in the background. Those fears helped push the S&P 500 through a key technical level on Monday, which could mean more weakness for stocks is on the way.
FTSE 100 opens second quarter in the red as worries over tech, trade war persist
U.K. stocks dropped Tuesday, as investors returned from a four-day weekend to another selloff in U.S. equities, led by pressure from the tech sector as trade war worries persisted. Meanwhile, the pound was modestly higher ahead of the release of data that should show how British manufacturing activity is faring. The FTSE 100 index UKX, -0.68% fell 0.6% to 7,041.52, led by losses in the industrial sector. Only the basic materials group showed gains.
Deal puts Netflix on Sky services in Europe
A new partnership will put Netflix Inc. NFLX, +0.26% content into the Sky Q service, the two media companies announced Thursday. Shares in U.K. media company Sky PLC SKY, -0.11% were little changed in London trading following the announcement, while the U.S. streaming video giant's stock was not yet active in premarket action.
S&P places Comcast's A-minus rating on review for possible downgrade
S&P Global Ratings placed Comcast Corp.'s CMCSA, +0.11% A-minus rating on CreditWatch negative on Thursday, on concerns that its all-cash offer for Sky Plc SKY, +1.24% might lead to sustained higher leverage. "This could be exacerbated by a potential bidding war for Sky which could lead to a higher purchase price which, if Comcast were to win, could weaken credit measures such that they may no longer support our 'A-' corporate credit rating," the agency said in a statement.
A London taxi driver helped trigger Comcast’s $31 billion bid for Sky
A driver of one of London’s iconic cabs helped put Comcast Corp. Chief Executive Brian Roberts en route to bidding $31 billion for U.K. media giant Sky PLC. On a recent trip to London, Roberts and a colleague hopped in a taxi and talked to its driver about the offerings from Sky and rival Virgin Media, the CEO said this week.
Comcast shares downgraded at Macquarie after company's bid to buy Sky
Analysts at Macquarie Research on Wednesday downgraded shares of Comcast Corp. CMCSA, +0.79% to neutral from a day after the media and entertainment company said it would propose a $31.0 billion bid for Sky Plc. SKY, +1.24% Comcast's potential to expand internationally, double its scale and leverage cross-border IP is great, Macquarie lead analyst Amy Yong wrote in a note, but uncertainty around M&A gives analysts at Macquarie doubt.
Comcast bond spreads widen on news of $30.9 billion offer for Sky
Yield spreads on bonds issued by Comcast Corp. CMCSA, -5.63% widened Tuesday, after the company surprised the market with a $30.9 billion offer for Sky Plc SKY, +20.50% The company topped a bid from 21st Century Fox Inc. FOXA, -2.51% and complicated a deal Fox has made to sell many of its assets to Walt Disney Co. DIS, -3.94% "The purchase offer is all cash, resulting in pro forma leverage of approximately 3.0 times should the deal be completed on proposed terms," said CreditSight analysts.
Why Comcast and Fox are battling for Sky
Comcast Corp. may have sparked a bidding war on Tuesday, after announcing a $30.9 billion offer to acquire U.K. satellite company Sky PLC. The GBP12.50 a share offer is well above the GBP10.75 a share offer already made by Rupert Murdoch’s 21st Century Fox Inc. FOXA, -2.65% which is seeking to buy the 61% stake in Sky SKY, +20.50% that it doesn’t already own.
European stocks drift lower ahead of Powell hearing, but Sky rallies
European stocks pulled back Tuesday, with major benchmarks showing little in the way of firm direction as traders focus on congressional testimony to come from new U.S. Federal Reserve Chairman Jerome Powell. Investors were also watching the unfolding battle to control British broadcaster Sky PLC, which has landed a roughly $30 billion buyout bid from Comcast Corp. The Stoxx Europe 600 index SXXP, -0.15% was down 0.2% to 382.49 as the basic materials and telecom sectors led decliners.
Sky advises shareholders to take no action on Comcast bid as 'no firm offer has been made'
Sky Plc SKY, +20.59% is advising shareholders to take no action on Comcast Corp.'s CMCSA, +0.20% all cash offer for the company at 12.50 pounds per share, as "no firm offer has been made at this point." The company's directors said they are aware of their fiduciary duties under the UK takeover code.
U.S. stock futures point to a loss as jitters grow ahead of Powell testimony
U.S. equities were threatening to break a string of winning sessions on Tuesday, with futures pointing to a lower open ahead of Federal Reserve Chairman Jerome Powell’s first day of testimony in front of lawmakers. Attention will focus squarely on what Powell will say about inflation and the pace of interest-rate hikes. Dow futures YMH8, -0.21% slipped 48 points, or 0.2%, to 25,712, while S&P 500 futures ESH8, -0.28% eased 6.4 points, or 0.2%, to 2,778.50.
Sky Comedy Shorts Title Sequence
Project featured: on 26th February 2018 Sky Comedy Shorts Title Sequence
FTSE 100 climbs as investors embrace risk before U.S. inflation data
U.K. stocks bounced higher Wednesday, with banks and Sky PLC among the best performers as all sectors advanced before the release of key U.S. inflation figures. The FTSE 100 UKX, +0.70% rose 0.6% to 7,210.94. All sectors were in positive territory, led by the financial and consumer goods groups. On Tuesday, the benchmark fell 0.1% after a choppy session. The pound GBPUSD, -0.0936% traded at $1.3882, slightly lower than $1.3894 late Tuesday in New York.
European stocks perk up after German growth data
European stocks marched higher Wednesday, with Swiss banking heavyweight Credit Suisse AG rising in the wake of its financial results, as investors took on risk before the release of a widely anticipated report on U.S. inflation. The Stoxx Europe 600 index SXXP, +0.67% advanced 0.8% to 373.49. All sectors moved higher, led by the tech and utilities groups. On Tuesday, the index lost 0.6%.
FTSE 100 rebounds from 4-week low as Diageo, Sky drive higher
U.K. stocks advanced on Thursday, rebounding from a four-week low as shares of heavyweights Diageo and Sky climbed after well-received earnings reports. A continued rally in the pound, however, kept gains for the benchmark index in check. What are markets doing? The FTSE 100 index UKX, +0.12% gained 0.2% to 7,654.63, partly recouping a 1.1% loss from Wednesday when the benchmark logged its lowest close since Dec. 28.
FTSE 100 finds higher footing as EasyJet rises, but pound lurks near post-Brexit high
U.K. stocks edged up Tuesday, keying off advances on Wall Street as the U.S. government shutdown drew to an end, while EasyJet PLC and Sky PLC shares were perched at the top of the London blue-chip index. The pound, meanwhile, edged back after hitting $1.40 against the U.S. dollar, which was the highest level seen since the Brexit referendum.
Disney re-opens talks to buy some of 21st Century Fox’s assets, say sources
Walt Disney Co. has re-engaged in discussions with 21st Century Fox to purchase some of the media giant’s assets, and Comcast Corp. remains in the mix, with deal talks gaining momentum, according to people familiar with the situation. The talks center on the Twentieth Century Fox movie and TV studio, international assets such as Fox’s FOX, +1.03% 39% holding in U.K. satellite TV provider Sky PLC SKY, -0.69% and India’s Star TV, along with some U.S. cable networks.
Disney re-opens talks to buy some of 21st Century Fox’s assets, say sources
Walt Disney Co. has re-engaged in discussions with 21st Century Fox to purchase some of the media giant’s assets, and Comcast Corp. remains in the mix, with deal talks gaining momentum, according to people familiar with the situation. The talks center on the Twentieth Century Fox movie and TV studio, international assets such as Fox’s FOX, +1.03% 39% holding in U.K. satellite TV provider Sky PLC SKY, -0.69% and India’s Star TV, along with some U.S. cable networks.
Sky may close Sky News if it blocks 21st Century Fox takeover
Sky PLC SKY, +0.27% has hinted it may close down its Sky News operation if it impedes 21st Century Fox Inc.'s FOXA, +1.09% bid to take full control of the U.K. broadcaster. On Wednesday, Sky told the Competition Markets Authority that the regulator should not assume that Sky News will continue to compete against local rivals if the takeover goes ahead.
FTSE 100 keeps dancing just below its all-time high
U.K. stocks looked marooned Thursday, as the equity market’s main benchmark showed little change, having rallied more than 2% so far this month to within striking distance of a fresh record. FTSE eyes all-time high: The FTSE 100 index UKX, +0.06% edged up by less than 0.1% to 7,535.72, keeping the gauge about 0.2% below its record close, achieved on May 26.
Fox's $15 billion Sky bid to be sent to U.K. competition regulator
21st-Century Fox Inc.'s FOX, -1.06% FOXA, -0.97% proposed buyout of the rest of pay-TV group Sky PLC SKY, -1.78% it doesn't already own will be referred to Britain's competition regulator. U.K. Culture Secretary Karen Bradley said the investigation of the pending deal will take six months because of concerns about broadcast standards and media plurality, Sky News reported Tuesday. Fox already owns a 39.1% stake in Sky.
U.K. culture secretary to make statement on Fox's planned Sky takeover
U.K. Culture Secretary Karen Bradley will make a statement in Parliament on Tuesday regarding the proposed takeover of pay-TV group Sky PLC SKY, +0.31% by 21st-Century Fox Inc. FOX, +1.14% according to the House of Commons Twitter account. Fox is seeking to buy the 61% of Sky that it doesn't already own in a $15 billion bid. Bradley received additional guidance on broadcast regulator Ofcom on the proposed deal last week, saying she'd make a decision soon.
FTSE 100 gets a lift from oil shares as crude prices soar
U.K. stocks advanced on Monday, as a rally in crude oil prices pushed up shares of oil producers, after Saudi Arabia said it could cut its output further than already promised. The FTSE 100 UKX, +0.14% rose 0.2% to 6,969.78, but only the oil and gas, basic materials and industrial sectors were showing gains. Health care, financial and consumer-related shares were lower. The benchmark on Friday added 0.3% to 6,954.21, the highest close since Oct. 31.
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