Sun. Jun 26th, 2022

Good morning.

After months of speculation, there’s finally a breakthrough over the future of BT Sport.

BT said it’s in exclusive talks with US media giant Discovery to launch a new sports joint venture. It’ll be a 50/50 split between BT Sport and Eurosport.

Under the plans, BT Sport customers will get access to Discovery’s sport and entertainment content – including the Discovery+ app – while Discovery would get access to BT Sport’s customer base and a package of rights including Premier League games.

It’s a major blow for sports streaming platform DAZN, which had been tipped as a frontrunner to take over BT Sport.

5 things to start your day 

1) Britain ‘caught in a trap’ of high taxes and weak growth, warns CBI  Tax rises risk becoming permanent with weak economy, business body chief fears 

2) Britishvolt builds recycling plant for electric car batteries  The Kent facility will recycle more than 10,000 tonnes of battery packs a year when it starts operating in mid-2023

3) Facebook dives on falling profits and weak growth outlook  Mark Zuckerberg’s bet on the “metaverse” is proving costly for the tech giant 

4) Nuts and crisp supplies at risk after cyber attack hits KP Snacks  Hula Hoops and McCoy’s crisps maker says disruptions could last for weeks as orders face delays and cancellations

5) Lack of cash for levelling-up drive threatens another false dawn  Sceptics fear that now Whitehall has ‘taken back control’ from the EU, it will fail to pass it on to Britain’s regions

What happened overnight 

Shares were mixed in Asia on Thursday as the latest batch of company earnings reports kept investors in a buying mood, driving gains on Wall Street.

Markets in China remained closed for Lunar New Year holidays. Tokyo’s Nikkei 225 index lost 1.1pc to 27,244.12 while the S&P/ASX 200 gave up 0.3pc to 7,066.00. Seoul’s Kospi jumped 2.1pc to 2,718.04, catching up on earlier gains elsewhere after markets in South Korea reopened from holidays. Singapore’s benchmark also gained more than 2pc.

Facebook parent company Meta Platforms plunged 22.9pc in after-hours trading after its latest quarterly earnings did not meet Wall Street estimates. That rattled investors in Asia, analysts said.

Coming up today

  • Corporate: Shell (Full-year results); Renishaw (Interims); BT, Compass Group, Cranswick, UK Commercial Property REIT, Virgin Wines (Trading update)
  • Economics: Bank of England interest rate decision (UK), ECB interest rate decision (EU), manufacturing PMI (US, EU), services PMI (UK, US, EU), composite PMI (US, EU), producer price index (EU), jobless claims (US), factory orders (US)

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Wizadclick | WAC MAG 2022