Good morning! Here’s what you need to know in markets on Thursday.
1. Time Warner shares fell after the US Department of Justice said selling CNN would be a prerequisite to an approval of an AT&T acquisition, according to the Financial Times. AT&T has planned to acquire Time Warner for $US85.4 billion (£65 billion) pending regulatory approval.
2. The biggest redesign in Snapchat’s history is planned to debut on Monday, December 4, Business Insider has learned. In an effort to kick-start stagnant user growth, CEO Evan Spiegel said Tuesday that the app would be redesigned to make it “easier to use” but didn’t specify when the redesign would be released.
3. Japan’s Topix index rose to a 26-year high on Thursday, while the Nikkei share average broke the 23,000 level for the first time since January 1992 as financial and securities shares rallied. The Topix index ended the day down 0.60% while the Nikkei closed down 0.11% after earlier highs. Elsewhere in Asia, the Hong Kong Hang Seng is up 0.47% at the time of writing (6.10 a.m. GMT/2.10 a.m. ET) and the Shanghai Composite is down 0.15%.
4. Toshiba said on Thursday that first-half operating profit had more than doubled, driven by a strong performance from its memory chip unit that it recently agreed to sell for $US18 billion (£13.7 billion). The struggling industrial conglomerate said operating profit jumped 149% to 231.77 billion yen ($US2 billion, £1.5 billion), in April-September, compared with 93.19 billion yen in the same period a year earlier.
5. The UK housing market continued to “stutter” in October with demand from buyers and agreed sales declining further and price falls now widely-reported in London, according to RICS’ monthly UK residential market survey. The survey of chartered surveyors found interest from buyers continued to decline over October, with 20% more respondents seeing a fall in new buyer enquiries over the month.
6. The boss of JPMorgan warned Theresa May and Philip Hammond on Wednesday that the French government is intensifying efforts to lure British banking jobs across the Channel, even as he hailed greater clarity about the UK’s post-Brexit planning. Sky News has learnt that Jamie Dimon, the Wall Street banking giant’s chairman and chief executive, held private talks with the Prime Minister and Chancellor in Downing Street on Wednesday.
7. China Investment Corp (CIC) and Goldman Sachs have signed a strategic agreement to establish a China and United States industrial cooperation fund on the sidelines of a state visit to Beijing by US President Donald Trump. CIC and Goldman’s new fund will target $US5 billion (£3.8 billion) in commitments to invest in US companies in industries such as manufacturing, industrial, consumer, and healthcare that have or can develop China business connections, the US Department of State said in a release on Thursday.
8. Boeing signed $US37 billion (£28.1 billion) in commercial deals in China as part of a trade mission travelling with United States President Donald Trump during his state visit to Beijing, Chinese state TV reported on Thursday. US and Chinese companies also signed $US4 billion (£3 billion) in chip industry deals during a signing ceremony, China Central Television reported.
9. The price of bitcoin, the red-hot digital cryptocurrency, popped to an all-time high of $US7,882 on Wednesday afternoon. The price surge came after developers called off a planned upgrade to the currency’s underlying software that threatened to split it in two.
10. The cost of utilities in the UK has risen by almost three times the general rate of inflation over the past 20 years, while that of clothing and shoes has halved, according to new research. Investment group Tilney’s Household Inflation Index shows that between 1997 and 2016 inflation for a typical household’s entire basket of goods was 50.7%.