Here’s what’s been happening on Wall Street overnight

Photo by Stephen Chernin/Getty Images

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

The US entertainment giant Comcast surprised global stock markets on Tuesday with a £22 billion ($US30 billion) bid for Sky, Rupert Murdoch’s European pay-TV giant.

Murdoch, who owns 39% of Sky through 21st Century Fox, has beentrying to take full control of Sky and now faces a rival offer. The bid could throw a wrench in the works for Fox’s $US54 billion deal with Disney to sell assorted media assets, which included Sky.

Comcast, led by CEO Brian Roberts, has offered £12.50 a share for Sky, but shares in the London-listed business were trading at £13.39 by early afternoon in London, suggesting investors believe a bidding war will now heat up.

That bidding war could pit three of the most powerful men in the media business against one another: Murdoch, Roberts, and Bob Iger, with some analysts now suggesting Disney could make a bid.Here’s our story.

In related news, a tiny three-partner boutique scored a key role on Comcast’s Sky bid. And in other deal news, more than 50 tech startups could IPO this year. Bank of America’s top tech banker told us two key reasons for the boom.

In markets news, the new Fed chair just made his first public statements – and traders don’t like what they heard.

“What we’ve seen is incoming data that suggests a strengthening in the economy,” Jerome Powell told members of the House Financial Services Committee.

His rosy outlook was enough to prompt markets to become nervous about the prospect of four rather than three rate rises this year. Stocks veered lower, while yields on the 10-year Treasury note, which move opposite to its price, climbed to 2.9%. The US dollar jumped by 0.56% against a basket of major currencies.

Elsewhere in markets news:

And in crypto news:

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.