Retail sales experience a strong rebound in August following a damp July. In other news, the Competition and Markets Authority has concluded its initial review of Microsoft’s acquisition of Activision for $69 billion. Additionally, gas prices are in the spotlight after Chevron workers agreed to end strikes at plants in Australia. Here are five key points to kickstart your day:
5 things to start your day
1) The defining moments of Rupert Murdoch | A look into the newspapers and marriages that shaped this influential media mogul.
2) Wall Street CEO faces court battle over Mike Ashley’s trades | The retail tycoon takes legal action against an investment bank over bets placed on Hugo Boss stock.
3) 10,000 fewer heat pump grants available after Rishi Sunak’s net zero overhaul | Although the Prime Minister increased the incentive to £7,500, it has been revealed that the £150 million cap on the scheme remains unchanged.
4) Billionaire Mike Bloomberg donates financial data empire to charity | The announcement follows speculation about the future of the US company.
5) Warner Bros plans £200 million expansion of Watford studio, known for filming Barbie | This former World War II airfield, Leavesden, has been used to film other productions like James Bond’s Goldeneye and House of the Dragon.
What happened overnight
Most stock markets in Asia declined on Friday morning due to concerns over potential interest rate hikes. The Bank of Japan is expected to maintain its negative rates policy, as new inflation data for August exceeded expectations.
Tokyo, Sydney, Seoul, Singapore, Taipei, and Wellington experienced decreases, while Hong Kong and Shanghai saw a slight increase due to bargain-buying.
On Thursday, Wall Street stocks dropped significantly as investor appetite for risk was dampened by concerns of prolonged higher interest rates. The Dow Jones Industrial Average concluded at 34,070.42, down 1.1%. The broader S&P 500 decreased by 1.6% to 4,330.00, and the tech-heavy Nasdaq Composite Index fell by 1.8% to 13,223.98.
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