Thank you for joining us. Microsoft’s revised $69 billion merger with Activision Blizzard has received approval from competition regulators, following revisions made by the US tech giant.
The Competition and Markets Authority has given its consent to the plans, on the condition that Microsoft divests Activision’s cloud streaming rights for PC and console games.
5 things to start your day
1) ‘New cloud darkening’ over the global economy after Hamas attack on Israel, says IMF | Recovery is ‘limping along’ amid the threat of a new Middle East war
2) How the ghost of Jeffrey Epstein chased Jes Staley out of the City | American banker’s fall from grace appears to have been as brutal as it has been swift
3) Boss of world’s largest cinema chain victim of catfish blackmail scam | Outspoken chief executive revealed details of the case after scammer’s sentencing
4) Microsoft pays HMRC £136m amid US tax row | Software giant made the payment in the last 15 months under a ‘bilateral agreement’
5) Dyson’s family-owned parent company paid £1.2bn dividend | Sir James steadily increases cash payments to Weybourne Holdings
What happened overnight
Asian markets slipped following a decline on Wall Street driven by mounting pressure from rising bond market yields.
China’s consumer prices in September remained flat compared to the same period last year, according to the National Bureau of Statistics, indicating persistent deflationary pressures and weak domestic demand.
Meanwhile, China’s producer price index, which measures prices that factories charge wholesalers for their products, has declined for the 12th consecutive month.
The Hang Seng in Hong Kong slipped 2% to 17,875.33 from a five-week high, and the Shanghai Composite index fell 0.6% to 3,087.88.
Singapore’s economy expanded faster than expected in the third quarter, according to preliminary government data. The central bank has decided to maintain its current monetary policy settings for the second consecutive meeting, as core inflation remains low and concerns about economic growth persist.
In South Korea, the Kospi lost 0.9% to 2,458.05 after official figures showed unemployment rose to 2.6% in September from a historic low of 2.4% in August.
Japan’s Nikkei 225 index fell 0.6% to 32,293.69. Australia’s S&P/ASX 200 lost 0.5% to 7,053.80. Taiwan’s Taiex slipped 0.4%, and the SET in Bangkok gave up 0.7%.
On Thursday, the S&P 500 fell 0.6% to 4,349.61. It was the first drop for the index in five days, breaking its longest winning streak since August.
The Dow Jones Industrial Average dropped 0.5% to 33,631.14, and the Nasdaq Composite sank 0.6% to 13,574.22.
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