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14 декабря, 15:16

Disney Agrees To Buy 21st Century Fox Assets For $52.4 Billion

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After weeks of mounting speculation - and a rumored competing bids by rivals Comcast Corp. and Verizon that never materialized - Disney and 21st Century Fox announced early Thursday that the former would acquire most of the latter's entertainment assets in a deal worth $52.4 billion, according to the official press release. Here's what Disney is buying, according to the release: Combining with Disney are 21st Century Fox’s critically acclaimed film production businesses, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000, which together offer diverse and compelling storytelling businesses and are the homes of Avatar, X-Men, Fantastic Four and Deadpool, as well as The Grand Budapest Hotel, Hidden Figures, Gone Girl, The Shape of Water and The Martian—and its storied television creative units, Twentieth Century Fox Television, FX Productions and Fox21, which have brought The Americans, This Is Us, Modern Family, The Simpsons and so many more hit TV series to viewers across the globe. Disney will also acquire FX Networks, National Geographic Partners, Fox Sports Regional Networks, Fox Networks Group International, Star India and Fox’s interests in Hulu, Sky plc, Tata Sky and Endemol Shine Group. Fox will then spin off the Fox Broadcasting network, Fox News, Fox Business, FS1, FS2 and Big Ten Network to its shareholders into a newly listed company. Under the terms of the agreement, shareholders of 21st Century Fox will receive 0.2745 Disney shares for each 21st Century Fox shares they hold. Disney will also assume approximately $13.7 billion of net debt of 21st Century Fox. Meanwhile, Robert Iger, who was supposed to retire at the end of next year, will stay on to lead the Disney until at least 2021 (at this point, the long-time CEO, who has blown through many planned retirement dates, might lead the House of Mouse for the remainder of his natural life). The deal is the largest ever in Disney's history, and comes just a day before the release of "The Last Jedi" the latest installment in its lucrative "Star Wars" series - a franchise it acquired a few years back. Fox will keep its studio plot in LA and much of its real-estate holdings. Rupert Murdoch, the longtime chairman of 21st Century Fox, said: “I’m convinced that this combination, under Bob Iger’s leadership, will be one of the greatest companies in the world. I’m grateful and encouraged that Bob has agreed to stay on, and is committed to succeeding with a combined team that is second to none." As the Financial Times pointed out, the deal will end Murdoch’s long association with Hollywood and represents a division between the media mogul and his youngest son, James, Fox’s chief executive. The two companies did not comment on his future but James is likely to leave Fox upon completion of the sale. Disney said it would seek $2 billion in cost savings from the deal. It expects Fox to complete its takeover of pan-European TV group Sky by the end of the first half of next year. Disney will end up as the ultimate owner of Sky as long as that transaction completes before Disney’s deal.

14 декабря, 09:53

СМИ сообщили о готовящейся покупке Walt Disney активов 21st Century Fox на $60 млрд

Американская компания Walt Disney близка к тому, чтобы приобрести активы холдинга 21st Century Fox Руперта Мердока на сумму около $60 млрд, сообщает газета The Wall Street Journal (WSJ) со ссылкой на источники. В эту сумму также входит задолженность структур 21st Century Fox. О сделке может быть объявлено уже сегодня.Walt Disney, по информации WSJ, получит кино- и телестудию Twentieth Century Fox, ряд кабельных каналов, в том числе спортивных, а также ключевые международные активы. Телеканал Fox News не будет продан. Инвесторы 21st Century Fox по итогам сделки будут владеть примерно 25% увеличившейся Walt Disney.Ранее компания Comcast Corp. отказалась от планов по покупке большей части активов 21st Century Fox. Представители Comcast пояснили, что провели оценку выгодности сделки, после чего приняли решение не продолжать переговоры. Сообщалось, что и семья Мердок хотела бы заключить сделку именно с Disney, потому что предпочитает платеж акциями Disney, а не Comcast.

13 декабря, 23:48

FCC's own chief technology officer warned about net neutrality repeal

The warning challenges the FCC's official line on the planned repeal of the net neutrality rules, set for a vote Thursday.

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13 декабря, 23:24

How Comcast's Cable TV Business Has Been Bucking Industry Trends

Comcast has managed to drive growth in its Cable TV segment despite intense competition and secular pressures facing the industry. The company has managed to stem subscriber losses while steadily increasing its fees.

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13 декабря, 09:50

Will AT&T Be Back on Growth Path Despite Saturation in 2018?

The U.S. Department of Justice (DOJ) filed a lawsuit against AT&T Inc. (T) for its proposed $85.4 billion takeover of media giant Time Warner Inc. (TWX).

13 декабря, 01:21

Will AT&T Be Back on Growth Path Despite Saturation in 2018?

The U.S. Department of Justice (DOJ) filed a lawsuit against AT&T Inc. (T) for its proposed $85.4 billion takeover of media giant Time Warner Inc. (TWX).

12 декабря, 20:28

Comcast Stock Surges As DIS Moves Closer to Acquiring Fox Assets

Shares of Comcast climbed on Tuesday morning after the company announced that it officially bowed out of the fight to buy some of 21st Century Fox's (FOXA) assets. This move leaves the Walt Disney Company (DIS) as the lone remaining bidder, in a deal that could now close as soon as this week.

12 декабря, 16:05

Frontrunning: December 12

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Parties Make Final Push Ahead of Dramatic Alabama Senate Race (WSJ) Oil hits two-and-a-half year high on pipeline shutdown, stocks take breather (Reuters) Alabama drama nears an explosive end (The Hill) Moore, Jones Expose Rural-Urban Divide That Defines Alabama Race (BBG) The Force Behind Bitcoin’s Meteoric Rise: Millions of Asian Investors (WSJ) Austrian Explosion Rattles Europe’s Gas Market (BBG) Scant oversight on building adds to hurricane costs (Reuters) Optimism Among U.S. Small Businesses Jumps to Highest Since 1983 (BBG) As Fed Deliberates, Amazon Is Making Its Job More Difficult (WSJ) Trump's push to cut federal jobs has modest impact, mostly in defense (Reuters) Westfield Agrees to European Takeover Valued at $16 Billion (WSJ) Risks lurk as yen keeps BOJ from faster tapering despite stronger economy (Reuters) A Manager of $42 Billion Fears Bubble in World's Biggest Stocks (BBG) Japan air force drills with U.S. bombers, stealth fighters near Korean peninsula (Reuters) What Hedge Funds Will Do After the Hedge Fund Model Dies (BBG) Be careful, murdered Iranian activist's daughter tells European exiles (Reuters) Audi CEO drops plan to sell motorcycle brand Ducati (Reuters) Trump May Actually Be Right About the Trade Deficit With Canada (BBG) PepsiCo makes biggest public pre-order of Tesla Semis: 100 trucks (Reuters) Lockheed’s Littoral Ships Running 11 Months Late, U.S. Navy Says (BBG) Musk’s SpaceX Doubles Down on Method for Cheaper Rocket Launches (BBG) Macron seeks climate action after U.S. withdrawal from Paris accord (Reuters) Overnight Media Digest WSJ - Vietnam Beverage Co, a unit of Singapore-listed Thai Beverage PCL, has submitted a bid to acquire at least a 25 pct stake in state-owned Saigon Beer Alcohol Beverage Corp , known as Sabeco. on.wsj.com/2AvNnI8 - Comcast Corp said it is no longer pursuing an acquisition of several key media and entertainment assets from 21st Century Fox, leaving Rupert Murdoch's media empire in position to finalize a deal with Walt Disney Co. on.wsj.com/2AuICyv - Accessories retail chain Charming Charlie Llc said it reached a restructuring pact with its lenders and equity sponsors that would allow it to keep a majority of its stores and online presence open during the bankruptcy process. on.wsj.com/2AvzeKU - Verizon Communications Inc has struck a more than $2 billion deal to show NFL football games on its mobile network as well as its Yahoo , Yahoo Sports and go90 mobile platforms. on.wsj.com/2AuN6VY - John Burbank's Passport Capital, famed for its profitable bets against subprime housing ahead of the financial crisis, will shutter its flagship fund after persistent losses, according to a letter to investors. on.wsj.com/2Au85bn   FT - Apple Inc confirmed its plans to buy UK-based music recognition app Shazam, in its biggest acquisition since the deal to buy Beats Electronics in 2014. - Jefferies analysts said the broadband provider TalkTalk Telecom Group Plc was heading for a breach of debt covenants after which after which the company slumped to a five-year low on Monday. - French IT services group Atos SE proposed to buy Gemalto NV in a deal worth about 4.3 billion euros. - UK North Sea’s main pipeline system is likely to be shut for weeks for emergency repairs. The news sent oil and gas prices soaring as the country braces itself for a prolonged cold snap   NYT - Germany's domestic intelligence agency has accused China of using LinkedIn and other social media sites to infiltrate the German government, a charge that the Chinese government promptly denied. (nyti.ms/2jQIxuR) - The U.S. Treasury Department released a one-page analysis of the nearly 500-page Senate tax bill on Monday that suggested the $1.5 trillion plan would more than pay for itself, assuming the economy grows much faster than any independent analysis of the bill has projected. (nyti.ms/2z2H4th) - HSBC Holdings Plc on Monday said that the United States authorities were preparing to dismiss criminal charges against the bank, five years after it reached an agreement to avoid prosecution related to lapses in its money-laundering controls. (nyti.ms/2jwAAhr) - Volvo AB is putting video cameras into cars equipped with its latest driver-assistance features and giving them to five families, aiming to gather data that will help develop fully autonomous cars for highway use by 2021, Marcus Rothoff, a Volvo executive, said at an event on Monday. (nyti.ms/2AwpUGY)   Canada THE GLOBE AND MAIL ** The Chief Executive of CanniMed Therapeutics Inc Brent Zettl says two directors launched a covert campaign to sell the medical cannabis producer after they and the rest of the board agreed to pursue a deal that would position it for the recreational weed market. tgam.ca/2yhxTBD ** Construction of the most expensive public-infrastructure project in British Columbia's history, the Site C dam, will continue, dashing the hopes of environmentalists and some Indigenous communities that the new minority NDP government would stop construction. tgam.ca/2ygZSl1 ** David Baazov, the Montreal internet gambling entrepreneur charged with insider trading, finally had his day in court Monday as a legal debate rages over whether the case against the Amaya Inc founder should be thrown out. tgam.ca/2yh1prh NATIONAL POST ** Alternative asset manager West Face Capital Inc has formally filed a lawsuit against Home Capital Group Inc and three former executives, seeking C$70 million ($54.6 million) in damages over claims the mortgage lender's public disclosure was "inaccurate, incomplete and misleading." bit.ly/2yhxNtv   Britain The Times - Lloyds Banking Group Plc discussed a merger with a string of banks, including ABN Amro Group NV of the Netherlands, and Deutsche Postbank AG of Germany, before going after its stricken rival HBOS in the autumn of 2008, a court has heard. bit.ly/2AtbGX7 - City lawyers have said that plans to put the Serious Fraud Office effectively under the control of a new "national economic crime centre" could make it harder to attract a director after Amber Rudd, the British home secretary, said that the government would set up the centre to root out wrongdoing. bit.ly/2AxsVGL The Guardian - The European Union could scrap a divisive scheme that compels member states to accept quotas of refugees, the president of the European council, Donald Tusk, will tell EU leaders at a summit on Thursday. bit.ly/2AuBaDw - Ryanair Holdings Plc flights to and from Dublin could be disrupted by strikes over Christmas after pilots based in Ireland voted for industrial action. bit.ly/2AtwKg6 The Telegraph - In a highly unusual move, Britain, France, Germany, Italy and Spain have joined forces in writing a letter to the U.S. Treasury expressing "significant concerns" about the tax changes "having a major distortive impact on international trade". bit.ly/2AuJd3p - The chemicals company Ineos has shut down the North Sea's most important oil and gas pipeline system after discovering a widening crack. The company said it discovered a small crack in the pipeline outside Aberdeen. bit.ly/2AuO30y Sky News - Parts of the Bank of England could be moved out of its historic base in London and relocated to Birmingham under Labour if it wins the next general election. The move would be designed to strengthen other regions, described in a report commissioned by shadow chancellor John McDonnell as "underweighted in policy decisions". bit.ly/2At94Zj - HSBC Holdings Plc has drawn a line under a scandal that saw it fined $1.9 billion in the U.S. 5 years ago for failing to prevent Mexican drug cartels from laundering hundreds of millions of dollars. The bank said the deferred prosecution agreement entered into with the Department of Justice had expired - lifting the threat of further penalties. bit.ly/2AxhWwU The Independent - Three-quarters of Britain's small and medium-sized businesses are unprepared for the introduction of strict new EU data laws designed to protect people's private information following a number of high profile data breaches, a merchant bank Close Brothers has warned in a survey. ind.pn/2ygoYQW

12 декабря, 14:59

Futures Flat As FOMC Meeting Begins; Brent Jumps Over $65 For First Time Since 2015

E-mini futures are modestly in the green this morning, though net of fair value the S&P index is poised for another record high open as the FOMC begins its last meeting for 2017 in which it is expected to raise rates by 25bps. European stocks gain while Asian equities slide led by weakness in Chinese airplane stocks. Brent has jumped above $65 for the first time since 2015 as a result of a shutdown in the Forties North Sea pipeline, which carries 40% of UK North Sea oil & gas production while sterling declines amid the ongoing Brexit drama despite the highest UK inflation print since 2012. The Forties pipeline is important for the global oil market because the crude it carries normally sets the price of dated Brent, a benchmark used to price physical crude around the world and which underpins Brent futures. The shutdown comes as oil supply cuts by OPEC have helped chip away an excess of inventories built up following a global supply glut which began to emerge in late 2014. “Such a reaction (in prices) indicates that supply disruptions can no longer be ignored in tight markets,” said Hussein Sayed, analyst at FXTM. U.S. crude oil futures were last 0.5 percent higher at $58.30 a barrel. Across macro, the Aussie 10-year yield fell four basis points while T-note yields were a basis point lower at 2.38%. The Bloomberg Dollar Index steady near three-week high; kiwi outperformed G-10 peers for second day. In China, the PBOC added a net 40bn yuan of liquidity, after injecting 20bn the day before, while keeping the CNY fixing little changed. Europe's Stoxx 600 Index gained 0.2% as technology shares rebounded after a tech deal in the sector, in which Atos offered to buy Gemalto for $5 billion, lifting shares of peer Ingenico. Energy shares also rose, helped by firmer oil prices as brent jumped above $65 for the first time since 2015 on a North Sea pipeline closure. In Asia earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan drifted off 0.3 percent, having bounced 2% in the past three sessions, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in U.S. interest rates this week. The Nikkei 225 retreated from a 26-year high, and Hong Kong and Chinese shares slipped. Australia's ASX 200 (+0.3%) and Nikkei 225 (-0.3%) were mixed with strength in commodity related stocks keeping the Australian benchmark afloat. This was after copper rose to above USD 3/lb and Brent crude rallied to a 2-year high on reports the Forties pipeline, which carries 40% of UK North Sea oil production, will be shut for weeks due to repairs. Meanwhile the Hang Seng (-0.6%) and Shanghai Comp. (-1.3%) were subdued on plans of further regulatory steps for insurers to help curb risks and reports of possible contingency measures such as higher interest rates and tighter capital controls to combat possible outflows and support CNY from the impact of US tax reform and Fed hikes. Losses for large-cap Chinese shares accelerated toward the close as A shares of the nation’s big three carriers all posted their worst daily declines since February 2016 amid rising oil prices. China Southern Airlines Co. slumped 6.5% in Shanghai, Air China Ltd. lost 5.5% and China Eastern Airlines Corp. dropped 5.3%. All three rose more than 10% over one month through Monday, led by China Southern with a 23% gain; even after Tuesday’s losses, China Southern and Air China are up more than 40% this year. “Airlines stocks have been rising in defiance of an oil rally because of better performance in ticket prices in what is traditionally a slow season,” said Su Baoliang, an analyst at Sinolink Securities Co. “Today’s decline shows the continued oil rally finally having its toll. Some investors have decided to lock in their gains.” As a result, the CSI 300 Index closed down 1.3%, its biggest loss in two weeks. Hong Kong stocks fell in tandem with mainland equities Tuesday afternoon, as airlines tumbled amid rising oil prices. Sunny Optical Technology Group Co. led a retreat among technology shares after a recent rally.  The Hang Seng Index closed down 0.6% after rising as much as 0.4% in the morning; that ended three days of gains that had added 2.6%. Hang Seng China Enterprises Index drops 1%. Shanghai Composite Index falls 1.3%. The euro edged higher and most European bonds declined even as German investor confidence slid in December for the first time in four months. The Bloomberg Dollar Spot Index erased overnight losses before the start of the FOMC’s two-day meeting and 10-year Treasury yields edged lower. Sweden’s krona led G-10 gains after inflation beat expectations.  Meanwhile, sterling fluctuated as U.K. inflation unexpectedly accelerated to the highest rate in more than five-and-a-half years.  Commodity-linked currencies also got a boost from the pick up in oil prices. The Australian dollar and the New Zealand dollar were both over half a percent higher while the Norwegian crown rose 0.7 percent. The dollar was idling at 113.42 yen just off a one-month top of 113.69, while the index that measures it against a basket of peers was down 0.1 percent. Dealers at Citi noted interbank volumes in the forex market had been 35 percent below average overnight and another thin session was in prospect for Tuesday. There was a little more action in bitcoin, which was last up over half a percent on the day at $16,540 on the Bitstamp exchange BTC=BTSP. The cryptocurrency's newly launched 1-month futures contract fell 4% to stand at $17,780 on its second day of trading. The fate of the dollar is now in the hands of the 3-day FOMC meeting which started today, while the European Central Bank and the Bank of England will meet for the last time in 2017 on Thursday. JPMorgan economist David Hensley suspects the Fed will revise up its growth forecast while trimming the outlook for the unemployment rate, potentially adding upside risk to the “dot plot” forecasts on interest rates. “The dot plot previously called for three hikes in 2018; it is a close call whether this moves to four hikes,” he warned, a shift that would likely boost the dollar but could bludgeon bonds. “For its part, the European Central Bank (ECB)is likely to emphasize its low-for-long stance and continue to distance itself from the Fed,” he added. “The staff is likely to revise up its 2018 growth forecast, while we think the core inflation forecast will reveal an even slower recovery than before.” The divergence in Fed and ECB policy was supposed to be bullish for the dollar, given it had widened the premium offered by U.S. two-year yields over German yields to 256 basis points from 188 basis points this time last year. The last time the spread was so wide was in 1999 according to Reuters. In commodities, the big mover was Brent which topped $65 for the first time since 2015 amid reports of an outage in the Forties North Sea pipeline. Subsequently, this saw the WTI/Brent widen to $7.35, the widest since May 2015, while UK gas futures saw its largest rise since 2011 with support also coming from an explosion at OMV’s gas facility in Baumgarten. In metals markets, gold is currently trading relatively flat whilst base metals in China continued to be supported overnight by domestic supply cuts. Goldman Sachs says on a long term basis expects commodities to outperform other asset classes even as policy makers are forced to hike rates, most bullish copper and most bearish aluminium. Protesters in Nigeria claim they have halted flows from 3 of Eni's (ENI IM) wells. U.K. natural gas prices surged after a pipeline explosion in Austria threatened to tighten flows. In rates, the yield on 10Y TSYs dipped less than one basis point to 2.39%, while Germany’s 10Y Bund rose two bps to 0.31%, the highest in a week. Yield on Britain’s 10Y Gilt climbed two basis points to 1.225% as Japan’s 10Y JGB yield declined less than one basis point to 0.047%, the lowest in a week. VeriFone and MongoDB are among companies reporting earnings. Economic data include PPI readings, monthly budget statement. Bulletin Headline Summary from RanSquawk European equities trade with little in the way of firm direction. Energy names outperform in the wake of yesterday’s Forties pipeline outage In FX markets, EUR and JPY are a tad firmer vs the Dollar, as the DXY struggles to stay within touching distance of the 94.000 Looking ahead, highlights include US PPI and supply from the US Market Snapshot S&P 500 futures up 0.08% to 2,663.50 STOXX Europe 600 up 0.2% to 389.75 MSCI Asia down 0.1% to 170.21 MSCI Asia ex Japan down 0.3% to 552.60 Nikkei down 0.3% to 22,866.17 Topix up 0.1% to 1,815.08 Hang Seng Index down 0.6% to 28,793.88 Shanghai Composite down 1.3% to 3,280.81 Sensex down 0.7% to 33,222.70 Australia S&P/ASX 200 up 0.3% to 6,013.20 Kospi down 0.4% to 2,461.00 German 10Y yield rose 0.7 bps to 0.3% Euro up 0.1% to $1.1783 Italian 10Y yield rose 0.3 bps to 1.391% Spanish 10Y yield fell 0.5 bps to 1.408% Brent Futures up 1.1% to $65.37/bbl Gold spot up 0.2% to $1,244.35 U.S. Dollar Index down 0.08% to 93.79 Top Overnight News via BBG Alabama votes in a special general election to fill Senate seat vacated by Attorney General Jeff Sessions U.S. and South Korea may delay joint military drills until after Pyeongchang Winter Olympics in February to reduce tensions with North Korea International Trade Secretary Liam Fox said the U.K. would like a trading relationship with the EU after it leaves the bloc that’s “virtually identical” to the one it has now China will continue its neutral monetary policy with a bias toward tightening next year, according to a front-page commentary in Securities Times; the country may cut RRR for some banks to provide liquidity and increase support for agriculture and small companies Britons will see their real wages drop 0.5% next year, lagging behind a global average of a 1.5% gain, according to a salary forecast from Los Angeles-based recruitment firm Korn Ferry Unibail Buys Westfield for $16 Billion as Mall Owners Merge Disney Said to Near Deal for Fox Assets as Comcast Drops Out Edison Sees Its Equipment Being Probed as Possible Cause of Fire Atos Bids $5.1 Billion for Security- Software Maker Gemalto Passport to Shut Global Hedge Fund After ‘Unacceptable’ Returns State Dept. Said to Convene U.S. Airlines for ‘Open Skies’ Talks Trump May Actually Be Right About the Trade Deficit With Canada ‘Star Wars: Last Jedi’ Could Approach $200m in Domestic Opening AMC, Saudi Arabia Fund to Explore Commercial Opportunities J&J Says Darzalex Data Show Manageable Safety Profile, 12% IRs Billionaire Zara Owner Said to Seek $472 Million for 16 Stores Asia equity markets traded subdued as momentum from Wall Street where S&P 500 and DJIA posted fresh record closes, was lost on the region. ASX 200 (+0.3%) and Nikkei 225 (-0.3%) were mixed in which strength in commodity related stocks kept the Australian benchmark afloat. This was after copper rose to above USD 3/lb and Brent crude rallied to a 2-year high on reports the Forties pipeline, which carries 40% of UK North Sea oil production, will be shut for weeks due to repairs. Hang Seng (-0.6%) and Shanghai Comp. (-1.3%) were subdued on plans of further regulatory steps for insurers to help curb risks and reports of possible contingency measures such as higher interest rates and tighter capital controls to combat possible outflows and support CNY from the impact of US tax reform and Fed hikes. Finally, 10yr JGBs traded relatively flat, although some mild support was observed following a 5-yr auction in which the b/c and accepted prices were higher than previous. China's insurance regulator plans to revise certain guarantee fund rules for insurance industry as China seeks to strengthen insurers' capability to curb risks. PBoC injected CNY 80bln via 7-day reverse repos and CNY 70bln via 28-day reverse repos. PBoC set CNY mid-point at 6.6162 (Prev. 6.6152) Top Asian News Philippines to Approve $2.6 Billion Tax Bill in Win for Duterte Big 3 China Airlines Fall Most in 22 Months, Dragging Large Caps Reliance Said to Weigh Jio IPO After $31 Billion Wireless Spree China to Guide Private Capital into Internet Security Investment European stocks trade modestly higher in what’s been a relatively choppy session thus far. Shares have seen some support from M/A activity, alongside the strength in energy names. Gemalto shares surged some 30% after Atos’s EUR 4.3bln takeover proposal. Energy names gaining on the back of Brent crude futures rising to the highest level since 2015 amid reports of the outage in the Forties North Sea pipeline, which carries 40% of UK North Sea oil & gas production. It seems the path of least resistance remains south for fixed, with fresh losses made in recent trade, albeit in a gradual and measured manner. Bunds are just off a 163.27 base, and with the 10 year cash yield back above the 0.30% level that has been sticky despite a brief dip below on Monday, and even 2 year Schatz futures are retesting worst levels (112.130) despite a solid auction, but chart support around 112.120 could stall further declines. Elsewhere, Gilts just printed a tick below the initial post-UK inflation data low, at 124.69 before regrouping and USTs have also recovered some composure to sit just off worst levels awaiting the 2nd half and PPI data, plus the long bond offering. Top European news Genmab Drops; Bernstein Expects Near-Term Estimates to Come Down Swedish Inflation Surprise Paves Way for Stimulus Retreat Gas Explosion at OMV’s Baumgarten Hub Leads to Shutdown Poland Triggers Alarm Bells as Judges Tumble in Eastern EU Atos Bids $5.1 Billion for Security-Software Maker Gemalto In FX markets, EUR and JPY are a tad firmer vs the Dollar, as the DXY struggles to stay within touching distance of the 94.000 level into day 1 of the December FOMC. Sterling saw a push higher with inflation rising by 3.1% above analyst estimates which is also against the peak that the BoE had estimated for October. However, the move was short-lived and GBP then proceeded to lose ground against its major counterparts with Brexit still at the forefront after European Parliament’s Verhofstadt stating that David Davis made an own goal with Brexit deal remarks. Elsewhere, we have seen a sharp reversal and retreat in EUR/SEK on the back of Swedish inflation data beats with CPI at 1.9% y/y in November vs 1.7% expected and last, while the Riksbank’s targeted CPIF index came in at 2% against the 1.8% forecast and the same previously. Finally, Kiwi continues to outperform its G10 peers, with NZD/USD forming a firmer base above 0.6900 and the rebound on less dovish RBNZ  expectations pushing the pair just over 0.6950 at one stage In commodities, Brent crude futures are trading at 2015 levels after breaking above USD 65/bbl amid reports of an outage in the Forties North Sea pipeline. Subsequently, this saw the WTI/Brent widen to USD 7, while UK gas futures saw its largest rise since 2011 with support also coming from an explosion at OMV’s gas facility in Baumgarten. In metals markets, gold is currently tradingrelatively flat whilst base metals in China continued to be supported overnight by domestic supply cuts. Goldman Sachs says on a long term basis expects commodities to outperform other asset classes even as policy makers are forced to hike rates, most bullish copper and most bearish aluminium. Protesters in Nigeria claim they have halted flows from 3 of Eni's wells. Ineos who operate the Forties pipeline state that the crack in the pipeline is 5-6 inches and they will know within the coming days whether the pipeline will be closed for 2 or 3 weeks. Libya's Waha Oil Co. state that they are producing around 217k bpd. Looking to the day ahead, the CPI/RPI/PPI prints are due in the UK (CPI 0.2% mom and 2.7% yoy core expected), and November PPI due in the US. The December ZEW survey will also be released in Germany while the November NFIB small business optimism and November monthly budget statement data are also out in the US. Away from the data, ECB President Draghi is scheduled to speak in Frankfurt while in the US a special general election will be held in Alabama to fill the US Senate seat, which has been vacated by Attorney General Jeff Sessions. US Event Calendar 6am: NFIB Small Business Optimism, est. 104, prior 103.8 8:30am: PPI Final Demand MoM, est. 0.3%, prior 0.4%; Ex Food and Energy MoM, est. 0.2%, prior 0.4% PPI Final Demand YoY, est. 2.9%, prior 2.8%; Ex Food and Energy YoY, est. 2.35%, prior 2.4% 2pm: Monthly Budget Statement, est. $134.5b deficit, prior $136.7b deficit DB's Jim Reid concludes the overnight wrap In between the snow showers in London yesterday there really wasn’t a lot going on yesterday unless of course you were a Bitcoin trader. Markets are waiting for the central bank and inflation onslaught this week. Indeed this morning see the starts of this with CPI/RPI/PPI prints due in the UK before the PPI is due in the US. Ahead of this there was a big Gilts rally yesterday as 10y yields fell 7.7bp to a 3 month low, while USTs rose 1.2bp and Bunds fell 1.4bp back to levels last seen in late June. The rally in Gilts partly reflects increased concerns on the Brexit deal from last week. In the UK, PM May told Parliament that the UK’s financial settlement offer is conditional on a successful post-Brexit trade deal and Brexit Secretary Davis noted the agreement was “much more a statement of intent than it was a legally enforceable thing”. Bloomberg also noted Foreign minister Johnson continues to press PM May for a “hard” Brexit. On the other side, the EU Commission called it a “gentlemen’s agreement”, but caveat that if the UK try to unpick what it was agreed, it will halt the next phase of talks. Elsewhere, Bloomberg reported that Ms Merkel told CDU/CSU caucus members that it’s likely the EU Summit this week will confirm Brexit talks can move onto trade, but the mandate will only be provided in February. Along with the Gilts rally, GBPUSD fell 0.37% yesterday. Over in the US, there is a special general election in Alabama today to fill the US Senate seat which has been vacated by Republican Jeff Sessions. It was initially thought to be an easy win for the Republicans as no Democrat has won an election for the Senate in almost 20 years. However, the race has tightened with polls suggesting it is too close to call or showing conflicting results. For example, a Fox News poll released yesterday showed the Democrat candidate having a 10 point lead, but Politico noted most public surveys conducted last week showed the Republican candidate Roy Moore having a small lead instead. Notably, a potential win by Democrats would reduce the Republican’s Senate majority to a thin margin of 51-49 (from 52-48). Given that the tax bill has been approved by Congress and is now in the reconciliation stage, it is less likely to scuttle this process, but a Democrat win could impact the prospects of future bills being passed. CNN noted that one in every 20 votes so far this year in the Senate would have had a different outcome if just one vote had flipped to the opposite side. Over in commodities, Brent rose 2.03% to the highest since August 2015 as a key North Sea pipeline (Forties Pipeline system) was shut down after a crack was discovered. According to the operator, repairs are expected to take weeks. The boost to energy stocks along with a rebound in tech and telco shares helped the S&P edge +0.32% higher to a fresh high, while the Dow (+0.23%) and Nasdaq (+0.51%) also advanced. Back in Europe, equities trended slightly lower with the Stoxx 600 (-0.05%) and DAX (-0.23%) both down, but the FTSE100 bucked the trend to be up 0.80%, partly benefiting from the weaker Sterling and gains in mining stocks. Moving along, the DB’s House View team published their latest report yesterday, with the title “Happy holidays”, which they think summarises the market mood at the moment. As always they recap the views from our economists and strategists across research. Click the link for our views into 2018 for global macro, central banks, political risk and key markets views by asset class. This morning in Asia, markets are trading modestly weaker. The Nikkei is down -0.28%, while other key bourses are down c0.5% as we type (Kospi -0.54%; Hang Seng -0.46%; China CSI 300 -0.61%). Now briefly recapping other markets performance from yesterday. The US dollar index firmed 0.06% while the Euro and Sterling fell 0.03% and 0.37% respectively. The NZDUSD jumped 0.95% following news that Adrian Orr has been appointed as the next Governor of New Zealand’s central bank. In commodities, precious metals softened (Gold -0.52%; Silver -0.97%) while other base metals advanced modestly (Copper +1.20%; Zinc +1.46%; Aluminium +0.56%). Elsewhere, The VIX fell for the fifth consecutive day to 9.34 and is now down c20% from last Monday. Away from the markets and onto the ECB’s Nowotny comments. He noted the ECB should be “careful when unwinding low interest rates” but “thanks to the broad base economic expansion…growth prospects are looking up…in particular at the European level”. On Austria more specifically, he noted systemic risks from real estate lending remain subdued, but close supervisory monitoring is required. Elsewhere, he touched on Bitcoin, noting it is “not a currency. It doesn’t fulfil the criteria” and based on its scope, “one should probably discuss whether regulatory steps are necessary here”. Over in the US, President Trump’s infrastructure plans may be in focus early next year as the White House noted Trump had “a productive meeting” with Transportation and Infrastructure Committee Chairman Shuster where they discussed plans “for rebuilding America’s infrastructure”. Bloomberg had earlier noted that Trump may be releasing his infrastructure plans in January 2018. Elsewhere, according to a one page analysis by the US Treasury department, the Republican tax proposals would pay for themselves over the next 10 years, with the report expecting GDP to increase an average of 2.9%, which would lead to US$1.8trn in new revenue. The growth number will obviously be questioned. Back in Germany, Ms Merkel seems to be providing support for France Macron’s proposed reforms for a tighter Europe. She noted "it would be better if Europe spoke with one voice” and that Europe “does not only need a stronger economic and monetary union but we must also have a Europe of security and the rule of law…” Elsewhere, she was confident that Germany would be able to ‘reactin a concrete way” to Macron’s proposed reforms and that reforms must make progress in 2018. The latest ECB holdings were released yesterday. Net CSPP purchases last week were €1.1bn and Net PSPP purchases €16.2bn. This left the CSPP/PSPP ratio at a lowly 7% last week (12% over last 4 weeks vs. 11.5% before QE was trimmed in April 2017). The reduced CSPP/PSSP ratio partly reflects the seasonal lull and likely noise in these numbers during December. Overall, we believe relevant signals will start trickling in from January after net QE purchases have been halved. That said, we still think the ECB will likely keep CSPP relatively unscathed as part of this process. Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the October JOLTS job openings was lower than expectations at 5,996 (vs. 6,135), but the quits rate remained at 2.2%. In France, the November Business industry sentiment index was broadly in line at 106 (vs. 107). Over in Italy, the October retail Sales fell more than expected, at -1% mom (vs. flat expected) and -2.1% yoy (vs. 3.1% previous). In the UK, the November Rightmove measure of home asking prices fell 2.6% mom (vs. -0.8% previous). Over in Asia, Japan’s 4Q MoF/Cabinet Office Business Outlook Survey was reasonably upbeat. Large and medium sized firms in both the manufacturing and non-manufacturing sectors reported an improvement in business conditions and the survey also pointed to considerable optimism about the outlook for business conditions in 1Q18. Looking to the day ahead, the CPI/RPI/PPI prints are due in the UK (CPI 0.2% mom and 2.7% yoy core expected), and November PPI due in the US. The December ZEW survey will also be released in Germany while the November NFIB small business optimism and November monthly budget statement data are also out in the US. Away from the data, ECB President Draghi is scheduled to speak in Frankfurt while in the US a special general election will be held in Alabama to fill the US Senate seat, which has been vacated by Attorney General Jeff Sessions.

12 декабря, 14:48

Компания Comcast отказалась от претензий на приобретение активов 21st Century Fox

Американский оператор кабельного телевидения Comcast заявил, что больше не претендует на приобретение значительной части активов телекомпании 21st Century Fox, находящейся под управлением Руперта Мердока. Напомним, что Comcast, а также оператор тематических парков Disney были вовлечены в активные переговоры по покупке части империи Fox, а именно кино и телестудии, а также кабельных сетей. Причем, согласно сведениям из осведомленных источников, семья Мердок рассчитывает продать активы до конца текущего года. Стоит отметить, что среди других претендентов на покупку данных активов называют японского производителя электроники Sony и американской телекоммуникационной компании Verizon Communications.

12 декабря, 14:42

Comcast отказался от претензий на приобретение активов 21st Century Fox

Американский оператор кабельного телевидения Comcast заявил, что больше не претендует на приобретение значительной части активов телекомпании 21st Century Fox, находящейся под управлением Руперта Мердока. Напомним, что Comcast, а также оператор тематических парков Disney были вовлечены в активные переговоры по покупке части империи Fox, а именно кино и телестудии, а также кабельных сетей. Причем, согласно сведениям из осведомленных источников, семья Мердок рассчитывает продать активы до конца текущего года. Стоит отметить, что среди других претендентов на покупку данных активов называют японского производителя электроники Sony и американской телекоммуникационной компании Verizon Communications.

12 декабря, 11:58

Comcast отказалась от покупки 21st Century Fox

Компания Comcast Corp отказалась от планов по покупке большей части активов принадлежащей Руперту Мердоку 21st Century Fox Inc, сообщает Reuters. Представители Comcast пояснили, что провели оценку выгодности сделки, после чего приняли решение не продолжать переговоры. Теперь единственным претендентом на заключение сделки на сумму более $40 млрд осталась Walt Disney Co.На прошлой неделе источники агентства рассказали, что Disney претендовала на покупку активов 21st Century Fox, в том числе кабельных каналов Fox FX и National Geographic, киностудии, сети Star в Индии и доли в европейском провайдере платного телевидения Sky PLC. Семья Мердок хотела бы заключить сделку с Disney, потому что предпочитает платеж акциями Disney, а не Comcast, уточнил один из собеседников Reuters. В Fox рассчитывают, что сделка легко получит одобрение антимонопольных органов США.

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12 декабря, 05:18

Comcast drops bid for 21st Century Fox assets

Comcast is dropping out of the running to buy a majority of 21st Century Fox, clearing the path for Disney to complete an acquisition should it choose to do so.

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12 декабря, 01:52

Comcast drops bid for Fox assets, leaving Disney in pole position

(Reuters) - Comcast Corp said on Monday it had abandoned its bid for most of the assets of Rupert Murdoch’s Twenty-First Century Fox Inc, leaving Walt Disney Co as the sole suitor in pursuit of the $40 billion-plus deal.

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12 декабря, 01:06

Exclusive: Comcast drops bid for Fox assets, leaving Disney in pole position

(Reuters) - Comcast Corp said on Monday it had abandoned its bid for most of the assets of Twenty-First Century Fox Inc , leaving Walt Disney Co as the sole suitor in pursuit of the $40 billion-plus deal.

11 декабря, 23:01

Comcast Initiates Nationwide Rollout of DOCSIS 3.1 Gateway

Comcast (CMCSA) to benefit from nationwide rollout of DOCSIS 3.1 technology amid intense competition.

08 декабря, 22:26

Are Pay-TV Operators Integrating OTT to Check Customer Churn?

Major pay-TV stocks like Verizon (VZ) and Comcast (CMCSA) are integrating OTT services in their set-top boxes.

07 декабря, 17:41

Comcast Mulls Over Sky Buyout to Gain 21st Century Assets

We believe Comcast's (CMCSA) plans to hold full ownership of Sky plc is aimed to aid its efforts to acquire some of Twenty-First Century Fox's assets.