Thursday 14 June 2018

The Federal Reserve has voted to raise the target for its
benchmark interest rate by 0.25%. The move lifts the target to
1.75%-2%. There could be more hikes on the way: a majority of Fed
officials also forecast two more rate rises this year, one more
than previously predicted. “The main takeaway is that the economy
is doing well,” said Federal Reserve Chair Jerome “Jay” Powell.

US cable giant Comcast has launched a $65bn
cash bid for 21st Century Fox’s entertainment businesses, kicking
off a bidding war with Disney which has offered $52bn in stock.
Comcast says its cash bid – of $35 per share – for most of Fox’s
assets is 19% higher than the value of Disney’s offer. In a
statement, Fox said it would “carefully review” the “unsolicited”
offer.

Ryanair will open a new base at London
Southend airport in April 2019. The Irish airline expects to carry
around a million passengers a year from the Essex airport, to
destinations including Spain and Italy. The move comes despite its
concerns over Brexit. The airline’s chief commercial officer, David
O’Brien, said: “Don’t confuse this great news as some kind of vote
of confidence in the future of UK aviation.”

GCHQ is investigating the data breach that
allowed unauthorised access to 5.9m Dixons Carphone customers’
cards. The National Cyber Security Centre said it was working
alongside the chain and other agencies after the attack, which was
one of the UK’s biggest data breaches at a single firm. Alex
Baldock, Dixons Carphone chief executive, said: “We are extremely
disappointed and sorry for any upset this may cause.”

Inflation was unchanged last month at 2.4%,
despite a surge in fuel costs, according to the Office for National
Statistics. Although higher transport costs exerted the most
upwards pressure on the Consumer Prices Index measure, a spokesman
said “these effects have been partly offset by price falls in
computer games and energy costs rising by less than this time last
year”. 

“What a hat-trick for Stephen Haddrill: Autonomy, Quindell, BHS.
The Financial Reporting Council boss will be playing in the World
Cup next. Not a single sign of striking prowess for his entire
life. And then: bang, bang, bang.” Alistair Osborne of The
Times on Haddrill’s potent form.

FTSE 100: down -0.10 to 7,703.71
Dow Jones: down -0.47 to 25,201.20
Dax: down -0.38 to 12,890.58
Cac 40: down -0.01 to 5,452.73
Nikkei: down -0.85 to 22,771.70
Hang Seng: down -0.96 to 30,430.61
US dollar: buys €0.8472 and £0.7467
Sterling: buys $1.3388 and €1.1344
Oil: $76.43 down -0.31