Reuters Insider - U.S. Morning Call: Trade war heats up; Comcast wins control of Sky; Michael Kors eyes Versace - sources
24/09/2018 14:17
Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=1_q0etq904&referenceId=1_q0etq904&pageId=ReutersNews Source: Reuters Insider Description: Wall Street looks set to open lower, but not much, given the escalation of the Sino-U.S. trade war with new tariffs taking effect today. Michael Kors has agreed to take control of Italy's Versace, said sources close to the matter. Comcast finally gets its hands on Sky, beating a rival bid from Rupert Murdoch's Twenty-First Century Fox. Short Link: https://reut.rs/2MZeI6K Video Transcript: Good morning. I'm Angeline Ong and this is your US morning call. Wall Street looks likely to open slightly lower.. but not much, given the recent escalation in the Sino-US trade war. The Dow Jones, the S&P, and the Nasdaq futures are trading just a little lower as you can see there. Now these levels comes after the US and China - two of the world's biggest economic superpowers hit each other with their biggest round of tariffs yet. Soon after the fresh duties went into effect today, China accused the United States of engaging in "trade bullyism". Beijing says the US is trying to intimidate other countries to submit to its will. China also say's it's not willing to restart talks unless they are based on mutual respect and equality. Earlier we spoke to Axitrader's James Hughes, and asked him if these developments were worrying. br/ br/ I think it's more worrying how long this now goes on for without any more in the way of trade discussions and it's not just with China, it's in other areas as well. If you look with Canada, we already have the deal with Mexico and the US but of course that is in the balance because we still wait for NAFTA to be completed with Canada involved in. Again, those talks look a long way away and it is Donald Trump which alienates the other sides continuously. So it is seen as more of a more bullying tactics from him. But of course what can you do, Donald Trump is a rule to himself. br/ br/ Meanwhile in corporate news, it's M&A Monday. Michael Kors has agreed to take control of Italy's Versace. That's according to people close to the matter. The news would not really be a surprise - Michael Kors has been very clear it's trying to go upmarket, scooping up the Jimmy Choo brand last year for more than $1 billion. Versace has declined to comment, while Michael Kors could not be immediately reached. Sources say all will become clear this week. Meanwhile, Comcast has beaten Rupert Murdoch's Twenty-First Century Fox in the battle for Sky. Comcast won control of Sky when it offered GBP30.6 billion for the pay-television group in a dramatic auction at the weekend. Sky shares jumped in London. And shares in drugmaker Amarin could open at a near 6-year high when Wall Street opens. We're looking at volumes for you there. The company's drug Vascepa met its main goal in a study in patients already on statins, with high triglyceride levels with elevated cardiovascular risk. And US-based Coronado Global Resources has launched what is set to be Australia's biggest coal mining float in six years. Its IPO is looking to raise up to almost $1 billion and capitalize on Asian demand for the steelmaking commodity. And that's today's morning call. I'm Angeline Ong, and this is Reuters