The Federal Reserve’s prompt reiteration of its intention to raise US interest rates before the end of the year helped European markets to rebound on Friday, pushing all major European equity indices to close higher. US stocks, although opening in positive territory, declined throughout the trading session, dragged down by sizable drops in biotech names, such as Gilead Science Inc., Biogen Inc., Celgene Inc., and large pharma stocks such as Merck & Co. Inc., Pfizer Inc., and Allergan Plc. The unexpected announcement of Presidential Candidate Hillary Clinton, early last week, of her willingness to crack down on the pharmaceutical sector’s ability to freely price drugs has spooked investors across the globe, prompting them to sell out names in the healthcare industry throughout the entire past week.

This morning, after the release of additional disappointing Chinese economic data, European markets opened lower, giving away part of the gains recorded on Friday. The latest data show that Chinese industrial companies, which account for a sizable share of the country’s output, have been reporting the lowest level of profits seen over the past four years. Overnight, the Chinese Bureau of Statistics stated that the energy and metal industries were the major contributors to August industrial profits’ decline, leading the economic indicator 8.8% lower on a year-on-year basis. The news is another sign that the world’s second largest economy continues to slowdown, while it struggles to cope with industrial overcapacity, sluggish investments, weaker manufacturing and a devaluating currency. Today’s economic data is likely to drive equities markets and commodities related bonds down as concerns over global growth return to take the center stage within investors’ minds.

In the US, analysts are expected to focus their attention on the latest media sector’s M&A announcement as Comcast Corp., US largest cable operator and TV provider, bought a controlling stake in Universal Studios Japan Co., which operates the Universal Studios Japan’s theme park in Osaka. The move is an attempt from Comcast to expand overseas, after US regulators blocked its bid to acquire the country’s second larger cable services provider Time Warner Cable Inc. As the US cable and TV markets continue to remain highly competitive and the media industry continues to face a shift toward Internet based services and new net neutrality regulations, Comcast turned overseas in search of new revenue streams and potential earnings’ growth. The US firm has acquired a 51% stake in a deal valued at $1.5 billion that will give Comcast a controlling grip over the theme park’s operating company in a strategy aimed at diversifying away from the saturating and changing US market.

While traders await this afternoon’s US markets opening to test the first markets’ reaction to the announcement, Comcast has traded, so far this year, substantially flat, closing at $56.54, 0.49% down from the start of 2015, although still appreciating around 4.3% over the last 12 months.