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U.S. equities marked a fourth in a row finish firmly in the green Tuesday afternoon as Wall Street shifted from consternation over global trade disputes to enthusiasm over coming second-quarter earnings results following a string of strong economic data that has refreshed investor optimism. The Dow Jones Industrial Average closed up 143.07 points, or 0.6%, to 24,919.66, with the benchmark posting its first four-day rise since a similar streak ended June 11.
European markets also rose, scoring a sixth straight session of gains as traders put aside trade war concerns for now and instead looked ahead to what is expected to be a positive earnings season. The Stoxx Europe 600 index rose 0.4% to end at 386.25, scoring its highest close since June 15. Germany’s DAX 30 index ended up 0.5% at 12,609.85 with the U.K.’s FTSE 100 index adding 0.1% to 7,692.04.
Fox agrees to buy Sky
Rupert Murdoch’s 21st Century Fox said it had agreed to buy Britain’s Sky in a deal valuing the pay-TV group at $32.5 billion, trumping a rival offer from U.S. group Comcast. Fox, which owns 39 percent of Sky and is due to gain British regulatory clearance for the deal this week, upped its offer to 14 pounds per share, from its earlier 10.75 pounds per share.
In order to secure regulatory approval, Fox has agreed to sell Sky’s award-winning news channel to Disney to prevent Murdoch from owning too much of the British media. Disney and Comcast are also locked in a separate $70 billion-plus battle to buy most of Fox’s assets, which include the 39 percent stake of Sky it already owns and the rest of the company if it emerges triumphant in Britain.
Trump pushes ahead with tarrifs
U.S. President Donald Trump is pushing his trade conflict with China toward a point where neither side can back down. China has seven weeks to make a deal or dig in and try to outlast the U.S. leader. Chinese President Xi Jinping, facing his own political pressures to look tough, has vowed to respond blow-for-blow. He’s already imposed retaliatory duties targeting Trump’s base including Iowa soybeans and Kentucky bourbon.
The U.S. felt it had no choice, but to move forward on the new tariffs after China failed to respond to the administration’s concerns over unfair trade practices and Beijing’s abuse of American intellectual property, according to two senior officials. The Trump administration has so far rejected Chinese offers to trim its massive trade surplus by buying more American goods, and is demanding more systemic change.
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