NZ EQUITIES

Sky TV: (Ex)stream Disruption Risks

We assess what impact the disruptive forces in the media market may have on Sky TV over the medium to long-term

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Morning News Summary

Global Markets Slip with Earnings

The US, UK and Europe all finished in the light red amid disappointing results from companies, as well as negative announcements and news. Most major Asian equity indices, except Japan’s, progressed upwards.

US stocks record modest losses

US stocks came under pressure following a group of disappointing earnings reports being released. At the time of writing, the S&P 500 had slipped into the red, down -0.1%, while the Dow Jones Industrial Average dropped -0.2%. The Nasdaq Composite was up +0.2%.
Tesla rallied +3.9% as its model 3 deliveries start this week. Meanwhile, Amazon moved +1.2% higher as analysts upgraded its 12 month price target. Halliburton dropped -4.0% as it announced that its North American rig count was showing signs of plateauing. Colgate Palmolive slid down -1.8% after reporting sales that missed expectations. Investors punished the whole sports goods sector, including Nike (-1.8%), after sports goods retailer Hibbett Sports issued a profit warning that sent its stock crashing -32.4%. L Brands lost -1.7% after reporting a decline in same store sales in June. Alphabet inched down -0.1%, as investors await its earnings report, which will be released after the close.

European and UK stocks slide down

European equities started the week with losses, slipping to its weakest finish in two weeks. The Stoxx Europe 600 slid -0.2%. Vehicle makers in Germany came under pressure following a report over the weekend that Europe’s antitrust watchdog will investigate potentially anti-competitive behaviour by German automakers. BMW (-2.8%) and Daimler (-2.7%) and Volkswagen (-1.4%) lost value.
The UK’s FTSE 100 dropped -1.0% as big companies’ results came into question. Reckitt Benckiser declined -3.3% after the consumer heavyweight reported that like-for-like sales fell -2% during the second quarter, following a cyberattack which affected its operations. Other healthcare stocks also fell, including Smith & Nephew (-1.6%), AstraZeneca (-1.2%) and GlaxoSmithKline (1.2%). Royal Dutch Shell lost -1.0% ahead of its earnings report later this week. Tesco (-1.4%) and Unilever (-1.0%) both lost value.

Asian indices excluding Japan progress forward

Most Asian equity benchmarks progressed up as the US dollar continued to weaken. The Hang Seng Index (+0.5%), the Shanghai Composite (+0.4%), the HSCEI (+0.3%) and South Korea’s Kospi (+0.1%) all notched gains. Meanwhile, Japan’s Topix fell -0.5%.

ASX 200 records losses

The ASX 200 moved down -0.6%, as energy, property and financial stocks led the market down. 

Crude and iron ore gain, while gold slips marginally lower

WTI crude added +1.0% to US$46.10, while gold finished just below yesterday’s price at US$1,254.80. Meanwhile, iron ore gained +US$0.70 to US$67.90/MT.

Today’s events

  • TPW AGM
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