Thursday,12 May 2022 17:10:12

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Thursday,12 May 2022 at 16:12

BT has reached an agreement to create a joint venture with Warner Bros Discovery to bring together BT Sport with Eurosport UK in a deal worth up to £633 million.

A combination has been finalised to create the 50-50 partnership, following exclusive discussions in February, and which provides BT with a route to a potential full exit.

The partnership will bring together sports rights including the Uefa Champions League and Premier League football, Premiership rugby, the Olympic Games, tennis Grand Slams and the Tour de France.

Completion of the deal was announced alongside BT’s full-year results today, which were in line with expectations in the City and the telecoms group reiterated its annual forecasts.

UK & European stocks fell as investors remained concerned about slowing growth, interest rate hikes and inflation data from the U.S.

U.S. stocks pared morning losses as markets attempted to come back from a recent losing streak spurred by continued inflationary pressures and renewed worries the Federal Reserve's price-mitigating efforts may be more aggressive than anticipated.

Oil prices moved higher in a volatile week as recession fears dogged global financial markets.

Gold gained after U.S. consumer price data suggested inflation might have peaked in April.

Markets

At the close:

FTSE 100 7,233 (-1.56%)

FTSE 250 19,480 (-0.85%)

DAX 13,739 (-0.39%)

At 17:00:

Dow Jones 31,579 (-0.80%)

S&P 500 3,912 (-0.60%)

NASDAQ 11,353 (-0.10%)

Fixed Income

UK 10-YR YIELD 1.665

Exchange Rates

GBP/USD 1.219

GBP/EUR 1.175

Commodities

Gold $1,834 (-0.98%)

Brent $107.27 +0.30%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.