Tuesday,29 November 2022 17:20:10

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Tuesday,29 November 2022 at 17:21

Music streaming prices could rise “significantly” because of the difficulty in switching between platforms, the competition watchdog has warned.

The Competition and Markets Authority (CMA) said rates of switching between different music streaming platforms were very low, at about 4pc per month, which could allow platforms to raise prices as the industry matures.

The CMA blamed the low switching rates on difficulties in moving personal playlists from one platform to another and the potential loss of playlists only found on certain platforms.

UK & European markets closed fractionally lower after a choppy session, as investors continued to monitor news from China over Covid restrictions.

U.S. stocks edged lower as investors monitored the latest developments related to the sudden surge of protests in China over the government’s "zero COVID" stance.

Oil pared gains with Brent crude futures and U.S. crude briefly turning negative after rising $2 a barrel earlier in the day.

Gold priced higher.

Markets

At the close

FTSE 100 7,512 +0.51%

FTSE 250 19,186 (-0.55%)

DAX 14,355 (-0.19%)

At 17:15

Dow Jones 33,742 (-0.33%)

S&P 500 3,948 (-0.39%)

NASDAQ 10,987 (-0.56%)

Fixed Income

UK 10-YR YIELD 3.098

Exchange Rates

GBP/USD 1.198

GBP/EUR 1.158

Commodities

Gold $1,751 +0.64%

Brent $84.71 +1.81%

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.