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On Wall Street overnight, US equities closed mixed. While the Nasdaq closed the higher, the Dow Jones closed more than 200 points lower, or 0.66%, the fourth straight day of losses, and the S&P500 dropped 0.17%. The major benchmarks were dragged down my Disney shares falling 8% the day after the media giant released its fiscal second-quarter results. The results showed that higher prices helped to narrow Disney’s losses, however subscriber growth was significantly lower. Disney is also taking on impairment charges of US$1.5 to US$1.8 billion, as the company removes more content from its streaming platforms.
Also overnight, the producer price index in the US, which is measuring wholesale prices, increased very slightly by 0.2% in April. This PPI data followed the consumer price index report out earlier this week, which showed that US inflation rose 4.9% from a year ago, which was below expectations.
European markets closed marginally lower, following the Bank of England’s interest rate hike, which was a 25-basis point hike to 4.5%. The announcement is in line with expectations in the UK, and is the 12th consecutive rate increase.
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