What to see in Asia today
China: The world’s second largest economy releases data on retail sales and industrial production in May. The two measures marked the steepest fall since the early days of the pandemic in April. China also releases unemployment figures.
Market: Global sell-offs closed on Tuesday, with the S&P 500 down 0.4 per cent and the Nasdaq up 0.2 per cent. Asian stock market indices, including Hong Kong’s Hang Seng index and China’s CSI 300, also closed broadly flat after losses earlier in the day. Japanese and Australian stocks fell on Wednesday morning, while futures in Hong Kong remained flat.
$2.5bn . Apple scores deal for the streaming rights to Major League Soccer
Apple and Major League Soccer have agreed a $2.5bn broadcast rights package over 10 years, according to people familiar with the matter, a major investment by the tech group in live sports that will stream North American Football League matches on its streaming service. Will keep ,
Starting next year, all live fixtures will be broadcast on a dedicated MLS streaming service available on the Apple TV app. The subscription price was not immediately available to consumers.
MLS Commissioner Don Garber declined to comment on the dollar value of the agreement. He said it was structured as a “minimum guarantee” with Apple to build the streaming service, with the potential for additional revenue sharing and the sale of some traditional television rights.
Moving the league’s live broadcasts to streaming would allow MLS to expand its appeal overseas, as opposed to “being a North American version of the global game,” Garber said.
The deal between Apple and MLS is the tech group’s second live sports rights deal and its first comprehensive rights package with the league. Earlier this year, it struck a deal with Major League Baseball to broadcast Friday night games.
“The game clearly represents the next battleground for living room ownership among large tech companies,” said Paolo Pescatore, technical and media analyst at PP Foresight. “This is a statement of intent by Apple. While late to the party, it should now be considered a serious player for sports rights in the major markets for its products.”
Read more about Apple’s MLS deal here
Canada suspends vaccine mandate for air travel
Canadian travelers will no longer need vaccinations to travel by plane on flights in or out of the country, according to new policy announced Tuesday by the federal government.
“Suspending this requirement is possible for the millions of Canadians who did the right thing,” Transport Minister Omar Alghbara said, adding that 86 percent of Canadians over the age of five have at least two doses of COVID-19. 19 Vaccine.
“This action will support Canada’s transportation system as we recover from the pandemic.”
The new policy, which maintains the requirement to wear masks, will come into effect from June 20 and will be applicable to train travel as well. It removes the vaccination requirement for employees of federally regulated transportation companies.
The announcement comes days after Ottawa suspended randomized COVID-19 testing at Canadian airports. Travelers in Canada and abroad have experienced prolonged delays at airports in recent weeks, exacerbated by staff shortages.
A vaccine mandate will remain in place for cruise ship passengers and crew members.
Double blow to Europe’s gas supply
A major US liquefied natural gas export terminal said it would be offline for at least three months and Russia said it would cut flow through a vital route to Germany, a double blow to Europe’s gas supply on Tuesday. Put.
Freeport LNG, which accounts for about a fifth of US LNG exports this year and about 10 percent of Europe’s imports, said on Tuesday that repairs after an explosion at its plant last week could take place by the end of the year with only partial activity. Is. Set to resume after 90 days. Last week Freeport indicated that the terminal would resume operations in early July.
At the same time Russia said it would reduce the capacity of the Nord Stream 1 pipeline to Germany by about 40 percent, Siemens Energy said against Moscow, accusing the shortfall over the delayed return of a critical piece of technical equipment. Has been blocked by Canadian sanctions. ,
The double threat to European gas imports reflects the continent’s vulnerability to supply disruptions as it tries to reduce its reliance on Russian gas following Moscow’s invasion of Ukraine in February.
Gas prices in Europe have soared over the past year after Russia slashed supplies before the invasion and fears of supply disruptions, spurring inflation and a cost of living crisis for many countries.
The EU has tried to avoid directly targeting Russian gas flows with sanctions, which made up up to 40 percent of all its supplies before the invasion, even as it sought to cut its dependence. has progressed.
Read more about Europe’s gas crisis here
US government debt fell on hopes of a faster rate hike
US government debt was under pressure on Tuesday as markets bet that the Federal Reserve would hike interest rates by 0.75 percentage points at the conclusion of its two-day policy-setting meeting on Wednesday.
Yields on the two-year Treasury note, which aligns with interest rate expectations, rose 0.1 percentage points to a 15-year high of 3.45 per cent, reflecting a decline in the price of the debt instrument.
The benchmark 10-year Treasury yield, which moves in line with growth and inflation expectations, rose 0.14 percentage points to an 11-year high of 3.5 per cent.
The $23tn US Treasury market is the largest financial market in the world and is the basis for investment and loan pricing decisions.
As of Friday, futures markets were betting that the Fed would raise interest rates by 0.5 percent in June and July — as indicated by Chairman Jay Powell at a recent meeting of the US central bank — to counter inflation that would hit 40 percent. Running at year’s high. ,
But analysts began to revamp their rate hike forecasts after last Friday’s data showed the annual pace of US consumer price inflation for May reaching 8.6 percent higher than expected, as Russia’s invasion of Ukraine slowed. The cost of food and fuel had increased.
Read more about the day’s market movements here