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Global Markets: Sterling hits three-decade low

By Commodity News Service Canada

WINNIPEG, Aug 3 (CNS Canada) – The following is a glance at the news moving markets globally.

STERLING SEEN HITTING THREE-DECADE LOW POST-BREXIT

The decline of Britain’s pound against the US dollar is far from over, according to a Reuters poll on Wednesday.

In the five weeks since Britain voted to leave the European Union on June 23, the pound has sunk about 10 per cent, and economists say it could fall another six per cent.

There is no official data available yet on how Britain’s economy has fared since the vote, but surveys have suggested the economy is shrinking at its fastest rate since the 2008/09 financial crisis, making the unanimously expected interest cut by the Bank of England almost certain.

US PRIVATE PAYROLLS RISE IN JULY

Private payrolls in the US rose by 179,000 in July, further suggesting the US labour market remains solid, according to Automatic Data Processing Inc.

The results were slightly above the 178,000 economists had expected.

Since job growth slowed in May it has rebounded strong in June and July. The broader trend suggests job growth has moderated from last year.

TIME WARNER BUYS STAKE IN HULU FOR $583 MILLION

Time Warner has purchased a 10 per cent stake in video service Hulu for US$583 million, giving Hulu a new valuation of approximately US$5.8 billion, according to reports.

The move comes as media companies and cable operators navigate through more viewers cutting cable in favour of the alternatives, and as Hulu prepares to launch a new live-streaming service.

Time Warner also reported better-than-expected second-quarter earnings, lifting its profit forecast for the year.

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