Proactive Investors - 7.29am: Vodafone-Three merger approved
The CMA says it has approved the merger of the UK mobile networks of Vodafone and Three is based on legally binding commitments to invest £11 billion over the next eight year, cap certain tariffs for three years and give virtual mobile providers access to pre-set wholesale prices and contract terms.
After an 18-month review process, the antitrust watchdog green-lit the deal on the basis of these terms, with the investment to be overseen by both Ofcom and the CMA, with the merged company also required to publish an annual report setting out its progress on the implementation of the network plan
Vodafone boss Margherita Della Valle said the merger "creates a new force in UK mobile, unleashing more competition and investment to transform the UK telecoms landscape", with £11 billion of investment committed to building "the UK's biggest and best network" over the next eight years.
The new network will reach 99% of the population and benefit over 50 million customers, the companies said, and use no public funding.
The merger is expected to formally complete during the first half of 2025.
7.16am: FTSE 100 called lower
The FTSE 100 has been called lower again on Thursday, despite gains being made for US and European markets.
Futures markets had the London benchmark falling 12 points, reducing the index further after it fell almost 24 points the day before to 8,335.8.
There could be a boost from news this morning that the UK's Competition and Markets Authority has approved the merger of Vodafone Group PLC (LSE:LON:VOD) and Three to create an £11 billion mobile network. More on that in a moment.
Overnight, Wall Street set new record highs across the board, with the Nasdaq jumping 1.3%, the Dow Jones rising 0.7% and the S&P 500 gaining 0.6%.
Asian markets are mixed, but mainly in the green, with the Hang Seng the exception, down 1.1%.
5am: What to watch out for today
Balfour, Watches of Switzerland, DS Smith and AJ Bell (LON:AJBA) are among those in line to report on a busier Thursday diary.
Will Balfour Beatty (LON:BALF) offer any guidance on yet another buyback... Read more
Watches of Switzerland is set to face continued pressure on persistent luxury sector headwinds... Read more
Announcements due:
Trading updates: Balfour Beatty plc
Interims: Baltic Classifieds Group PLC, Carclo PLC, Sdi Group PLC, DS Smith PLC (LON:SMDS), Watches of Switzerland Group PLC (LON:WOSG)
Finals: AJ Bell PLC, Future PLC (LON:FUTR)
US earnings: Signet Jewelers Ltd, CleanSpark (NASDAQ:CLSK) Inc, Docusign (NASDAQ:DOCU) Inc, Hewlett Packard Enterprise Co (NYSE:HPE), Lululemon Athletica (NASDAQ:LULU) Inc, UiPath (NYSE:PATH) Inc
AGMs: Doric Nimrod Air Three Ltd, Doric Nimrod Air Two Ltd, Gabelli Merger Plus Trust PLC, Global Petroleum, New Star Investment Trust PLC, Solgold PLC, Volta Finance Ltd, YouGov (LON:YOU) PLC, Zanaga Iron Ore Company Ltd
Economic announcements: PMI Construction (UK), Continuing Claims (US), Initial Jobless Claims (US), ISM Services (US)
Ex-dividends to reduce FTSE 100 by: 1.17