Morning refresh: what you need to know to start the day
Good morning from the City desk of the Evening Standard
25 million euros: that’s the cost just one holiday operator has said travel chaos caused by wildfires in Greece has led to over just a few weeks. That would suggest the total economic cost is set to be many multiples of this to the tourism industry. It’s one the industry could have to reckon with much more frequently if extreme weather events such as this one become more common in the years ahead.
Overnight Disney swung to a $460 million loss after it revealed it had shed more than 7% of its subscription base, a figure higher than analysts had expected. Shares nudged up slightly in after-market trading as Wall Street analysts were buoyed by Disney’s promise to raise prices and crack down on password sharing.
Here’s a look at some of our other headlines from yesterday:
- Paddy Power owner Flutter returns to profit and targets US listing by year end
- China in deflation for first time in 2 years as prices fall 0.3%
- Coca Cola HBC profits double to almost €386 million as sales of coffee and energy drinks help it shift 1.4 billion cases
- City giant ICAP cuts number of brokers
- Amazon “in talks” to take big stake in ARM IPO next month
This morning we’re expecting results from food delivery app Deliveroo, betting business Entain, mining firm Antofagasta and investment service Hargreaves Landsdown.
In the afternoon we’ll get US inflation and unemployment numbers.