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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉EU attacks Microsoft
👉Fed’s Bowman speaks
👉Disney’s big hit
MICROSOFT: Under Fire
The European Union accused Microsoft of breaching antitrust rules by bundling its Teams and Office products. If the Commission finds a violation, it can ban this practice and fine Microsoft up to 10% of its global revenue.
Source: Bloomberg
Microsoft tried to avoid this by unbundling Teams from Microsoft 365, but the EU said this was not enough to restore competition. Microsoft is now working on more solutions to address the EU's concerns. The investigation started in July 2023 after a complaint by Salesforce-owned Slack, a rival to Teams. The Commission is worried that Microsoft, gave Teams an unfair advantage by bundling it with Office without giving customers a choice.
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BOWMAN: Interest Rates
Federal Reserve Governor Michelle Bowman highlighted several risks that could push inflation higher, stressing the need to maintain high interest rates. In a recent discussion, Bowman said she doesn't expect any interest rate cuts this year, projecting them instead into future years. On top of this, she left interest rate hikes on the table.
Source: CNBC
Bowman pointed out that the economy might not benefit from further supply-side improvements, citing resolved pandemic-era supply chain issues and slow labor force growth. She mentioned that restrictive immigration policies could limit labor supply, although immigrant inflow in some areas could raise rental costs due to low affordable housing inventories.
DISNEY: Massive Hit
Disney and Pixar’s “Inside Out 2” could be the first film since Warner Bros.’ “Barbie” to top $1 billion globally. The animated feature has already grossed $724.4 million worldwide, making it the highest-grossing film of 2024.
Source: Fox
“Inside Out 2” still hasn’t opened in Japan, which added $33 million to the original “Inside Out” total in 2015. The last Pixar film to reach $1 billion was “Toy Story 4” in 2019. After the pandemic, Disney and Pixar struggled at the box office due to streaming releases. “Inside Out 2” is the first Disney animated feature to gross over $480 million since 2019.
Chart of the Day
📊Starbucks Is A Bank
Source: GS Investing
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