Microsoft to buy Activision Blizzard in $68.7bn deal; UK real wages fall in cost of living crunch – as it happened

Rolling coverage of the latest economic and financial news

• Latest: Microsoft to buy Activision Blizzard in $68.7bn deal
• Takeover of maker of Call of Duty, Warcraft and Candy Crush could face antitrust concerns
• MS: Will extend culture of proactive inclusion to Activision Blizzard

Earlier:

• UK real wages fell in November as inflation overtook pay
• Clampdown on crypto advertising
• Oil highest since 2014 as Gulf tensions rise

Meanwhile in the City, stocks have opened lower as investors worry that America's central bank will hike interest rates several times this year to fight inflation.

The FTSE 100 index has dropped by 59 points, or 0.8%, to 7552, away from the two-year high hit yesterday.

European markets have opened lower with technology underperforming amid concerns about faster tightening from the Fed and rising yields as Britain's 10-year gilt yield hits a three-month high and Germany's 10-year government bond yield rises to the highest since May 2019. US markets get set to reopen after Monday's holiday with futures pointing to a softer open.

The FTSE 100 is trading lower amid some profit taking after a strong start to the week, closing Monday's session at the highest level since January 2020. BP and Shell are trading near the top of the index as surging oil prices provide a tailwind for the sector."