Weekend roundup

Here’s what you missed while you were living your best life:

• 🏦 Bank of America’s CEO said US consumers could become discouraged without rate cuts. Brian Moynihan told CBS, “Once the American consumer really starts going very negative, then it’s hard to get them back.”

• 🏰 Disneyland unveiled six new rides and attractions. Plans include a Disney villains land in Florida, a doubling of the size of the Avengers Campus in California, and details about its partnership with Fortnite creator Epic Games.

• 🎥 Former YouTube CEO Susan Wojcicki died at 56. The tech pioneer – one of the most prominent women in Silicon Valley – was among Google’s earliest employees.

Featured weekend story

India’s Bharti is buying a 24.5% BT stake from Altice

India’s Bharti Enterprises has agreed to take a 24.5% stake in BT, Britain’s biggest broadband and mobile company, worth about $4 billion. The company is buying out telecoms tycoon Patrick Drahi, who is currently BT’s top investor.

Bharti said it would take an initial 9.99% stake, then try to add the remaining 14.51% following regulatory approvals. Chairman Sunil Bharti Mittal said the company hadn’t asked for a board seat.

Drahi’s Altice group has come under increased pressure to sell assets as its debt rises to $60 billion. The company announced a separate deal last weak for the Abu Dhabi wealth fund ADQ to buy into the Sotheby’s auction house.

BT stock has risen by 24% over the last six months as its long-term investment plan to build the UK’s fibre network start to pay off. Other notable investors include Mexican telecoms giant Carlos Slim, who bought a 3.2% stake in June.

What to watch this week

European stocks and US equity futures start the week firmer after last week’s market turmoil. The stability is helped by Thursday’s bigger-than-expected drop in jobless claims, which suggested fears over the health of the labor market might be exaggerated.

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 🛒 US CPI. Wednesday’s reading will give investors an idea of whether the Fed cuts they’re pricing in are justified. A large surprise to the upside may also spark further unwinding of global carry trades.

• 💸 US earnings. There are still a few big names left to report, including Home Depot and Walmart. Investors will be listening out for what they have to say about the resilience of consumer spending.

• 🇬🇧 UK data. A whole slew – wage growth on Tuesday, inflation on Wednesday, GDP on Thursday, and retail sales on Friday. Investors are currently pricing in a roughly 33% chance of another quarter-point cut from the BOE in September.

Off-balance sheet items

Here’s what we’re reading this week:

• 🤘 Consulting has a Gen Z problem (Business Insider). High-pressure work and a lack of passion drive young consultants to seek more fulfilling jobs.

• 🍀 How the “4 Types of Luck” can enrich your work-life (Big Think). Unraveling the subtle mechanics of luck can help us better steer the wheel of fortune.

• 🔥 How to go to Burning Man in an extreme climate and feel good about it (WIRED). The worsening climate crisis and cultural changes may have you wondering if you should skip Burning Man. Veterans of the weeklong festival have some advice.

Chart of the week

The bottom line

Aquire new customers and drive revenue by patterning with us.

Balance Sheet is rapidly growing with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here.