Disney streaming; Uber IPO expectations; Brexit delayed (again)

1. Disney streaming:Investors are about to learn a lot more about Disney’s new streaming product. The entertainment giant is expected to show off its Disney+ streaming service during its investors day on Thursday. It’s Disney’s answer to the challenge posed by Netflix(NFLX)as well as tech giants like Amazon(AMZN)and Google(GOOGL). Buying Fox will help Disney meet the threat. The deal strengthened what was already the entertainment industry’s most enviable array of brands, with Fox’s National Geographic among the announced Disney+ elements. If properties with avid fan bases serve as the linchpin of any subscription-driven service, the industry consensus is that nobody can match the arsenal that Disney possesses. Yet even that doesn’t assure success with such a startup venture. 2. Uber IPO:Uber is expected to file paperwork as soon as Thursday in what is likely to be one of the biggest public offerings ever for a technology company. The IPO caps off Uber’s rapid and very public effort to overhaul its internal culture and move past a long list of scandals that upended the company. Uber is still facing problems: The company lost $1.8 billion in 2018, an unprecedented sum for a company about to go public. Lyft(LYFT), its chief US rival, gained market share amid Uber’s stumbles. But Lyft(LYFT)shares dropped almost 11% on Wednesday following media reports about the Uber IPO and are now trading more than 16% below their IPO price. 3. Brexit delayed (again):The European Union has granted Britain a six-month delay to Brexit with an option to leave earlier if the UK parliament can agree an exit deal. The British pound was flat on Thursday, as the news of the delay did not come as a major surprise. Businesses and investors will be relieved that the United Kingdom has, for now, avoided crashing out of the European Union without a deal. But the delay will prolong the uncertainty that has already damaged the UK economy. “The situation remains uncomfortable and potentially unstable,” said Holger Schmieding, chief economist at Berenberg bank. 4. Global market overview:US stock futureswere pointing lower.European marketsopened mixed, following a downbeat trading session inAsia. Wall Street on Wednesday largely shrugged off minutes from last month’s Federal Reserve meeting, which showed the US central bank acknowledged the threat of a global growth slowdown and didn’t anticipate an interest rate hike this year.The Dow Jones industrial averageclosed flat. TheS&P 500added 0.4% and theNasdaqgained 0.7%. Before the Bell newsletter: Key market news. In your inbox. Subscribe now! 5. Earnings and economics:Rite Aid(RAD)will release earnings before the open. The International Energy Agency said Thursday that OPEC crude oil production dropped in March to 30.1 million barrels a day, roughly 3.3 million barrels a day below the cartel’s sustainable capacity. Lower supply, which results from deliberate production cuts and sanctions, has helped pushed US oil prices up 50% to $64 per barrel from $42.53 on Christmas Eve. 6. Coming this week:Thursday— Rite Aid(RAD)earnings; Disney(DIS)investor day; India election polling beginsFriday— JPMorgan Chase(JPM)and Wells Fargo(WFC)earnings; China export data