As it happened: Supreme Court blocks Trump sacking; Andy Burnham vows ‘greater public control’; Comcast spin-off

Good afternoon from the City AM liveblog team.

News of a major spin-off deal in the media sector is providing the main talking point during the New York trading day, helping lift stocks up after the tech sector weighed on the market over the previous session.

Sky owner Comcast’s announcement that it will set up NBC Universal as a newly independent company sent its shares up over a fifth in pre-market trade. There were wider gains for internet service providers and telecoms stocks, amid speculation that there could be further dealmaking in the sector.

Earlier, stock markets wobbled on Monday as the US and Iran Iran ​agreed to halt recent hostilities in the Gulf and renew talks over their dispute over the Strait of Hormuz. Talks are expected to resume on Tuesday, officials said, but any halt on hostilities is regarded as precarious by markets.

Overnight brent crude edged back above $72 per barrel, recovering from four-month lows, while Asian markets fell, led by Japan’s Nikkei, which was down around one per cent.

Meanwhile, Labour PM-in-waiting Andy Burnham gave his first big set-piece speech today after winning in the Makerfield by-election, offering an early glimpse into what his government could look like.

 Burnham vowed to empower local government to take “greater public control” over energy, housing, water and transport as councils are set to be handed greater powers as part of sweeping economic and political reform.

As he set out his 10-year vision to raise living standards, the likely next Prime Minister said he would oversee the “biggest change in our lifetimes to the way the country is run”. He insisted policies would be in line with manifesto commitments, in what appeared to be a bid to shut down speculation over a possible General Election being called.

Despite pledging a total overhaul of national and local government, Burnham said he would keep to the current fiscal rules and run the country based on “sound public finances”, with his economic reforms to focus on devolution and regulation of utilities.

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Here’s a recap of some of our posts from earlier in the day:

• BT shares rise on $4bn Verizon partnership
• Sky owner Comcast announces plan to split
• Bridgepoint Group shares jump as it snaps up retail estate investment platform for $1.4bn
• Trump blocked from sacking Fed official in landmark Supreme Court ruling
• Tortilla wraps up share trading until probe into French business is complete