The recent decline in U.S. futures can be attributed significantly to the ongoing antitrust case against Google, which has raised concerns within the broader tech sector. The U.S. Department of Justice (DOJ) is contemplating imposing structural changes on Google to address its monopolistic practices, particularly in search and digital advertising . This potential intervention could necessitate breaking off parts of Google's operations or mandating that it share data with competitors, thereby reshaping the competitive landscape of the industry.
The remedies necessary to “prevent and restrain monopoly maintenance could include contract requirements and prohibitions; non-discrimination product requirements; data and interoperability requirements; and structural requirements,” the department said in a filing.
Additionally, the DOJ suggested limiting or prohibiting default agreements and “other revenue-sharing arrangements related to search and search-related products.” That would include Google’s search position agreements with Apple’s iPhone and Samsung devices — deals that cost the company billions of dollars a year in payouts. The agency suggested one way to do this is requiring a “choice screen,” which could allow users to pick from other search engines.
A break-up of Google would reorder a search market in which the company handles more than 90 per cent of online queries and would transform a business that has made its parent company, Alphabet, one of the most valuable in the world. “For more than a decade, Google has controlled the most popular distribution channels, leaving rivals with little-to-no incentive to compete for users,” the DoJ said. “Fully remedying these harms requires not only ending Google’s control of distribution today, but also ensuring Google cannot control the distribution of tomorrow.” The 32-page filing from the DoJ contains its initial remedy proposal and advances the trial to its second stage, in which Mehta will determine the sanctions to be imposed on Google.
Globally, however, rate-setters are turning more dovish. A European Central Bank rate cut next week is very probable, Governing Council member Francois Villeroy de Galhau said. New Zealand cut rates by half a percentage point, stepping up the pace of easing, while India’s central bank opened the door for its first cut in four years.
In currency markets, Bloomberg’s dollar index rose for the eighth day as traders priced less US monetary easing. The New Zealand dollar fell to its lowest in seven weeks after the rate cut.
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