Walt Disney shares jumped sharply on Friday after the American entertainment company announced a new streaming service for video and TV shows, as the entertainment giant intends to compete with Netflix.

Walt Disney said its television service would be named "Disney Plus" and would cost about $6.99 a month or about $69.99 a year, less than Netflix's.

Disney has confirmed that the service will start in the US market on November 12 and will expand later in all markets worldwide.

This comes at a time when Netflix announced an increase in its service cost announced earlier this year, from $11 to $13 a month.

Disney CEO and chairman, Bob Iger, announced that "Disney Plus" will be a top priority for the company and will be child-friendly in the sense that the content presented will not harm them.

Disney will offer up to 18 of 21 Pixar films on different seasons to attract all family segments, including children, Eger added.

Through this new service, the company will also offer films and TV shows owned by Fox and Disney itself in addition to other videos and films.

In terms of trading, by 19:29 GMT, Walt Disney shares jumped 11.5% to $129.9, hitting a high of $130.9 and a low of $126.3.

Sterling pound rose against the greenback today, after a busy week of Brexit extension as well as the Prime Minister Theresa May's negotiations with Brussels.

Earlier this week, the EU summit agreed to Prime Minister Theresa May's request to postpone the exit of the bloc until October 31.

The European Union wants to give London an opportunity to negotiate a better deal for its withdrawal from the bloc, following a three-time rejection by the British parliament of an earlier agreement reached by BPM May.

British lawmakers said they would not allow the United Kingdom to leave the Union without an agreement.

Uncertainty is still the dominant landscape in Britain for markets, individual investors and companies because of the lack of clarity about Brexit.

In today's trading, by 17:57 GMT, the British Pound rose against the US dollar by 0.3% to 1.3083, hitting a high of 1.3132 and a low of 1.3049.

Baker Hughes announced that the number of US oil drilling rigs has increased by two to a total of 833 rigs this week.

In contrast, the number of natural gas rigs in the country fell by five to 189, compared to 192 for the same period last year.

Overall, the total number of drilling rigs for natural gas and oil has decreased by three to 1022 rigs this week.

J.P. Morgan Chase Bank announced record first-quarter earnings and revenues that exceeded analysts' expectations, as the bank took advantage of the rise in interest rates last December.

The bank's earnings rose 5% to $9.18 billion ($2.65 per share), compared to analysts' expectations of $2.35 a share.

The American bank quarterly revenues rose also by 5% to $29.9 billion in the first quarter of this year, exceeding expectations by almost $1.5 billion.

J.P. Morgan Chase CEO, Jamie Dimon, said in a statement that the bank had record revenue and net income, strong performance across each of its major businesses, amid some global geopolitical uncertainty, strong competition, in addition to the rise in wages and jobs in the US.

J.P. Morgan, the largest US bank by assets, is the first major lender to report quarterly earnings for the first quarter.

Analysts say the results of JPMorgan posted strong data supported by the Federal Reserve's interest rate increase at the December meeting, which was the fourth time the Feds raised rates in 2018.

In terms of trading, JPMorgan jumped by 4.1% to $110.6 at 19:12 GMT, and recorded a day high of $111.8 and a low of $108.8.