EMEA Morning Briefing: Stocks to Fall, PMI -2-

The Republican governor, unlike many of his Democratic counterparts, didn't use the term "climate change" or endorse specific policies aimed at combating factors that most climate scientists say are driving warming, such as greenhouse-gas emissions. He focused on responding to the effects of a warming climate.

Apple, Microsoft and Tesla Headline Key Earnings Week Amid Nasdaq's Slide

Tech giants including Microsoft Corp., Apple Inc. and Tesla Inc. are among the companies headlining a busy earnings week that comes as investors look for reassurance after the Nasdaq notched a 12% decline to start the year.

Overall, about a fifth of the S&P 500 and nearly half of the Dow Jones Industrial Average are expected to provide their quarterly updates during the week starting Monday, according to FactSet.

Activist Investor Nelson Peltz Buys Stake in Unilever

LONDON-Trian Fund Management LP, the activist hedge fund run by Nelson Peltz, has acquired a stake in Unilever PLC, according to people familiar with the matter, adding pressure to the packaged food and consumer goods giant in the wake of its failed $68-billion bid for GlaxoSmithKline PLC's consumer-health business.

The size of the stake couldn't be learned. Trian started buying Unilever shares well before its bids for the GSK unit surfaced earlier this month, one of the people said.

Empty Private Jet Flights Hastened Credit Suisse Chairman António Horta-Osório's Downfall

After relocating to Zurich last spring to run Credit Suisse Group AG as chairman, António Horta-Osório flew to London and Lisbon for work meetings and business events, then spent time with his family at homes there.

On multiple occasions, a private plane paid for by Credit Suisse dropped him off on a Thursday and returned empty to Switzerland, according to people familiar with the travel. By Monday, a plane picked Mr. Horta-Osório up for work in Zurich.

State Department Tells Families of U.S. Diplomats in Ukraine to Leave

The State Department instructed the families of U.S. diplomats in Ukraine to leave the country and authorized some embassy staff members to also depart, while the Biden administration considers sending several thousand troops to Europe amid a Russian military buildup.

The State Department decision, announced Sunday, comes as U.S. officials have warned that an attack could come at any time.

Germany's Reliance on Russian Gas Limits Europe's Options in Ukraine Crisis

BERLIN-Germany's dependence on Russian gas has left Europe short of options to sanction Moscow if it invades Ukraine-and itself vulnerable should Russia stop gas exports to the West.

A two-decade-old decision to phase out nuclear power and more recent moves to cut reliance on coal in an effort to bring down CO2 emissions mean Germany is now more reliant on Russian gas than most of its neighbors, not just for heating but also for power generation.

Judge Rules Banks Must Stand Trial Over $7 Billion R. Allen Stanford Fraud Claims

Toronto-Dominion Bank, HSBC Bank PLC and other banks linked to convicted fraudster R. Allen Stanford must stand trial over claims they supported his $7 billion Ponzi scheme and should repay defrauded investors, a federal judge ruled.

Judge David Godbey of the U.S. District Court in Dallas on Thursday denied a request by the banks to avoid trial in a lawsuit brought on behalf of investors bilked by Mr. Stanford, citing evidence the banks knew his operation wasn't on the level but still did business with him.

U.S.-Backed Forces Struggle to Contain Islamic State in Battle Over Syrian Prison

Syrian fighters backed by American airstrikes struggled to retake control of a prison attacked by Islamic State in northeastern Syria on Sunday, as the militant group's attempt to replenish its ranks with freed prisoners sparked the area's worst sustained fighting in years.

The prison attack, which began last week, was one of the most complex and brazen Islamic State operations in Syria and Iraq in the past three years. It involved sleeper cells, suicide bombers and an insurrection inside the prison, said the Syrian Democratic Forces, the U.S.-backed, Kurdish-led militia that controls a section of northeastern Syria that is autonomous from the regime in Damascus.

Activist Investor to Call on Peloton to Fire Its CEO

An activist investor wants Peloton Interactive Inc. to fire its chief executive and explore a sale after the stationary-bike maker's stock plummeted more than 80% from its high, as growth slowed.

Blackwells Capital LLC has a significant stake of less than 5% in Peloton and is preparing to push the company's board to fire CEO John Foley and pursue a sale, according to people familiar with the matter. The firm believes Peloton could be an attractive acquisition target for larger technology or fitness-oriented companies, the people said.

China Evergrande Shares Jump After Appointing China Cinda Executive

Shares of China Evergrande Group soared on Monday after it appointed an executive at the state-owned China Cinda Asset Management Co. to its board, a sign that the struggling developer is making some progress toward resolving its liquidity crisis.

The Hong Kong-listed stock gained as much as 13% within a few hours of trading, and was last up 5.6% at HK$1.89. The shares are 88% lower from a year ago.

Kohl's Can't Find Relief From Investor Pressure

Since taking the helm of Kohl's Corp. in May 2018, Chief Executive Michelle Gass has forged partnerships with Amazon.com Inc. and Sephora, brought in new brands and beefed up its loyalty program. Yet, the retailer's stock is worth less today than it was two decades ago.

On Friday, a group backed by activist hedge fund Starboard Value LP offered roughly $9 billion to buy the department store chain, The Wall Street Journal reported, following a renewed push by a different activist to shake up its board and consider a sale.

Software Provider Globalization Partners Gets Vista Equity Backing at $4.2 Billion Valuation

Globalization Partners, a software provider that helps businesses streamline the process of hiring employees internationally, has landed new backing from Vista Equity Partners that values the company at $4.2 billion.

Boston-based Globalization Partners helps businesses outsource tasks associated with hiring people abroad, including tax, legal, accounting and administrative duties, through artificial intelligence-powered software. The company said it experienced a boom in business due partly to the movement of global workforces throughout the Covid-19 pandemic.

Winter Olympics Sponsors Caught Between Beijing, U.S.

With less than two weeks to go before the start of the Winter Games in Beijing, several Olympics sponsors are skipping what is usually an Olympics-themed advertising blitz.

In 2018, Visa Inc. revved up its Olympic marketing campaign months before the Winter Olympics in Pyeongchang, South Korea. It marked the 100-day countdown to the torch lighting on Twitter. It highlighted its Team Visa athletes, and it promoted wearable payment devices used at the event.

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Expected Major Events for Monday

06:00/FIN: Dec PPI

08:00/CZE: Jan Business cycle survey (consumer/business confidence)

08:15/FRA: Jan France Flash PMI

08:30/GER: Jan Germany Flash PMI

09:00/ICE: Dec Harmonized CPI

09:00/POL: Dec Retail Sales

09:00/EU: Jan Eurozone Flash PMI

09:30/UK: Jan Flash UK PMI

10:00/MLT: Dec RPI

15:00/DEN: Dec Central Government Finance & Debt

All times in GMT. Powered by Kantar Media and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

01-24-22 0047ET