Janet Yellen Walks Political Tightrope to Deliver on Biden's Climate Promises
Facing pressure from congressional Democrats and a need to deliver on President Biden's campaign promises, Treasury Secretary Janet Yellen is instructing financial regulators under her watch to take steps to reduce risks tied to climate change.
Those regulators traditionally have worked to ensure that banks remained sound, markets stayed competitive and investors received fair and accurate information. Now, Ms. Yellen is leaning on agencies such as the Federal Reserve and the Securities and Exchange Commission to respond to what she says is the urgent threat posed by climate change to the economy and financial assets, such as a portfolio of mortgages in low-lying coastal areas or an insurance company's backing of drought-sensitive farm land.
ETF Inflows Top $1 Trillion for First Time
A historic surge of cash has swept into exchange-traded funds, spurring asset managers to launch new trading strategies that could be undone by a market downturn.
This year's inflows into ETFs world-wide crossed the $1 trillion mark for the first time at the end of November, surpassing last year's total of $735.7 billion, according to Morningstar Inc. data. That wave of money, along with rising markets, pushed global ETF assets to nearly $9.5 trillion, more than double where the industry stood at the end of 2018.
CSL in Talks With Vifor Pharma Over Potential Transaction
SYDNEY--Australian biopharmaceutical company CSL Ltd. said it is in talks with Vifor Pharma Ltd. over a potential acquisition of the Switzerland-based pharmaceutical company.
CSL said Monday that there was no certainty of a transaction, or indication of when any transaction would occur. It said it didn't intend to comment further outside of its continuous disclosure obligations.
G-7 Officials Warn of 'Massive Consequences' if Russia Invades Ukraine
Foreign ministers from the Group of Seven countries warned of severe consequences if Russia invades Ukraine, in a show of unity that they hope will deter Russian President Vladimir Putin from ratcheting up military pressure on the country and defuse tensions in Eastern Europe.
Following a meeting in Liverpool, England, the ministers from the group of wealthy democracies said in a joint statement that any invasion of Ukraine would have "massive consequences" for Russia. "We call on Russia to de-escalate, pursue diplomatic channels, and abide by its international commitments on transparency of military activities," the G-7 foreign ministers said in a joint statement Sunday.
Austria's Restrictions on the Unvaccinated Appear to Be Working
Austria, one of the worst-hit countries in Europe's latest Covid-19 surge, has seen infections plummet and vaccination rates soar after imposing a lockdown and saying it would make the shots mandatory next year.
The measures, and the steep fall in new cases since they were announced, could offer some options to countries in a region where infections are still rising rapidly or plateauing at a high level.
Pfizer Booster Shots Are Effective Against Omicron Variant, Israeli Study Says
TEL AVIV-A booster shot of Pfizer Inc. and BioNTech SE's Covid-19 vaccine provides good protection against severe illness from the Omicron variant, while those without a third shot are highly vulnerable, according to a new Israeli study.
The findings, similar to those announced last week by Pfizer, suggest countries worried about Omicron's rapid spread will be able to defend their populations with continued inoculation.
Write to paul.larkins@dowjones.com
Expected Major Events for Monday
00:01/UK: Nov UK Regional PMI
00:01/UK: Dec Rightmove Monthly House Price Index
05:30/NED: Oct International trade
06:00/FIN: Oct Balance of Payments
07:00/TUR: Oct Balance of Payments
07:00/ROM: Nov CPI
07:00/ROM: Oct Industrial production
07:00/GER: Nov WPI
07:00/TUR: Oct Industrial Production Index
08:00/SVK: Oct Employment and average monthly wage in selected branches
08:00/SVK: Oct Turnover in selected branches of economy, incl Industry & Construction
09:00/EU: Nov Long term interest rates statistics
09:00/BUL: Sep Trade with EU Member States - preliminary data
09:00/BUL: Oct Trade with third countries - preliminary data
09:00/ITA: 3Q Labour Cost Index
10:00/LUX: 3Q GDP
16:59/GER: Oct Balance of Payments
16:59/AUT: Dec OPEC Monthly Oil Market Report
All times in GMT. Powered by Kantar Media and Dow Jones.
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(END) Dow Jones Newswires
12-13-21 0050ET
