EMEA Morning Briefing : Stocks to Open Lower, -2-

The United Arab Emirates's strategy, as described by officials familiar with the matter, represents one of the most significant shifts in oil policy by a major Mideast petrostate. For years, the region's oil-producing governments have said they aren't worried about finding crude buyers far into the future. The U.A.E., which holds some of the world's largest untapped crude reserves, is breaking from that orthodoxy, according to people familiar with the strategy.

Investors, Do You Want Your Debt Served Net or Gross?

With the economic recovery under way, how much debt companies owe in the wake of the Covid-19 crisis is a crucial indicator for investors-if only they could agree on how to measure it.

Total borrowing by companies around the world rose by a modest 1% in the first half of 2021, after jumping to an all-time high of $13.5 trillion last year, according to data published Wednesday by investment firm Janus Henderson. On the surface, this looks like the start of a typical period of deleveraging after a debt binge.

Rio Tinto Taps Former Unilever Compliance Officer for Top Legal Post

Rio Tinto PLC has recruited a former compliance officer for Unilever PLC and Nestlé SA to serve as its chief legal officer, overseeing compliance issues for a company that has been at the center of high-stakes legal battles and reputational crises in recent years.

Isabelle Deschamps, who currently serves as general counsel for the Dutch paints and performance coatings company Akzo Nobel NV, will join the Anglo-Australian mining company in October, Rio Tinto said Wednesday.

Higher Oil Prices Can Only Help Shell So Much

The recovering oil price has taken one boot off the neck of Royal Dutch Shell. The second boot from the energy transition remains firmly in place.

On Wednesday, Europe's largest oil major by market value reported strong second-quarter operational results and said it would increase its shareholder returns. It will pay out between 20% and 30% of cash flow from operations for the second quarter.

U.K. Fintech Wise Makes Strong Debut in London Direct Listing

Wise PLC's shares made a strong trading debut in London Wednesday, as investors bet on the online money-transfer service's ability to win business from established banks.

The U.K.-based fintech, formerly known as TransferWise, closed its first day of trading with a market valuation of about GBP8.75 billion, equivalent to around $12 billion. That compares with market expectations of $6 billion to $7 billion ahead of the anticipated public listing, according to a person familiar with the matter. Wise didn't disclose a targeted valuation. Wise closed at GBP8.80 a share.

Bank Stocks in Europe Zoom Higher, Rewarding Bargain Hunters

European banks are among the stock market's top performers, making winners out of the investors who backed them when many wouldn't touch them during the pandemic.

This year, the Euro Stoxx Banks index is up 26%-compared with a 14% rise for the broader benchmark-and has recently regained all the ground it lost during the pandemic. Some individual stocks have done even better. Spain's Banco de Sabadell SA, which was hammered during the pandemic's shutdowns, is up 60% in 2021, while French banking giant Société Générale SA is up nearly 50%.

A Generation of Afghan Professionals Flees Ahead of Taliban Advance

KABUL-Afghanistan's professional class of men and women, part of a generation that came of age under the shield of the U.S. military, are weighing the danger of rapidly advancing Taliban forces. Many are packing their bags.

Hasiba Ebrahimi is already gone. The 24-year-old actress, who embodied modern Afghanistan's optimistic youth, was raised, like many Afghans, as a refugee in Pakistan and then in Iran. She returned to Kabul in 2014 and has since become a star in the country's new film industry.

Trump Sues Facebook, Twitter, Google to Restore Social-Media Accounts

Former President Donald Trump has sued Facebook, Twitter and Google, seeking to restore his online profile after he was suspended from most social-media platforms following the Jan. 6 riots in the U.S. Capitol.

Mr. Trump was the most prominent plaintiff seeking class-action status against the tech companies, claiming he has been wrongly censored by them in violation of his First Amendment rights. The lawsuits were filed Wednesday in U.S. District Court in Miami.

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Expected Major Events for Thursday

00:01/UK: Jun KPMG and REC UK Report on Jobs

04:30/NED: Jun CPI

05:45/SWI: Jun Unemployment

06:00/FIN: May Foreign trade

06:00/GER: May Foreign Trade

07:00/CZE: May Retail trade

07:00/HUN: Jun CPI

08:30/UK: 1Q Business Finance Review

09:00/MLT: May Industrial Production Index

09:00/GRE: May External Trade (provisional data)

09:00/CRO: Jun PPI

10:00/FRA: May OECD Harmonised Unemployment Rates

10:00/IRL: Jun CPI

16:59/POL: Polish interest rate decision

23:01/UK: Jun BRC-Sensormatic IQ Footfall Monitor

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

07-08-21 0018ET