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

03/22/2022 | 12:28am EDT

Maryland, Georgia Pause Gas Taxes With Prices Near Record Highs

Lawmakers across the U.S. are pushing to pause the collection of gasoline taxes to give drivers a temporary break at the pump as fuel costs hover near record highs.

Maryland and Georgia are temporarily cutting state gasoline taxes as fuel prices have surged world-wide amid Russia's invasion of Ukraine, which sent shock waves throughout the oil market. California is considering giving drivers a $400 rebate to help cushion the blow of high gasoline prices.

SEC Floats Mandatory Disclosure of Climate-Change Risks, Emissions

WASHINGTON-U.S. regulators proposed stringent requirements for publicly traded companies to report information on greenhouse-gas emissions and risks related to climate change, in one of the Biden administration's potentially most significant environmental actions to date.

The Securities and Exchange Commission formally offered a 534-page proposal Monday that would force publicly traded companies to report greenhouse-gas emissions from their own operations as well as from the energy they consume, and to obtain independent certification of their estimates.

Cash Crunch Drives Wild Moves in Commodities

Commodity traders are being hit by huge cash requests from banks and exchanges, propelling whipsaw moves in markets and hindering the movement of materials beyond Russia and Ukraine.

The outbreak of war sparked steep price changes by clogging commodity shipments in the Black Sea and leading Western importers to shun Russian exports. A vicious financial cycle is exacerbating the volatility and could worsen shortages in some parts of the world, traders say.

Central Banks Grapple With Dual Threat of Slowing Growth, Rising Inflation

The war in Ukraine is casting a stagflationary shadow over the world economy and posing a dilemma for central banks: Should they support flagging growth or fight skyrocketing inflation?

Central bankers-who were already struggling to predict when surging inflation would come under control-say the war has deepened the uncertainty they face as they seek to rein in price increases without killing the recovery from the pandemic. They face the risk of having to squeeze their economies hard and drive up unemployment to get inflation in check.

Fed's Bostic: Rate Increases Needed, but War in Ukraine Raises Uncertainties

Federal Reserve Bank of Atlanta President Raphael Bostic said his expectation that the central bank will need to be more aggressive with interest-rate increases this year to lower inflation is being tempered by uncertainties created by Russia's war on Ukraine.

"Let me say clearly that getting the high rates of inflation under control is the top concern for me for 2022," Mr. Bostic said Monday, noting he sees six rate increases this year after previously expecting three.

Credit Suisse Remakes Board in Aftermath of Scandals

Credit Suisse Group AG said it will reshuffle its board again after a turbulent year.

The Swiss bank, which lost more than $5 billion a year ago from the collapse of family office Archegos Capital Management, is adding former UniCredit SpA Chief Financial Officer Mirko Bianchi and ex-Wells Fargo & Co. risk officer Amanda Norton, both of whom have extensive banking experience. Keyu Jin, an economics professor at the London School of Economics, will also join.

EU Support Grows for Russia Oil Ban Over Ukraine War

Support for a European Union-wide ban on the purchase of Russian oil is growing inside the bloc, according to diplomats involved in the discussion, representing a significant shift in the continent's stance toward how to ratchet up economic pressure on Moscow.

Agreement on any EU ban of Russian crude is far from locked in yet, and a rapid decision to move ahead isn't likely, diplomats said.

Russia Relies Increasingly on Missiles, Artillery to Pressure Ukraine

KYIV, Ukraine-Russian attacks struck Kyiv, Odessa and other locations across Ukraine as Moscow appears to be shifting its battle plan to compel Ukraine to relinquish claims to its southern and eastern territory.

The Ukrainian government on Monday rebuffed Russia's demand to surrender the embattled port city of Mariupol, where intense fighting continued.

Agriculture Giants Stay in Russia Despite Calls to Exit Over Ukraine War

The world's largest agricultural companies are continuing to sell seeds and handle crops in Russia, despite pressure to sever ties following the invasion of Ukraine.

Companies including Cargill Inc., Bayer AG and Archer Daniels Midland Co. say humanitarian concerns over food availability for Russian citizens and other countries justify the companies' continued operation in Russia, while Western oil companies, fast-food chains and other companies have pulled out or paused operations there.

War in Ukraine Tests Faith in Emerging Markets

After rushing to unload their Russia investments, some big asset managers are taking a hard look at their exposure to other emerging markets.

Large investors and their advisers in recent years searched developing countries for higher returns and growth, particularly with U.S. stocks at elevated prices and U.S. bonds at historic low yields. Instead, losses last year from Chinese home builders and technology companies are being exacerbated by the Russia-Ukraine war. Now, after years of underperformance relative to some U.S. equivalents, some investors are questioning the role of emerging markets in their portfolios.

Russia, Failing to Achieve Early Victory in Ukraine, Is Seen Shifting to 'Plan B'

After Russian forces failed to secure a quick victory over Ukraine, senior U.S. officials see signs the Kremlin is shifting to a new strategy to secure key territorial objectives while seeking leverage to compel the Ukrainian government to accept neutrality between Russia and the West.

The U.S. and its allies had widely interpreted Russian President Vladimir Putin's initial objectives to include the seizure of Kyiv in a matter of days, and the replacement of Ukrainian President Volodymyr Zelensky's government with a pro-Russian regime.

Alibaba to Buy Back Up to $25 Billion of Stock

Alibaba Group Holding Ltd. boosted its share buyback program to $25 billion from $15 billion, in a bid to reassure investors about the company's prospects after a year in which its stock has fallen by more than half.

The potential buybacks are substantial compared with the Chinese e-commerce giant's market value: As of Monday, it had a market capitalization of about $270 billion, according to FactSet.

China Evergrande, Units to Delay Publication of Audited 2021 Results

China Evergrande Group and two key subsidiaries, China Evergrande New Energy Vehicle Group Ltd. and Evergrande Property Services Group, are delaying the publication of their audited 2021 results.

China Evergrande Group said Tuesday that the delay was due to the "drastic changes in the operational environment of the company since the second half of last year."

Nike Sales Rise as It Navigates Supply-Chain Snarls

Nike Inc.'s sales grew in the latest period as the sneaker giant benefited from gains in its digital business while navigating supply-chain snarls and working to get its Asian suppliers back to full production.

The company posted revenue of $10.9 billion for the quarter ended Feb. 28, up 5% from the same period a year earlier. Analysts expected revenue of $10.6 billion. Profit of $1.4 billion, or 87 cents a share, was roughly flat with a year earlier.

FAA Official Testifies Former Boeing Pilot Lied About 737 MAX

FORT WORTH, Texas-A Federal Aviation Administration training specialist said a former Boeing Co. pilot lied to her about how a 737 MAX flight-control system worked before two of the jets crashed three years ago.

The former Boeing pilot, Mark Forkner, is on trial in Fort Worth, Texas, this week over four counts of wire fraud. Federal prosecutors say Mr. Forkner, who was the aircraft's chief technical pilot during the aircraft's development, deceived his FAA counterpart about the automated cockpit feature later blamed for sending the two jets into fatal nosedives.

Google Improperly Invoked Legal Privilege to Withhold Emails, Government Claims

WASHINGTON-Alphabet Inc.'s Google should be forced to turn over internal emails that it has withheld or redacted in the antitrust case filed against it by state and federal governments, the Justice Department said Monday.

In a filing in U.S. District Court, the Justice Department said that Google improperly invoked legal privilege to shield sensitive internal communications, a practice it said has gone on for years.

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Expected Major Events for Tuesday

00:01/UK: 2Q Manpower UK Employment Outlook Survey

06:00/FIN: Feb Labour force survey, incl unemployment

07:00/UK: Feb Public sector finances

08:00/SWI: 4Q Balance of Payments

09:00/POL: Feb Agricultural prices

09:00/EU: Jan Euro area balance of payments

10:00/EU: Jan Construction output

10:00/ITA: Jan Balance of Payments

11:00/IRL: Feb WPI

11:00/UK: Mar CBI Industrial Trends Survey

13:00/POL: Feb Broad money M3

13:00/HUN: Mar Hungarian interest rate decision

14:00/BEL: Mar Consumer Confidence Survey

15:00/DEN: Feb 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

03-22-22 0127ET

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 4.91% 117.62 Delayed Quote.-0.98%
ALPHABET INC. 5.11% 2359.5 Delayed Quote.-18.55%
ARCHER-DANIELS-MIDLAND COMPANY 3.86% 74.52 Delayed Quote.6.15%
BAYER AG -1.28% 57.79 Delayed Quote.22.96%
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
CREDIT SUISSE GROUP AG 5.15% 5.72 Delayed Quote.-35.53%
LONDON BRENT OIL -0.28% 112.1 Delayed Quote.44.36%
NIKE, INC. 4.55% 112.91 Delayed Quote.-32.26%
S&P 500 INDEX 3.06% 3911.74 Real-time Quote.-17.93%
THE BOEING COMPANY 5.64% 141.53 Delayed Quote.-33.45%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.43% 53.3698 Delayed Quote.-27.29%
WELLS FARGO & COMPANY 7.55% 40.76 Delayed Quote.-21.01%
WTI -0.86% 106.586 Delayed Quote.38.53%
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