Russian President Vladimir Putin said Moscow was ready to work on stabilizing the global energy market, causing a sudden reversal in natural gas prices, which had earlier soared to their highest level on record.

The Russian leader appeared to be flexing his geopolitical muscles by signaling that he could help tamp down a growing crisis in Europe caused by a shortage of natural gas, a key energy source for producing electricity and heating homes. High prices in Europe have spilled over to the U.S. as well, with natural gas trading at its highest in over a decade.

Builders Hunt for Alternatives to Materials in Short Supply

Shortages of key construction materials are forcing some builders and contractors to turn to substitutes and hunt for alternative suppliers as they rush to meet high demand for new housing.

Construction companies are looking for replacements and new sources for everything from wood paneling to ceiling joists to pipes, saying that potentially higher costs and added complications to design and construction can be preferable to putting a project on hold for months while waiting for planned supplies.

Coal Shortages Push Up Prices, Weigh on Economies

HONG KONG-Coal supply shortages are pushing prices for the fuel to record highs and laying bare the challenges to weaning the global economy off one of its most important-and polluting-energy sources.

The crunch has many causes-from the post-pandemic boom to supply-chain strains and ambitious targets for reducing carbon emissions. And it is expected to last at least through the winter, raising fears in many countries of fuel shortfalls in the months ahead.

U.S. private sector payrolls jump in September, ADP says

The numbers: U.S. private-sector employment increased by 568,000 in September, according to the ADP National Economic Report released Wednesday. The gain was well above forecasts from economists surveyed by the Wall Street Journal who expected a gain of 425,000 jobs. It is the biggest gain since June.

Big picture: The data is in line with economists expectations for Friday's job report for September from the Labor Department. Economists expect the Labor Department report will show economy added a net 500,000 jobs in September, up from the disappointing 235,000 jobs added in August, according to a Wall Street Journal poll. The unemployment rate is expected to tick down to 5.1% from 5.2%.

Bond Investors Aren't Buying Crypto Craze

Bond markets held two informal referendums on cryptocurrencies recently. The results weren't pretty.

El Salvador's government bonds nosedived in mid-September after the Central American nation became the first country to adopt bitcoin as a national currency. A few days later, cryptocurrency trading platform Coinbase issued $2 billion of corporate bonds, some of which have since lost about 4.5%.

NATO Kicks Out Eight Russian Officials, Calling Them Undeclared Intelligence Officers

BRUSSELS-The North Atlantic Treaty Organization said Wednesday it was ejecting eight members of the Russian delegation to the alliance, calling them undeclared intelligence officers.

The Russian Foreign Ministry didn't immediately respond to a request for comment on the move, which extends a wave of tit-for-tat expulsions between Western countries and Russia in recent years as relations have soured. The U.S. and its allies have expelled scores of Russian diplomats in response to Moscow's alleged covert operations, including cyberattacks, attempts to influence elections and a failed hit on a former Russian spy in England. Russia has hit back with expulsions of its own, blaming the West for worsening relations.

Russia Opens Probe Into Video Reports of Tortured Prisoners

MOSCOW-Russian law enforcement opened criminal investigations into reports of widespread prisoner abuse and several officials in the penitentiary system were fired in cases that human-rights advocates say point to systematic torture in prisons across the country.

The probes come after prison activist group Gulagu.net posted footage it says depicts abuse, humiliation and beatings in prison facilities, part of a trove of more than 1,000 videos that the organization has been leaked. The Wall Street Journal couldn't independently confirm the veracity of the videos.

World's First Malaria Vaccine Gets WHO Backing

The World Health Organization on Wednesday recommended the widespread deployment of the world's first malaria vaccine to young children in sub-Saharan Africa and other at-risk regions, hoping to revive the fight against the mosquito-borne illness that kills more than 400,000 people every year.

The endorsement from the WHO-a crucial step for getting more investment in the production and rollout of the shot-comes more than three decades after scientists at what is now GlaxoSmithKline PLC started developing the vaccine.

Boris Johnson Says Low-Paid Migrants Are No Answer to Labor Shortages

MANCHESTER, England-British Prime Minister Boris Johnson said he would press ahead with his government's pledge to end the influx of low-paid migrant workers despite the country's labor shortages, describing it as a radical change for the British economy.

Speaking at the Conservative Party's annual conference, Mr. Johnson looked to turn the page on over a decade of his own party's rule, calling an end to high immigration, which he said had depressed wages and productivity.

EU's Balkan Expansion Plans Stall

The European Union has spent years and billions of euros preparing Balkan countries to join the bloc, an effort the U.S. has supported in the hopes that it would spread stability in a region long racked by political volatility and sporadic violence.

But with EU leaders meeting counterparts from those aspirants Wednesday, the reality is that membership is slipping further into the future, not getting closer.

Facebook Slows New Products for 'Reputational Reviews'

Facebook Inc. has delayed the rollout of new products in recent days, people familiar with the matter said, amid media reports and congressional hearings related to a trove of internal documents showing harms from its platforms.

Executives at the social-media company also have put a hold on some work on new and existing products while more than a dozen people are involved in conducting "reputational reviews" to examine how Facebook may be criticized and to ensure products don't adversely impact children, the people said.

Chinese Estates Shares Gain on Privatization Offer

Shares of Chinese Estates (Holdings) Ltd. gained on the Hong Kong Exchange Thursday after its majority shareholders offered to take the company private to cushion it from a challenging business environment.

The company, which is controlled by Hong Kong billionaire Joseph Lau and his wife, Chan Hoi-wan, had made an offer late Wednesday to buy shares they don't already own in Chinese Estates for 1.91 billion Hong Kong dollars (US$245.4 million).

Twitter Sells Mobile Ad Firm MoPub to AppLovin for $1.05 Billion

Twitter Inc. is selling mobile ad firm MoPub to AppLovin Corp. for $1.05 billion in cash, the company said Wednesday.

MoPub allows app publishers to make money by selling ad slots on their apps, and helps advertisers reach certain audiences on mobile apps, among other offerings.

NASA Says Boeing's Starliner Won't Attempt Launch Again This Year

Boeing Co.'s Starliner space vehicle won't get to attempt launch again this year, NASA officials said Wednesday, and two astronauts who were meant to fly on it were reassigned to a future mission using a SpaceX ship.

Boeing and the National Aeronautics and Space Administration had planned to fly the Starliner, without crew on board, to the International Space Station this past summer. The vehicle, launched into space on a rocket from which it separates, must complete such a test flight before it can try to ferry astronauts to the facility. Boeing and the space agency in August postponed a test mission because some valves on the Starliner's propulsion system became stuck before launch.

The Theranos Trial: Former Safeway CEO Testifies Over Failed Partnership

SAN JOSE, Calif.-Safeway Inc.'s former top executive testified Wednesday that the grocery-story chain relied on Theranos Inc. founder Elizabeth Holmes's promises when it decided to invest over $350 million in a partnership with the blood-testing company.

The relationship between Ms. Holmes and Safeway's then-chief executive, Steven Burd, started with a shared vision of making healthcare more accessible, but it soured as Mr. Burd faced the end of his career with nothing to show from the expensive pursuit of installing Theranos clinics in hundreds of stores.

Write to sarka.halas@wsj.com

Expected Major Events for Thursday

04:30/NED: Sep CPI

05:45/SWI: Sep Unemployment

06:00/DEN: Aug Industrial production & new orders

06:00/NOR: Aug Industrial Production Index

06:00/GER: Aug Industrial Production Index

06:00/UK: Sep Halifax House Price Index

06:00/UK: 3Q Halifax House Price Index: UK Regional Breakdown quarterly release

06:45/FRA: Aug Foreign trade

06:45/FRA: Aug Balance of Payments

07:00/SWI: Sep SNB foreign currency reserves

07:00/AUT: Sep Wholesale Price Index

07:00/CZE: Aug Industry, Construction

07:00/CZE: Aug External trade

08:00/ICE: Sep External trade, preliminary figures

08:00/ITA: Aug Retail Sales

08:30/UK: 2Q Business Finance Review

09:00/CYP: Sep CPI

10:00/IRL: Aug Industrial Production and Turnover

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

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

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10-07-21 0019ET