"The near-term market tightness in copper [is] temporary and not structural... This still keeps us directionally bearish on copper prices over the medium-term," they said.
EMEA HEADLINES
Saudi Aramco Hikes Official Selling Prices Amid Tightness
Saudi Arabian Oil Co. said it will raise the prices global consumers must pay for its oil products in December, sending a signal that it expects tightness in the market to keep prices supported.
The state-run company, known as Saudi Aramco, late Friday more than doubled the premium that Asian consumers must pay next month for its flagship Arab Light crude to $2.70 a barrel more than the average of Platts Dubai and DME Oman prices.
Auto-Sector Cybersecurity Group Expands to Europe Amid Rising Threats, New Regulation
Car makers and parts suppliers seeing a rise in hacking threats and new cybersecurity laws are collaborating to share intelligence to better protect their operations.
BHP to Sell Controlling Stake in Two Coal Mines for Up to $1.35 Billion
ADELAIDE, Australia-BHP Group Ltd. said it would sell its controlling interest in two metallurgical coal mines to Stanmore Resources Ltd. for up to $1.35 billion, shifting focus to high-quality coal that it expects to be in demand as the global steel industry decarbonizes.
BHP said Stanmore will buy its 80% stake in BHP Mitsui Coal, or BMC, which operates the South Walker Creek and the Poitrel coal mines in Queensland, a coal-rich Australian state located in the northeastern part of the country. Japan's Mitsui and Co. owns the remaining stake. The Wall Street Journal recently reported that a deal for BHP to sell the interest to Stanmore was close.
Henkel Shares Fall After Guiding Outlook to Lower End of Expectations
Shares in Henkel AG & Co. KGaA fell sharply on Monday after it issued a more downbeat outlook for the full year on continued raw-material and supply-chain woes.
At 0926 GMT shares were down 5.1% at EUR76.66.
Bouygues Strikes $8.2 Billion Deal for Engie's Equans
Bouygues SA said it has reached an agreement to acquire energy company Engie SA unit Equans, in a move that would make the French conglomerate's energy-services division its largest by revenue.
Bouygues will acquire 100% of the technical-services provider for 7.1 billion euros ($8.2 billion), merging it with its existing energy-and-services arm, the company said over the weekend. The merged division will have 96,000 employees--the majority from Equans--and combined sales of around EUR16 billion annually, based on adjusted figures from last year, Bouygues said.
Abrdn in Talks to Acquire Interactive Investor for $2 Billion
Scottish fund manager Abrdn PLC is in talks to acquire online broker Interactive Investor, the companies said Saturday, the latest bet on the growth of individual-investor trading.
The companies didn't disclose a possible sale price. According to a person familiar with the matter, any deal could value U.K.-based Interactive Investor at around GBP1.5 billion, equivalent to $2 billion. The companies are still discussing terms, and the talks could collapse without an agreement.
Blackstone to Invest Up to $250 Million in Autolus Therapeutics of U.K.
Blackstone Inc. is investing as much as $250 million in U.K. biotechnology company Autolus Therapeutics PLC to fund the final stages of development of a new therapy to treat a serious form of leukemia, the companies said.
Of the total investment, as much as $150 million will support the development and commercialization of obecabtagene autoleucel, a cell therapy that targets a condition called acute lymphoblastic leukemia. London-based Autolus will receive $50 million of that upfront, with the rest to be paid as the company achieves certain milestones. In return, Blackstone's life-sciences unit will receive a portion of the therapy's royalties.
BAE Systems Says Opportunities Pipeline Strong, Backs 2021 Guidance.
BAE Systems PLC said on Monday that its opportunities pipeline was strong and backed its guidance for the year.
The London-listed defense company said that it has mitigated and managed supply chain pressures and had thus far avoided any material impacts on its performance.
Venice Artisans Pushed to the Brink by Gas Crisis
MURANO, Italy-In the unusually cold workshop where he normally creates glass vases and candelabras, Fabio Onesto stared in despair at the seven furnaces he turned off in mid-October to save money.
He stopped production after his gas bill in September rose to 24,450 euros, or around $28,000, almost triple what he paid in the previous months of this year, and more than he possibly can sell his wares for.
GLOBAL NEWS
Biden Gets $1 Trillion Down Payment on Domestic Agenda; Obstacles Loom for Spending Bill
WASHINGTON-President Biden notched a big win with the House passage of the $1 trillion public-works bill late Friday, but political obstacles loom ahead for the White House as attention shifts to an even bigger spending bill and next year's midterm elections.
Congress is set to take a weeklong recess and return on Nov. 15 with a litany of items to complete in short order to avert a government shutdown and move forward on the roughly $2 trillion education, healthcare and climate package that has proven difficult to negotiate with the party's slim majority in Congress.
Derby's Take: A Hawkish Case for Fed Action on Inflation Emerges
Federal Reserve Chairman Jerome Powell's clear guidance that the U.S. central bank doesn't need to raise short-term interest rates soon is facing a nascent challenge by one of the institution's most reliable hawks.
On Friday, Kansas City Fed leader Esther George warned that an outlook for inflation laid out by Mr. Powell on Wednesday may not accurately describe the inflation environment, with potential implications for monetary policy.
Economy Week Ahead: Inflation, Employment, GDP
Inflation data from the U.S. and China highlight this week's slate of economic news.
Government-Bond Swings Burn Wall Street Investors
A rapid U-turn in government-bond markets has sparked deep losses for some of Wall Street's biggest investors, a stark demonstration of how even small shifts in expectations for economic growth and central-bank policy can upend the most carefully laid bets.
Behind the losses are recent abrupt moves in government-bond prices. With central banks signaling plans to end their extraordinary stimulus measures, short-term bonds have tumbled in price, sending yields-which rise when prices fall-to touch their highest levels since March 2020.
Electric-Vehicle Charging Stations Win Jolt of Energy in Congress
The roughly $1 trillion infrastructure package passed by Congress on Friday provides a spark to efforts to build a national network of electric-vehicle charging stations.
The bipartisan measure touches on nearly every aspect of the electric-vehicle industry and eclipses previous efforts in the U.S. It also includes funding to help transform the nation's aging electric grid by upgrading high-voltage transmission lines and other infrastructure set to become even more crucial as the country electrifies more of its transportation system.
Auto-Sector Cybersecurity Group Expands to Europe Amid Rising Threats, New Regulation
Car makers and parts suppliers seeing a rise in hacking threats and new cybersecurity laws are collaborating to share intelligence to better protect their operations.
China Trade Surplus Hits Record High in October
BEIJING -- China's exports rose at a faster pace than expected in October, with the nation's monthly trade surplus hitting a record high, official data showed.
China's exports rose 27.1% from a year earlier in October, down from September's 28.1% growth, the General Administration of Customs said Sunday.
Natural-Gas Exports Lift Prices for U.S. Utilities Ahead of Winter
American utilities are facing the highest natural-gas prices in years as they build stockpiles for winter. The reason: Exporters are sending more gas than ever to countries starved for the fuel.
Pipelines to Mexico and Canada and tankers traveling to Europe and Asia have moved record amounts of U.S. gas out of the country this year as parts of the world fall short of supplies. American frackers, meanwhile, are holding the line on new drilling as investors pressure them to maintain capital discipline and return money to shareholders.
COP26 Negotiators Turn to Plan B as Climate Pledges Fall Short
GLASGOW-After a week of climate talks here at the COP26 summit, negotiators are grappling with a fundamental math problem: The commitments governments have collectively made to slash greenhouse gas emissions don't add up to what scientists think is needed to avoid the most destructive effects of global warming.
Addressing that shortcoming is one of the main tasks of the summit's second week. Negotiators from key governments, including the U.S. and the European Union, are no longer banking on a few big developing countries to come up with deeper cuts during the summit itself, according to officials. Instead, they plan to spend the rest of the conference negotiating how to push governments to make new, more ambitious pledges in the near future.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
11-08-21 0646ET
