Oil prices hovered close to a two-week high, as expectations that the U.S. could release supplies from its strategic petroleum reserves ease. President Joe Biden had reportedly been looking into using the U.S.'s petroleum stockpiles to help bring down gasoline prices. U.S. government data on Tuesday projected that the oil market will become oversupplied and prices would fall by early next year, easing concerns that Biden would release stockpiles.

"President Biden has backed away from an immediate release of SPR inventories, and the market realizes that the president's tool box to lower oil prices is lacking tools," said Helge Andre Martinsen, senior oil analyst at DNB Markets.

European benchmark gas prices were down after slipping around 10% during Tuesday's trading session. There are a number of factors at play, said ING's Warren Patterson, including "an announcement from Gazprom that they have approved and started a plan for gas injections into 5 storage facilities in Europe for November."

He added "there are also signs of increased Russian gas flows into Europe, which is helping to ease some concerns over the tightness in the European market.

Still, while supply from Poland into Germany and Ukraine into Slovenia have increased, flow into Slovakia's Velke Kapusany facility was "sharply down" on Tuesday, DNB Markets's Helge Andre Martinsen said, although he adds that that may rebound today.

Precious metals prices wavered ahead of U.S. inflation data that will be key for influencing the Fed's interest rate outlook. Comex gold futures edged down but remain close to their highest level in two months. Silver futures inched down 0.1%.

EMEA HEADLINES

Google Loses Appeal Against $2.8 Billion EU Shopping-Ads Fine

A European Union court largely upheld a $2.8 billion antitrust decision against Google, adding new momentum to the bloc's assault on big tech companies.

The EU's General Court in Luxembourg on Wednesday gave its endorsement to a 2017 antitrust finding by EU competition regulators that the Alphabet Inc. search engine had broken antitrust laws by directing users toward its own comparison-shopping ads at the expense of rival services.

Chinese Market's Promise Turns to Threat for Adidas

BERLIN-In March, Adidas AG called China its biggest growth engine, with the German sportswear company aiming to win over Gen Z consumers there and use the Beijing 2022 Winter Olympics to showcase its brand.

Now China has become a liability.

Siemens Energy 4Q Net Loss Narrowed as Revenue Grew

Siemens Energy AG said Wednesday that its loss narrowed in the fourth quarter of its fiscal year as revenue grew across segments, and issued guidance for fiscal 2022.

The German energy company reported a loss of 310 million euros ($359.3 million) compared with a loss of EUR372 million for the previous-year period, mainly due to restructuring costs and the delayed turnaround of the onshore business of Siemens Gamesa Renewable Energy SA.

Marks & Spencer Group Swung to 1H Pretax Profit; Raises FY Guidance

Marks & Spencer Group PLC on Wednesday reported a swing to pretax profit for the first half of fiscal 2022 and raised its full-year guidance while warning that labor-market and logistics issues will put pressure on costs.

The U.K. retailer added that it plans to assess the resumption of dividend payments as part of its capital-allocation program once the business returns to sustainable profit growth. No dividend is expected to be paid this year.

Alstom 1H Sales Surged on Strong Order Intake

Alstom SA said Wednesday that sales more than doubled in the first half of its fiscal year as orders ramped up.

Sales jumped to 7.44 billion euros ($8.63 billion) in the six months to the end of September, from EUR3.52 billion the previous year. On a proforma basis, sales climbed 14%.

Allianz Guides 2021 Profit to Top End of Range

Allianz SE on Wednesday guided full-year profits to the higher end of its range, as it posted third-quarter earnings that beat expectations.

The German insurer said operating profit would now be at the top end of its target range of 12 billion euros ($13.91 billion), plus or minus EUR1 billion.

Infineon 4Q Profit, Revenue Surged Amid High Chip Demand

Infineon Technologies AG on Wednesday posted higher profit and revenue in the fourth quarter of fiscal 2021 as it continued to benefit from high demand for semiconductors, and said it expects a strong fiscal 2022.

The German chip maker said net profit for the three months ended Sept. 30 climbed to 464 million euros ($538 million) from EUR109 million a year earlier.

Mediaset Posts Higher 3Q Net Profit, Revenue Amid Advertising Rebound

Mediaset NV said Wednesday that profit and revenue increased in the third quarter, as growth in advertising revenue in Italy surpassed pre-pandemic levels.

The Italian broadcaster said net profit jumped to 47.1 million euros ($54.6 million) from EUR29.4 million a year earlier.

German Consumer Prices Increased in Line With Forecasts in October

German consumer prices rose strongly in October, confirming preliminary data, statistics office Destatis said Wednesday.

Consumer prices rose 4.5% on year measured by national standards and prices rose 4.6% on year by European Union-harmonized standards, both in line with the forecasts of economists polled by The Wall Street Journal.

ABN AMRO 3Q Profit Rose on Year

ABN AMRO Bank NV on Wednesday reported an improved profit for the third quarter of the year, even although its income and operating result declined.

The Dutch lender made a net profit of 343 million euros ($397.7 million) for the quarter ended Sept. 30, up from EUR301 million a year earlier, but lower than EUR393 million in the second quarter of 2021.

E.ON Posts Higher 3Q Profit, Sales

E.ON SE said Wednesday that net profit and sales climbed in the third quarter, and backed its forecasts for the year.

The German energy company said its net profit surged to 1.24 billion euros ($1.44 billion) from EUR700 million for the third quarter last year. On an adjusted basis, net income rose to EUR424 million from EUR139 million.

Russia Keeps Europe Guessing With Tight Gas Supplies

Russia showed tentative signs of boosting natural-gas deliveries to relieve Europe's energy crunch, as Moscow keeps a firm grip on the continent's fuel supplies.

President Vladimir Putin said last month that Russia, which supplies almost half of Europe's gas imports, would boost deliveries in a bid to stabilize the market, with prices high and reserves low ahead of the European winter.

GLOBAL NEWS

Jobless Claims Likely Continued Downward Trend

Worker filings for unemployment insurance likely ticked down again last week, continuing their long glide path toward pre-pandemic levels as the labor market improves.

Economists surveyed by The Wall Street Journal estimate that the Labor Department will report Wednesday that initial filings for jobless benefits, a proxy for layoffs, declined to 260,000 last week from 269,000 the prior week.

U.S. Inflation Likely Reached 30-Year High in October

U.S. inflation likely hit a three-decade high in October, pushed up by pandemic-related supply shortages and continued strength in consumer demand.

Economists surveyed by The Wall Street Journal estimate the Labor Department will report the consumer-price index-which measures what consumers pay for goods and services-rose 5.9% in October from the same month a year ago. That would mark the fastest pace since 1990 and the fifth straight month in which inflation topped 5%.

China's Factory Inflation Grows at Fastest Pace in October on Soaring Energy Prices

HONG KONG-China's factory-gate prices surged at the fastest pace in 26 years in October due to higher energy costs, adding to anxieties that global inflation will persist while constraining Beijing's ability to stimulate the nation's economy.

China's producer-price index rose by 13.5% in October from a year earlier, accelerating from a 10.7% increase in September, according to the National Bureau of Statistics.

Biden Administration Outlines New Moves to Alleviate Supply-Chain Logjams at Ports

WASHINGTON-Ports snarled with supply-chain problems, including a major one in Georgia, will be able to redirect money from other federally funded projects to help ease the logjams under a plan outlined by the Biden administration.

The existing grant money could be used more quickly under the new policy, administration officials said Tuesday. They also highlighted $17 billion for ports and waterways that will be available after President Biden signs the roughly $1 trillion infrastructure spending package Congress approved last week.

China Offers $4.6 Billion in Euro Bonds

China began selling euro-denominated government bonds, weeks after it raised $4 billion in dollar debt at cheap rates despite slowing economic growth.

The sale is likely to total about EUR4 billion, the equivalent of $4.6 billion, a term sheet showed on Wednesday-the same size as a similar bond deal last November, in which China capitalized on Europe's superlow interest rates to sell its first negative-yielding debt.

Bullard Says Fed Should Weigh Shrinking Its Balance Sheet Eventually

Federal Reserve Bank of St. Louis President James Bullard said Tuesday that he was open to allowing the central bank's massive holdings of cash and bonds to shrink at some point.

Mr. Bullard, who was speaking in a virtual appearance, was commenting on what he would like to see happen once the U.S. central bank winds down, or tapers, the process of expanding its holdings.

In Ransomware Fight, FBI Balances Unlocking Victims' Data and Chasing Attackers

Law-enforcement officials who get their hands on a key that can unlock ransomware victims' computer systems walk a fine line between aiding the hacked companies and pursuing the criminals responsible.

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11-10-21 0634ET