EUROPEAN MIDDAY BRIEFING : Stocks Edge Lower as -2-

Iran said Monday it planned to resume nuclear talks in the near future, the clearest indication yet that negotiations on reviving the 2015 nuclear deal could soon resume, and the Biden administration confirmed it would drop a resolution censuring Iran for failing to cooperate with nuclear inspectors.

The comments came after Iran agreed over the weekend to allow International Atomic Energy Agency staff access and reset cameras and other equipment that monitor Iranian activities at various nuclear-related sites in Iran.

Covid-19 Study in England Shows Few Deaths Among Vaccinated People

LONDON-An analysis of more than 50,000 Covid-19 deaths in England this year offers reassuring evidence on the effectiveness of vaccines, showing that mortality rates among people fully inoculated against coronavirus were a fraction of those without a shot.

The analysis is notable because it includes estimates of the mortality rate between vaccinated and unvaccinated groups that account for differences in age. It also provides considerable detail about the overall health of breakthrough-case victims who succumbed to Covid-19 after receiving two doses of vaccine.

U.N. Gets $1 Billion for Afghan Relief as Taliban Promise Access for Aid Workers

The United Nations said Monday that it obtained $1 billion in pledges of fresh funds to stave off a humanitarian crisis in Afghanistan, after receiving a written assurance by the Taliban authorities that they would allow aid workers to operate freely across the country.

The U.N. was appealing for $600 million to provide relief to 11 million Afghans, including food distribution, healthcare and shelter, for the next four months. The U.S. and its allies say they are willing to provide aid, but not through the new Taliban government, which no country has recognized yet.

As Taliban Seek International Acceptance, Countries Seek to Engage-but Stop Short of Recognition

KABUL-With a new government in place and uncontested control over the country, Afghanistan's Taliban rulers are clamoring for international recognition of their reinstated Islamic Emirate of Afghanistan.

Nearly a month after the fall of the Afghan republic, no nation has granted such recognition so far. Yet, governments world-wide, as well as the United Nations, are eager to open high-level contacts with the Taliban, especially as the country faces a humanitarian crisis.

GLOBAL NEWS

Inflation Likely Eased in August, Though Still High

Inflation likely cooled slightly in August, though remaining strong, as a surge in Covid-19 infections slowed economic growth and pandemic-related shortages of labor and supplies continued to drive up prices, economists say.

Economists surveyed by The Wall Street Journal expect the Labor Department to report the consumer-price index rose a seasonally adjusted 0.4% in August from July, slower than the 0.5% monthly increase in July, and down markedly from June's 0.9% pace.

U.S., Europe Seek to End Export Financing for Coal

PARIS-The U.S., the European Union, South Korea and other wealthy nations are moving to forbid their export-financing agencies from supporting coal-fired power projects overseas, in an effort to end government support for a fuel that is one of the world's biggest sources of greenhouse gases.

The proposed ban, which will be made this week at the Organization for Economic Cooperation and Development, is part of the West's campaign to push China, India and other big developing countries to take a tough position against coal ahead of the November climate summit in Glasgow, Scotland. China and India have resisted entreaties by the U.S. and Europe to commit to end subsidies for coal-fired electricity, raising fears that deadlock over the issue could result in the collapse of climate negotiations in Glasgow.

DeFi Is Crypto's Wall Street, Without a Safety Net

"Trade. Earn. Win." The happy bunny flipping a pancake and the double- or triple-digit interest rates on offer are closer to the marketing style of Las Vegas than Wall Street. Don't be fooled: PancakeSwap and its competitors in what's now known as DeFi, or decentralized finance, are bringing casino capitalism to the crypto masses.

The promised rewards are huge, and the marketing makes it easy. "High APR, low risk" is the pitch for PancakeSwap's "Syrup Pools," where anyone can lend money. The annual percentage rates, the APRs, are sweet: On Monday a crypto token called CHESS was promising more than 300% a year, paid in CHESS.

RBA's Lowe Pours Cold Water on Early Rate-Increase Speculation

Reserve Bank of Australia Gov. Philip Lowe, on Tuesday moved to strongly push back on current market pricing suggesting the central bank could raise interest rates as early as late 2022, saying the bank's desired wages and inflation targets remain a long way off.

Mr. Lowe also poured cold water on the idea that the RBA would raise interest rates soon to rein in runaway house-price growth.

Stock Buybacks Beat Capital Spending for Many Big Companies

Some finance chiefs say they have plenty of money to invest in their businesses, but shortages in the equipment and people needed for new projects are limiting how much they can take on, leaving a lot of excess cash for buying back stock.

Many U.S. businesses are cash-rich, thanks to strong earnings in recent quarters fueled by the economic recovery. Fundraising rounds during the onset of the coronavirus pandemic and the availability of cheap debt have caused corporate cash holdings to swell. Companies in the S&P 500 held an aggregate of $3.7 trillion in cash and cash equivalents at the end of the second quarter, up from $3.5 trillion a year before, according to S&P Global Market Intelligence, a data provider.

Steven Cohen to Invest in Crypto Quant Trading Firm

Billionaire Steven A. Cohen is set to invest in a new cryptocurrency trading firm, the latest bet on the digital-asset markets by a prominent Wall Street investor.

The hedge-fund manager and owner of the New York Mets agreed to make an initial investment in Radkl, a quantitative-trading firm specializing in digital assets, according to the firm's executives and a spokeswoman for Mr. Cohen.

Democrats Release Details of Proposed Tax Increase

House Democrats spelled out their proposed tax increases on Monday, pushing higher rates on corporations, investors and high-income business owners as they try to piece together enough votes for legislation to expand the social safety net and combat climate change.

The plan would increase the top corporate tax rate to 26.5% from 21%, impose a 3-percentage-point surtax on people making over $5 million and raise capital-gains taxes-but without the changes to taxation at death sought by the Biden administration. The tax increase details were the last major missing piece in the Democratic agenda, and their release will accelerate lawmakers' negotiations over which new spending to give priority to and which tax increases they find acceptable.

Gary Gensler Plans to Outline SEC Agenda in Senate Hearing

WASHINGTON-Securities and Exchange Commission Chairman Gary Gensler is headed to Capitol Hill to testify about a far-reaching policy agenda that could shake up Wall Street firms' business models and require heftier disclosures from public companies.

Mr. Gensler is scheduled to take questions Tuesday from members of the Senate Banking Committee in a hearing that begins at 10 a.m. ET.

Taliban's Pledge of Amnesty for Security Officials Meets Widespread Distrust

GHAZNI, Afghanistan-As Taliban fighters cradling trophy assault rifles crowded a police headquarters base here, the new boss explained the new rules.

Former policemen and other government servants of the fallen Afghan republic have been pardoned by the Taliban's Islamic Emirate, and should return to their jobs, said Mohammad Asif Zakir, a long-haired Taliban commander who has now become the Ghazni provincial head of criminal police.

The Zero-Trust Approach to Managing Cyber Risk Explained

The Biden administration is pushing federal agencies to adopt a cybersecurity philosophy that has become increasingly popular in the private sector amid a growing shift toward cloud computing and a surge in cyberattacks: trust nothing.

The White House Office of Management and Budget last week released a draft blueprint for a so-called zero trust approach to fending off hackers. The shift, which President Biden announced in May as part of an executive order to shore up cybersecurity, aims to help spot or contain threats such as the breach of federal systems last year through SolarWinds Corp. Hackers compromised a software update from the firm to break into computer networks of at least nine federal agencies and dozens of U.S. businesses.

Bill Gates Says We Aren't Ready for the Next Pandemic

Bill Gateswarned six years ago that the biggest potential killer the world faced was a pandemic.

Now, he says, not enough is being done to prepare for the next one.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

09-14-21 0639ET