Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

EUROPEAN MIDDAY BRIEFING: Stocks Flat, Investors -2-

10/04/2021 | 06:29am EST

"With investment flows already reduced, a cleaner positioning slate suggests the weak price action will not turn into a rout...Fears of stagflation are growing ever stronger, which could once again spur interest in precious metals down the road," TD said.

Base-metals prices were posting mixed, limited moves amid low volumes as Chinese traders are missing from the market. Three-month copper on the LME ticks up 0.3% to $9,180 a metric ton.

Trading has been quieted by the absence of Chinese traders who are observing a weeklong national holiday. The outlook for metals has been hit by China's power shortages, which threaten to reduce demand just as the world's second-largest economy is slowing.

"Widespread power shortages in China and the debt crisis within the property sector, together with regulatory risks and anti-pollution measures, have reduced industrial activity, thereby potentially lowering the short-term demand outlook for copper and other metals such as nickel, tin and zinc," said Ole Hansen, head of commodity strategy at Saxo Bank.

EMEA HEADLINES

Lufthansa Adds 130 Flights to Sunny European Destinations on Higher Demand

Deutsche Lufthansa AG said on Sunday that it has added more than 130 flights to its fall holiday schedules amid an uptick in demand.

After August, October has shown the highest increase in bookings to sunny European destinations, the airline said.

Swiss Police Raid Credit Suisse as Part of Greensill Investigation

Swiss police raided Credit Suisse Group AG offices last week, the bank said, as part of an investigation into collapsed finance firm Greensill Capital.

Greensill's failure in March hammered the Swiss bank. Credit Suisse ran $10 billion in investment funds that financed Greensill's supply-chain finance lending programs. Credit Suisse has recovered around $7 billion of the $10 billion invested in Credit Suisse-Greensill funds so far.

Volvo Cars Is Completing Plans for IPO in Stockholm

Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing plans for an initial public offering and is set to announce details of the listing as early as Monday, in a deal that could value the car maker at as much as $25 billion, according to people familiar with the matter.

A listing, if it goes ahead, would represent one of the car industry's most dramatic turnarounds. Ford Motor Co., weakened by the global financial crisis, sold the Swedish company to Geely for $1.8 billion in 2010.

Morrisons Sold to Clayton, Dubilier & Rice for $9.4 Billion in Frenzied Bidding War

A consortium led by U.S. buyout firm Clayton, Dubilier & Rice won the bidding war for U.K. grocery chain Wm Morrison Supermarkets PLC, an almost $9.4 billion bet that highlights the extreme lengths private-equity firms are willing to go amid a global deal frenzy.

The CD&R-led group emerged as the front-runner after outbidding SoftBank Group Corp.'s Fortress Investment Group LLC and its partners in an unusual one-day auction held Saturday to decide the victor. The U.K. Takeover Panel, a government arm that oversees deal making in the country, held the contest to end a monthslong standoff fueled by increased offers by each side.

Irish Police Say Europol, Interpol Helped Dismantle Hackers' Infrastructure

Irish police investigating the May ransomware attack that crippled the country's public healthcare system say international authorities have been crucial to their efforts to disrupt the hackers' network.

In August, Irish authorities began dismantling the attackers' online infrastructure, including websites and servers, with help from the European police agency Europol and Interpol. The Garda, or Irish police, is still working to identify the perpetrators, said Pat Ryan, detective superintendent of its cybercrime bureau.

Robots Take Over Italy's Vineyards as Wineries Struggle With Covid-19 Worker Shortages

VALDELSA, Italy-Last year's grape harvest was a harrowing scramble at Mirko Cappelli's Tuscan vineyard. With the Italian border closed because of the pandemic, the Eastern European workers he had come to rely on couldn't get into the country. The company he had contracted to supply grape pickers had no one to offer him. He ultimately found just enough workers to bring the grapes in on time.

So, this year Mr. Cappelli made sure he wouldn't face the same problem: He spent EUR85,000, equivalent to $98,000, on a grape-harvesting machine.

Explosion at Kabul Mosque Leaves Several Civilians Dead, Taliban Say

KABUL-A bomb attack targeting the funeral prayer service for the mother of the Taliban's chief spokesman killed several people outside Kabul's main mosque on Sunday afternoon, in the first major militant strike on the Afghan capital since U.S. forces withdrew in August.

The Taliban spokesman, Zabiullah Mujahid, and other members of the Taliban leadership were praying inside and weren't hurt in the bombing, which occurred at the entrance of the Eid Gah Mosque in the heart of Kabul, officials said.

Kabul Faces Blackout as Taliban Don't Pay Electricity Suppliers

KABUL-Afghanistan's capital could be plunged into darkness as the winter sets in because the country's new Taliban rulers haven't paid Central Asian electricity suppliers or resumed collecting money from consumers.

Unless addressed, the situation could cause a humanitarian disaster, warned Daud Noorzai, who resigned as chief executive of the country's state power monopoly, Da Afghanistan Breshna Sherkat, nearly two weeks after the Taliban's takeover on Aug. 15.

GLOBAL NEWS

Broader Inflation Pressures Begin to Show

While many pandemic-driven price pressures are easing, broader sources of higher inflation are replacing them.

That is the message from a slew of alternative inflation measures that strip away price changes due to idiosyncratic swings in supply and demand, and home in on longer-lasting pressures.

Fed Prepares to Launch Review of Possible Central Bank Digital Currency

WASHINGTON-The Federal Reserve plans as early as this week to launch a review of the potential benefits and risks of issuing a U.S. digital currency, as central banks around the world experiment with the potential new form of money.

Fed officials are divided on the matter, making it unlikely they will decide any time soon on whether to create a digital dollar. Unlike private cryptocurrencies like bitcoin, a Fed version would be issued by and backed by the U.S. central bank, a government entity, as are U.S. paper dollar bills and coins.

Crypto Boom, Retail Investors Fuel Rise in Over-the-Counter Stock Trading

A quirky corner of the U.S. stock market home to cannabis sellers, cryptocurrency trusts and other speculative investments is seeing record levels of activity.

Trading volume in over-the-counter stocks, which aren't listed on exchanges, has surpassed $548 billion so far this year. That is already more than the total volume for all 2020, according to OTC Markets Group, the company that operates the main marketplace for such securities.

U.S. to Press China on Trade Pact, Keep Tariffs in Place

WASHINGTON-The U.S. plans to launch new trade talks with China, but will maintain tariffs on Chinese imports as it presses Beijing to fulfill pledges to buy more U.S. goods and services, according to Biden administration officials.

The new initiative is set to be detailed in a policy address Monday by U.S. Trade Representative Katherine Tai, in what would be her first detailed remarks on trade between the world's two largest economies since she took office in March.

Stock Funds Finally Had to Struggle

Now, fund investors will be tested.

As stocks continued to hit records through the summer, investors poured money into both stock and bond portfolios. But as the third quarter ended, stocks were pulling back.

Falling Unemployment Could Add to Worries About the U.S. Labor Market

Many economists would welcome a small rise in the unemployment rate.

They are troubled by the rate's swift decline from its pandemic peak because it partly reflects a lack of job seekers-effectively limiting the amount of fuel in the economy's engine.

Nobel Prize in Physiology or Medicine Awarded to David Julius and Ardem Patapoutian

David Julius and Ardem Patapoutian won this year's Nobel Prize in Physiology or Medicine for their work on receptors for temperature and touch.

The Nobel Assembly said Monday that the scientists' discoveries had unlocked one of the secrets of nature by explaining the molecular basis for sensing heat, cold and mechanical force.

To Prevent the Next Pandemic, Scientists Seek One Vaccine for Many Coronaviruses

Kayvon Modjarrad is out to win the war against this pandemic-and the next one.

An emerging-infectious-diseases researcher with the U.S. Army, Dr. Modjarrad is pursuing a vaccine to protect against a range of coronaviruses that cause disease in humans-including Covid-19 variants that might elude today's vaccines.

U.S. to Press China on Trade Pact, Keep Tariffs in Place

WASHINGTON-The U.S. plans to launch new trade talks with China, but will maintain tariffs on Chinese imports as it presses Beijing to fulfill pledges to buy more U.S. goods and services, according to Biden administration officials.

The new initiative is set to be detailed in a policy address Monday by U.S. Trade Representative Katherine Tai, in what would be her first detailed remarks on trade between the world's two largest economies since she took office in March.

Fumio Kishida Is Elected Prime Minister of Japan

TOKYO-Fumio Kishida was elected prime minister by Japan's Parliament on Monday and plans to tackle revival of the world's third-largest economy as one of his first tasks.

(MORE TO FOLLOW) Dow Jones Newswires

10-04-21 0628ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.21% 0.7108 Delayed Quote.-7.12%
BRITISH POUND / US DOLLAR (GBP/USD) -0.11% 1.3278 Delayed Quote.-2.65%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.24% 0.78042 Delayed Quote.-0.06%
EURO / US DOLLAR (EUR/USD) -0.09% 1.13198 Delayed Quote.-7.54%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.13% 0.013334 Delayed Quote.-2.67%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.17% 0.68114 Delayed Quote.-4.87%
Latest news "Markets"
05:37pThe WSJ Dollar Index Rises 0.10% to 90.00 -- Data Talk
DJ
05:27pLuxury goods groups Hermes, Richemont push UMG and Vodafone out of blue-chip Euro STOXX 50 index
RE
05:27pS&P/TSX Composite Index Ends 0.95% Lower at 20464.60 -- Data Talk
DJ
05:26pBOVESPA Index Ends 1.12% Lower at 100774.57 -- Data Talk
DJ
05:26pIPC Indice de Precios Y Cotizaciones Ends 0.62% Higher at 50007.16 -- Data Talk
DJ
05:26pS&P MERVAL Index Ends 7.37% Higher at 85164.78 -- Data Talk
DJ
04:02pNasdaq composite closes below 50-day moving avg for first time since oct 14
RE
12:41pEURO STOXX 50 Index Ends 2.86% Higher at 4179.15 -- Data Talk
DJ
12:40pEUROPE : European shares rebound from Omicron-spurred rout
RE
12:40pSTOXX Europe 50 Index Ends 2.03% Higher at 3666.37 -- Data Talk
DJ
Latest news "Markets"