"We see equity plays on this sharp correction--Equinor [sell] and Gazprom [neutral]--as arguably now needing to catch up to these rapidly changing market dynamics," Citi said.
DOW JONES NEWSPLUS
EMEA HEADLINES
German Retail Sales for 2021 Seen at Record High
Retail sales in Germany recorded a new record high in 2021, according to preliminary data by the country's statistics office Destatis.
Real retail sales were between 0.6% and 1.2% higher in 2021 than in 2020, depending on December's data, Destatis said Tuesday. The resulting mean the on-year rate of change was 0.9% on a real basis.
Novartis Wins US Court Appeal After Challenge to Gilenya Patent
Novartis AG said Tuesday that a U.S. appeals court has upheld the exclusivity of its multiple-sclerosis blockbuster drug Gilenya.
In August 2020, a U.S. federal court in Delaware blocked Chinese drugmaker HEC Pharma Co. from selling a generic version of the drug until the expiration of the Gilenya patent in December 2027, the Swiss company said.
FDA Authorizes Pfizer-BioNTech Booster for 12- to 15-Year-Olds
U.S. health regulators cleared use of a Covid-19 booster from Pfizer Inc. and BioNTech SE in adolescents 12 to 15 years old, expanding access to an extra dose that could bolster the fight against the Omicron variant.
For anyone now eligible to get the extra dose, the U.S. Food and Drug Administration said the Pfizer-BioNTech booster could be administered five months after their second shot, instead of the six months previously set.
Turkey's Erdogan Says He Will Visit Saudi Arabia in February
Turkish President Recep Tayyip Erdogan said he would visit Saudi Arabia next month as the rival Middle Eastern powers look to overcome years of tensions that peaked after the 2018 killing of a prominent Saudi journalist in Istanbul.
"At the moment, he is expecting me in February," Mr. Erdogan said in a video shared online on Monday. "He promised, and I will visit Saudi Arabia in February," Mr. Erdogan said in apparent reference to Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler.
GLOBAL NEWS
Fed Weighs Proposals for Eventual Reduction in Bond Holdings
Federal Reserve officials are beginning to map out how and when they could shrink their $8.76 trillion portfolio of Treasury and mortgage securities, which more than doubled amid efforts to stabilize the economy over the past two years.
At their policy meeting last month, officials agreed to wind down their bond-purchase stimulus program more quickly amid growing concerns about high inflation, setting it on track to end in March. Officials began discussing at that meeting what should happen to the bondholdings after that point, and some are pushing to start shrinking them sooner and faster than they did after an earlier asset-purchase program.
Job Openings Likely at Record High Ahead of Omicron Wave
U.S. job openings are on track to have ended last year at a record high in a strong labor market where the gap between available positions and workers continues to widen.
There were 12 million job openings in the U.S. at the end of December, according to estimates from job-search site Indeed, based on an analysis of online job postings and government data sources.
China Passes New Cybersecurity, Algorithm Rules
China has passed two new rules regulating technology companies' overseas activities and use of algorithms, marking the latest step by Beijing to rein in the country's massive internet sector.
The country's top internet watchdog, the Cyberspace Administration of China, said Tuesday that it and several other authorities passed a revised version of the Cybersecurity Review Measure that will subject digital-platform operators with more than one million users to a cybersecurity review if they plan to list overseas.
China's Manufacturing Sector Rebounded in December, Caixin PMI Shows
A private gauge measuring activity in China's manufacturing sector rebounded in December, ending a two-month contraction and reaching the highest level since June, as output remained strong and input cost inflation eased.
The Caixin China purchasing managers index rose to 50.9 from 49.9 in November, according to data released Tuesday by Caixin Media Co. and researcher Markit. A reading below 50 indicates contraction, while a result above that signals expansion.
Covid-19 Infections Accelerate Across Asia
ADELAIDE, Australia-Australia passed 500,000 Covid-19 cases, and infections have begun to accelerate in India and parts of Southeast Asia that had appeared to be getting on top of the virus in recent months.
The top health official in Australia's Queensland state said people with the Omicron strain were on average infecting as many as 10 others, raising concerns that the country's medical system could be overwhelmed soon. Omicron "has completely changed all the planning," said Dr. John Gerrard, Queensland's chief health officer.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
01-04-22 0554ET
