EUROPEAN MIDDAY BRIEFING - Stocks Rise Ahead of -2-

Airbus SE's aircraft deliveries dipped again in October as hiccups in its supply chain disrupted the manufacturer's ambitions to rapidly return to pre-pandemic production levels.

The European plane maker said Friday it had delivered 36 commercial aircraft last month, down from 40 in both September and August, and the lowest monthly tally since February. That leaves it needing to hand over another 140 aircraft in the final two months of the year to meet its full-year target of 600 deliveries.

IAG Says Significant Recovery is Under Way as Longhaul Passengers Return

International Consolidated Airlines Group SA said Friday that a significant recovery is under way as it continues to capitalize on booking surges following the lifting of pandemic-related restrictions.

The parent company of British Airways and Iberia, among others, said that all of its airlines had shown improvements and that the group's operating loss had narrowed by more than half compared with previous quarters.

Eurozone Retail Sales Fell in September, Missing Expectations

Eurozone retail sales fell unexpectedly in September after rising the previous month as consumers reduced spending on non-food products, the European Union's statistics agency Eurostat said Friday.

The volume of retail sales fell 0.3% in September compared with the previous month, following an upwardly revised 1% increase in August, Eurostat said. Economists polled by The Wall Street Journal had forecast a 0.2% increase for September.

German Industrial Production Fell Again in September on Supply-Chain Strains

German industrial production fell in September for the second consecutive month as supply-chain bottlenecks weighed on factory output.

Total industrial output --comprising production in manufacturing, energy and construction-- decreased 1.1% in September on month in calendar-adjusted terms, statistics office Destatis said Friday.

CaixaBank Sells Entire 9.92% Stake in Erste Group Bank for EUR1.5 Bln

CaixaBank SA said Friday that it has sold its entire 9.92% stake in Austria's Erste Group Bank AG for 1.5 billion euros ($1.73 billion).

The Spanish bank said the disposal will have a positive gross profit and loss impact of EUR54 million, while its common equity Tier 1 ratio--a measure of capital strength--will increase by 16 basis points.

AXA Launches $2 Bln Share Buyback as It Posts Higher Nine-Month Revenues

AXA SA said Thursday that it will be launching a share buyback program worth 1.7 billion euros ($1.97 billion), as it posted increased nine-month revenues.

The French insurer said the buyback will be launched on or around Nov. 8 and be complete by the end of April 2022, with the company canceling all repurchased shares.

U.S.-EU Steel Tariffs Deal Is Onerous for Smaller Importers

WASHINGTON-The Biden administration's deal to ease off steel and aluminum tariffs from Europe has won plaudits from much of U.S. industry, but a complex new quota system that comes with it has fueled concerns for small importers.

The deal, announced during the Group of 20 summit last weekend, allows the European Union to export steel and aluminum duty free until reaching a quota of 3.3 million metric tons of steel and 384,000 metric tons of aluminum a year.

GLOBAL NEWS

U.S. Job Growth Is Estimated to Have Rebounded in October

U.S. job growth likely rebounded last month but not enough to return to the higher pace from earlier this year, with a shortage of workers and other effects from the pandemic weighing on the economy.

Employers are estimated to have added 450,000 jobs in October, which would be the strongest gain in three months but still below the 2021 average, according to economists surveyed by The Wall Street Journal. The jobless rate is expected to have fallen to 4.7% last month from 4.8% a month earlier. The Labor Department releases its monthly jobs report at 8:30 a.m. ET Friday.

Fed Chair Powell Seen Visiting White House on Thursday

Federal Reserve Chairman Jerome Powell was seen visiting the White House on Thursday, according to people familiar with the matter.

Mr. Powell's term leading the central bank is set to expire next February. President Biden told reporters on Tuesday that he would announce decisions "fairly quickly" on whether he was offering Mr. Powell another term or tapping someone else to succeed him.

Climate Promises by Businesses Face New Scrutiny

The United Nations conference on climate change in Glasgow has been full of promises by companies to reduce their carbon emissions. How many will live up to them and how will anyone know if they are complying?

A sampling of new commitments includes United Airlines Holdings Inc., which says it will replace 5% of its jet fuel with biofuel alternatives by 2030, and more than 450 banks and other financial firms who say they are shifting their businesses toward clean energy. Dozens of other businesses talked up their climate plans.

U.S.-EU Steel Tariffs Deal Is Onerous for Smaller Importers

WASHINGTON-The Biden administration's deal to ease off steel and aluminum tariffs from Europe has won plaudits from much of U.S. industry, but a complex new quota system that comes with it has fueled concerns for small importers.

The deal, announced during the Group of 20 summit last weekend, allows the European Union to export steel and aluminum duty free until reaching a quota of 3.3 million metric tons of steel and 384,000 metric tons of aluminum a year.

When Will the Supply-Chain Strains Finally Ease?

Companies that have been scrambling to get goods into stores and distribution centers by the end-of-year holidays are now starting to take a longer view on when the gridlock that has tied up their supply chains might finally end.

It is a crucial question for retailers and manufacturers planning out capital spending, purchasing and production strategies for next year. Comments from corporate executives on recent quarterly earnings calls and interviews with logistics experts suggest expectations for relief increasingly are being pushed deep into 2022 and even beyond.

Japan Lifts Covid-19 Ban on Business Travelers, Foreign Workers

TOKYO-Japan said it would allow short-term business travelers and foreign laborers to enter the country, responding to calls from companies that said they feared falling behind the West.

The decision followed a sharp fall in new infections in Japan, which is reporting only a few hundred new Covid-19 cases a day. More than 70% of the population is fully vaccinated.

Biden Vaccine Mandate Poses New Test for Agency Enforcing It

The enforcement of President Biden's private-sector vaccine mandate will in large measure come down to the employees themselves, as the government agency whose mission is to improve workplace safety works to play a bigger role in defeating the pandemic.

The Labor Department's Occupational Safety and Health Administration, or OSHA, is enforcing the mandate, which requires workers at larger private-sector companies to be vaccinated against Covid-19 or tested weekly. The requirements, detailed Thursday and set to take effect Jan. 4, will cover more than 80 million workers.

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

(END) Dow Jones Newswires

11-05-21 0718ET