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EUROPEAN MIDDAY BRIEFING : Stocks Rise; Metals -2-

09/10/2021 | 06:38am EDT

Finance Committee Chairman Ron Wyden of Oregon detailed possible changes to partnership taxation that could raise more than $172 billion over a decade. Sen. Sherrod Brown (D., Ohio), along with Mr. Wyden, is releasing a bill that would impose a 2% excise tax on publicly traded companies' stock buybacks.

Cost Inflation Is Blowing Through the Wind Turbine Industry

Wind turbine makers have lost some of the wind in their sails this year. Investors can blame Covid delays, rising commodity prices, and a likely lull in orders after a frantic 2020.

Europe's world-leading turbine makers haven't participated in this year's stock-market rally. Shares in Vestas Wind Systems are down 14% and those in Siemens Gamesa Renewable Energy are lower by nearly one-third. One reason is the bursting of a mini clean-energy bubble: Most green-related stocks had a strong run last year and have since sold off. But fundamentals are also at play. Both companies lowered their profit outlooks in their most recent quarterly results.

Crypto Fans Borrow to Buy Homes, Cars-and More Crypto

Michael Anderson mined bitcoin in his dorm room and left a corporate job to invest in cryptocurrency projects. When he bought his first home in San Francisco this year, he didn't turn to a bank. Instead, he borrowed against his cryptocurrency.

Crypto enthusiasts such as Mr. Anderson are tapping their holdings to buy homes, cars and, often, more crypto. They are getting these loans from upstart nonbank lenders and automated, blockchain-based platforms.

Two Regional Fed Chiefs to Sell Stocks to Avoid Appearance of Conflict of Interest

The leaders of the Boston and Dallas Federal Reserve Banks said they would sell off individual stocks they own, invest the proceeds in diversified indexed funds or cash savings and cease trading in individual securities.

The Thursday announcement comes after the Federal Reserve Bank of Dallas this week disclosed that its president, Robert Kaplan, bought and sold millions of dollars in stocks and other investments in 2020. A disclosure from the Boston Fed showed that its president, Eric Rosengren, also was an active trader last year, albeit at a smaller scale.

China's New Yuan Loans in August Rose Slightly From Previous Month

BEIJING--New loans issued by Chinese banks in August rose slightly from the previous month, but came lower than consensus views. The August reading was higher from a year earlier, indicating that the country's central bank is seeking to boost the economy, as recovery has lost steam in recent months.

Chinese banks extended 1.22 trillion yuan ($188.99 billion) in new yuan loans last month, up from CNY1.08 trillion in July, according to data released by the People's Bank of China on Friday. Economists polled by The Wall Street Journal had forecast new loans of CNY1.35 trillion. New yuan loans issued by Chinese banks in August were up CNY 60 billion from a year earlier.

Biden, China's Xi Jinping Hold First Call in Months

WASHINGTON-President Biden and Chinese President Xi Jinping spoke by phone Thursday night in an effort to ease hostilities between the two powers and reset lines of communication after recent high-level meetings were described by U.S. officials as unproductive.

The call was the second time the leaders have spoken since Mr. Biden took office. In the seven months since then, the U.S. has accused China of human rights violations, imposed sanctions and warned businesses about operating in Hong Kong. The two countries have continued to trade barbs rather than cooperate on combating the Covid-19 pandemic.

Covid-19 Virus Variants Mu and Lambda Unlikely to Supplant Delta

The Delta variant of the Covid-19 virus appears well positioned to maintain its dominance over new variants such as Lambda and Mu, virologists say.

Delta accounts for 99% of new Covid-19 cases in the U.S. and roughly 88% of cases globally, according to data from the Centers for Disease Control and Prevention and Nextstrain, an open-source pathogen-tracking service. Virologists expect Delta to outcompete new variants of the SARS-CoV-2 virus, including Lambda and Mu, in their hunt for people susceptible to Covid-19.

U.S. Treasury to Finish Sanctions Policy Review This Fall

The Biden administration expects to complete its ongoing sanctions policy review this fall, a U.S. Treasury Department spokeswoman said, as some human rights and humanitarian groups express concern about how long the review is taking and the level of engagement with nongovernmental organizations.

This week, a coalition of 46 peacebuilding, humanitarian and human rights groups sent a letter to President Biden, Secretary of State Antony Blinken, Treasury Secretary Janet Yellen and U.S. Ambassador to the United Nations Linda Thomas-Greenfield, asking the administration to swiftly conclude the review, make its findings public and implement changes to U.S. sanctions policy, according to a copy of the letter seen by The Wall Street Journal.

TSA Doubles Fines for Travelers Who Won't Wear Masks

President Biden is strengthening penalties for mask scofflaws on planes, buses and trains as part of his administration's new plan to combat Covid-19.

In a speech Thursday, Mr. Biden said the Transportation Security Administration will double fines on travelers who refuse to wear masks.

U.S. Sets a Summer-Heat Record This Year

The U.S. had its hottest summer on record, narrowly beating out highs set during the Dust Bowl in 1936.

The average temperature for the Lower 48 states from June to August was 74 degrees Fahrenheit-or 2.6 degrees above average, the National Oceanic and Atmospheric Administration said Thursday. That average is just 0.01 degree Fahrenheit above the previous record, set in the summer of 1936.

Write to sarka.halas@wsj.com

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

(END) Dow Jones Newswires

09-10-21 0637ET

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