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EMEA Morning Briefing: Stocks to Waver as Markets -2-

07/28/2021 | 12:20am EDT

New orders for products meant to last at least three years increased 0.8% to a seasonally adjusted $257.6 billion in June as compared with May, the Commerce Department said Tuesday. Economists surveyed by The Wall Street Journal had estimated a 2% gain.

Is Tesla the Meme Stock of Yesteryear?

For years, Tesla stock charged ever higher despite weak operating results. So far in 2021, that pattern has reversed itself.

Australian Inflation Spiked in 2Q, But Jump Is Likely to Be Temporary

SYDNEY-Australian consumer prices rose 0.8% in the second quarter, fanned by rising fuel costs, the Australian Bureau of Statistics said Wednesday.

Annual inflation increased to 3.8% in the second quarter, up sharply from the 1.1% rise marked in the first quarter and largely in line with the result expected by economists.

U.S. Home-Price Growth Rose to Record in May

Home-price growth climbed to a new record in May, as low mortgage interest rates continued to drive robust homebuying demand.

The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 16.6% in the year that ended in May, up from a 14.8% annual rate the prior month. May marked the highest annual rate of price growth since the index began in 1987.

What to Know About Robinhood's IPO

Robinhood Markets Inc.'s initial public offering is stirring interest among individual investors.

The trading app, which now has 22.5 million funded accounts and fueled a number of meme stock rallies in the past year, is urging its own customers to invest. The company plans to sell its users up to 35% of its IPO shares, or up to 18.3 million shares. This past Saturday, the company's executives held a virtual roadshow specifically for mainstream investors.

Ride-Sharing Startup Swvl Nearing Deal to Go Public With Female-Led SPAC

Middle East-based ride-sharing technology startup Swvl Inc. is nearing a deal to go public via a merger with a special-purpose acquisition company, according to people familiar with the matter.

Dubai-based Swvl plans to merge with Queen's Gambit Growth Capital in a deal that values the company at roughly $1.5 billion, the people said. Swvl was co-founded in 2017 by Mostafa Kandil, who formerly worked at ride-sharing company Careem, which is now a subsidiary of Uber Technologies Inc.

Glencore Probe Yields Charges Against Another Former Trader

A former Glencore PLC trader pleaded guilty Monday to what prosecutors described as a conspiracy to pay millions of dollars in bribes to officials in Nigeria and elsewhere in exchange for favorable contracts with a state-owned oil company.

Anthony Stimler, a U.K. citizen who worked for a Glencore subsidiary on the commodity trading company's West Africa desk, pleaded guilty to conspiring to violate the U.S. Foreign Corrupt Practices Act and conspiring to commit money laundering, court filings show. The guilty plea was reported earlier by Bloomberg News.

Saudi Arabia to Impose Covid-19 Vaccine Mandate

RIYADH-Saudi Arabia is set to impose one of the world's most sweeping vaccine mandates in an attempt to combat hesitancy toward the Covid-19 shots in the kingdom, as governments globally try to confront a new surge in cases of the Delta variant.

People in Saudi Arabia will need to show proof on a mobile app that they have received at least one vaccine dose to enter public and private institutions beginning Sunday, including schools, shops, malls, markets, restaurants, cafes, concert venues and public transportation. From Aug. 9, Saudi citizens will need two doses to travel abroad.

U.S., Russian Officials to Hold Talks on Future Arms Control Agenda

The Biden administration will take its first step toward defining its future arms control agenda with Moscow when senior U.S. and Russian officials meet Wednesday for strategic stability talks in Geneva.

The talks, which were agreed to by President Biden and Russian President Vladimir Putin at their summit meeting last month, will be led by U.S. Deputy Secretary of State Wendy Sherman and Russian Deputy Foreign Minister Sergei Ryabkov.

Water Protests in Iran Test Country's Leaders

Weekslong Iranian protests over water scarcity present an early test for incoming president Ebrahim Raisi, who takes office next week amid mounting challenges including a grinding economic crisis and stalled nuclear negotiations with the West.

The protests, which began nearly two weeks ago in the oil-rich southwestern province of Khuzestan, center on accusations that the Iranian government is diverting water to drill for oil, service other provinces and drive the area's ethnic Arabs off the land. Protesters have shouted "We are thirsty," while some chanted against Supreme Leader Ayatollah Ali Khamenei and the Islamic Republic.

Apple Profit Sets Record on Strong iPhone Sales

Apple Inc. posted the biggest spring-quarter profit in its 45-year history, leading a streak of record-setting earnings for technology companies even as the pandemic continues to weigh on the global economy.

Not to be overlooked, Google parent Alphabet Inc. and Microsoft Corp. also said Tuesday that their quarterly earnings excelled, underscoring how the pandemic has shifted life and work online and strengthened some of the world's biggest and wealthiest companies.

Write to sarka.halas@wsj.com

Expected Major Events for Wednesday

06:00/EU: Jun New Commercial Vehicle Registrations in Europe statistics (EU27 + EFTA3)

06:00/GER: Aug GfK consumer climate survey

06:00/NOR: Jun Retail Sales

06:00/GER: Jun Foreign trade price indices

06:00/UK: Jul Nationwide House Price Index

06:45/FRA: Jul Consumer confidence survey

07:00/SVK: Jun PPI

07:00/HUN: Jun Employment & unemployment

07:30/SWE: Jun Retail sales

08:00/ITA: Jul Consumer Confidence Survey

08:00/ITA: Jul Business Confidence Survey

08:00/AUT: Jul Austria Manufacturing PMI

10:00/IRL: Jun Retail Sales Index

16:59/SWI: 1Q Locational & Consolidated banking statistics, preliminary data

23:01/UK: Jun UK monthly automotive manufacturing figures

All times in GMT. Powered by Kantar Media and Dow Jones.

Write to us at newsletters@dowjones.com

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

(END) Dow Jones Newswires

07-28-21 0019ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.23% 2780.66 Delayed Quote.58.30%
APPLE INC. 0.34% 143.43 Delayed Quote.7.72%
CORELOGIC, INC. 0.59% 80 End-of-day quote.3.47%
DJ INDUSTRIAL -0.15% 33919.84 Delayed Quote.13.00%
DOW JONES AFRICA TITANS 50 INDEX -0.46% 501.87 Delayed Quote.-5.14%
GLENCORE PLC -0.89% 312 Delayed Quote.35.11%
LONDON BRENT OIL 0.42% 74.68 Delayed Quote.45.09%
MICROSOFT CORPORATION 0.17% 294.8 Delayed Quote.32.32%
ROBINHOOD MARKETS, INC. 3.91% 42.29 Delayed Quote.0.00%
S&P 500 -0.08% 4354.19 Delayed Quote.18.02%
S&P AFRICA 40 INDEX -0.30% 163.84 Delayed Quote.-5.01%
TESLA, INC. 1.26% 739.38 Delayed Quote.3.47%
UBER TECHNOLOGIES, INC. 11.49% 44.36 Delayed Quote.-21.98%
WTI 0.22% 70.779 Delayed Quote.48.70%
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