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EMEA Morning Briefing : Stocks to Rebound as -2-

09/21/2021 | 12:14am EDT

--The association's housing-market index, which gauges the single-family housing market, rose to 76 in September from 75 in August, ending a three-month decline. A number above 50 indicates that more builders view conditions as good than poor.

Transitory Inflation Can Be a Lasting Affair

Today's inflation may be transitory, but how long "transitory" means is becoming a real head-scratcher for investors. At the risk of intellectual incoherence, they seem more worried about the next five years than the next 10.

Electricity prices are hitting all-time highs in many European countries, making inflation front-page news. Overall eurozone consumer-price growth was 3% in August, much higher than in July, according to official data released Friday. Price gains are even steeper in the U.S., though data for August suggest they may have peaked.

Shell to Sell Permian Assets to ConocoPhillips for $9.5 Billion

Royal Dutch Shell PLC has agreed to sell all of its assets in the Permian basin, the most active U.S. oil field, to ConocoPhillips for around $9.5 billion in cash.

The deal, disclosed by both companies on Monday, comes as Shell is attempting to cut its carbon emissions and invest more in renewable energy. The sale is one of the largest recent transactions in the shale patch as large oil companies come under increasing pressure to diversify outside of fossil fuels.

AstraZeneca Breast Cancer Drug Found to Reduce Risk of Dying

AstraZeneca PLC said its breast cancer drug Enhertu significantly reduced the risk of dying or disease progression in women with advanced disease in a large clinical trial, the latest sign that its push into oncology is starting to pay off.

For women with metastatic breast cancer, an advanced form of the disease where tumors have spread to other parts of the body, Enhertu reduced the risk of death or tumor progression by 72% compared with Kadcyla, the current standard treatment, the trial found.

Pro-Putin Party Wins Control of Russia's Parliament

MOSCOW-Russia's ruling party won control of two-thirds of the seats in the Russian Parliament, a showing that will allow the government to enact changes to the constitution and bolsters the power of President Vladimir Putin.

The result also reflected the weakness of the opposition led by jailed Kremlin critic Alexei Navalny, which claimed that the vote was neither free nor fair. In the run-up to the three-day vote, which ended Sunday, the Kremlin has largely suppressed any opposition.

FedEx, UPS Rate Rises Are Making Online Shopping More Expensive

Shipping rates are going up faster than they have in nearly a decade, increasing pressure on merchants to raise prices or find other ways to offset higher costs.

FedEx Corp. on Monday said shipping rates would go up an average of 5.9% next year across most of its services, the first time in eight years that it or rival United Parcel Service Inc. has strayed above annual increases of 4.9%.

Write to sarka.halas@wsj.com

Expected Major Events for Tuesday

05:00/FIN: Aug Labour force survey, incl unemployment

06:00/SWI: Aug Trade Balance

06:00/UK: Aug Public sector finances

07:30/SWE: Aug Labour Force Survey

07:30/SWE: Swedish repo rate announcement

08:00/ICE: Aug Harmonized CPI

08:00/POL: Aug Retail Sales

10:00/UK: Sep CBI Industrial Trends Survey

12:00/HUN: Sep Hungarian interest rate decision

13:00/BEL: Sep Consumer Confidence Survey

22:00/NED: Aug House Price Index

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

Write to us at newsletters@dowjones.com

We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.

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

(END) Dow Jones Newswires

09-21-21 0014ET

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