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EMEA Morning Briefing : Stocks to Track Wall -2-

11/23/2021 | 12:34am EST

The combination of bottlenecks and robust demand has pushed prices for all kinds of things higher, but some of the most eye-popping increases have been in the prices of manufactured goods that rely on global supply chains. The October consumer inflation report from the Labor Department showed prices for washers and dryers were up 30.1% last month from the pandemic's start, with prices for furniture up 12% and prices for new cars and trucks up 11.3%.

Pension Cash Dwindles, Risking Liquidity Crunch

Bigger private-market bets, inflation fears and a surge of retirees are putting public retirement funds at risk of a cash crunch that would force them to sell assets at losses to pay pension checks.

Cash allocations have dropped to a seven-year low at the funds that manage more than $4.5 trillion in retirement savings for America's teachers, police and firefighters. Public pension funds, which have increasingly turned to illiquid private markets to drive up returns, are now aiming to keep about 0.8% of their holdings in cash, according to data from the Boston College Center for Retirement Research.

Russia Rebuts Growing U.S. Warnings of Attack on Ukraine

MOSCOW-The Kremlin denied that a buildup of Russian military forces near Ukraine was a prelude to invasion, and accused Washington of destabilizing the region.

U.S. officials over the past week have given European allies new information that Washington says shows Russia building up forces and military assets that could be used to attack Ukraine, two senior European diplomats said Monday.

Mallinckrodt Drug Purchasers Denied Probe of Chapter 11 Asbestos Votes

A creditor group claiming bankrupt drugmaker Mallinckrodt PLC took actions that resulted in price-gouging lost its bid to have an examiner appointed to investigate certain chapter 11 claims and votes related to asbestos exposure.

Judge John Dorsey of the U.S. Bankruptcy Court in Wilmington, Del., at a hearing on Monday declined to appoint an examiner to look into ballots cast on Mallinckrodt's plan to exit chapter 11 bankruptcy on behalf of thousands of asbestos-injury victims represented by personal injury lawyer Thomas Bevan and other law firms.

Austria's Return to Covid-19 Lockdown Is Met With Anger, Resignation

Austria put its economy under partial lockdown on Monday with the toughest in an array of restrictions that are spreading across Europe, sometimes meeting violent protests, as governments seek to fend off a steep rise in Covid-19 cases and hospitalizations despite widespread vaccinations.

For at least 20 days, residents will have to stay home and all nonessential shops will close. The restrictions could be extended if the pressure on hospitals remains acute, the government said. While the rules include numerous exceptions-strolls, exercising and dog walking are allowed, as are traveling to offices, shopping for groceries and Christmas trees, and skiing-police said they would enforce the lockdown, especially in the evening.

Novartis Rethinks Sales Strategy for New Cholesterol Drug Launch

Novartis AG bet big on its new cholesterol-busting drug. To overcome the tricky market for new heart medicines, it is pursuing an unconventional strategy that turns the traditional drug launch on its head.

Rather than seeking to grab the attention of patients and winning support from individual physicians, the Swiss pharmaceutical giant is focusing on the people who run large hospital systems. Its pitch: A large-scale rollout of the drug, called Leqvio, could avert thousands of heart attacks and strokes.

NetEase Music Unit Launches Scaled-Back, $452 Million Hong Kong IPO

The music-streaming arm of Chinese internet company NetEase Inc. started taking investor orders for a scaled-back Hong Kong initial public offering, turning to its parent company and other big backers to ensure most of the demand needed to get the deal done.

Cloud Village Inc.'s listing comes at a challenging time for China's technology industry, as government crackdowns and slowing economic growth put pressure on many Chinese tech stocks.

Samsung to Choose Taylor, Texas, for $17 Billion Chip-Making Factory

Samsung Electronics Co. plans to build a roughly $17 billion chip-making plant in Taylor, Texas, according to people familiar with the matter, a mega investment by the South Korean tech giant, as the Biden administration pushes for an expansion of U.S. semiconductor production.

An announcement could come as early as Tuesday, people familiar with the matter said. Gov. Greg Abbott is scheduled to make an "economic announcement" Tuesday at 5 p.m. local time.

Macy's Turns Thanksgiving Day Parade Balloons Into NFTs

Macy's Inc., better known for hawking clothing, luggage and jewelry, is selling NFTs for the first time.

The retailer is auctioning off 10 digital images of its Thanksgiving Day parade balloons, including a floating firefighter from the 1940s and a gold Macy's star from the 1970s. NFTs, or nonfungible tokens, are digital collectibles that are authenticated using blockchain technology and are usually bought with cryptocurrencies. They can be saved, shared or sold.

Write to sarka.halas@wsj.com

Expected Major Events for Tuesday

06:00/FIN: Oct Labour force survey, incl unemployment

08:15/FRA: Nov France Flash PMI

08:30/GER: Nov Germany Flash PMI

09:00/EU: Nov Eurozone Flash PMI

09:00/POL: Oct Retail Sales

09:30/UK: Nov Flash UK PMI

10:00/MLT: Oct RPI

11:00/FRA: 3Q OECD trade statistics release

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

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

(END) Dow Jones Newswires

11-23-21 0034ET

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