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EUROPEAN MIDDAY BRIEFING: Oil Rebound, PMI Data -2-

08/23/2021 | 06:03am EDT

Gold prices, last up around 0,2% but which have moved little since the start of the year, would need to see a broad risk-off move in global markets in order to move significantly higher again, said Goldman Sachs.

The precious metal's sideways trading has come as economic and inflation concerns have been largely contained while inflows into equities have remained strong, "indicating that investors still prefer riskier assets, " said Goldman Sachs. Still, the bank expects gold to tick higher as demand from emerging markets consumers recovers. Current prices look attractive for "long-term buyers looking to diversify their portfolio."

Copper was also higher, buoyed by the dollar's dip. Copper has wavered in recent sessions on concerns about the Chinese economy and Covid-19, said Ole Hansen at Saxo Bank. Still, the longer-term trends remain bullish, he said. "Not least considering the global green transformation push which over time is expected to create an increasingly tight market."

The world refined copper market showed a 2,000-ton surplus in May, according to the International Copper Study Group. That compares with an 86,000-ton deficit in April. The change came as mine production recovered slightly, while demand edged lower, the ICSG said.

EMEA HEADLINES

Goldman Sachs-Backed Broadband Firm Nears Investment Deal With Abu Dhabi Fund

An investment group that includes Abu Dhabi's sovereign-wealth fund is close to acquiring a minority stake in CityFibre Infrastructure Holdings in a deal that would value the U.K. fiber-optic-broadband provider at more than $2.7 billion, according to people familiar with the matter.

The investment would be from Abu Dhabi's Mubadala Investment Co. and the investment arm linked to the family behind IKEA, the people said.

Vonovia Launches Final Takeover Offer for Deutsche Wohnen at EUR53 a Share

Vonovia SE said Monday that it is launching its public takeover offer at 53 euros ($62.01) per outstanding share for Deutsche Wohnen SE and that this will be its final attempt to buy the company after having failed already before.

The real-estate company had already said earlier this month that it had agreed with its German rival to launch the new offer after failing in July to reach the minimum acceptance threshold of 50% from Deutsche Wohnen's shareholders when the offer price was at EUR52 a share. The new deal, worth roughly EUR19.1 billion, would create Europe's largest residential real-estate group, and represents a 17.8% premium on Deutsche Wohnen's share price unaffected by the news of a takeover, it said.

Valneva Seeks UK Approval for Covid-19 Vaccine

French biotech company Valneva SA said Monday that it has begun rolling submission for initial approval of its Covid-19 vaccine candidate in the U.K.

Candidate VLA2001 is currently being studied in a Phase 3 trial in the U.K., with results expected in the year's last quarter, Valneva said. In case of positive data, the vaccine could get approval from the U.K.'s Medicines and Healthcare products regulatory agency by the end of the year, the company said.

Shaftesbury Says London Rent Collection Is Recovering

Shaftesbury PLC said Monday that rent collection is recovering and that it expects further improvements following the lifting of coronavirus-related restrictions.

The U.K. real-estate investor, which invests exclusively in London's West End, said it collected 55% of contracted rent in July and that it is confident that further collections will be made over the coming month. For the three months to June 30, the company collected 51% of contracted rent, up from 40% for the three months to March 31.

EasyJet Appoints Stephen Hester as Chair Designate

EasyJet PLC said Monday that it has appointed Stephen Hester as chair designate.

The low-cost airline said that Mr. Hester will join its board on Sept. 1 and succeed John Barton as the company's chair from Dec. 1.

Steelmakers Grapple With How to Cut Carbon Emissions

A recent shipment of 24 metric tons of Swedish steel could mark the beginning of what the steel industry hopes is a new era: the cleanup of one of the world's dirtiest industries.

Big steelmakers in Europe and the U.S., like ArcelorMittal SA and Cleveland-Cliffs Inc., are intensifying efforts to curb carbon emissions, hoping to woo customers and fend off growing pressure from investors and governments. On Thursday, Sweden's SSAB AB shipped what it said was the world's first commercial shipment of steel made without fossil fuels to truck maker Volvo AB.

Why the U.K.'s Rapid Covid-19 Vaccination Campaign Has Moved Slowly With Teenagers

LONDON-The U.K.'s Covid-19 vaccination campaign has been one of the fastest in the world. But when it comes to teenagers, it is going slowly.

The U.K.'s decision to extend vaccination to all older teenagers only this month leaves it trailing the U.S. and many other Western countries in giving shots to younger age groups.

Pfizer Covid-19 Vaccine Expected to Get Full FDA Approval Next Week

The Food and Drug Administration is expected next week to grant full approval of the Covid-19 vaccine from Pfizer Inc. and partner BioNTech SE, according to people familiar with the planning, an action that could spur more vaccination requirements by employers and encourage more people who are hesitant to get vaccinated.

The two-dose shot was first cleared in December by the agency on an emergency use basis for people 16 years and older. The emergency designation allows for products to be distributed during public-health crises based on the best available evidence.

Meet the New Scourge of German Politicians: Plagiarism Hunters

BERLIN-Politicians vying to succeed Angela Merkel as chancellor of Germany face a new threat as the election draws nearer: scrutiny by plagiarism hunters.

In the past months, literary investigators have exposed the two leading contenders for the September election for using unattributed text by other authors in their books.

Venice Is Open for Tourists, but Not Cruise Ships

VENICE-Gianluigi Rizo, a porter at Venice's iconic Piazza San Marco, pushes a cart of luggage as scores of tourists hop off water taxis, coming in from the airport through the medieval city's canals.

Business is picking up as Covid-19 restrictions are lifted. But a ruling last month by the Italian government to ban cruise ships from approaching Venice's lagoon is threatening to deprive the city of its most lucrative visitors for another summer season.

GLOBAL NEWS

Pelosi, Centrist Democrats in Standoff With Key Vote Ahead

WASHINGTON-Centrist House Democrats were locked in a weekend standoff with House Speaker Nancy Pelosi (D., Calif.) over when to vote on a roughly $1 trillion infrastructure bill, imperiling the chamber's ability to advance a sweeping segment of President Biden's agenda in votes expected early this week.

A group of nine centrist Democrats has been at an impasse with Mrs. Pelosi and liberal Democrats for more than a week over a strategy to tie together the infrastructure bill, already passed with bipartisan support in the Senate, and Mr. Biden's $3.5 trillion package of healthcare, education and climate provisions currently being crafted. That bill is expected to rely on just Democratic support under a process tied to the budget. To unlock that process, Mrs. Pelosi needs nearly all of her caucus on board for a procedural step planned for this week in the House.

New Appetite for Mortgage Bonds That Sidestep Fannie and Freddie

Wall Street is diving back into the business of turning home loans into bonds, injecting new competition into a market long dominated by government-backed mortgage giants Fannie Mae and Freddie Mac.

Glynn's Take: RBA Likely to Be Split on QE Tapering as Covid Rages On

SYDNEY-The Reserve Bank of Australia suspending plans to taper its government bond-buying program in September is now a 50/50 proposition, with the central bank already moving to pulp the upbeat economic forecasts it published just weeks ago.

The debate around the RBA's board table on Sept. 7 over the scheduled reduction in weekly government bond purchases is set to be vigorous as surging Covid-19 cases shutter key capitals, fueling recession fears.

What We Still Don't Know About the Fed's Bond-Buying Spree

Three vital issues for investors remain uncertain as the Federal Reserve moves toward tapering its bond buying. Will this quantitative tightening mean Treasury yields go up or down? Will stocks do better with rising or falling bond yields? And, a linked issue, is the stock-bond relationship that has held for the past three decades going into reverse?

Few people share my first uncertainty, because it seems so obvious that if the Fed buys fewer Treasurys, the price will drop and hence the yield rise. It is basic supply and demand, goes the response: Duh.

U.S. Warns of Islamic State Threat to Americans in Afghanistan

WASHINGTON-The U.S. warned that Islamic State poses a threat to Americans in Afghanistan as the Biden administration seeks to evacuate thousands of U.S. citizens and Afghan allies.

"The threat is real. It is acute. It is persistent. And it is something we are focused on with every tool in our arsenal," Jake Sullivan, President Biden's national security adviser, told CNN on Sunday when asked whether crowds at the Kabul international airport are vulnerable to terrorist attacks.

Write to paul.larkins@dowjones.com

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

08-23-21 0602ET

Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 1.82% 200.85 Delayed Quote.3.64%
ARCELORMITTAL 1.11% 27.685 Real-time Quote.46.64%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.10% 0.7421 Delayed Quote.-3.64%
BIONTECH SE -1.06% 247.68 Delayed Quote.203.83%
BRITISH POUND / US DOLLAR (GBP/USD) 0.59% 1.3749 Delayed Quote.-0.06%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.8079 Delayed Quote.2.90%
CLEVELAND-CLIFFS INC. 0.00%End-of-day quote.0.00%
DEUTSCHE WOHNEN SE -0.04% 52.94 Delayed Quote.21.17%
DJ INDUSTRIAL 1.09% 35294.76 Delayed Quote.14.07%
EASYJET PLC 2.16% 644.2 Delayed Quote.-7.81%
EURO / US DOLLAR (EUR/USD) 0.09% 1.16 Delayed Quote.-5.12%
FEDERAL HOME LOAN MORTGAGE CORPORATION 2.12% 0.75 Delayed Quote.-67.81%
GOLD -1.61% 1766.453 Delayed Quote.-5.40%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.06% 0.013331 Delayed Quote.-2.58%
LONDON BRENT OIL 0.72% 84.89 Delayed Quote.62.65%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.53% 0.70722 Delayed Quote.-2.01%
PFIZER, INC. -0.43% 41.49 Delayed Quote.13.20%
RSA INSURANCE GROUP 0.00%End-of-day quote.1.00%
S&P 500 0.75% 4471.37 Delayed Quote.18.16%
SHAFTESBURY PLC 1.23% 615.5 Delayed Quote.8.08%
SSAB AB 0.31% 44.7 Delayed Quote.52.56%
VALNEVA SE 0.00% 12 Real-time Quote.54.84%
VONOVIA SE 0.72% 53.36 Delayed Quote.-10.71%
WTI 1.09% 82.468 Delayed Quote.69.35%
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