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EUROPEAN MIDDAY BRIEFING: Stocks Rebound After -2-

07/20/2021 | 06:34am EDT

Remy Cointreau SA posted an increase in sales for the first quarter of fiscal 2022 amid strong momentum in the U.S. and mainland China, and the gradual reopening of economies in the Europe, Middle East and Africa region.

The French spirits maker said Tuesday that quarterly sales jumped to 293.1 million euros ($345.8 million) for the quarter ended June 30 from EUR150.1 million the previous year.

Alstom First-Quarter Sales Grew

Alstom SA said Tuesday that sales for the first quarter of its fiscal year rose as demand recovered, in its first fully combined quarterly result following the integration of Bombardier Transportation.

Sales for the April-June period increased to 3.70 billion euros ($4.36 billion) from EUR2.79 billion a year earlier on a pro-forma, like-for-like basis, which includes Bombardier Transportation. The French train maker closed the acquisition of the company in early 2021.

ProSiebenSat.1 Raises 2021 Outlook On Strong 2Q Results

ProSiebenSat.1 Media SE said late Monday that it has raised its full-year outlook given strong revenue and earnings in the second quarter.

The German broadcaster said that, according to preliminary figures, quarterly revenue rose 47% on year to around 1.05 billion euros ($1.24 billion).

Roche's Ronapreve Treatment for Covid-19 Approved by Japan

Roche Holding AG on Tuesday said that Japan has approved ronapreve for the treatment of patients with mild to moderate Covid-19.

The Swiss pharmaceutical company said the approval is based on results from the global Phase 3 REGN-COV 2067 study, which found the antibody combination of casirivimab and imdevimab reduced hospitalization or death by 70% in high-risk, nonhospitalized patients.

Apollo in Talks to Join Consortium for Morrisons Offer; Rules Out Rival Bid

Apollo Global Management Inc. said Tuesday that it is in talks with SoftBank Group Corp.'s Fortress Investment Group LLC to form part of the consortium bidding for U.K. grocer Wm. Morrison Supermarkets PLC, and ruled out a rival offer.

New York-based Apollo said its preliminary discussions with Fortress--which led a group of investors that earlier this month agreed to buy Morrisons for 6.3 billion pounds ($8.62 billion)--may result in funds managed or advised by Apollo forming part of the consortium.

Anglo American 2Q Production Increased as Restrictions Eased

Anglo American PLC on Tuesday reported higher copper, iron-ore and platinum group metals production for the second quarter, as operations benefited from the lower impact of Covid-19 lockdowns compared with the same period of 2020.

The miner produced 15.7 million metric tons of iron ore in the three months to June, up 6% from a year earlier.

Telenor Lifts Guidance Amid Nordic Strength, Uptick in Asia

Norwegian telecoms provider Telenor ASA on Tuesday raised its full-year guidance after seeing a strong performance in the Nordics combined with a growing subscriber base and increased data consumption in Asia.

The company posted a second-quarter net profit attributable to shareholders of 2.19 billion kroner ($244.7 million), from NOK4.43 billion last year. Net profit last year was boosted by a NOK1.7 billion gain from the sale of its Canal Digital subsidiary. Revenue fell 6.3% to NOK27.16 billion.

GHO Capital Closes Third Healthcare Fund at Over $2.36 Billion

GHO Capital Partners LLP, a private-equity firm focused on healthcare deals, has raised more than EUR2 billion, equivalent to about $2.36 billion, for its third fund.

The firm said the fund, GHO Capital III LP, is double the size of its predecessor and was collected in less than four months. The firm had aimed to raise EUR1.25 billion for the vehicle.

GLOBAL NEWS

Derby's Take: Fed Officials Suggest New Covid Surge Unlikely to Wreck Recovery

Covid-19-related economic risks, driven by a new and more virulent version of the coronavirus, weighed heavily on financial markets Monday. But for Federal Reserve officials, that threat was already on the radar screen.

In comments over the past few weeks, a number of central bank officials acknowledged the so-called Delta variant driving up new cases of illness and death, primarily among the unvaccinated, could darken what now appears to be a very bright economic outlook. But on the upside, as Fed officials see it, the risk is likely to be contained, given that many Americans are now vaccinated, making a replay of the lockdowns and ensuing economic pain seen in the spring of 2020 unlikely.

Lawmakers Spar Over Infrastructure Package as Deadline Nears

WASHINGTON-Lawmakers sparred Monday over Senate Democrats' decision to impose a midweek deadline on a bipartisan group still scrambling to reach an agreement on a roughly $1 trillion infrastructure bill.

Senate Majority Leader Chuck Schumer (D., N.Y.) took the first step Monday to set up a vote Wednesday opening debate on the infrastructure bill. But the bipartisan group of 22 senators hasn't yet struck a deal on how to fully pay for the cost of the legislation, which would spend roughly $600 billion above projected federal spending on improvements to roads, bridges and broadband access, among others.

U.S. Coronavirus Recession Lasted Two Months, Ended in April 2020, Official Arbiter Says

The U.S. officially climbed out of a recession in April 2020, concluding a pandemic-driven economic contraction that lasted two months, making it the shortest on record.

The announcement Monday from the National Bureau of Economic Research also marks April as the official start of the economic recovery from the initial shock of the coronavirus pandemic last spring, which triggered widespread business and school closures, a steep drop in demand for services and record job losses.

Supply-Chain Executives See Long Road Ahead for Diversity Efforts

Logistics companies and other supply-chain operators are stepping up diversity, equity and inclusion efforts in a sector where leadership ranks still skew largely white and male and minorities are concentrated in lower-level roles.

The moves come after the May 2020 murder of George Floyd by a police officer sparked widespread racial-justice protests and the Covid-19 pandemic took a toll on the country, hitting minorities and essential workers particularly hard. Both events highlighted stark divisions in U.S. society.

Vietnam Tells U.S. It Won't Weaken Currency to Boost Exports

WASHINGTON-Vietnam has pledged to refrain from weakening its currency to give its exporters an unfair advantage as it seeks to ease tensions over a widening trade surplus with the U.S.

The Trump administration last year labeled Vietnam a currency manipulator and threatened to impose sweeping tariffs on imports from Vietnam. The Biden administration reversed the "manipulator" designation in April, saying it found insufficient evidence that the country was manipulating its currency, but hasn't yet completed the process that could lead to the imposition of tariffs.

Canada to Reopen Border for Fully Vaccinated U.S. Tourists in August

OTTAWA-Canada said it would allow fully vaccinated Americans to enter the country for recreational or tourist activities beginning Aug. 9, more than a year after authorities first closed the 5,500-mile border to most travelers to limit the spread of Covid-19.

The government said Monday that border restrictions for fully vaccinated travelers from other countries could also be lifted beginning Sept. 7, assuming Canada's Covid-19 caseload stays relatively low.

Delta Variant Helps Push Covid-19 Cases Higher in Every State

Covid-19 cases and hospitalizations across the U.S. are growing steadily higher as the infectious Delta variant takes hold and the pace of vaccination subsides from highs reached in April.

The country has reported an average of 32,287 new coronavirus cases each day over the past week, according to a Wall Street Journal analysis of Johns Hopkins data, more than double what the seven-day average was 10 days ago. The uptick in cases has touched every state and Washington, D.C., with the seven-day average of newly reported cases exceeding the 14-day average in each place for the past four days, according to the data.

Opioid Settlement of $26 Billion Between Drug Companies, States Expected This Week

Thousands of opioid-crisis lawsuits filed against major drugmakers and distributors are nearing a conclusion, with the outlines of a $26 billion deal between states and four companies expected to be announced this week and a $1 billion settlement to resolve some of New York's claims likely on Tuesday, people familiar with the matter said.

Drug distributors AmerisourceBergen Corp., Cardinal Health Inc. and McKesson Corp. and manufacturer Johnson & Johnson have been negotiating the $26 billion settlement for more than two years as a way to resolve thousands of lawsuits filed by state and local governments blaming them for helping fuel the nation's opioid epidemic. From 1999 to 2019, the nation lost nearly half a million people to overdoses of prescription and illegal opioids, according to federal data.

Singapore Further Tightens Covid-19 Restrictions as Cases Rise

Singapore is further tightening Covid-19 curbs as rising cases continue to pose challenges to the country's ability to speed up its reopening plans.

The latest measures include restricting social gatherings and interactions to two persons only, compared with the earlier cap at five. Dining-in will cease and only takeaway and delivery will be allowed, Singapore's Ministry of Health said Tuesday.

Pentagon to House Afghan Interpreters at Military Bases in U.S., Qatar

The Pentagon will use military bases in the U.S. and Qatar to house thousands of Afghan interpreters and translators, along with their families, part of a scramble to evacuate those who worked with the U.S. during the war and face retribution from the Taliban, according to officials.

(MORE TO FOLLOW) Dow Jones Newswires

07-20-21 0633ET

Stocks mentioned in the article
ChangeLast1st jan.
ALSTOM 0.50% 32.09 Real-time Quote.-31.15%
AMERISOURCEBERGEN CORPORATION -0.20% 122.3 Delayed Quote.25.36%
ANGLO AMERICAN PLC -0.04% 2598 Delayed Quote.7.16%
APOLLO GLOBAL MANAGEMENT, INC. 1.88% 62.41 Delayed Quote.27.42%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.51% 0.7258 Delayed Quote.-5.16%
BRITISH POUND / US DOLLAR (GBP/USD) -0.37% 1.36698 Delayed Quote.0.34%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.01% 0.7897 Delayed Quote.0.57%
CARDINAL HEALTH, INC. -0.33% 51.19 Delayed Quote.-4.11%
DJ INDUSTRIAL 0.10% 34798 Delayed Quote.13.59%
DOW JONES AFRICA TITANS 50 INDEX -0.12% 511.21 Delayed Quote.-3.27%
EURO / US DOLLAR (EUR/USD) -0.18% 1.1718 Delayed Quote.-3.88%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.01% 0.013548 Delayed Quote.-1.04%
MCKESSON CORPORATION 0.23% 203.15 Delayed Quote.16.81%
MSCI SINGAPORE (GDTR) -0.56% 6540.383 Real-time Quote.13.02%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.73% 0.7012 Delayed Quote.-1.60%
PROSIEBENSAT.1 MEDIA SE 0.16% 16.15 Delayed Quote.17.41%
ROCHE HOLDING AG -0.64% 340.4 Delayed Quote.10.16%
S&P 500 0.15% 4455.48 Delayed Quote.18.45%
S&P AFRICA 40 INDEX -0.44% 165.74 Delayed Quote.-4.06%
SOFTBANK GROUP CORP. 2.76% 6627 End-of-day quote.-17.76%
TELENOR ASA -0.17% 148.2 Real-time Quote.1.58%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED 0.00% 3.06 End-of-day quote.24.39%
WM MORRISON SUPERMARKETS PLC 0.38% 292.2 Delayed Quote.64.76%
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