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EUROPEAN MIDDAY BRIEFING - Stocks Rise as Euro -2-

11/16/2021 | 06:37am EST

The high copper price has helped accelerate an increase in mined supply, while copper demand is showing signs of falling due to a slowdown in the Chinese construction sector, the firm said.

"A strong supply response is now under way which, in tandem with cooling copper demand, will weigh on prices into 2022," Capital Economics said.


Resurgent Oil Supply Expected to Soothe Tight Market

Rebounding economic activity and natural gas shortages recently pushed the developed world's oil reserves to their lowest since early 2015, but growing crude supply could soon ease that pressure, the International Energy Agency said Tuesday.

In its closely watched monthly market report, the IEA said that the tight supply and demand balance in the global oil market could be about to ease. It expects output to rise by 1.5 million barrels a day in the remainder of 2021, with the U.S., Saudi Arabia and Russia accounting for around half of that amount.

German Regulator Suspends Nord Stream 2 Certification Procedure

Germany's energy regulator said Tuesday that is has suspended the procedure to certify the controversial Nord Stream 2 gas pipeline between Russia and the country.

Bundesnetzagentur concluded that it would only be possible to certify an operator of the Nord Stream 2 pipeline if that operator was organized in a legal form under German law.

Vodafone Group 1H Pretax Profit Fell; Raises FY Guidance

Vodafone Group PLC on Tuesday reported a fall in pretax profit for the first half of fiscal 2022 but raised its guidance for the full year.

The U.K.-based telecommunications company said that pretax profit for the six months to Sept. 30 was 1.28 billion euros ($1.45 billion) compared with EUR2.05 billion a year earlier.

Imperial Brands FY 2021 Profit Rose

Imperial Brands PLC on Tuesday reported an improved profit for the year ended Sept. 30, mainly driven by one-offs, and said it is well placed to manage inflation.

The FTSE 100 tobacco group made a pretax profit of 3.24 billion pounds ($4.35 billion) in fiscal 2021, up from GBP2.17 billion in fiscal 2020. This reflected gains on the disposal of the Premium Cigar Division and lower amortization and impairment costs.

Eurozone Economy Grew Strongly in 3Q, Confirming First Estimate

The eurozone economy expanded at a strong pace in the third quarter, almost fully recovering the gap from the Covid-19 induced recession, but growth is expected to slow sharply in the months ahead as the boost from the reopening fades.

The eurozone's gross domestic product expanded by 2.2% from July to September compared with the prior three-month period, according to the European Union's statistics agency, and confirming the first estimate released on Oct. 29.

UK Unemployment Rate Declined to 4.3% in Three Months to September

The number of people on company payrolls in the U.K. continued to increase in October, a sign that the end of a government wage-subsidy program didn't push up joblessness.

The data may strengthen expectations that the Bank of England will begin gently nudging up borrowing costs, possibly as soon as next month.

Diageo Expects to Grow Earnings by Up to 9% for FY 2023 to FY 2025

Diageo PLC said Tuesday that it expects to grow its organic operating profit by 6%-9% for fiscal 2023 to fiscal 2025.

The liquor maker--which owns Johnnie Walker whisky and Tanqueray gin--published a new set of medium-term guidance ahead of its capital markets day in London. The group added that it expects to grow organic net sales by 5%-7% for fiscal 2023 to fiscal 2025.

Bouygues Nine-Month Profit, Sales Jumped

Bouygues SA said Tuesday that net profit and sales jumped in the first nine months of the year, and backed its forecasts for sales and profitability to be close to pre-pandemic levels this year.

The French construction-and-media conglomerate said net profit climbed to 807 million euros ($917.3 million) from EUR283 million a year earlier.

DNB Bank's Proposed Sbanken Buy Is Rejected by Norwegian Competition Authority

DNB Bank ASA said Tuesday the Norwegian Competition Authority has rejected the bank's proposed acquisition of Norwegian digital bank Sbanken ASA.

DNB Bank said in April that it had agreed to buy Sbanken for 11.1 billion Norwegian kroner ($1.27 billion). The deal has been approved by the Norwegian Ministry of Finance after a recommendation from the Financial Supervisory Authority, and the only remaining hurdle for completion was receipt of necessary approvals from Norwegian competition authorities, which have previously raised concerns over possible effects on competition in the market for fund distribution.

Belarus Border Standoff Prompts Broader EU Sanctions

BRUSSELS-The European Union agreed to broaden its sanctions regime against Belarus over the migrant border standoff, brushing off threats by President Alexander Lukashenko to cut gas flows to the continent.

Monday's decision will allow the bloc to target Belarusian officials and companies involved in the crisis, during which thousands of people from the Middle East have been stranded on Belarus's borders with several EU countries. Sanctions listings are expecting in coming days.


Shoppers Likely Boosted Spending Last Month, Taking on Higher Prices

American consumers are expected to have spent more at the start of the holiday shopping season, brushing off concerns about higher prices at retailers and restaurants last month.

Economists estimate sales at U.S. retail stores, online sellers and restaurants rose by a seasonally adjusted 1.5% in October compared with the previous month as consumers continue their stepped-up spending despite continued Covid-19 fears and inflation concerns.

Covid-19 Insurance Lawsuits Move Toward High-Stakes Phase

Businesses suing insurers for billions in losses from Covid-19 shutdowns are entering a new phase: jury trials.

Over the past year, judges have ruled in favor of insurers in hundreds of cases, backing up the carriers' rejections of "business interruption" insurance claims. Many of those rulings have involved policies with virus-specific exclusions, which can make the cases more open-and-shut for judges.

Biden, Xi Cool Down Hostilities in Virtual Meeting

WASHINGTON-President Biden and Chinese President Xi Jinping used a virtual meeting Monday evening to cool tensions between the two powers as the leaders seek to manage issues they disagree on and identify ways to communicate to avert conflict.

During a meeting that lasted more than three hours, both sides sought to tamp down hostilities that have marked the relationship since Mr. Biden took office in January. The White House said the two discussed a range of topics including Afghanistan, North Korea and Iran, as well as human rights, climate change and concerns over Taiwan.

Fed's Barkin Says More Data Is Needed Before Raising Rates

Federal Reserve Bank of Richmond President Thomas Barkin said Monday that the U.S. central bank needs more data before it can make the call on when it is time to raise its short-term rate target.

"If the need is there, we'll do what we have to do," Mr. Barkin said in a Yahoo Finance video interview. "But, I personally think it's very helpful for us to have a few more months to evaluate, is inflation going to come back to more normal levels? Is the labor market going to open up?"

In Inflation Denial? You're Not Alone in Wanting to Keep Your Budget the Same

Americans are paying higher prices for groceries, gas and holiday gifts, yet many are living and spending as if it isn't happening.

The U.S. consumer-price index hit a 31-year high in October, as the price paid for goods and services rose 6.2% from a year ago, according to the Labor Department. The index is a gauge of inflation, largely measuring how much it costs an individual to pay for everything they need in their lives.

RBA Governor Expects Perfect Inflationary Storm to Moderate

SYDNEY-Reserve Bank of Australia Gov. Philip Lowe said he expects the current perfect storm of inflationary forces to moderate over the next 18 months, and that the central bank will only raise interest rates when it is confident that inflation won't slip again.

Supply-chain congestion and unprecedented demand for goods should ease as consumption habits normalize from their Covid-driven tilt away from services and toward consumer goods and housing materials, Mr. Lowe said Tuesday.

Write to sarka.halas@wsj.com

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

(END) Dow Jones Newswires

11-16-21 0637ET

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