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EUROPEAN MIDDAY BRIEFING - Stocks Tumble Again in -2-

12/02/2021 | 06:32am EST

ISTANBUL-Turkey's President Recep Tayyip Erdogan named a loyalist as the country's new finance minister Thursday, after the incumbent resigned over clashes with the longtime leader's unconventional economic policies that have intensified a currency crisis shaking the country.

Nureddin Nebati, a former deputy finance minister, replaces Lütfi Elvan at the top of the finance ministry.

Novartis Says Top Drugs Should Fuel Sales Growth Through 2026

Novartis AG said Thursday ahead of its research-and-development day starting later today that it expects sales to keep growing in the mid-term mainly thanks to its main in-market growth drivers, while several new assets could be approved by 2026.

The Swiss pharma giant said that sales should continue to rise at a compound annual growth rate of at least 4% through 2026, driven by multi-billion dollar sales from its medicines Cosentyx, Entresto, Kesimpta, Zolgensma, Kisqali and Leqvio.

Thyssenkrupp Unveils Mid-Term Targets as Restructuring Continues

Thyssenkrupp AG on Thursday set mid-term targets as it continues to restructure its operations.

The industrial company said as part of its capital-market day that it targets a margin for adjusted earnings before interest and taxes of between 4% to 6% in the medium term.

Safran Sees Income Margin, Revenue Growth Through 2025

Safran SA said Thursday at its capital markets day that it expects profit margin and revenue to grow through 2025, and disclosed other mid-term targets such as for free cash flow and dividends.

The French defense-and-aerospace company said it expects recurring operating income margin to reach 16% to 18% by 2025. The target would represent "more than 5 points margin expansion from 2021, mainly driven by growth in services across all divisions," it said. In 2024 and 2025, its margin should expand faster than during the 2021-23 period.

Aston Martin CFO Kenneth Gregor to Step Down for Personal Reasons

Aston Martin Lagonda Global Holdings PLC said Thursday that Chief Financial Officer Kenneth Gregor will step down from the role and as a director by the end of June for personal reasons.

The British luxury car maker said that it has begun the process of finding a new CFO, and will provide an update once that has concluded.


Low Initial Jobless Claims Reflect Tight Labor Market

The number of people filing new claims for unemployment benefits is expected to have remained near pandemic lows last week as employers continued to hold on to their workers in a tight labor market.

Initial jobless claims, a proxy for layoffs, are expected to total a seasonally adjusted 240,000 for the week that ended on Nov. 26, according to economists surveyed by The Wall Street Journal, following the prior week's report showing the lowest number of new claims in 52 years.

Bond Investors Bet on Low Peak Interest Rates

U.S. government-bond yields have climbed a lot this year. Some analysts are concerned that they haven't risen even further.

The reason is that the world has moved closer with each passing month to the day when investors think that the Federal Reserve will raise its benchmark federal-funds rate above its current level near zero.

Derby's Take: Fed Taper Not Taking Wind Out of Treasury Market's Sails

The performance of the Treasury bond market over recent weeks is again suggesting that the idea of a clear link between the central bank's asset buying and the movement of yields remains tenuous.

In the time the Fed has employed bond purchases to bolster the economy, an unorthodox strategy during the financial crisis and its aftermath now elevated to a normal part of the monetary-policy toolkit, economists have struggled to measure what the central bank gets for its buying.

Supply Imbalances Continued to Hold Back U.S. Growth This Fall, Fed's Beige Book Says

The U.S. economy grew at a "modest to moderate" pace this fall, with supply-chain issues and labor shortages holding back growth despite strong demand, the Federal Reserve said Wednesday.

The Fed report, a periodic collection of business anecdotes from around the country known as the Beige Book, found that consumer spending throughout the country was strong but held back by low inventories. Strong demand allowed firms to raise prices with "little pushback" from consumers, and increases were widespread throughout the economy.

Biden to Toughen Testing for International Travelers to Slow Omicron

WASHINGTON-President Biden plans to tighten up Covid-19 testing timelines for travelers entering the U.S. and extend a mask mandate on airplanes and other public transportation as part of a broad administration effort to combat the Omicron variant.

International travelers coming to the U.S. will have to test within a day of departure, regardless of vaccination status, rather than the 72 hours currently required for vaccinated travelers, under new protocols early next week, senior administration officials said. The new testing rules will apply both to U.S. citizens and foreign nationals entering the country.

U.S. and South Korea to Update Wartime Plans for North Korea

SEOUL-The U.S. and South Korea said they would update their joint wartime contingency plans for North Korea, as the Kim Jong Un regime has kept pursuing military advances amid a stall in nuclear talks.

During a visit to Seoul, Defense Secretary Lloyd Austin, alongside his South Korean counterpart, approved an update to the strategic guidance used for wartime operation plans, a document that hadn't been updated since 2010. The precise nature of the review, or what might change, wasn't immediately disclosed.

Write to paul.larkins@dowjones.com

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

(END) Dow Jones Newswires

12-02-21 0632ET

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