EMEA Morning Briefing: Stocks to Advance, -2-

10/07/2021 | 10:17pm
Elon Musk

The change in Irish policy comes ahead of a Friday meeting of 140 governments and jurisdictions that have for years been negotiating a way of taxing international companies to limit avoidance and divide tax revenue in a way they say is fairer. The group seems likely to give its backing to a final agreement that would aim for implementation in 2023.

Worried About Central Banks Making a Mistake? They Already Have

Of all the dangers facing investors at the moment, few are scarier than the Federal Reserve making a mistake. The bad news: This mistake has already happened-the only question is how impactful it will be.

It has been a choppy week for stocks. On Thursday, they rose as investors digested news that Russia may step in to ease Europe's shortage of natural gas, and of a temporary debt-ceiling deal in Washington. The bigger picture is that many investors still seem willing to buy the dip after what has been the biggest drawdown for U.S. equities since late 2020.

Fed's Brainard Says Banks Likely to Need Direction From Regulators on Managing Climate Risks

A top Federal Reserve official said financial regulators should direct the nation's biggest banks to take new steps to manage climate-related risks as part of a broader effort to monitor potential hazards posed to the financial system.

Fed governor Lael Brainard detailed how the central bank is preparing to beef up its assessment of growing threats from climate-related events, including natural disasters and wildfires, which could deliver unexpected shocks to the economy and markets.

NatWest Pleads Guilty to Anti-Money-Laundering Charges

A subsidiary of NatWest Group PLC pleaded guilty in the U.K. on Thursday to charges that it violated regulations requiring financial institutions to maintain adequate anti-money-laundering systems and controls.

The guilty plea is the first criminal prosecution under money-laundering regulations that went into effect in 2007, the U.K.'s Financial Conduct Authority said.

Pfizer Asks FDA to Authorize Covid-19 Vaccine in Young Children

Pfizer Inc. and BioNTech SE have asked U.S. health regulators to green light their Covid-19 vaccine for children 5 to 11 years old, setting up the shot to potentially be available to millions of youngsters in a matter of weeks.

The companies said Thursday that they submitted the application for authorization with the U.S. Food and Drug Administration.

U.K. Retail Footfall Rose Marginally in September but Remains Below 2019 Levels

U.K. retail stores footfall rose slightly in September but still failed to reach pre-coronavirus pandemic levels, according to the latest report by the British Retail Consortium.

Footfall in U.K. stores fell 16.8% compared with 2019 in the five weeks ended Oct. 2, but rose 1.2% when compared with August 2021.

Some European Countries Are Limiting the Use of Moderna's Covid-19 Vaccine in Younger Ages

Finland on Thursday joined Sweden, Denmark and Norway in recommending against use of Moderna Inc.'s Covid-19 vaccine in younger age groups, citing risks of rare cardiovascular side effects they said warranted the precautionary steps.

Finland's Institute for Health and Welfare said Thursday it would pause use of the Moderna vaccine among men under the age of 30, following a similar step Wednesday by Swedish regulators. Denmark on Wednesday said it wouldn't offer the Moderna vaccine to under-18s as a precautionary measure.

Chubb to Acquire Cigna Businesses in Asia, Turkey for $5.75 Billion

Chubb Ltd. has agreed to buy the Asia-Pacific insurance business of Cigna Corp. for $5.75 billion in an all-cash deal, as part of its strategy to expand in the region.

The operations to be acquired include Cigna's accident, health and life-insurance businesses in South Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia, the companies said in a joint statement on Friday. The deal also involves acquiring Cigna's interest in a joint venture in Turkey.

Samsung Expects 28% Rise in Operating Profit

SEOUL-Samsung Electronics Co. is forecasting a 28% jump in third-quarter operating profit, the latest reminder of how the world-wide semiconductor shortage has turned out to be a financial boon for chip makers.

The world's largest smartphone and memory-chip maker is projecting operating profit of 15.8 trillion South Korean won, equivalent to about $13.3 billion, for the quarter ended Sept. 30. That compares with about 12.35 trillion won for the year-earlier quarter.

Tesla to Move Headquarters From California to Texas, Elon Musk Says

Tesla Inc. is moving its headquarters to Austin, Texas, cementing Chief Executive Elon Musk's commitment to the Lone Star State and adding to a handful of Silicon Valley companies that have relocated there.

Mr. Musk announced the move from Tesla's Austin-area factory, which the company began building last year and where it held its annual shareholder meeting Thursday. He added that Tesla plans to expand its activities in California but that the company's ability to scale up in the San Francisco Bay Area is limited.

Google to Block Ads From Appearing Next to Content Denying Climate Change

Alphabet Inc.'s Google will no longer allow digital ads bought on its platform to appear next to online content that denies climate change, a ban that will also apply to YouTube, the company's giant online-video service.

The ban applies to "content that contradicts the well-established scientific consensus around the existence and causes of climate change," Google, the world's largest digital-ad company by revenue, said in a blog post Thursday. It also applies to any content denying that human activity or greenhouse gas emissions contribute to climate change.

Twitch Data Leak Shows Some Streamers Make Hundreds of Thousands Per Month

Leaked data this week from the streaming platform Twitch Interactive revealed that some people can make six-figure monthly incomes from playing videogames in front of a live online audience.

A user of the online chat forum 4chan claimed to have access to the payout information, and several people who called themselves Twitch streamers said many of the figures were consistent with what they had earned. Others said the figures didn't paint a full picture of their earnings, in part because they didn't appear to take into account what they make when streaming as part of a group or from third parties.

Write to sarka.halas@wsj.com

Expected Major Events for Friday

00:01/UK: Sep KPMG and REC UK Report on Jobs

04:30/NED: Aug Manufacturing output

05:00/FIN: Aug Industrial Production

06:00/FIN: Aug Foreign trade

06:00/NOR: Aug Monthly GDP

06:00/GER: Aug Foreign Trade

07:00/CZE: Aug Retail trade

07:00/HUN: Sep CPI

07:00/HUN: Aug Preliminary External Trade

07:00/SVK: Aug Foreign trade

07:00/AUT: Aug Production Index

08:00/BUL: Aug Industrial Production

09:00/GRE: Aug External Trade (provisional data)

09:00/CRO: Aug Foreign Trade

09:00/MLT: Aug Industrial Production Index

09:00/GRE: Sep CPI

09:00/GRE: Aug Industrial Production Index

09:00/LUX: Aug Industrial Production

09:00/MLT: Sep Harmonised CPI

10:00/IRL: Sep Irish Live Register latest monthly figures

11:00/UK: 3Q Bank of England Quarterly Bulletin

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

10-08-21 0017ET

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