Not for the first time this year, analysts are optimistic that supply shortages are easing and will be fixed within three to six months. There is reason to be skeptical of this figure-even without cheering for tighter monetary policy.
Delivery times for firms ordering supplies have stopped getting longer, according to purchasing managers' surveys in the U.S. and Europe released this week. Global shipping rates seem to have peaked, and Asian factories are reopening. Some retailers say they are already well-stocked ahead of the Christmas season.
Turks Abandon the Lira for Dollars as Currency Crisis Deepens
ISTANBUL-A currency crisis here is battering Turks' confidence in their government's ability to manage the economy, causing droves of people to buy U.S. dollars and sending crowds of people into the streets to oppose President Recep Tayyip Erdogan's policies.
Riot police lined the streets in parts of Istanbul as the country braced for a third night of scattered protests over Mr. Erdogan's inability to stop a precipitous drop in the Turkish lira. The lira's depreciation has undermined nearly two decades of economic gains that had lent Turks a sense that they were ascending into the world's club of top economies.
South Africa Raises Alarm Over New Coronavirus Variant
JOHANNESBURG-South Africa's government is considering new public-health restrictions to contain a fast-spreading new variant of the coronavirus that scientists say has a high number of mutations that may make it more transmissible and allow it to evade some of the immune responses triggered by previous infection or vaccination.
The warning from the South African scientists and the Health Ministry, issued in a hastily called news briefing Thursday, prompted the World Health Organization to call a meeting of experts for Friday to discuss whether to declare the new strain a "variant of concern."
Micron, UMC Reach Settlement in IP Theft Case
U.S. memory-chip maker Micron Technology Inc. and Taiwan's United Microelectronics Corp. have reached a global settlement related to Micron's allegations of intellectual property theft.
UMC will make a one-time payment of an undisclosed amount to Micron, a joint statement by the two companies said.
Fantasia Says Winding-Up Petition Filed Against Key Subsidiary
Fantasia Holdings Group Co. said a winding-up petition was filed against one of its main subsidiaries, adding to the financial troubles at the Chinese property developer.
The petition relates to loans for which subsidiary Fantasia Investment Holdings Co. was the guarantor, the property developer said.
Antitrust Tech Bills Gain Bipartisan Momentum in Senate
WASHINGTON-Support for curbing large technology companies' market power is widening in the Senate, with lawmakers in both parties endorsing new legal constraints on search engines, e-marketplaces, app stores and other online platforms.
Lawmakers say they are responding to public concerns over the size and influence of the tech companies.
Drugmakers Gear Up for Price Restrictions in Biden's Legislative Agenda
The pharmaceutical industry is bracing for the most significant expansion of government regulation of drug prices in decades despite success in watering down proposals from congressional Democrats that would have gone much further.
The House last week approved a roughly $2 trillion social-spending and climate bill supported by President Biden that requires the government to negotiate prices for some older high-cost medicines covered by Medicare. The bill also caps annual drug price increases at the rate of inflation. The measures reduce federal drug spending-and industry revenue-by $128 billion over 10 years, according to the Congressional Budget Office.
Uber CFO Focuses on Revenue Growth After Hitting Profitability Milestone
Uber Technologies Inc.'s finance chief said the ride-sharing and delivery company is focused on boosting its revenue and income after achieving an important profitability milestone during its latest quarter.
San Francisco-based Uber said in early November that it recorded adjusted earnings before interest, taxes, depreciation and amortization of $8 million for the quarter ended Sept. 30. It was the first time in its roughly decadelong history that Uber reported a positive figure for this metric, helped by a recovery in its rides business and the continued strength of its food-delivery unit, Uber Eats.
Bumble Investors Should Be More Thankful
Bumble Inc. may never have the broad appeal of dating giant Match Group, Inc., but it is looking more lovable. Since going public in February, its share price has dropped 54% from where it opened on its first day of trading. Over just the last three months, it is down 36%, while Match's share price has fallen less than 2%.
Bumble was founded to turn dating on its head, empowering women to make the first move in an attempt to curb aggressive or unwanted advances from men online. The "woke" message resonated with investors initially but, including the lesser buzzed-about Badoo, Bumble has just two dating apps compared with Match's more than 10 brands. A survey earlier this year from Evercore ISI found that, of males and females using both apps, a significantly higher percentage of both groups were more satisfied with Tinder.
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Expected Major Events for Friday
00:01/UK: Oct UK monthly automotive manufacturing figures
07:00/GER: Oct Foreign trade price indices
07:00/NOR: Oct Retail Sales
07:45/FRA: Nov Consumer confidence survey
08:00/SWE: Nov Consumer Tendency Survey
08:00/SWE: Nov Monthly Business Tendency Survey
08:00/SVK: Oct PPI
08:00/SWI: 3Q GDP
08:30/SWE: Oct Retail sales
09:00/AUT: Nov Austria Manufacturing PMI
09:00/EU: Oct Monetary developments in the euro area (M3)
09:00/ITA: Nov Consumer Confidence Survey
09:00/ITA: Nov Business Confidence Survey
10:00/CRO: 3Q Flash Estimate GDP
10:00/CRO: 3Q GDP
15:59/UKR: Oct Industrial Production
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