European natural gas prices wavered as traders monitor talks between NATO and Russia over Ukraine. Dutch benchmark gas futures are down less than 0.1% at EUR75.20 a megawatt-hour.
Still, easing supply challenges and milder than expected weather in Western Europe have seen prices pull back this week from recent highs. The contracts are hovering close to their lowest level in two weeks.
With talks over Ukraine continuing, U.S. lawmakers are considering a bill that would impose mandatory sanctions on Russia if it invades Ukraine. The bill would also direct the U.S. government to review a decision not to impose sanctions on the Nord Stream 2 pipeline between Russia and Germany.
Gold prices eased but remain close to a one-week high reached Wednesday after U.S. inflation data. The precious metal has gained 1.3% so far this week as investors look to it as a hedge against inflation and as prices have been supported by a falling dollar.
EMEA HEADLINES
Huge U.S. Investments at Risk in Kazakhstan Unrest
For years, Kazakhstan's vast natural riches and relative political stability have made the country a ripe target for U.S. investments. The current wave of protests, which has led to dozens of deaths, is now making those investments a riskier proposition.
Since 2005, the value of U.S. investment in the Kazakh economy has surpassed $45 billion, according to Kazakh authorities. Some 600 U.S. companies operate there, including Chevron Corp., Exxon Mobil Corp., Dow Inc. and DuPont Inc.
Tesco 3Q, Christmas Sales Rose, Driving Upgrade to FY 2022 Guidance -- Update
Tesco PLC said Thursday that it has had stronger-than-expected sales to date after a strong third quarter of fiscal 2022 and robust sales during Christmas, and that it now expects to post a retail operating profit for the full fiscal year slightly above its previous top-end guidance.
The U.K.'s biggest grocer by market share said like-for-like retail sales rose 2.6% on year in the 19 weeks ended Saturday, rising 2.4% in the third quarter and 3.2% in the Christmas period. The company's retail operating profit guidance is in the range of 2.5 billion to 2.6 billion pounds ($3.56 billion-$3.43 billion).
Geberit 2021 Sales Grew Strongly on Pandemic DIY Trend
Geberit AG said Thursday that 2021 sales grew strongly, overcoming supply-chain challenges as the company benefited from a home-improvement trend driven by the coronavirus pandemic.
Net sales rose 16% on year to 3.46 billion Swiss francs ($3.78 billion), the Swiss sanitary-goods maker said in a trading statement ahead of full 2021 reporting in March.
Pepco Group 1Q Revenue Rose
Pepco Group BV said Thursday that revenue in the first quarter of fiscal 2022 rose despite pandemic-driven operating restrictions across many territories.
The owner of brands such as Poundland in the U.K. and Dealz in continental Europe said revenue during the quarter ended in December rose 12% on a constant-currency basis to 1.35 billion euros ($1.54 billion). On a like-for-like basis, sales rose 0.7%.
Persimmon PLC 2021 Revenue Rose, Forward Sales Slip Slightly
Persimmon PLC said Thursday that revenue rose 8.4% in 2021, though its current forward-sales position for the year fell slightly on-year.
For the year ended Dec. 31, the U.K. home builder said revenue was 3.61 billion pounds ($4.95 billion), compared with GBP3.33 billion a year earlier. The company said it has seen good levels of demand throughout the second half of the year, underpinning positive pricing conditions.
ASOS Backs FY 2022 Guidance; To Move to LSE Main Market
ASOS PLC said Thursday that its guidance for the year remains unchanged despite uncertainty related to the Omicron coronavirus variant, and that it intends to move to London Stock Exchange's main market.
The online fashion retailer said revenue for the first four months of fiscal 2022, ended Dec. 31, rose in line with its guidance by 5% to 1.39 billion pounds ($1.90 billion).
Marks & Spencer Reports Strong Performance Over Christmas; Backs FY 2022 Guidance
Marks & Spencer Group PLC said Thursday that its performance over the Christmas period was strong, and backed its guidance for the year.
The U.K. retailer said that group sales for the 13 weeks ended Jan. 1 rose 19% to 3.27 billion pounds ($4.48 billion).
Energy Dependence Ties Europe's Hands in U.S.-Russia Crisis
Europe's growing dependence on Russian gas and oil is limiting the continent's room to maneuver in the mounting U.S.-Russia crisis over security in the region and making it highly vulnerable in the event of an escalation.
Officials from the U.S., Russia and Europe meet Thursday in Vienna at the Organization for Security and Cooperation in Europe to discuss the tensions. Earlier this week, the U.S. and Russia failed to narrow differences over Moscow's deployment of more than 100,000 troops along the border with Ukraine, a major thoroughfare for gas consumed in Western Europe, and Moscow's demands for changes to Europe's security architecture. Russia has denied preparing to invade its western neighbor.
In U.S.-Russia Talks Over Ukraine, Kyiv Gets a Voice
VIENNA-Ukraine has been the focus of talks this week between Russia and U.S.-led Western allies but wasn't present at negotiations in Geneva or Brussels. On Thursday in Vienna, Kyiv gets a seat at the table. Whether Russia will engage remains an open question.
All the parties will gather at a regular meeting of the Organization for Security and Cooperation in Europe, a 57-country grouping that helped to foster peace during the Cold War.
HgCapital Targets $14.75 Billion for Buyout Funds
HgCapital in London is targeting roughly $14.75 billion for two new buyout funds less than two years after it secured almost $10 billion for the strategies.
The firm aims to collect at least $8.5 billion for Hg Saturn 3 LP, its large-company buyout fund and EUR5.5 billion, equivalent to $6.25 billion, for Hg Genesis 10 LP, which focuses on midsize businesses, according to public documents prepared for the Connecticut Retirement Plans and Trust Funds. Both strategies target investments in software and services businesses mainly in Northern Europe.
GLOBAL NEWS
Tight U.S. Labor Market Has Kept Lid on Layoffs
A tight U.S. labor market has kept applications for unemployment benefits close to record lows for the past two months, while workers calling in sick because of the Omicron variant of Covid-19 have increased pressure on employers.
Economists surveyed by The Wall Street Journal estimate that initial jobless claims, a proxy for layoffs, fell slightly to 200,000 for the week ended Jan. 8, from 207,000 the prior week. Initial claims and their four-week moving average-which smooths out volatility in the weekly figures-have in recent weeks continued to hover near their lowest levels since 1969.
What to Watch in Bank Earnings, From Interest Rates to Omicron's Impact
As the pandemic drags on, what does the new normal for banks look like? Investors are about to get some answers.
Big U.S. banks unveil fourth-quarter results starting later this week, with JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. slated to report Friday.
Fed's Bullard: Four Interest Rate Rises in 2022 Now Appear Likely
Federal Reserve Bank of St. Louis President James Bullard said the U.S. central bank will need to move more aggressively on rate rises this year as it seeks to stem an inflation surge, amid a job market that could see the unemployment rate fall below 3% by the end of the year.
"We want to bring inflation under control in a way that does not disrupt the real economy, but we are also firm in our desire to get inflation to return to 2% over the medium term," Mr. Bullard said in a Wall Street Journal interview Wednesday.
PC Shipments Faced Tough Fourth Quarter, but Pandemic Supplies a Brace
Shortages and bottlenecks weighed on personal-computer shipments in the fourth quarter, but the pandemic-induced revival of the PC market is expected to continue, according to industry data.
International Data Corp. and Canalys said PC shipments in the fourth quarter rose about 1%, while Gartner Inc. said world-wide PC shipments declined 5% in the December quarter, which it said was the first year-over-year decline after six straight quarters of growth.
Economists React: Inflation Expected to Cool This Year
The U.S. inflation report for December showed prices accelerating at the fastest pace in almost 40 years. But history isn't much of a guide in this case, economists say, because today's inflation is caused primarily by factors related to the Covid-19 pandemic and should fade in the coming months.
The past few months of price increases come from both a surge in consumer demand following the Biden administration's economic stimulus programs and supply shortages caused by a logjam at factories and U.S. ports.
Moderna Expects to Report Vaccine Data for Young Children in March
Moderna Inc. on Wednesday said it expects to report data from its Covid-19 vaccine trial in children ages 2 to 5 in March.
If the data are supportive and, subject to regulatory consultation, Moderna may proceed with regulatory filings for the vaccine for young children thereafter, the U.S. pharmaceutical and biotechnology company said.
Novak Djokovic Set to Play Fellow Serb in Australian Open as Visa Decision Looms
SYDNEY-Novak Djokovic is slated to play fellow Serb Miomir Kecmanovi? in next week's opening round of the Australian Open, although the defending champion's participation remains in doubt as the government considers canceling his visa for a second time.
(MORE TO FOLLOW) Dow Jones Newswires
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