EUROPEAN MIDI BRIEFING – Oil stocks gain -2-

“The short-term tension of the copper market [is] temporary, not structural … This still keeps us directionally bearish on copper prices over the medium term, “they said.

   
 
 

EMEA SECURITIES

Saudi Aramco raises official selling prices amid tightness

Saudi Arabian Oil Co. has said it will increase the prices that global consumers have to pay for its petroleum products in December, sending a signal that it expects the tightening of the market to keep prices sustained.

The state-owned company, known as Saudi Aramco, more than doubled on Friday night the premium Asian consumers must pay next month for its flagship Arab Light crude to $ 2.70 a barrel above average. Platts Dubai and DME Oman awards.

   
 
 

Automotive Cybersecurity Cluster Expands Across Europe Amid Growing Threats, New Regulation

Automakers and parts suppliers seeing increased hacking threats and new cybersecurity laws are working together to share intelligence to better protect their operations.

   
 
 

BHP to sell controlling stake in two coal mines for up to $ 1.35 billion

ADELAIDE, Australia-BHP Group Ltd. announced that it would sell its controlling interest in two metallurgical coal mines to Stanmore Resources Ltd. for up to $ 1.35 billion, focusing on high quality coal that should be demanded by the global steel industry decarbonises.

BHP said Stanmore would buy its 80% stake in BHP Mitsui Coal, or BMC, which operates the South Walker Creek and Poitrel coal mines in Queensland, a coal-rich Australian state in the country’s northeast. . Japan’s Mitsui and Co. holds the remaining stake. The Wall Street Journal recently reported that a deal with BHP to sell the stake to Stanmore was near.

   
 
 

Henkel shares fall after guiding outlook to lower expectations

Shares of Henkel AG & Co. KGaA fell sharply on Monday after publishing a more pessimistic outlook for the full year on lingering raw materials and supply chain issues.

As of 09:26 GMT, shares were down 5.1% to 76.66 EUR.

   
 
 

Bouygues signs $ 8.2 billion deal for Engie’s Equans

Bouygues SA has announced that it has reached an agreement to acquire the energy company Engie SA unites Equans, which would make the energy services division of the French conglomerate the largest in terms of turnover.

Bouygues will acquire 100% of the technical services provider for 7.1 billion euros ($ 8.2 billion), merging it with its existing energy and services branch, the company said at the weekend. The merged division will have 96,000 employees – the majority of Equans – and a combined turnover of around 16 billion euros per year, based on adjusted figures from last year, Bouygues said.

   
 
 

Abrdn in talks to acquire Interactive Investor for $ 2 billion

Scottish fund manager Abrdn PLC is in talks to acquire online brokerage Interactive Investor, the companies said on Saturday, the latest bet on growth in trade for individual investors.

The companies did not disclose any possible selling price. According to a person familiar with the matter, any deal could value UK-based Interactive Investor at around £ 1.5 billion, or the equivalent of $ 2 billion. The companies are still discussing terms and talks could fail without a deal.

   
 
 

Blackstone to invest up to $ 250 million in Autolus Therapeutics in UK

Blackstone Inc. is investing up to $ 250 million in British biotech company Autolus Therapeutics PLC to fund the final stages of the development of a new therapy to treat a severe form of leukemia, the companies said.

Of the total investment, up to $ 150 million will support the development and commercialization of obecabtagene autoleucel, a cell therapy that targets a disease called acute lymphoblastic leukemia. London-based Autolus will receive $ 50 million of that initial amount, with the remainder to be paid as the company reaches certain milestones. In return, Blackstone’s Life Sciences Unit will receive a portion of the therapy royalties.

   
 
 

BAE Systems says the pipeline of opportunities is strong and supports the 2021 directions.

BAE Systems PLC said on Monday that its pipeline of opportunities was strong and supported its forecast for the year.

The London-listed defense firm said it has eased and managed supply chain pressures and has so far avoided any material impact on its performance.

   
 
 

Venice artisans pushed to the brink by the gas crisis

MURANO, Italy-In the unusually cold workshop where he usually creates glass vases and candelabras, Fabio Onesto looked with despair at the seven ovens he turned off in mid-October to save money.

He halted production after his gas bill in September hit 24,450 euros, or about $ 28,000, almost triple what he paid in previous months of this year, and more than he can sell. his goods.

   
 
 
   
 
 

WORLD NEWS

Biden gets $ 1,000 billion down payment on national agenda; Obstacles to weave for the expense bill

WASHINGTON-President Biden scored a big victory with the House passing the $ 1,000 billion public works bill on Friday night, but political hurdles loom for the White House as attention shifts turns to an even bigger spending bill and next year’s midterm elections.

Congress is expected to take a week-long hiatus and return on November 15 with a litany of items to complete as soon as possible to avoid a government shutdown and move forward with the roughly $ 2 trillion package. dollars on education, health and climate which proved difficult to negotiate with the party’s narrow majority in Congress.

   
 
 

Derby’s point of view: A hawkish case for Fed inflation action emerges

Clear indications from Federal Reserve Chairman Jerome Powell that the US central bank does not need to raise short-term interest rates anytime soon faces an emerging challenge from one of the the institution’s most trusted hawks.

Kansas City Fed chief Esther George on Friday warned that the inflation outlook presented by Mr. Powell on Wednesday may not accurately describe the inflationary environment, with potential implications for monetary policy.

   
 
 

Economy Coming week: Inflation, Employment, GDP

Inflation data from the United States and China highlights this week’s economic news list.

   
 
 

Fluctuations in government bonds burn Wall Street investors

A rapid turnaround in government bond markets caused heavy losses for some of Wall Street’s biggest investors, a striking demonstration of how even small changes in the central bank’s economic growth and policy expectations can overturn the most carefully prepared bets.

Behind the losses are recent sharp swings in government bond prices. As central banks signal their intention to end their extraordinary stimulus measures, short-term bond prices have fallen, pushing yields, which rise when prices fall, to their highest levels since March 2020.

   
 
 

Electric vehicle charging stations win an energy explosion at Congress

The roughly $ 1 trillion infrastructure package passed by Congress on Friday sparks efforts to build a nationwide network of electric vehicle charging stations.

The bipartisan measure touches almost every aspect of the electric vehicle industry and overshadows previous efforts in the United States. the country is further electrifying its transport system.

   
 
 

Automotive Cybersecurity Cluster Expands Across Europe Amid Growing Threats, New Regulation

Automakers and parts suppliers seeing increased hacking threats and new cybersecurity laws are working together to share intelligence to better protect their operations.

   
 
 

China’s trade surplus hits record high in October

BEIJING – Chinese exports grew at a faster rate than expected in October, with the country’s monthly trade surplus reaching an all-time high, official data showed.

Chinese exports rose 27.1 percent from a year earlier in October, from 28.1 percent in September, the General Administration of Customs said on Sunday.

   
 
 

Natural gas exports raise prices for U.S. utilities ahead of winter

U.S. utilities face the highest natural gas prices in years as they build up winter inventories. The reason: Exporters are sending more gas than ever to fuel-hungry countries.

Pipelines to Mexico and Canada and tankers traveling to Europe and Asia have transported record amounts of U.S. gas out of the country this year as parts of the world run out of supplies. US frackers, meanwhile, are staying the course on new drilling as investors urge them to maintain capital discipline and pay back shareholders.

   
 
 

COP26 negotiators turn to plan B as climate commitments fail

GLASGOW-After a week of climate talks here at the COP26 summit, negotiators are grappling with a fundamental mathematical problem: the commitments collectively made by governments to reduce greenhouse gas emissions do not match this that scientists believe is necessary to avoid the most destructive effects of global warming.

Addressing this shortcoming is one of the main tasks of the second week of the summit. Negotiators from major governments, including the United States and the European Union, no longer rely on a few large developing countries to propose larger cuts during the summit itself, officials said. Instead, they plan to spend the rest of the conference negotiating how to push governments to make new, more ambitious pledges in the near future.

   
 
 

Write to sarka.halas@wsj.com

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(END) Dow Jones Newswires

November 08, 2021 06:46 ET (11:46 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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Felix J. Dixon