EUROPEAN MIDDAY BRIEFING – Mixed actions before -2-

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However, according to a Bloomberg survey, OPEC + production continues to be below the amount by which the cartel eases cuts, with production for Nigeria and Angola declining on a monthly basis, Martinsen said. “Compliance with OPEC cuts is now 121%, a clear indication that several OPEC countries are struggling with its production capacity,” he said.

Gold has remained stable and may consolidate ahead of the FOMC decision later this week. The precious metal appears poised to consolidate around the $ 1,800 / oz level until financial markets get through the expected Fed cut announcement and pullback in signaling when an increase in prices. rate could occur, Oanda said.

However, rapid cycles of monetary tightening and unbalanced global economic recoveries could trigger demand for gold in the coming quarters, Oanda added.

Iron ore prices collapsed as Chinese steel smelters, the main consumers of the metal, cut production. Iron ore futures fell 6% to $ 93.59 per metric tonne, nearing their one-year low reached in September.

   
 
 

MAIN FOCUS EMEA

Standard Chartered profit jumps 44% in third quarter

Standard Chartered PLC’s underlying profit before tax increased 44% to $ 1.075 billion for the third quarter, continuing to recover as its operating profit returned to growth and write-downs credit levels weakened further.

The bank’s operating profit rose 7.0% from a year ago to $ 3.765 billion as strong business momentum more than offset a lower net interest margin.

   
 
 

BP Announces 3rd Quarter Profit Increase; $ 1.25 billion in buybacks

BP PLC on Tuesday reported an increase in third-quarter profits, beating expectations, and said it continued to expect a decline in reported upstream production for the full year.

Energy group FTSE 100 also said it expects an additional $ 1.25 billion share buyback before reporting its fourth-quarter results and expects underlying production in upstream is slightly higher than that of 2020.

   
 
 

Maersk Increases $ 5 Billion Buyout, Completes $ 644 Million Acquisition to Boost Air Cargo Supply

AP Moeller-Maersk AS said on Tuesday that the current strong demand, high freight rates and supply chain disruptions will continue at least until the first quarter of 2022, as it confirmed its forecast for the year. entire company and increased its share buyback program by $ 5 billion during the years 2024 and 2025.

Maersk also announced the acquisition of global freight forwarder Senator International to expand its air freight offering in a deal worth $ 644 million. As part of the deal, Maersk leased three cargo planes and ordered two new Boeing B777s.

   
 
 

Flutter Reports Strong Third Quarter Revenue Growth; Earnings affected by sports results

Flutter Entertainment PLC said on Tuesday that third quarter revenue rose sharply with rapid growth in its FanDuel business in the United States, although unfavorable sports results will weigh on its profits.

The Dublin-based gaming group said quarterly revenue was 1.44 billion pounds ($ 1.97 billion), up 12% from the previous year at constant exchange rates. Average monthly gamers increased 13% to 7.3 million.

   
 
 

HelloFresh actions increase after third Outlook upgrade in a year

Shares of HelloFresh SE rose on Tuesday after the German meal kit maker raised its revenue outlook for the third time this year due to strong customer growth and high order rates in the third quarter.

At 09:00 GMT, HelloFresh stock was trading up 14% to 80.12 EUR.

   
 
 

Fresenius’ net profit increased in the third quarter; Plans to cut up to 5,000 jobs at Dialysis Business

Fresenius SE & Co. said on Tuesday that its net profit and sales for the third quarter had increased, and presented plans to restructure its Fresenius Medical Care AG & Co. business, including cutting up to 5,000 jobs on time. full.

The German healthcare company posted quarterly net profit of 435 million euros ($ 504.8 million), up 2% year on year. Sales climbed 5% to 9.32 billion euros.

   
 
 

Adecco net profit in Q3, increased revenues; Sees modest sequential growth in 4Q

Adecco Group AG said on Tuesday that its net profit and revenue increased in the third quarter, while it expects modest revenue growth in the fourth quarter.

The Swiss human resources firm posted a net profit of 133 million euros ($ 154.4 million), up from 80 million euros a year earlier.

   
 
 

COP26 leaders agree to end deforestation by 2030

GLASGOW-World leaders from more than 100 countries, including the United States, China and Brazil, have agreed on a deal to end and then reverse deforestation by 2030, committing nearly $ 20 billion of public and private funds to protect and restore forests.

British Prime Minister Boris Johnson, at the COP26 climate summit in Scotland on Tuesday, called the commitment a historic agreement that includes countries representing 85% of the world’s forest land. But details on how such an agreement, which is not legally binding, would be executed and monitored have yet to be worked out.

   
 
 

At COP26, Biden calls for more climate action as divides widen between nations

GLASGOW-President Biden told world leaders at the COP26 summit here that the coming decade will be pivotal in tackling climate change.

Hours later, Indian Prime Minister Narendra Modi gave a slower-than-expected deadline to cut his country’s emissions, saying India would take until 2070 to reduce its net greenhouse gases to zero.

   
 
 
   
 
 

WORLD NEWS

Jerome Powell’s dashboard casts doubt on rapidly falling inflation

Federal Reserve Chairman Jerome Powell used the gist of a much-anticipated speech at the end of August to explain why he was still convinced this year’s surge in inflation would be temporary. His words have not aged well.

Economic data released over the past two months has cast doubt on parts of Mr Powell’s thesis, which is why he admitted less convinced that inflation will quickly return to the Fed’s 2% target. as the problems in the supply chain subside.

   
 
 

China gorges itself on US gas to manage energy shortage and carbon footprint

At the height of the trade war in 2019, China all but cut imports of US liquefied natural gas. Today, China buys more gas from the United States than ever.

This turnaround is one of the consequences of the global energy shortage which has caused prices to soar. And this is the result of China’s efforts to reduce carbon emissions by reducing the amount of coal it burns.

   
 
 

Reserve Bank of Australia abandons key stimulus tool

SYDNEY – The Reserve Bank of Australia has said it will stop using yield ceilings and has abandoned the idea that its benchmark interest rate will not rise until 2024, joining other central banks that tighten policy as inflation risks increase.

The RBA’s policy move follows a hawkish turn by the Bank of Canada, which ended its government bond buying program last week and pushed back the date on which it could first raise. times its benchmark interest rate from its current level close to zero. The Federal Reserve is expected to begin this week to end its $ 120 billion per month asset purchase program with a view to ending those purchases by next June.

   
 
 

EPA takes action to limit methane emissions from oil and gas production

The U.S. Environmental Protection Agency will propose a broad expansion and tightening of rules on Tuesday to limit methane emissions from oil and natural gas production, in what President Biden called a critical initiative for limit one of the most powerful greenhouse gases.

The EPA said it would propose for the first time to control methane in existing wells nationwide, a move that small producers have fought for years. That would put about a million new and existing wells under EPA methane regulation, with more stringent requirements for new wells in addition to early regulations for old ones.

   
 
 

Biden administration targets digital currency Stablecoin for bank-like oversight

WASHINGTON – The Biden administration took the first major step on Monday to impose banking-like oversight on cryptocurrency companies involved in issuing stablecoins, outlining a process that could shape the future of that digital currency.

A Treasury-led panel recommended that Congress impose a new regulatory framework around stablecoins – digital currencies pegged to national currencies like the U.S. dollar – and limit the issuance of those digital assets to banks. The legislative demand is a tall order given that the two houses of Congress are closely divided.

   
 
 

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

 

(END) Dow Jones Newswires

November 02, 2021 07:14 ET (11:14 GMT)

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


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