EMEA Morning Briefing: Equities on the Rise, Economy -2-

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AMC shares rose nearly 8%, erasing losses from the start of the day, when they fell nearly 6% in pre-market trading. The stock has fallen more than 20% so far this week, making it one of the biggest losers as a searing rally in even stocks started to falter. GameStop edged down less than 1% on Thursday, extending a pre-market decline and bringing its loss for this week to nearly 13%.

   
 
 

Rebound in oil demand could boost inflation and put pressure on indebted nations, OPEC says

A strong recovery in global oil demand next year could accelerate the pace of inflation and put pressure on heavily indebted countries, the Organization of the Petroleum Exporting Countries said on Thursday.

In a monthly report, OPEC made its first 2022 forecast for the global oil market, saying it expects the global appetite for crude to increase by 3.3 million barrels per day to reach on average 99.9 million barrels per day. This echoes forecasts made in June by the International Energy Agency, which expects demand to return to pre-pandemic highs by the end of next year.

   
 
 

U.S. banking regulators seek comment on third-party relationship guidelines

Interagency Guidelines on Third Party Relations proposed by three banking regulators highlight the risks financial institutions face as banks increasingly rely on external vendors and fintech companies for their products and services. services, industry observers said.

The Federal Deposit Insurance Corp., the Federal Reserve System Board of Governors and the Office of the Comptroller of the Currency are seeking comments on proposed guidance that provides a risk management framework for third party relationships, the agencies said. this week. Third parties mentioned in the document include vendors, fintech companies, affiliates and holding companies of banking organizations, the agencies said.

   
 
 

Rio Tinto’s second quarter Australian iron ore shipments drop 12%

SYDNEY – Rio Tinto PLC said it shipped 12% less iron ore from its Australian mining center in the second quarter of 2021 compared to a year earlier, and that it expects annual exports to rise. are at the bottom of the previous estimate after facing above-average precipitation, operational stoppages and labor shortages due to Covid-19 restrictions.

   
 
 

Biden says he expects to provide update on travel ban in Europe soon

President Biden said he expected to provide an update on whether his administration would lift the ban on travel from Germany and other parts of Europe in the coming days, at the following an assessment by its Covid-19 advisers.

German Chancellor Angela Merkel raised the subject in a bilateral meeting with Mr Biden on Thursday, he said.

   
 
 

Lebanese Prime Minister-designate Saad Hariri resigns after failing to form government

BEIRUT-Lebanon Prime Minister-designate Saad Hariri on Thursday abandoned his nine-month efforts to form a government, exacerbating a political crisis as the country grapples with a cratered economy and medical shortages amid a global pandemic .

President Michel Aoun tasked Hariri in October with forming a new government after the latter collapsed following the deadly explosion in Beirut in August that destroyed much of the capital. Mr Hariri is the second prime minister designate to give up trying to form a government amid a stalemate among the country’s ruling elite.

   
 
 

Biden bids farewell to German Angela Merkel at the White House

WASHINGTON-President Biden welcomed Angela Merkel to the White House for what is likely her last visit as German Chancellor, with both sides highlighting improving transatlantic relations despite divergent interests on energy and other issues .

After several hours of meetings Thursday afternoon, the two leaders said they discussed a range of topics from the global Covid-19 pandemic to the more assertive behavior of China and Russia. They also highlighted a series of issues they disagree on, including the Nord Stream 2 pipeline, a Russian project to send natural gas to Germany.

   
 
 

EU court sets limits on headscarf ban in the workplace

BRUSSELS – The highest court in the European Union said on Thursday that employers can ban the wearing of scarves and other religious symbols, but are setting conditions for those bans to comply with the bloc’s anti-discrimination laws.

   
 
 

Intel in talks to buy GlobalFoundries for around $ 30 billion

Intel Corp. is exploring a deal to buy GlobalFoundries Inc., according to people familiar with the matter, as part of a move that would boost the semiconductor giant’s plans to make more chips for other tech companies and be seen as its biggest acquisition ever.

A deal could value GlobalFoundries at around $ 30 billion, the people said. There is no guarantee that one will meet, and GlobalFoundries could make a planned initial public offering. GlobalFoundries is owned by Mubadala Investment Co., an investment arm of the Abu Dhabi government, but based in the United States

   
 
 

Netflix’s Gambit video game takes shape as streaming competition grows

Netflix Inc. co-founder Reed Hastings has often said that he sees video games as the streaming company’s biggest competitor for customers.

Now he wants Netflix to make its own video games, and the company has brought in an industry veteran to oversee its strategy.

   
 
 

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(END) Dow Jones Newswires

July 16, 2021 00:20 ET (04:20 GMT)

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