EUROPEAN MIDI BRIEFING – Stock market, drop in oil on -2-
Shares of Novacyt SA rose on Friday after the company improved its full-year revenue forecast following approval of its Genesig Covid-19 real-time PCR test in the UK under the 2021 regulations on medical devices from the Health Security Agency.
The clinical diagnostics company said it will now make efforts to resume sales of the product in the country.
Turks Ditch Lira For Dollars As Currency Crisis Worsens
ISTANBUL- A currency crisis here is undermining Turks’ confidence in their government’s ability to manage the economy, causing crowds of people to buy US dollars and sending crowds of people to the streets to oppose the policy of President Recep Tayyip Erdogan.
Riot police lined the streets in parts of Istanbul as the country braced for a third night of dispersed protests over Mr Erdogan’s inability to stop a steep fall in the Turkish lira. The depreciation of the pound undermined nearly two decades of economic gains that had made Turks feel they were stepping into the world’s club of the best economies.
UK car manufacturing in October hits lowest level of the month since 1956
British auto manufacturing fell 41% in October – its worst for the month since 1956 – as global chip shortages hurt production, an industry body said on Friday.
The Society of Motor Manufacturers and Traders said a total of 64,729 cars rolled off production lines in October, up from 110,458 in October 2020 and 51,680 in October 1956. Production for the first 10 months of 2021 has fallen. from 2.9% to 721,505.
Novo Nordisk sees 3% sales increase in 2022 thanks to reduced prices and volumes of insulin sold in China
Danish pharmaceutical company Novo Nordisk AS said on Friday it expects a 3% negative impact on global sales growth in 2022 due to lower prices and reduced volumes of insulin sold in China. .
The company said it had received the results of the volume-based tender for insulin in China, where China’s National Healthcare Safety Administration has issued a tender for insulin. sold in hospitals.
K + S Says No Value Adjustments Required After German Watchdog Final Findings
K + S AG said Thursday evening that it believes the final findings of the German accounting supervisor’s review of the 2019 and 2020 financial statements will not result in valuation adjustments.
“According to K + S, the final findings do not result in any adjustment requirements for the valuations of the cash-generating unit of the potash and magnesium products in the respective financial statements,” the German chemical company said.
SEB CFO Masih Yazdi leaves for personal reasons
Skandinaviska Enskilda Banken AB said on Friday that CFO Masih Yazdi has decided to take personal leave, effective December 8.
Peter Kessiakoff, currently CFO of SEB’s Corporate and Private Clients division, has been appointed interim CFO, and he will work with deputy CFO Kenneth Berglund, the bank said.
France, UK grapple with migrant boat crossings after 27 drownings
PARIS-France has set up barbed wire, heat detectors and police patrols at the entrance to the Channel Tunnel and at the port of Calais to prevent migrants from using what were once the most popular routes for the illegal migration to Great Britain.
The measures, according to officials and analysts, have prompted migrants to take a much more dangerous route: boarding small boats from the beaches of northern France to cross the choppy waters of the English Channel.
Afghan teachers challenge Taliban by secretly educating teenage girls
KABUL-A group of teenage girls sneaked into Fawzia’s house, took off their shoes and gathered in the living room for a clandestine history lesson.
Fawzia, who asked to be identified only by first name, spoke about Afghanistan’s legendary treasure, Bactrian gold, and its ancient kings and queens. The 56-year-old teacher considers her secret new work with teens to be essential.
Chinese metaverse’s frenzy of actions turns unreal
The metaverse will mix the virtual and physical worlds. Investors need to be careful that the frenzy of the meta-market does not distort their sense of reality.
It’s hard to find people who can clearly explain what exactly the Metaverse will be – basically, an immersive, shared digital realm where people can buy, interact, and play – but the concept quickly became the most buzzword. popular in the stock market. In China, the speculative craze has already caught the government’s attention. Chinese state-owned media have published a number of articles in recent weeks warning of the risks of jumping on the trend. On Thursday, People’s Daily said investors should watch out for potential scams related to the metaverse or non-fungible tokens, a type of digital asset on the blockchain.
The actions of the Chinese gambling center casinos are out of luck
Coronavirus outbreaks and a regulatory overhaul are clouding the long road to recovery for the gaming hub in China.
Macau gaming stocks have lost between 23% and 56% since the start of 2021, as the second year of the pandemic kept what was the world’s most lucrative gaming market largely closed to outside visitors. They fell sharply on Friday amid a wider international sale triggered by concerns over a new variant of the rapidly spreading coronavirus.
Boom in private equity buyouts hits bondholders
Debt buyouts by private equity firms are sweeping across Europe, leaving corporate bond investors exposed to losses.
This week alone, British retailer Marks & Spencer and Italian Telecom Italia fell prey to US private equity funds, causing their bond prices to drop sharply.
Brainard’s appointment promotes a close ally of Powell on recent Fed innovations
President Biden’s decision to appoint Lael Brainard as Vice President of the Federal Reserve elevates a veteran policy maker and economist who has been a strong ally of President Jerome Powell on the central bank’s most daring policy decisions during the pandemic.
Ms Brainard has been a key adviser to Mr Powell as the Fed stepped up emergency loan protection measures last year, and she provided influential intellectual support to his efforts last year to revamp the framework. policy development of the Fed. Under the new framework, the Fed put aside its practice of raising rates to anticipate inflationary pressures and pledged to keep interest rates low to foster a faster and broader labor market recovery.
Biden’s economic plans collide with the reality of inflation
WASHINGTON- President Biden has taken office with a series of economic plans to better position the United States to compete on the world stage and revive a labor market ravaged by the pandemic. Ten months into his tenure, Mr. Biden faces a new set of economic challenges.
The number of Americans seeking unemployment benefits fell to a 52-year low last week, available jobs are trending to record highs and consumer spending is on the rise. But these positive economic developments have been complicated by supply chain bottlenecks and the highest inflation in three decades.
Tech Antitrust Bills Gain Biparty Momentum in Senate
WASHINGTON-Support for shrinking market power for big tech companies expands in Senate, with lawmakers on both sides approving new legal restraints on search engines, electronic marketplaces, app stores and more online platforms.
Lawmakers say they are responding to public concerns about the size and influence of tech companies.
New variant of Covid-19 in southern Africa leads to wave of travel restrictions
JOHANNESBURG – Dozens of countries restricted travel to and from South Africa and neighboring countries on Friday, hoping to contain a new, rapidly spreading variant of the coronavirus that scientists say could be more contagious and could make the current harvest of Covid-19 vaccines less efficient.
Experts from the World Health Organization were due to meet later Friday to decide whether to declare the new strain, currently known as B.1.1.529, a “variant of concern”. WHO uses this label for viral strains that have been shown to be more contagious, cause more serious disease, or decrease the effectiveness of public health measures, tests, treatments or vaccines.
Taiwan welcomes second congressional delegation in two weeks
A delegation of predominantly Democratic lawmakers arrived in Taiwan for a two-day trip, marking Congress’ second visit in about two weeks at a time of growing tension between Beijing and Washington over the democratically self-governing island.
The five-member delegation landed in Taipei Thursday evening ahead of Friday meetings with senior Taiwanese officials on issues such as US-Taiwan relations and regional security, according to statements from the Taiwanese Foreign Ministry and the American Institute. in Taiwan, the de facto American embassy on the island.
Japan approves additional defense spending, sets record
The TOKYO-Japan cabinet approved an increase in defense spending that, for the first time, will bring the annual total beyond 6 trillion yen, to the equivalent of $ 53 billion, in response to the expansion China’s rapid military and US demands for modernization.
The move makes Tokyo’s defense budget for the current fiscal year equal to 1.14 percent of the previous fiscal year’s gross domestic product, exceeding an informal guideline of 1 percent of GDP that has typically been observed over the years. last decades.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
November 26, 2021 06:30 ET (11:30 GMT)
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