Midday European briefing: the struggle of equities as -2-
Britain’s Office for National Statistics said on Wednesday consumer prices were 9.4% higher in June than a year earlier, the highest rate of inflation since 1982 and a recovery from 9 .1% in May. The figure marks the fastest price rise for a Group of Seven economy since the global surge began early last year.
Volvo moves closer to its 100% electric goal
Volvo Car AB’s transformation into an electric vehicle maker accelerated in the second quarter, reflecting a broader trend in the automotive industry, which has seen sales of electric and hybrid vehicles outpace conventional vehicles in many markets as gasoline prices are rising around the world.
The share of pure electric and hybrid vehicles rose sharply to 31% of Volvo’s total sales in the second quarter of the year, even though overall unit sales fell by more than a quarter due to production and supply chain following pandemic lockdowns in China.
ASML 2Q net profit increased, lowers 2022 revenue forecast on delays
ASML Holding NV said on Wednesday second-quarter net profit increased but lowered its full-year revenue growth forecast due to delays in revenue recognition from increased shipments. fast.
Net profit for the quarter rose to 1.41 billion euros ($1.44 billion) from 695 billion euros for the same period last year, the Dutch semiconductor equipment maker said. .
Akzo Nobel Q2 Net Profit Hit by Higher Costs; Misses expectations
Akzo Nobel NV on Wednesday reported net profit more than halving in the second quarter – without market forecasts – as it faced higher costs, and said it aimed to grow at or above its relevant markets, in accordance with the “Grow & Deliver” strategy.
The Dutch paint company – home to the Dulux, Polycell and Cuprinol brands – posted net profit for the quarter of 106 million euros ($108.4 million), compared to 261.0 million euros a year earlier and a consensus of 176.5 million euros. .
The company Telia supports the orientation of the exercise
Telia Co. AB confirmed its full-year guidance on Wednesday by posting net profit in line for the second quarter of the year.
The Swedish telecom operator said it made a net profit of 1.52 billion crowns ($148.6 million) in the second quarter, compared to 8.04 billion SEK a year earlier and 1.59 billion SEK expected in a FactSet poll.
VW America chief Scott Keogh to lead new Scout brand
Volkswagen AG is realigning its North American leadership as the company prepares to launch a new brand in a bid to boost electric vehicle sales and increase its market share in the United States, the company said.
Scott Keogh, current head of Volkswagen Group of America Inc., has been named chief executive of Scout, the iconic American off-road vehicle brand that VW is reviving as a maker of sport utility vehicles and all-electric trucks.
UK plans regulatory overhaul to strengthen London as a financial center
LONDON — The UK government has said it is considering easing rules for banks, insurers and investors to help London remain the financial center of Europe post-Brexit and revive the struggling economy. speed of the country.
Britain’s new finance minister, Nadhim Zahawi, said on Tuesday the government would introduce legislation to replace hundreds of European Union financial regulations. The changes would draw investors and businesses to London and “unleash the power of business, spur innovation and support job creation”, he said in a speech.
China’s central bank maintains benchmark rates despite rising risks
China’s central bank on Wednesday kept key rates unchanged, in line with market expectations, despite rising financial risks amid slowing economic growth.
The People’s Bank of China said it was keeping the one-year prime lending rate at 3.7% and the five-year rate at 4.45%, according to a statement on its website.
Senate votes 64-34 to advance chip bill
WASHINGTON — A bipartisan bill subsidizing domestic semiconductor production cleared its first procedural hurdle Tuesday in a 64-34 vote, even as details of the legislation were still being worked out.
The legislation would provide about $52 billion in subsidies to encourage chip companies to increase production in the United States, seen by the White House and leaders of both parties as a critical national security need. Lawmakers worked until Tuesday evening to negotiate other elements of the competitiveness package, dubbed USICA.
Truck protests bring Port of Oakland to a standstill
Truckers protesting a new California law that toughens the definition of self-employed drivers shut down some operations at the Port of Oakland on Tuesday, adding further disruption to already fragile U.S. supply chains.
Ed DeNike, president of SSA Containers, which handles about 70% of cargo entering and leaving the Port of Oakland, said truckers were blocking the doors of trucks entering and leaving the company’s container terminal.
Supporters of Big Tech antitrust bill push to vote
WASHINGTON-Faced with a potential stalemate, lawmakers backing an antitrust bill targeting big tech companies stepped up their push for a vote on Tuesday by releasing new internal tech company documents they say show anticompetitive behavior.
House Judiciary Committee Chairman Jerrold Nadler (D., NY) and Rep. David Cicilline (D., RI), the chairman of that panel’s antitrust subcommittee, called for a vote on legislation that would make illegal for the biggest tech platforms to favor their own products and services over those of competitors.
China’s Covid-19 cases hit highest level in two months
HONG KONG-China reported a two-month high in new Covid-19 infections as outbreaks widened in provincial hotspots.
Authorities recorded 906 new locally transmitted cases across mainland China on Tuesday, the highest one-day total since May 20, and up from 643 cases on Monday, according to data released by the National Health Commission on Wednesday.
Childhood Covid-19 complication fades in latest wave of virus
A serious inflammatory complication that strikes some children in the weeks following a Covid-19 infection has almost disappeared. A buildup of immunity and changes to the virus likely play a role, doctors and pediatric infectious disease researchers said.
Multisystem inflammatory syndrome affects far fewer children as a proportion of known Covid-19 cases than in previous waves of the pandemic, according to data from the Centers for Disease Control and Prevention. The condition, also known as MIS-C, is similar to Kawasaki disease, another rare pediatric inflammatory disease. At the start of the pandemic, doctors thought they saw Kawasaki disease, but quickly recognized MIS-C as a separate condition associated with a previous Covid-19 infection.
Sri Lankan Parliament elects Ranil Wickremesinghe as Speaker
COLOMBO, Sri Lanka-Ranil Wickremesinghe, a veteran politician and six-time prime minister, was elected Sri Lanka’s president by parliament on Wednesday as the country seeks to plan its way out of its economic and social turmoil.
Mr Wickremesinghe beat Dullas Alahapperuma, a former journalist and ruling party minister, by 134 votes to 82 in a secret ballot, said the secretary general of parliament, Dhammika Dasanayake. He will replace former President Gotabaya Rajapaksa, who fled the country on a military plane and resigned by email last week. A third candidate, Anura Kumara Dissanayaka, leader of the minor opposition Janatha Vimukthi Peramuna party, received three votes, with four null votes and two abstentions.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswire
July 20, 2022 05:39 ET (09:39 GMT)
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