EUROPEAN MIDDAY BRIEFING : Stocks Led Higher by -2-

Carrefour slipped in early trade Wednesday after investor Bernard Arnault said he was selling off what remains of his stake, a move analysts say sends a clearly negative signal concerning the French supermarket group.

At 0810 GMT shares traded 4.3% lower at EUR16.13, having fallen more than 5% at market open in Paris.

Pernod Ricard Eyes Further Momentum as Americas Boost FY 2021 Sales

Pernod Ricard said Wednesday that it expects continued sales momentum into the new fiscal year, and set out a dividend and buyback resumption as sales and earnings increased in fiscal 2021, driven by sales in the Americas.

The French drinks maker made a profit from recurring operations of 2.42 billion euros ($2.86 billion) in the 12 months to end-June, some 18% higher organically than the same period the previous year. The company said net income came to EUR1.31 billion, up strongly on year but still below fiscal 2019, the last full year before the global pandemic.

In Israel, Being Fully Vaccinated Now Means Three Shots

TEL AVIV-Israel is upping the vaccine ante, pressing citizens to get Covid-19 booster shots and saying those who don't will face restrictions on traveling, dining out and other activities.

Holders of Israel's vaccine passports must get a third dose of the Pfizer-BioNTech vaccine within six months of their second dose, or lose the so-called green pass that allows them more freedom.

Europe Hits Covid-19 Milestone With 70% of Adults Vaccinated

The European Union said it has hit its target of fully vaccinating 70% of adults against Covid-19 by the end of summer-albeit with wide variations between different countries-showing how the bloc's vaccination campaign has gathered momentum after a slow start earlier in the year.

But the World Health Organization has warned the pace of vaccinations in the continent now appears to be faltering, and that data show big differences in vaccine coverage between different countries, leaving parts of Europe at risk of fresh outbreaks and new restrictions to step the spread of the highly infectious Delta variant of the virus.

U.K. Retail Prices Fell in August But Higher Prices on Horizon

U.K. retail prices fell on year in August though there are indications that rising costs are starting to filter through into product prices, according to the latest report by Nielsen IQ and the British Retail Consortium released Wednesday.

Prices at U.K. stores dropped 0.8% on year between Aug. 2 and Aug. 6, the report found. The rate of deflation on a yearly basis has slowed somewhat when compared with July, when prices declined 1.2% on year.

GLOBAL NEWS

Energy Traders See Big Money in Carbon-Emissions Markets

LONDON-Big energy trading houses, long focused on deep, volatile markets such as oil and natural gas, are now bulking up their carbon-trading operations as governments around the world push to expand the market for trading carbon emissions.

Two of the world's biggest oil companies, Royal Dutch Shell PLC and BP PLC, already have significant carbon-emissions trading arms, thanks to a relatively well-developed carbon market in Europe. Big carbon emitters such as steel producers receive emission allowances, and can buy more to stay under European emissions guidelines. Companies that fall below those limits can sell their excess carbon-emissions allowances.

States That Cut Unemployment Benefits Saw Limited Impact on Job Growth

States that ended enhanced federal unemployment benefits early have so far seen about the same job growth as states that continued offering the pandemic-related extra aid, according to a Wall Street Journal analysis and economists.

Several rounds of federal pandemic aid boosted the amount of unemployment payments, most recently by $300 a week, and extended them for as long as 18 months. The extra benefits are set to expire nationwide next week. But 25 states ended the financial enhancement over the summer, and most of them also moved to end other pandemic-specific unemployment programs such as benefits for gig and self-employed workers.

China's Caixin Manufacturing Gauge Shows Contraction in August

A private gauge of China's manufacturing fell to its lowest level in a year-and-a-half in August, as lockdowns to contain Covid-19 outbreaks shut factories.

The Caixin China purchasing managers index dropped to 49.2 in August from 50.3 in July, Caixin Media Co. and researcher Markit said Wednesday. Index levels below 50 indicate contraction in activity.

Covid-19 Has China's Gambling Hub on a Long Losing Streak

Business remains muted in the once-bustling casinos of Macau more than a year and a half into the Covid-19 pandemic, while gambling operators wait for tourists to return en masse to the Chinese city.

In August, gross gambling revenue in Macau slumped to the equivalent of $554 million, its lowest monthly total this year and a far cry from the $3 billion pre-pandemic monthly average for 2019. Macau's August gambling spending also fell by nearly half from July, after a few residents returning from the mainland tested positive for the Covid-19 Delta variant, dealing another setback to the gaming hub's efforts to recover.

CIOs Say PC Shipments Are Delayed by Months

Chief information officers say they face increased delays in the fulfillment of orders for new personal computers, with waiting times extending from weeks to months in some cases.

Two major PC makers, HP Inc. and Dell Technologies Inc., said last week that demand for computers outpaced their ability to satisfy customer orders. Shortages of semiconductors and a range of supply chain problems related to the Covid-19 pandemic, port backlogs and the weather all have held back sales.

Biden Defends Afghanistan Withdrawal

WASHINGTON-President Biden vigorously defended the withdrawal of U.S. forces from Afghanistan, saying his administration had evacuated the vast majority of Americans who wanted to leave the country and would refrain from future military action that lacked "clear achievable goals."

"I was not going to extend this forever war, and I was not extending a forever exit," Mr. Biden said in a speech from the White House.

White House to Unveil Steps Aimed at Easing Housing Supply Shortage

WASHINGTON-The Biden administration is poised to unveil a series of steps aimed at addressing the U.S. shortage of entry-level homes and rental properties, according to people familiar with the matter, moves designed to boost their financing and construction over the coming years.

The changes would draw upon the administrative authority of government regulators such as the Federal Housing Finance Agency as Congress weighs broader policy changes tied to the debate over revamping U.S. infrastructure, according to a draft plan reviewed Tuesday by The Wall Street Journal. Details could change before the White House releases its final version. FHFA oversees Fannie Mae and Freddie Mac, the two mortgage giants that back about half of the $11 trillion mortgage market.

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

(END) Dow Jones Newswires

09-01-21 0616ET