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EMEA Morning Briefing: Stocks to Rise on Wall -2-

The head of the European Union's public-health agency recommended governments accelerate their campaigns to roll out Covid-19 booster shots as case numbers rise rapidly across parts of the bloc.

Andrea Ammon, head of the European Centre for Disease Prevention and Control, said on Wednesday that Covid-19 boosters should be offered to everyone over 18 years old, six months after they were first fully vaccinated, with priority given to those ages 40 and older.

   
 
 

27 Migrants Drown in the English Channel

French authorities recovered the bodies of 27 migrants who they said drowned in the English Channel trying to reach the U.K., one of the area's deadliest migrant crossings in recent years.

A fisherman saw bodies floating in the sea on Wednesday and alerted French authorities around 2 p.m. local time, officials said. French Interior Minister Gerald Darmanin said five women and a little girl were among the dead. He said only two migrants had been rescued alive so far, and both remain in critical condition. Rescue operations are continuing, he said.

   
 
 

Israel Warns White House Over Striking Partial Nuclear Deal with Iran

Israeli officials are urging the White House not to strike a partial nuclear deal with Iran, warning it would be a gift to the new hard-line government in Tehran and stoking a growing public rift with the Biden administration over Iran's nuclear program.

Senior Israeli officials say they fear that Washington is setting the stage for a "less-for-less" deal that would offer Tehran partial sanctions relief in exchange for freezing or winding back parts of their nuclear work. The tension comes as nuclear talks are set to resume on Monday, with expectations low that the 2015 nuclear deal-which the Trump administration withdrew from-can be fully revived.

   
 
 

OPEC Weighs Shift in Oil Policy After Crude Release

Top oil producers Saudi Arabia and Russia are considering a move to pause their recent efforts to provide the world with more crude, according to people familiar with those discussions, after Washington and other countries said they would release a slug of stored oil in an effort to lower prices.

Riyadh and Moscow have led OPEC and a group of other oil-producing countries in coordinating output closely amid a demand shock last year caused by the pandemic. Other members of that cartel, including the United Arab Emirates, aren't convinced a pause is necessary, according to these people.

   
 
 

Germany's Scholz Vows to Overhaul Economy as Next Chancellor

BERLIN-Germany's Olaf Scholz is on course to succeed Angela Merkel as chancellor after the victors of the September election reached a policy agreement focused on overhauling the country's economy, investing in infrastructure and combating climate change, the negotiators said Wednesday.

Under the policy program-which Mr. Scholz's center-left Social Democrats, the environmentalist Greens and the pro-business Free Democratic Party unveiled on Wednesday afternoon-the country's first three-party coalition would also aim to update the country's patchy digital infrastructure, reduce bureaucracy and drive greater integration of the European Union.

   
 
 

U.N. Nuclear Chief Leaves Iran Without a Deal on Factory Inspection, Diplomats Say

BERLIN-The head of the United Nations atomic watchdog agency left Iran late Tuesday after failing to reach a deal to allow inspectors access to a factory making equipment for Tehran's nuclear program, diplomats said Wednesday, casting a fresh shadow over international nuclear talks set for next week.

The Wall Street Journal reported last week that the factory, in Karaj, Iran, had resumed producing key parts for centrifuges, which are used to enrich uranium, without any monitoring by the International Atomic Energy Agency. The diplomats said talks between the IAEA and Iran were continuing.

   
 
 

Turkey's Erdogan Looks to Regional Rival for Investment Amid Currency Crisis

ANKARA, Turkey-Turkish President Recep Tayyip Erdogan hosted the de facto leader of the United Arab Emirates on Wednesday, and Emirati officials promised investments worth billions of dollars that could help ease Turkey's economic crisis after the local currency's sharp slide.

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al Nahyan's visit to Ankara marks a recent thaw in ties after years of animosity between the two countries, which have competed for influence in the Middle East. Turkey has been seeking much-needed foreign investment, while the meeting offers the oil-rich U.A.E. potential support in a broader struggle against its other main regional rival, Iran.

   
 
 

Chinese Property Developer Kaisa Proposes $400 Million Debt Swap

Kaisa Group Holdings Ltd., which in 2015 became one of the first Chinese developers to default abroad, warned it risked reneging on its international debts again unless creditors agreed to a $400 million bond swap.

The Shenzhen-based company is one of the sector's biggest offshore borrowers after China Evergrande Group, with about $10.9 billion of dollar bonds outstanding as of end-June.

   
 
 

Lee Enterprises Enacts Poison Pill to Guard Against Alden Takeover

Lee Enterprises Inc. said its board has approved a shareholder rights plan, also known as a poison pill, that would prevent hedge fund Alden Global Capital LLC from acquiring more than 10% of the company as it considers Alden's hostile bid for the newspaper publisher.

The plan will be in effect for a year, the company said Wednesday. Lee Enterprises Chairman Mary Junck said the plan would give the company's board and its shareholders time to assess the acquisition proposal without undue pressure.

   
 
 

Instagram Boss to Testify in Congress on Child Safety Issues

The head of Instagram is scheduled to testify before Congress next month to respond to mounting questions about the app's effects on younger users sparked by a Wall Street Journal investigation, an aide to Sen. Richard Blumenthal said on Wednesday.

Adam Mosseri, who has run Instagram for a little more than three years, is due to appear before the Senate's consumer protection subcommittee during the week of Dec. 6. Mr. Mosseri previously led the news feed team for Facebook. Both apps are now part of Meta Platforms Inc., the new name for parent Facebook Inc.

   
 
 

AT&T, Verizon Propose 5G Limits to Break Air-Safety Standoff

AT&T Inc. and Verizon Communications Inc. said they would limit some of their fifth-generation wireless services for six months while federal regulators review the signals' effect on aircraft sensors, an effort to defuse a conflict that has roiled both industries.

The cellphone carriers detailed the proposed limits Wednesday in a letter to the Federal Communications Commission. The companies said they would lower the signals' cell-tower power levels nationwide and impose stricter power caps near airports and helipads, according to a copy reviewed by The Wall Street Journal.

   
 
 

Jamie Dimon Apologizes for Joke About JPMorgan Outlasting China's Communist Party

Jamie Dimon apologized Wednesday for joking that JPMorgan Chase & Co. would outlast China's Communist Party.

Mr. Dimon said on Wednesday morning that he regretted remarks he made Tuesday during an event at Boston College, in response to an audience question about doing business in China.

   
 
 

Ray Dalio's Bridgewater Raises $1.25 Billion for Its Largest China Fund Yet

Bridgewater Associates LP has raised the equivalent of $1.25 billion for its third investment fund in China, according to a person familiar with the matter, catapulting the hedge-fund firm into the ranks of the biggest foreign managers of private funds in the world's second-largest economy.

Founded by longtime China bull Ray Dalio, Bridgewater began rolling out private funds in the country in 2018 after a wholly owned unit of the American asset manager was awarded a license to raise money from high-net-worth individuals and institutional investors in China and invest it in domestic yuan-denominated securities.

   
 
 

Write to sarka.halas@wsj.com

   
 
 

Expected Major Events for Thursday

07:00/GER: 3Q GDP - Detailed breakdown

07:00/EU: Oct New Commercial Vehicle Registrations in Europe statistics (EU27 + EFTA3)

07:00/DEN: Oct Retail sales index

07:00/NOR: Sep Labour force survey SA, incl unemployment

07:00/GER: Dec GfK consumer climate survey

08:00/SPN: Oct PPI

08:30/SWE: Swedish repo rate announcement

08:30/SWE: Oct PPI

09:00/ICE: Oct PPI

09:00/POL: Oct Unemployment

09:00/ITA: Oct Foreign Trade non-EU

09:00/ICE: Oct Labour Force Survey

09:00/ICE: Nov CPI

09:30/UK: Oct Capital issuance

10:00/LUX: Sep Trade

11:00/IRL: 3Q Labour Force Survey

11:00/UK: Nov CBI Distributive Trades Survey

14:00/BEL: Nov Business Confidence Survey

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

 

(END) Dow Jones Newswires

November 25, 2021 00:24 ET (05:24 GMT)

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