Global News Select Aluminum prices fell close to a two-month low as supply concerns ease. The metal has fallen over the past two weeks after hitting a 13-year high. Rising energy costs initially raised concerns that energy-intensive aluminum smelters could cut back on production. But China has been taking steps to curb rising coal prices, the latest of which is China’s state planner asking coal-producing provinces to probe illegal storage sites and crack down on hoarding.

Prices for Chinese thermal coal, which powers much of the nation’s aluminum smelters, have dropped over 9% this week as of Tuesday. Falling coal prices are easing concerns in the aluminum market.

EMEA HEADLINES

German Consumer Confidence Is Expected to Increase in November, Defying Inflation

Consumer sentiment in Germany is expected to strengthen in November, due to increasing propensity to consume and declining propensity to save, according to data from market-research group GfK released on Wednesday.

GfK’s forward-looking consumer sentiment index forecasts confidence among households rising to 0.9 point in November from a revised figure of 0.4 point in October. Economists polled by The Wall Street Journal anticipated a drop, expecting sentiment to decline to minus 0.3 point.

Deutsche Bank Reports Higher Profit as Loan Charges Fall

Deutsche Bank AG said its third-quarter net profit rose as lower bad-loan charges helped offset a fall in investment banking revenue and additional costs for its overhaul.

Still, the German lender said it is on track to meet ambitious financial targets next year, a key test for Chief Executive Officer Christian Sewing, who in 2019 vowed to make the bank leaner and more profitable following years of broken promises from his predecessors.

Europe’s Push to Loosen Russian Influence on Gas Prices Bites Back

For years, the European Union tried to loosen Russia’s iron grip on its gas supplies by fostering a competitive import market. Those efforts have boomeranged this year as supplies run short, setting off an energy crisis across the continent.

European energy ministers met Tuesday to address the shortage, which is stinging homeowners and lifting prices for goods from metals to fertilizers. But there is little they can do to boost supplies immediately, and Russia isn’t helping.

Heineken Nine-Month Net Profit Rose, 2021 Views Unchanged

Heineken NV said Wednesday that profit for the first nine months of the year rose significantly while beer volumes increased, and left its expectations for the full year unchanged.

The Dutch brewer–which also owns the Sol, Birra Moretti and Tiger beer brands–said that for the first nine months of 2021, it made a net profit of 3.08 billion euros ($3.57 billion), up from EUR396 million a year earlier and EUR1.67 billion for the same period in 2019.

BASF Raises Guidance After Posting Strong 3Q Sales

BASF SE on Wednesday raised its 2021 guidance after it said it generated strong sales growth in the third quarter.

The German chemicals conglomerate said it swung to a net profit of 1.25 billion euros ($1.45 billion) for the quarter to the end of September, compared with a net loss of EUR2.12 billion a year earlier.

Puma Raises 2021 Outlook After Profit, Sales Increased in 3QPuma SE said Wednesday that third-quarter net profit and sales rose as it increased part of its guidance for the full year.The German sporting-goods company said quarterly net profit rose to 143.8 million euros ($166.7 million) from EUR113.6 million for the same quarter a year earlier.Santander 3Q Profit Rose on Lower Provisions, Higher RevenueBanco Santander SA on Wednesday said it is set to outperform its profitability guidance after reporting higher earnings in the third quarter on increased revenues and lower provisions.The Spanish lender reported a net profit of 2.17 billion euros ($2.52 billion) from July to September, compared with a EUR1.75 billion profit in the same period a year earlier. The figure is above analysts’ expectations of EUR2.03 billion, according to a consensus provided by FactSet.Equinor Raises Buyback as Earnings Boosted by High Oil and Gas PricesEquinor ASA on Wednesday posted higher-than-expected third-quarter adjusted earnings and raised the size of its share buyback as it benefited from the higher oil and gas prices during the quarter.The company, which is 67%-owned by the Norwegian state, said adjusted earnings–its preferred measure–rose to $9.77 billion from $780 million, against $8.36 billion expected in a company-compiled consensus.DraftKings Abandons $22 Billion Bid for EntainDraftKings Inc. is dropping its roughly $22 billion bid for Entain PLC, turning away from an attempt to buy a major international player in the gambling industry.DraftKings, based in Boston, said that the decision to step back from its cash-and-stock offer followed negotiations with Entain’s leadership team. DraftKings first […]

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