UAE Stocks Retreat as Russia-Ukraine Conflict Intensifies

Wall Street futures pointed slightly lower pre-bell Thursday after AI and chipmaking colossus Nvidia (NVDA) late Wednesday reported earnings and outlooks that underwhelmed traders.

Nvidia, which touts the highest market cap of all listed companies and is considered a bellwether issue, traded down 3% in early morning hours.

In the futures, the S&P 500 was flat, the Nasdaq declined 0.1% and the Dow Jones was up 0.2%.

In other earnings news, Snowflake (SNOW) traded up 22% pre-bell after the cloud-based storage outfit reported better-than-expected Q3 results and upbeat guidance, late Wednesday.

Asian exchanges traded mostly lower overnight, while European bourses tracked moderately south midday on the continent.

PDD (PDD), Deere (DE) and Warner Music Group (WMG) plan to report earnings pre-bell, among others.

On the economic calendar at 8:30 am ET is the weekly jobless claims bulletin, along with the Philadelphia Fed Manufacturing Index for November.

The existing home sales report for October, the Conference Board leading indicators for October, and the Q3 services survey, post at 10 am.

The weekly EIA natural gas report posts at 10:30 am, followed by the Kansas City Fed Manufacturing Index at 11 am.

Federal Reserve Cleveland President Beth Hammack speaks at 8:45 am and 12;30 pm, Chicago President Austan Goolsbee at 12:25 pm, Kansas City President Jeffrey Schmid at 12:30 pm, and Vice Chair Michael Barr speaks

at 4:40 pm.

In pre-market action, Bitcoin traded at $97,534, West Texas Intermediate crude oil traded higher at $69.77, and 10-year US Treasuries offered 4.39%. Spot gold traded for $2,668 an ounce.

The BSE Sensex fell about 0.5% to close at 77,156 on Thursday, its lowest since mid-June, weighed down by a 13.5% plunge in shares of Adani Group companies following US bribery allegations against Gautam Adani.

According to US authorities, more than $250 million in bribes were promised to Indian Government officials to secure solar energy contracts.

State-owned companies such as NTPC and lender SBI were also among the top losers, down 2.7% and 2.7%, respectively, due to their exposure to the conglomerate.

At the same time, market sentiment was dented by lingering concerns over weak earnings, geopolitical tensions, and stretched valuation.

OPENING CALL

Stock futures and bond yields were a fraction lower early Thursday as traders awaited economic updates that may color the Federal Reserve's decision making on monetary policy.

A number of Fed officials have stressed that the pace of interest rate reductions may be slowed if the trend for disinflation stalls.

"With inflation expectations moving higher, markets continued to pare back near-term Fed rate cut expectations, with the market odds of a December rate cut falling to 52% from 59% the previous day," Deutsche Bank said.

"The 13 basis points of easing now priced for the December meeting is the lowest that it's been since April."

Tech shares were declining the most following quarterly earnings from Nvidia .

Global indexes mostly dropped.

In Europe, investors were skittish after Ukraine's air force said Russia had fired an intercontinental ballistic missile into Ukraine, possibly escalating the conflict. This week, Ukraine fired long-range missiles provided by the U.S. into Russia for the first time.

Premarket Movers

Alphabet fell 0.4% after the Justice Department asked a federal judge on Wednesday to force Google to sell off its Chrome browser and be prevented from giving preferential access to its search engine on devices that use its Android mobile operating system.

U.S.-listed shares of Baidu were down 2.7% after third-quarter revenue fell 3% from a year earlier on continued weak advertising demand.

MicroStrategy was rising 9.3% after shares of the company, the largest corporate holder of Bitcoin, closed at a record high Wednesday following the sale of a larger-than-expected $2.6 billion of convertible bonds that it will use to buy more of the world's largest cryptocurrency.

Nvidia stock was down 3.1% after the company said it expects fourth-quarter revenue of $37.5 billion at the midpoint, higher than consensus of $37.1 billion but not enough to excite investors.

Palo Alto Networks was down 4.8% even after the cybersecurity company raised its fiscal-year guidance, saying its expects revenue of between $9.12 billion to $9.17 billion. Analysts had been expecting revenue of $9.13 billion.

Snowflake rose 20% after it posted third-quarter adjusted earnings and revenue higher than forecasts.

Target rose 0.3% after the stock fell 21% following third-quarter earnings that widely missed estimates.

Postmarket Movers

Dream Finders Homes was selected to join the S&P SmallCap 600 effective Nov. 25, replacing Haynes International. Shares rose 9.9%.

Watch For:

Weekly Jobless Claims; Existing Home Sales for October; earnings from Deere, Gap, Intuit

Today's Headlines/Must Reads:

-Nvidia's Coming Year Will Be a Turbulent One

-The Trump Stock Euphoria Starts to Fade

-The AI Effect: Amazon Sees Nearly 1 Billion Cyber Threats a Day

-MicroStrategy's Magical Bitcoin Buying Machine Uses Some Wacky Math

MARKET WRAPS

Forex:

The dollar is likely to continue trading in a higher range after its gains following the U.S. elections, ING said, with the market shifting away from pricing a December interest-rate cut by the Fed as it braces for second Donald Trump presidency.

Developments in overseas economies are also "far from encouraging."

Data including the initial jobless claims report are unlikely to move markets and the DXY dollar index should continue to trade in its new 106-107 range, ING said.

Bitcoin was soaring toward six figures for the first time ever as it extended its record-breaking rally.

The world's largest cryptocurrency climbed as much as 3.4% in early trading to top $97,000, before retreating slightly..

Bonds:

Inflation risks in Europe are lower than in the U.S, making European bonds more attractive than their U.S. peers, "....and the interest-rate differential is likely to widen further," J. Safra Sarasin Sustainable Asset Management said.

Given lower inflation risks in Europe, the European Central Bank is likely to make several rate cuts.

Energy:

Oil prices gained more than 1% as growing concerns over escalating tensions between Russia and Ukraine offset an unexpected rise in U.S. crude stockpiles.

"For oil, the risk is if Ukraine targets Russian energy infrastructure. The other risk is uncertainty over how Russia responds to these attacks, " ING said.

Meanwhile, U.S. crude oil inventories rose for the third straight week after increased inflow of imported supplies from the Gulf Coast, weighing on the demand outlook.

Metals:

Gold futures rose on safe-haven demand .

XS.com said intensifying tensions between Russia and Ukraine, exacerbated by Russia's latest nuclear threats, have driven investors to seek out stable assets like gold.

Nevertheless, gold's rally hasn't been as sharp as some traders expected, limited by the strength of the dollar.

Expectations of new monetary policy decisions by major banks-including the Fed-will likely influence both the dollar and gold prices in the coming months, XS.com said.

Comex gold futures' bullish momentum is accelerating, based on the daily chart. RHB Retail Research said the formation of a third straight bullish candlestick on Wednesday indicates that strong bullish momentum is underway.

Base metals were mixed.

ANZ said there were signs of improving fundamentals in the market.

Copper premiums on the Chinese spot market were up, after data showed retail sales expanded in October at the fastest pace in eight months, ANZ said.

China's cut to export taxes, set to kick in on Dec. 1, has also raised the prospect of tighter metals supplies globally.

Aluminum prices rose in Shanghai as Chinese fabricators rushed to front-load exports ahead of the repeal of the export tax rebate, ANZ added.

TODAY'S TOP HEADLINES

Deere's Earnings Are Dropping. The Next Results Are Due Thursday.

Thanksgiving is almost here, at the end of the U.S. harvest season. That means it is the end of Deere's fiscal year as well.

The tractor maker will give an outlook for 2025 when it reports its quarterly financial results on Thursday morning. Investors shouldn't expect much.

Apple Offers $100 Million Investment in Indonesia to Lift iPhone 16 Ban

Apple has proposed investing $100 million in Indonesia after the country banned sales of its latest iPhone 16 handsets over what officials say is the company's nonfulfillment of local investment requirements.

The amount the U.S. tech giant has offered is 10 times higher than an initial plan to invest $10 million to build an accessories and components factory in Bandung, West Java, the Ministry of Industry said in a statement Wednesday. The $100 million would be invested in over the next two years.

An Immigration Crackdown Risks Sapping Farms' Vital Source of Labor

The agriculture industry is working to avert a potential labor crunch following threats from President-elect Donald Trump to launch a mass deportation of migrants after he takes office.

America's food-supply chain relies on a predominantly immigrant workforce for some of its most challenging jobs, such as picking fruit, applying pesticides on crops, operating machinery and slaughtering livestock. About two-thirds of U.S. crop-farm workers are foreign-born, and 42% aren't legally authorized to work in the country, according to a Labor Department report.

Fed's Williams Sees Inflation Cooling and Interest Rates Falling Further

U.S. economic growth has surpassed expectations this year, even as inflation has cooled and the labor market has softened.

The outlook for 2025 is for more of the same, with an important caveat: The incoming Trump administration's fiscal policies could prove inflationary, creating headwinds for the Federal Reserve as it seeks to fulfill its dual mandate of promoting maximum employment and price stability.

BOJ Will Consider Impact of Weak Yen in Making Price Forecasts, Gov Ueda Says

TOKYO-Bank of Japan Gov. Kazuo Ueda said the central bank includes the possible impact of a weak yen on its price forecasts, although the stability of the currency market isn't one of its mandates.

"We do seriously take into account exchange rate movements in forming our economic and inflation outlook, including the question of what's causing the exchange rate changes that are taking place a the moment," Ueda said at an event held in Tokyo on Thursday. He refrained from making comments on short-term moves in the currency market.

Too Little, Too Late: Pro-Harris PAC Takes Flak for Spending Decisions

WASHINGTON-In mid-September, Kamala Harris's campaign signaled to its top donors that they should embrace a constellation of outside Democratic nonprofits and super PACs aimed at turning out Black, Latino and young voters. The statement was a cry for help.

For weeks, the groups had been complaining that Future Forward, the top Democratic outside group, had declined to share its resources throughout the spring and summer. The Harris campaign, meanwhile, was airing frustration that the super PAC had spent little of its hundreds of millions of dollars on negative advertising attempting to define Donald Trump.

Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

Real Matters 4Q

Economic Calendar:

0830 Sep Employment Insurance

0830 Oct Industrial Product, Raw Materials Price Indexes

Stocks to Watch:

Groupe Dynamite Prices IPO of Nearly 14.3M Shares at C$21 Each; Dynamite Subordinate Voting Shares Being Sold to Underwriters by Selling Shareholders for About C$300.0M in Gross Proceeds; Selling Shareholders Grant Underwriters Option to Purchase Up to 2.1M Additional Shares; Expects Offering to Close Nov. 26; Set IPO Range at C$19-C$23 a Share Last Week; Shares Expected to Begin Trading on TSX on Nov. 21 Under Symbol GRGD

Other News:

Canada's Liberal Government Agrees to Exempt Sales Tax on Some Goods, Services, Political Rival Says Canada's minority Liberal government is expected to deliver financial breaks for households aimed at helping cash-strapped consumers and rekindling activity in a struggling economy. The left-wing New Democratic Party said late Wednesday that the Liberals have agreed to temporarily exempt the national sales tax from some goods and services. The NDP, which pushed for the measures, has agreed to back government legislation to usher in the exemptions.

Expected Major Events for Thursday

05:00/JPN: Oct Steel Production

07:00/UK: Oct Public sector finances

07:45/FRA: Nov Monthly business survey (goods-producing industries)

11:00/UK: Oct Aluminium Production report

11:00/FRA: 3Q OECD Quarterly National Accounts: GDP growth

11:00/UK: Nov CBI Industrial Trends Survey

13:00/RUS: Weekly International Reserves

13:30/US: Nov Philadelphia Fed Business Outlook Survey

13:30/CAN: Sep Employment Insurance

13:30/CAN: Oct Industrial product and raw materials price indexes

13:30/US: 11/16 Unemployment Insurance Weekly Claims Report - Initial Claims

13:30/US: U.S. Weekly Export Sales

15:00/US: 3Q Advance Quarterly Services

15:00/US: Oct Leading Indicators

15:00/US: Oct Existing Home Sales

15:30/US: 11/15 EIA Weekly Natural Gas Storage Report

16:00/US: Nov Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

21:30/US: Foreign Central Bank Holdings

21:30/US: Federal Discount Window Borrowings

23:00/JPN: Sep Final Labour Survey - Earnings, Employment & Hours Worked

23:30/JPN: Oct CPI (Nation), CPI ex-food (Nation)

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Thursday

AMMO Inc (POWW) is expected to report $-0.04 for 2Q.

Acrivon Therapeutics Inc (ACRV) is expected to report $-0.61 for 3Q.

Atkore Inc (ATKR) is expected to report $2.23 for 4Q.

Cato Corp - A Share (CATO) is expected to report for 3Q.

Cerence Inc (CRNC) is expected to report $-0.67 for 4Q.

Children's Place Inc (PLCE) is expected to report $2.63 for 3Q.

Compass Minerals International Inc (CMP) is expected to report $-0.40 for 4Q.

Construction Partners Inc (ROAD) is expected to report $0.58 for 4Q.

Copart Inc (CPRT) is expected to report $0.37 for 1Q.

Cue Biopharma Inc (CUE) is expected to report $-0.19 for 3Q.

Deere & Co (DE) is expected to report $3.85 for 4Q.

Delta Apparel Co (DLAPQ) is expected to report $0.23 for 3Q.

Dynatronics Corp (DYNT) is expected to report for 1Q.

Elastic NV (ESTC) is expected to report $-0.28 for 2Q.

Escalon Medical Corp (ESMC) is expected to report for 1Q.

Evolv Technologies Holdings Inc (EVLV) is expected to report $-0.11 for 3Q.

Gap Inc (GAP) is expected to report $0.59 for 3Q.

Geospace Technologies Corp (GEOS) is expected to report for 4Q.

Haynes International Inc (HAYN) is expected to report $0.25 for 4Q.

Intuit Inc (INTU) is expected to report $0.59 for 1Q.

Ituran Location & Control Ltd (ITRN,ITRN-TV) is expected to report $0.66 for 3Q.

KE Holdings Inc - ADR (BEKE) is expected to report $0.81 for 3Q.

Logility Supply Chain Solutions Inc (LGTY) is expected to report $0.05 for 2Q.

Matthews International Corp - Class A (MATW) is expected to report $0.02 for 4Q.

NanoViricides Inc (NNVC) is expected to report for 1Q.

Natural Grocers by Vitamin Cottage Inc (NGVC) is expected to report $0.01 for 4Q.

NetApp Inc (NTAP) is expected to report $1.36 for 2Q.

Omega Therapeutics Inc (OMGA) is expected to report $-0.24 for 3Q.

PrimeEnergy Resources Corp (PNRG) is expected to report for 3Q.

Real Matters Inc (REAL.T) is expected to report $0.00 for 4Q.

Ross Stores Inc (ROST) is expected to report $1.39 for 3Q.

Safeguard Scientifics Inc (SFES) is expected to report $0.78 for 3Q.

San Juan Basin Royalty Trust (SJT) is expected to report for 3Q.

Shoe Carnival Inc (SCVL) is expected to report $0.92 for 3Q.

Spirit Airlines Inc (SAVE) is expected to report $-2.27 for 3Q.

Stericycle Inc (SRCL) is expected to report $0.32 for 3Q.

UGI Corp (UGI) is expected to report $-0.26 for 4Q.

Vestis Corp (VSTS) is expected to report $0.07 for 4Q.

Warner Music Group Corp (WMG) is expected to report $0.28 for 4Q.

Wrap Technologies Inc (WRAP) is expected to report for 3Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

AeroVironment Raised to Buy From Hold by Jefferies

Block Cut to Neutral From Outperform by Exane BNP Paribas

Bloom Energy Cut to Hold From Buy by HSBC

Chewy Raised to Buy From Underperform by B of A Securities

Cingulate Raised to Buy From Hold by Maxim Group

DMC Global Cut to Hold From Buy by Stifel

Energizer Holdings Cut to Equal-Weight From Overweight by Barclays

Energizer Holdings Raised to Neutral From Underweight by JP Morgan

Fannie Mae Cut to Market Perform From Outperform by Keefe, Bruyette & Woods

Fidelity National Cut to Underperform From Neutral by Exane BNP Paribas

Finance of America Cut to Neutral From Buy by UBS

Freddie Mac Cut to Market Perform From Outperform by Keefe, Bruyette & Woods

Gaming & Leisure Props Raised to Buy From Hold by Deutsche Bank

Inspire Medical Systems Raised to Buy From Neutral by B of A Securities

Jacobs Solutions Cut to Hold From Buy by Benchmark

JPMorgan Chase Cut to Perform From Outperform by Oppenheimer

Lemonade Raised to Equal-Weight From Underweight by Morgan Stanley

Newell Brands Raised to Overweight From Equal-Weight by Barclays

Northern Oil Cut to Sector Perform From Outperform by RBC Capital

Oaktree Specialty Lending Cut to Neutral From Overweight by JP Morgan

Toast Cut to Neutral From Outperform by Exane BNP Paribas

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

Asian stock markets tracked moderately lower Thursday after the overnight release of chipmaking and AI colossus Nvidia's earnings underwhelmed investors.

Hong Kong and Tokyo finished in the red, also reflecting a moderate regional earnings season overall, while most other regional exchanges similarly concluded lower.

Shanghai bucked trends to edge higher.

In Japan, the Nikkei 225 opened lower on Nvidia cues and could not recover, finishing off 0.8% as a stronger yen undercut export issues.

The benchmark Nikkei 225 fell 326.17 to 38,026.17, as losing issues outnumbered gainers 159 to 65.

Leading the upside was utility Tokyo Gas, up 4.9%,while heavy-machinery maker IHI declined 3.9%.

In Hong Kong, the Hang Seng Index opened lower, wobbled, and finished down 0.5% as traders again backed away from property and tech issues, and mulled a tempered earnings season.

The broad gauge Hang Seng fell 103.90 to 19,601.11, as losing issues outnumbered gainers 55 to 23. The Hang Seng TECH Index lost 1.2% on the day, while the Mainland Properties Index fell 1.1%.

Leading the upside was BYD Electronic, gaining 5%, while Chow Tai Fook declined 4.3%.

On the mainland, the Shanghai Composite rose 0.1% to 3,370.40.

On the other regional exchanges, the South Korean KOSPI fell 0.1%; the Taiwan TWSE declined 0.6%; the Australian ASX 200 was steady; the Singapore Straits Times Index fell 0.1%, and the Thai Set declined 1.5%. In late trading in Mumbai, the Sensex was down 0.5%.

In other news, Bank Indonesia held its key policy rate unchanged at 6%, citing robust economic expansion, but moderate inflation.

MARKET WRAPS

Stocks:

European shares were lower on Thursday on increasing geopolitical risks and after Nvidia sold off in off-hours U.S. trading.

Ukraine on Wednesday launched British-supplied cruise missiles into Russia's Kursk region, a day after using U.S.-provided long-range missiles to strike an ammunition-storage facility.

Jefferies said the use of Western missiles appears to be posturing to gain better negotiating power rather than a significant escalation in the conflict. It remained "relatively sanguine" about the recent rise in geopolitical risks and expects the situation to improve in 2025.

Meantime, Nvidia beat expectations for sales and profit in its latest quarterly earnings report, released after the closing bell on Wall Street. But its shares sold off in after-hours trading, a sign that it didn't live up to the lofty expectations of investors who have piled into the stock this year on a wave of AI hype.

Stocks to Watch

Deutsche Bank upgraded Rheinmetall to buy from hold, saying it had been too conservative in assessing the revenue growth potential of the arms maker. The bank also lifted its target price on the stock to 700 euros from 550 euros.

Rheinmetall now targets sales of about 20 billion euros by 2027, higher than the 16-17 billion euros range Deutsche Bank previously modeled, with the key differences being faster orders to sales, for example in electronic solutions, and a higher order intake expected in the vehicle-systems business.

U.S. Markets:

Stock futures and bond yields edged lower as traders awaited economic updates that may color the Federal Reserve's thinking on monetary policy.

Forex:

The dollar is likely to continue trading in a higher range after its gains following the U.S. elections, ING said, with the market shifting away from pricing a December interest-rate cut by the Federal Reserve as it braces for second Donald Trump presidency.

Developments in overseas economies are also "far from encouraging."

U.S. data including the initial jobless claims report at 1330 GMT are unlikely to move markets and the DXY dollar index should continue to trade in its new 106-107 range, ING said.

The Turkish lira was weaker as investors turned cautious ahead of the latest policy decision from Turkey's central bank. The central bank is expected to leave interest rates unchanged at 50% in a decision at 1100 GMT, ING said.

The South African rand fell ahead of the South African Reserve Bank's policy decision at 1300 GMT as most economists expect the central bank to cut interest rates by 25 basis points, Commerzbank said.

Bonds:

The reality of the current environment is that the Federal Reserve is cutting rates into a robust economy with inflation well above target, and unemployment just over 4%, SEI said.

"We were not surprised that the yield on the 10-year Treasury rose by 70 basis points since the Fed's 50 basis point rate cut. Investors have begun to price in the probability of a policy mistake and resurgence of inflationary pressures."

SEI said a pause in monetary stimulus is also in order for next year given the uncertainties surrounding the new administration's trade, tax, and immigration policies and their potential effects on the inflationary environment.

Spanish and French supply looks set to weigh on eurozone government bond markets but stabilization is likely post-issuance, Commerzbank Research said.

"Once the auctions are through we see chances for stabilisation with the focus returning to geopolitical risk." But it said market sentiment remains jittery.

A diminishing green premium on bonds means investors no longer need to compromise on income or return potential by going green, Goldman Sachs Asset Management said.

Energy:

Oil prices gained more than 1% as growing concerns over escalating tensions between Russia and Ukraine offset an unexpected rise in U.S. crude stockpiles.

"For oil, the risk is if Ukraine targets Russian energy infrastructure. The other risk is uncertainty over how Russia responds to these attacks, " ING said.

Meanwhile, U.S. crude oil inventories rose for the third straight week after increased inflow of imported supplies from the Gulf Coast, weighing on the demand outlook.

European natural-gas prices were at their highest level of the year, boosted by growing geopolitical risks and higher demand.

As well as Russia's increased attacks against Ukrainian energy infrastructure and fears that escalating tensions in the region could disrupt gas flows, investors were also monitoring Russian pipeline flows to Europe after Gazprom halted supplies to OMV.

Meanwhile, EU gas storage is currently 89.9% full, below the five-year average of 91% for this time of year.

"With storage not as high as initially expected going into the winter and a number of supply risks, speculators continue to favor gas from the long side," ING said.

Metals:

Gold futures rose on safe-haven demand .

XS.com said intensifying tensions between Russia and Ukraine, exacerbated by Russia's latest nuclear threats, have driven investors to seek out stable assets like gold.

Nevertheless, gold's rally hasn't been as sharp as some traders expected, limited by the strength of the dollar.

Expectations of new monetary policy decisions by major banks-including the Fed-will likely influence both the dollar and gold prices in the coming months, XS.com said.

Comex gold futures' bullish momentum is accelerating, based on the daily chart. RHB Retail Research said the formation of a third straight bullish candlestick on Wednesday indicates that strong bullish momentum is underway.

Base metals were mixed.

ANZ said there were signs of improving fundamentals in the market.

Copper premiums on the Chinese spot market were up, after data showed retail sales expanded in October at the fastest pace in eight months, ANZ said.

China's cut to export taxes, set to kick in on Dec. 1, has also raised the prospect of tighter metals supplies globally.

Aluminum prices rose in Shanghai as Chinese fabricators rushed to front-load exports ahead of the repeal of the export tax rebate, ANZ added.

EMEA HEADLINES

ECB's Villeroy Expects Little Inflation Impact From Possible Tariffs

Higher tariffs on imports to the U.S. wouldn't have a significant impact on inflation in the eurozone, and the European Central Bank should continue to lower borrowing costs, the head of the Bank of France said Thursday.

U.S. president-elect Donald Trump said he wants to raise tariffs on imports from a wide range of countries, although the details are unclear. Should the European Union decide to retaliate, the price of goods imported from the U.S. would rise, while a weaker euro could also increase prices.

French Factories Shrug off Trump Tariff Threat as November Mood Lightens

French industry felt more confident this month, suggesting manufacturers aren't overly worried about likely higher import tariffs in the U.S. under President-elect Donald Trump.

A monthly index of sentiment in the country's manufacturing industry rose in November, regaining some of the sharp loss in confidence recorded in October. The mood among French manufacturers nevertheless continues to trail the long-term average, said French statistics authority Insee, which published the survey Thursday.

Novartis Lifts Midterm Sales Guidance on Key Drugs, Pipeline Portfolio

Novartis raised its midterm sales guidance, citing revenue growth from its key treatments and expected drug launches.

The Swiss pharma company said Thursday ahead of an investor event that it now expects annual currency-adjusted sales to grow by 6% through 2028, having previously guided for growth of at least 5%. The company anticipates 2024-29 annual sales growth at 5% and expects mid-single-digit sales growth after 2029.

BBVA Proposes Measures to Get Sabadell Deal Approved

Banco Bilbao Vizcaya Argentaria laid out measures to address the concerns Spain's competition regulator has over its hostile takeover offer for Banco de Sabadell in a bid to get the deal authorized promptly.

BBVA's proposed measures are focusing on the Catalonia and Valencia regions where the two banks have the most overlap. The lender said it won't close branches in areas where there aren't others nearby and will keep commercial conditions for individuals as well as small and medium-sized enterprises in places where less than four financial entities operate.

Julius Baer's Assets Rise as Inflows Accelerate

Julius Baer reported a rise in assets under management for the first 10 months of the year as inflows of money from clients in key markets accelerated from the midyear point.

The Swiss private banking group on Thursday said its assets under management stood at 480 billion Swiss francs ($542.86 billion) at Oct. 31, a 12% on-year increase that was driven by strong stock markets and 11 billion francs in net inflows.

Zurich Insurance Targets Higher Earnings Growth

Zurich Insurance said it is targeting increased earnings growth as part of its new three-year plan to 2027, after benefiting from a better-than-anticipated market environment.

The Swiss insurer said it was targeting a core earnings per share compound annual growth rate of more than 9% and core return on equity of more than 23%, for the three-year period.

EU New Car Sales Rebound in October After Gains in Germany, Spain

Passenger-car registrations in the European Union edged higher in October, a month marked by solid gains in Germany and Spain that eclipsed declines in the French and Italian car markets.

The European Automobile Manufacturers' Association said new car registrations-a reflection of sales-rose 1.1% on year in the EU last month to 866,397 units, following a 6.1% contraction in September and a steeper 18% decline in August.

GLOBAL NEWS

BOJ Will Consider Impact of Weak Yen in Making Price Forecasts, Gov Ueda Says TOKYO-Bank of Japan Gov. Kazuo Ueda said the central bank includes the possible impact of a weak yen on its price forecasts, although the stability of the currency market isn't one of its mandates.

"We do seriously take into account exchange rate movements in forming our economic and inflation outlook, including the question of what's causing the exchange rate changes that are taking place a the moment," Ueda said at an event held in Tokyo on Thursday. He refrained from making comments on short-term moves in the currency market.

Cease-Fire Between Israel and Hezbollah Edges Closer, U.S. Envoy Says

BEIRUT-The lead U.S. negotiator on ending the war between Israel and Hezbollah said he had made progress on a two-day trip to Beirut and would travel to Israel to try to secure a cease-fire agreement that has so far proven elusive.

Amos Hochstein, a U.S. special envoy, stayed an extra day in Lebanon, where he met with Lebanese officials, including Parliament Speaker Nabih Berri, a senior Shia politician who is a go-between with Hezbollah.

Biden Approves Antipersonnel Mines for Ukraine

The Pentagon said Wednesday that it was sending antipersonnel mines to Ukraine, underscoring a broader Biden administration push to bolster Kyiv as Russian forces seek to advance on several fronts and both sides maneuver for possible negotiations.

The moves to lessen restrictions on weapons sent to Ukraine comes in the waning months of the Biden administration, which is trying to help the Ukrainians shore up their defenses and preserve some leverage in the talks that President-elect Donald Trump has vowed to pursue.

Write to paul.larkins@wsj.com

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