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EUROPEAN MIDDAY BRIEFING: Stocks Mixed Ahead of -2-

The proposal from the Paris-based European Banking Authority is the latest move by the EU to harmonize anti-money-laundering rules across member states and shift implementation away from national authorities.

   
 
 

Novavax Delays Seeking U.S. Regulatory Approval for Covid-19 Vaccine

Novavax Inc. said it would delay seeking U.S. emergency authorization for its Covid-19 vaccine until the fourth quarter as it works to complete the manufacturing portion of its application.

"The manufacturing part has been the most work that we have to do," Stanley Erck, Novavax chief executive, said in an interview Thursday. "Hopefully October for the FDA, but we don't have a date picked."

   
 
 

Belarus Coaches Kicked Out of Olympic Village Over Athlete Removal

TOKYO-The International Olympic Committee stripped two Belarusian coaches of their accreditations and evicted them from the Olympic Village over their involvement in forcing an athlete to return home.

Belarusian sprinter Krystsina Tsimanouskaya said that members of the national team in Tokyo took her to the airport on Sunday in an attempt to send her home against her will after she publicly criticized the team's coaches. Ms. Tsimanouskaya didn't board the flight for fear for her life if she returned home and is now in Poland, where she received a humanitarian visa.

   
 
 
   
 
 

GLOBAL NEWS

Business Groups Call on Biden to Restart Trade Talks With China

WASHINGTON-Nearly three dozen of the nation's most influential business groups-representing retailers, chip makers, farmers and others-are calling on the Biden administration to restart negotiations with China and cut tariffs on imports, saying they are a drag on the U.S. economy.

The tariffs on electronics, apparel and other Chinese goods, which are paid by U.S. importers, were kept in place in part to ensure that China fulfills its obligations under its 2020 Phase One trade pact with the U.S.

   
 
 

CBO Estimates Infrastructure Bill Would Add $256 Billion to Deficits

WASHINGTON-Congress's nonpartisan scorekeeper found that the roughly $1 trillion infrastructure bill would widen the federal budget deficit by $256 billion over 10 years, countering negotiators' claims that the price tag would be covered by new revenue and saving measures.

The score was released as the Senate advances amendments for the bill this week and didn't create any immediate obstacles to final passage of President Biden's economic agenda.

   
 
 

German Industrial Production Unexpectedly Fell in June

German industrial production declined in June, missing expectations for an increase amid widespread supply shortages, statistics office Destatis said Friday.

Total industrial output--comprising production in manufacturing, energy and construction--decreased 1.3% in June from May in calendar-adjusted terms. Economists had forecast a 0.5% increase, according to a poll by The Wall Street Journal.

   
 
 

RBA Debated Suspending QE Taper; Monitoring Covid Crisis

SYDNEY-The Reserve Bank of Australia debated suspending a planned reduction in its weekly government bond buying program at its policy meeting Tuesday, but elected to allow fiscal stimulus to do the heavy lifting of the economy as the country faces a potential plunge back into recession amid a worsening Covid-19 outbreak.

In a testimony before parliament on Friday, RBA Gov. Philip Lowe said the central bank's board was willing to adjust policy settings, if conditions in the economy continue to deteriorate over the coming months.

   
 
 

China's Corporate Crackdown Is Just Getting Started. Signs Point to More Tumult Ahead.

In recent months, China has blown up what would have been the world's largest initial public offering, launched probes into some of its biggest technology companies, and wiped out more than $1 trillion in market value while investors scramble for cover.

There are many signs it isn't over yet.

   
 
 

Covid-19 Vaccination Rates Rise Where Delta Variant Is Spreading

Covid-19 vaccination rates are ticking upward across the U.S., federal officials said, particularly in areas where the Delta variant is hitting hardest.

Worries about the virus, growing confidence in the safety of vaccines and the influence of family and friends are all likely contributing to the increase in vaccine uptake, health authorities and residents say. More employers are also starting to institute vaccine mandates. The U.S. has administered more than 864,000 doses of Covid-19 vaccines in the past 24 hours, including 585,000 first shots, White House Covid-19 Response Coordinator Jeff Zients said Thursday during a media briefing.

   
 
 

Business Groups Call on Biden to Restart Trade Talks With China

WASHINGTON-Nearly three dozen of the nation's most influential business groups-representing retailers, chip makers, farmers and others-are calling on the Biden administration to restart negotiations with China and cut tariffs on imports, saying they are a drag on the U.S. economy.

The tariffs on electronics, apparel and other Chinese goods, which are paid by U.S. importers, were kept in place in part to ensure that China fulfills its obligations under its 2020 Phase One trade pact with the U.S.

   
 
 

Senate Bill to Repeal Iraq War Authorizations Draws Key Level of GOP Support

WASHINGTON-Ten Republican senators have signed on as co-sponsors of a bipartisan bill to repeal the 1991 and 2002 authorizations for use of military force in Iraq, a key threshold needed to overcome a Senate filibuster.

It is the latest sign that lawmakers of both parties are gaining traction in their efforts to reassert Congress's constitutional power to declare war, the culmination of years of debate over the commander in chief's latitude to send troops into combat abroad, and a reflection of waning public support for America's so-called forever wars.

   
 
 

Canadian Negotiators Race to Avoid Border Snarl for Trade, U.S. Tourists

OTTAWA-Talks under a mediator's watch continued late Thursday between Canada and the union representing its border agents to head off a labor action starting Friday that threatens the flow of U.S.-Canada trade and a plan to allow American tourists to visit for the first time in 16 months.

The two sides agreed to work with a mediator ahead of a 6 a.m. Eastern time Friday deadline set by the union, the Public Service Alliance of Canada. The alliance said customs and immigration officers would begin paring back services at land crossings, airports and shipping ports unless a new agreement is reached by that time. The union said "massive disruptions" at Canada's borders were possible.

   
 
 

FDA Covid-19 Vaccine Booster Plan Could Be Ready Within Weeks

The Food and Drug Administration expects to have a strategy on Covid-19 vaccine boosters by early September that would lay out when and which vaccinated individuals should get the follow-up shots, according to people familiar with discussions within the agency.

The Biden administration is pushing for the swift release of a booster strategy because some populations-people age 65 or older and people who are immunocompromised, as well as those who got the shots in December or January shortly after they were rolled out-could need boosters as soon as this month, two of the people said.

   
 
 

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

 

(END) Dow Jones Newswires

August 06, 2021 06:17 ET (10:17 GMT)

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