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EMEA Morning Briefing: Stocks to Rise After -2-

The European Union's statistics agency Tuesday said consumer prices in the currency area were 4.9% higher than in November 2020, by far the fastest annual rise since records began in 1997 and more than double the ECB's 2% target. The previous high of 4.1% was matched in October, having first been reached in July 2008. Economists had expected to see a pickup in inflation during the month, but only to 4.5%.

   
 
 

French Nationalist TV Host Éric Zemmour Launches Presidential Bid to Challenge Macron

PARIS-Éric Zemmour, the nationalist French talk-show host and pundit, announced his candidacy for president on Tuesday, challenging President Emmanuel Macron in next year's election with a tough line on immigration, Islam and the European Union.

Mr. Zemmour is seeking to oust Marine Le Pen as the French far right's standard-bearer to become the leading contender against Mr. Macron in the election. He has harnessed his celebrity as a television commentator to win support both from France's far right and from traditional conservatives.

   
 
 

Pfizer Vaccine Executive Moves to Rival GlaxoSmithKline

Pfizer Inc.'s top viral vaccine-science executive is leaving the pharmaceutical giant for rival GlaxoSmithKline PLC, a high-profile industry move that comes as Pfizer and other vaccine makers scramble to assess how their shots will stand up to a new variant of the coronavirus that causes Covid-19.

GSK said Philip Dormitzer, previously Pfizer's chief scientific officer for viral vaccines, will join the British drug giant as its global head of vaccines research and development. His first day will be Friday, the company said.

   
 
 

CNN Suspends Chris Cuomo Indefinitely Over Role in Brother's Response to Sexual-Misconduct Allegations

CNN suspended prime-time anchor Chris Cuomo indefinitely after records released this week by the New York attorney general's office provided a detailed look into his efforts to help his brother, former New York Gov. Andrew Cuomo, respond to allegations of sexual misconduct.

In a statement released Tuesday, CNN said that the records "raise serious questions" about Chris Cuomo's conduct. "These documents point to a greater level of involvement in his brother's efforts than we previously knew," a CNN spokesman said. "As a result, we have suspended Chris indefinitely, pending further evaluation."

   
 
 

GlobalFoundries Says Revenue Rose 56% as Chip Shortage Continues

GlobalFoundries Inc. swung to a third-quarter profit and its revenue rose 56%, driven by strong demand amid a chip shortage.

The contract chip maker, one of the world's largest chip makers and Ford Motor Co.'s semiconductor partner, reported a $5 million profit for the September quarter, compared with a $293 million loss a year earlier. On a per share basis, the profit was one penny, or 7 cents on an adjusted basis.

   
 
 

Judge Questions If Purdue's Sacklers Abused Bankruptcy System

The federal judge weighing the $4.5 billion settlement between Purdue Pharma LP and the Sackler family members who own the OxyContin maker said she had serious concerns about whether they abused the bankruptcy system by collecting billions of dollars from the company before it filed for chapter 11 protection.

Judge Colleen McMahon of the Southern District of New York said during a hearing Tuesday there was "quite a bit" of circumstantial evidence made public during Purdue's chapter 11 case to suggest members of the Sackler family transferred money out of the company to shield their wealth after the drugmaker pleaded guilty in 2007 to federal charges over how it marketed OxyContin, its flagship opioid painkiller.

   
 
 

Salesforce Names Bret Taylor Co-CEO

Business-software company Salesforce.com Inc. elevated Bret Taylor to the role of co-chief executive officer and vice chairman, as it issued third-quarter results, including a muted sales outlook.

Mr. Taylor has been president and chief operating officer since 2019 under CEO and chairman Marc Benioff. The move restores the co-CEO structure that Salesforce had until last year when Keith Block stepped down.

   
 
 

HPE's quarterly earnings blow past estimates

Hewlett Packard Enterprise Co. on Tuesday reported better-than-expected quarterly earnings and sales in line with Street estimates, though shares slipped about 2% in after-hours trading.

The company HPE reported fourth-quarter net earnings of $2.55 billion, or $1.91 a share, compared with net earnings of $157 million, or 12 cents a share, in the same quarter a year ago. HPE said adjusted earnings were 52 cents a share, up from 41 cents a share in the year-ago quarter.

   
 
 

Nasdaq to Move Markets to Amazon's Cloud

Nasdaq Inc. said that next year it plans to begin moving its North American markets to Amazon.com Inc.'s Amazon Web Services cloud-computing platform.

The move, which will take a phased approach starting with Nasdaq MRX, a U.S. options market, involves turning over massive amounts of the exchange operator's data to a third-party cloud service. Nasdaq didn't disclose a timeline for moving its other markets.

   
 
 

Write to sarka.halas@wsj.com

   
 
 

Expected Major Events for Wednesday

00:01/UK: Nov CBI Growth Indicator Survey

00:01/UK: Nov Shop Price Index

01:01/IRL: Nov Ireland Manufacturing PMI

07:00/TUR: Nov Turkey Manufacturing PMI

07:00/GER: Oct Retail Trade

07:00/UK: Nov Nationwide House Price Index

07:00/NOR: 3Q Balance of Payments

07:30/SWI: Nov CPI

08:00/HUN: 3Q GDP

08:00/HUN: Oct PPI

08:00/POL: Nov Poland Manufacturing PMI

08:00/NED: Nov Netherlands Manufacturing PMI

08:15/SPN: Nov Spain Manufacturing PMI

08:30/CZE: Nov Czech Republic Manufacturing PMI

08:30/SWI: Nov procure.ch Purchasing Managers' Index

08:45/ITA: Nov Italy Manufacturing PMI

08:50/FRA: Nov France Manufacturing PMI

08:55/GER: Nov Germany Manufacturing PMI

09:00/GRE: Nov Greece Manufacturing PMI

09:00/EU: Nov Eurozone Manufacturing PMI

09:30/UK: Nov CIPS / Markit Manufacturing PMI

09:30/UK: Nov Narrow money (Notes & Coin) and reserve balances

10:00/CYP: Sep Retail trade

10:00/CYP: 3Q GDP

10:00/DEN: Nov Danish PMI

11:00/IRL: Nov Monthly Unemployment

16:59/AUT: Nov Unemployment figures

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

 

(END) Dow Jones Newswires

December 01, 2021 00:23 ET (05:23 GMT)

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