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EMEA Morning Briefing: Inflation, Growth Fears to -2-

The chief executives of Exxon Mobil Corp., Hess Corp. and France's TotalEnergies SE and presidential climate adviser John Kerry said there was no immediate relief in sight as oil prices top $120 a barrel, and even higher energy prices and global economic disruption were likely.

   
 
 

Foreign Companies in China Are Less Optimistic About Investing There

HONG KONG-Foreign companies in China are feeling less confident about investing in China, citing concerns of slowing economic growth and political tensions with the U.S., an annual survey by an American business group found.

Less than one-half of members surveyed by the American Chamber of Commerce in China said they were optimistic that the Chinese government was committed to opening its market to more foreign investment over the next three years, down from 61% a year earlier. More than one-third said they would reduce investment in the country because of an uncertain policy environment.

   
 
 

Oil Industry Contemplates World Without Russian Crude

As oil prices shoot to levels unseen since before the 2008 financial crisis, the energy industry is asking a previously unthinkable question: How would it cope if it has to forgo Russian oil?

Crude prices rose briefly to almost $140 a barrel, grain prices leapt and industrial metals rallied on Monday as war in Ukraine and the West's response threatened to hit supplies of commodities that underpin much of the global economy. The surge builds on weeks of gains for raw materials and stands to add to inflationary pressures world-wide.

   
 
 

The U.S. Shifts Focus to Venezuelan Oil, but Output Is Low

BOGOTA, Colombia-Even as the U.S. considers lifting sanctions so Venezuela gets oil flowing, the reality is that the country's oil sector is ill-prepared to start churning out more crude and lower fast-rising oil prices amid the Ukraine war.

Years of mismanagement, corruption and nationalization of oil ventures caused Venezuela's oil industry-which in the 1990s produced 3.2 million barrels a day-to crash by 2020, when output fell to just one-tenth of what it had been. Production has now more than doubled to about 800,000 barrels a day but that is less than 1% of the 100 million barrels dozens of countries produce world-wide daily.

   
 
 

Iran Chief Negotiator Unexpectedly Leaves Vienna as Nuclear Talks Hit Standstill

VIENNA-Iran's chief negotiator at the nuclear talks in Vienna unexpectedly returned home Monday night, prompting European officials to say negotiations were at a standstill.

Iranian officials said Ali Bagheri-Kani, who leads the Iranian negotiating team, would soon return to Vienna. Two Western diplomats said it wasn't clear why Mr. Bagheri-Kani left or when he would return.

   
 
 

UK Retail Sales Continued to Climb But Demand Is Expected to Fall

U.K. retail sales jumped on year again in February, but current demand will likely not be sustained amid rising prices and geopolitical uncertainty, according to the latest British Retail Consortium and KPMG report.

Like-for-like U.K. retail sales were up 2.7% compared with the same month of last year, boosted by nonfood sales and in-store nonfood retail sales, the report said.

   
 
 

Moderna Signals It May Enforce Covid-19 Vaccine Patents in Wealthy Nations

Moderna Inc. said it will never use its Covid-19 vaccine-related patents to stop others from manufacturing its vaccine in more than 90 low- and middle-income countries, but signaled it was prepared to begin enforcing patents in wealthier countries.

The drugmaker said Monday it now expects anyone in higher-income countries that want to use its patented technologies to respect the company's intellectual property. It also said it is willing to license its patents to others in those countries on "commercially reasonable terms."

   
 
 

Write to paul.larkins@dowjones.com

   
 
 

Expected Major Events for Tuesday

00:01/UK: Feb BRC-KPMG Retail Sales Monitor

07:00/GER: Jan Industrial Production Index

07:00/NOR: Jan Monthly GDP

07:00/ROM: 4Q GDP

07:00/FIN: Jan Foreign trade

08:00/SVK: 4Q GDP

08:00/SVK: 4Q Labour Force Sample Survey: Employment & unemployment

08:00/SVK: 4Q Average monthly wage of employees

08:00/CZE: Feb Unemployment data

08:00/SPN: Jan Industrial Production

09:00/ITA: Jan Retail Sales

09:30/UK: 4Q Mortgage Lenders and Administrators Return (MLAR) statistics

10:00/EU: 4Q GDP and Main Aggregates Estimate

10:00/EU: 4Q Employment

10:00/CRO: Jan Retail trade

11:00/IRL: Jan Industrial Production and Turnover

11:00/FRA: Jan OECD Composite Leading Indicators

16:59/POL: Polish interest rate decision

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

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

 

(END) Dow Jones Newswires

March 08, 2022 00:31 ET (05:31 GMT)

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