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European Midday Briefing: Stocks Lose Ground on -2-

Producer prices rose 37.2% on year in July, the German statistics office Destatis said Friday. This follows a 32.7% increase in June and a 33.6% rise in May.

   
 
 

Just Eat Takeaway.com to Sell Around 33% Stake in iFood JV to Prosus

Just Eat Takeaway.com NV said Friday that it has agreed to sell its around 33% stake in the iFood joint venture to Prosus NV for up to 1.8 billion euros ($1.82 billion) as it looks to focus on improving profitability and on a disciplined capital allocation.

The Amsterdam-based food-delivery group said the amount comprises EUR1.5 billion in cash on closing and a deferred consideration based on the performance of the online food delivery sector over the next year of up to EUR300 million.

   
 
 

U.K. Consumer Confidence Hits Record Low in August

British consumer confidence fell to a record low in August as cost-of-living pressures and dim economic prospects continued to build.

The consumer-confidence barometer compiled by research firm GfK declined to minus 44 in August from minus 41 in July, the lowest level since the survey began in 1974 and below economists' expectations of consumer confidence remaining unchanged from the previous month.

   
 
 

U.K. Retail Sales Rose Modestly in July, Beating Expectations for a Decline

U.K. retail sales rose in July, boosted by strong online sales, even as the cost-of-living crisis intensifies.

Retail sales volumes increased 0.3% in July on month, after a revised 0.2% monthly fall registered in June, the Office for National Statistics said Friday.

   
 
 
   
 
 

GLOBAL NEWS

Ride-Hailing Stocks Reverse After Recent Rally

Ride-hailing firms Uber, Lyft and Grab have recovered some of their lost market value over the past month, but a selloff this week has undermined the rally.

The shares of Uber Technologies Inc. and Lyft Inc. have risen more than 35% since mid-July, aided by their stronger-than-expected results earlier this month. Singapore-based Grab Holdings Ltd., which is set to report its second-quarter performance on Aug. 25, has jumped 41%.

   
 
 

Investors Should Go Where the Float Is

The check is never really "in the mail."

As trillions of dollars move between two places, or when they just sit in the middle, the sum is often called "float." In the long era of easy money and superlow rates, those vast sums didn't matter much. Now they do. With rates rising and the Federal Reserve fighting to restrain inflation, merely a percentage of that mountain of money is in and of itself serious money. That will change things for companies and individuals, for better or worse.

   
 
 

Biotech Rebounds on Optimism and Deal Making

Biotech stocks, some of the biggest losers in the selloff, are soaring.

The speculative sector is getting a boost from renewed optimism among investors. Fundamental drivers like deal making, new drug approvals and buying by big investors provide confidence that the rally could persist.

   
 
 

What Biotech ETFs Might Be Right for Your Portfolio?

Biotech is back. For those who want to invest through exchange-traded funds, here are some choices.

An exchange-traded fund, or ETF, invests in numerous stocks, quickly conferring exposure to a sector or theme and making ETFs a popular tool for diversifying portfolios. Many offer low expense ratios, reflecting the fees that investors pay each year.

   
 
 

North Korea Berates South Korean President: 'We Don't Like Yoon Suk-yeol Himself'

SEOUL-On Monday, South Korean President Yoon Suk-yeol sought to shake up frothy inter-Korean ties with what he called an "audacious plan." He offered food aid and economic assistance that could modernize North Korea's airports and hospitals-only if Pyongyang showed some commitment to denuclearize.

By the end of the week, North Korea gave its answer: "We don't like Yoon Suk-yeol himself."

   
 
 

Vanished Chinese-Canadian Billionaire Sentenced to 13 Years in Prison

Xiao Jianhua, a Canadian-Chinese billionaire whose abduction from Hong Kong five years ago sent shock waves through China's business community, was sentenced to 13 years in prison by a Shanghai court after pleading guilty to charges including graft and illegal handling of funds.

Mr. Xiao used the company he founded, Tomorrow Group, to pay bribes to unnamed government officials totaling around $100 million over 20 years, according to a statement from the Shanghai No. 1 Intermediate People's Court released on Friday through state media. It said Mr. Xiao used companies he controlled to illegally collect more than more than $45 billion in public deposits.

   
 
 

Write to nihad.ahmed@wsj.com

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

 

(END) Dow Jones Newswires

August 19, 2022 07:08 ET (11:08 GMT)

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