EUROPEAN MIDI BRIEFING – Lower stocks after -3-

The People’s Bank of China announced on Thursday that it had cut its five-year prime rate, a benchmark for medium- and long-term loans, including mortgages, to 4.60% from 4.65% – the first cut in this type since April 2020. China’s central bank also cut the one-year prime lending rate by 10 basis points to 3.70%, the second rate cut in as many months.

   
 
 

As inflation bites, power sits higher up the food chain

The food companies best positioned to fight inflation are the ones investors are least likely to know about.

As costs rise along the global food supply chain, shoppers are paying more for groceries on both sides of the Atlantic. UK food price inflation hit 4.5% in December 2021 compared to the same month in 2020, according to data released by the UK Office for National Statistics on Wednesday. In the United States, home food prices rose 6.5% year-over-year in December, while the eurozone measure rose 4.6%.

   
 
 

North Korea plans to restart long-range, nuclear weapons testing

SEOUL-North Korea has suggested it could consider restarting long-range and nuclear weapons testing, vowing to take “practical steps” as it says the US threat to the country can no longer be ignored.

For more than four years, Kim Jong Un’s regime has not launched an intercontinental ballistic missile or conducted a nuclear test – major provocations that have already drawn recrimination even from close allies in Beijing and Moscow.

   
 
 

Novak Djokovic’s Australian Visa Challenge failed due to anti-vaccination stance

ADELAIDE, Australia — Novak Djokovic’s latest effort to defend his Australian Open title by having his visa reinstated failed because a court agreed that people, especially young people, can emulate the opposition of tennis icon to get vaccinated.

A three-judge Australian federal court panel on Thursday said it had upheld Immigration Minister Alex Hawke’s decision to revoke the men’s tournament top seed in part because Djokovic’s presence in Australia had already created unrest, including a January 11 protest involving the player’s supporters.

   
 
 

Tonga’s disaster preparedness likely limited tsunami deaths

WELLINGTON, New Zealand – The deafening boom following the violent eruption of an underwater volcano near Tonga has acted as a wake-up call for island residents to flee inland, a response that likely reduced the death toll when tsunami waves crashed on the coast soon after.

Tongan officials said the Pacific nation’s practice of staging tsunami drills had also helped save lives, although the island archipelago had suffered extensive property damage, with the majority of homes on some islands damaged. been completely destroyed. The confirmed death toll from Saturday’s blast and tsunami, which was felt as far away as the west coast of the United States and Japan, is three so far.

   
 
 

Democrats fail in push to change Senate filibuster and sinking election bill

WASHINGTON — Democrats have failed in their effort to change Senate filibuster procedures to force stalled election legislation, dealing a setback to President Biden and party leaders on what they have called their top priority in matter of domestic policy.

With Democratic senses Joe Manchin of West Virginia and Kyrsten Sinema of Arizona siding with all Republicans in the equally divided Senate, 52 lawmakers opposed the rule change, while 48 were in favor, less than the required majority.

   
 
 

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

 

(END) Dow Jones Newswire

January 20, 2022 06:28 ET (11:28 GMT)

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