华尔街日报-2021-10-30&31（搜搜报告）(1).pdf
* * * * * * *SATURDAY/SUNDAY,OCTOBER 30 - 31,2021 VOL. CCLXXVIII NO. 103WSJ.comHHHH $6.00WSJTHEWALLSTREETJOURNALWEEKENDConsumer prices rose at thefastest pace in 30 years inSeptember while workers sawtheirbiggestcompensationboosts in at least 20 years, ac-cording to new governmentdata released Friday.Consumerspendingalsorose in September despite theexpiration of enhanced unem-ployment benefits, the datashowed.The reports point to a re-covery caught between robustconsumer demand and severesupply shortages, leading to arapid uptick in inflation. Theyalso put pressure on FederalReserve officials as they pre-pare to meet next week.Persistently high inflationcould offset the increase inwages and make householdsworse off.It could also force the cen-tral bank to raise interestrates to keep prices in check.Such a move also risks slowingPleaseturntopageA2BYDAVIDHARRISONPrices,WagesIncreaseAtRapidPaceStrongconsumerdemand and suppl yshortagestestrecovery,spur i nfl ati onPreviouscloseMetaMaterialssharesonFridaySource: FactSet$ 5 . 0 04 . 4 04 . 5 04 . 6 04 . 7 04 . 8 04 . 9 010a. m.noon2p. m.Biden, Pope Francis Meet Amid Controversy Over AbortionVATI CAN MEDI A/EPA/SHUTTERSTOCKAUDIENCE: President Biden and Pope Francis talk on Friday at the Vatican. Mr. Biden, who has come under fire from someU.S. bishops over his support for abortion rights, said the pontiff told him to continue receiving Communion. A8SANTA FE, N.MAlecBaldwin drew the black re-volver from his holster as hesat in the pew of an OldWest church, dressed as anaging cowboy from the late1800s.He was rehearsing ascene on the set of themovie “Rust,” where Mr.Baldwin s character, HarlandBy Joe Flint,Dan Frosch,Katherine Sayre,and Ben KeslingNo VacancySign HangsOver GlasgowiiiCity is overbookedas world leadersgather for meetingBYDAVIDHODARIANDMAXCOLCHESTERA government official fromthe West African country ofBurkina Faso landed in Glas-gow last week with an assign-ment almost as tough as ar-restingglobalwarmingfinding accommodations for70 during the United Nationsclimate conference.Some 25,000 governmentPleaseturntopageA9How to FixSocial MediaREVIEWBye,PaperTowels:The Low-WasteKitchenOFF DUTYRust, is caught up in ashootout as he tries to savehis grandson from being ex-ecuted for an accidental kill-ing.Behind the camera,Halyna Hutchins, a Ukraine-born cinematographer, stoodbeside director Joel Souzaas the star pointed the re-volver toward the cameralens.A whipping noise, fol-lowed by a pop, startled Mr.Souza. Ms. Hutchins grabbedher stomach and stumbledPleaseturntopageA10BehindMovieDeath,ASetinTurmoilFatal shooting by Alec Baldwin came amidproduction delays and labor unrestwhich regulates commercialuse of the airwaves, and thetelecom industry have pushedback on the safety concerns,saying the available evidencedoesn t support the conclusionthat 5G networks will interferewith aviation. The FCC set itsrules for use of the spectrumin early 2020 after reviewingthe potential impact on avia-tion, paving the way for Veri-zon Communications Inc. andPleaseturntopageA4monplace in modern air travel,helpplaneslandinpoorweather, prevent crashes andavoid midair collisions. TheFAA has determined that ifcommercial pilots aren t ableto use the features, that couldlead to flight cancellations, de-lays or diversions in 46 of thecountry s largest metropolitanareas where the towers are lo-cated, these officials said.OfficialsattheFederalCommunications Commission,The Federal Aviation Ad-ministration has been draftinga special bulletin and accom-panying mandates that wouldsay certain automated featuresused by pilots to help fly andland planes could be affectedby wireless towers on theground transmitting the new5G signals, these officials said.The FAA actions aren t ex-pected to be directed at con-sumersuse of cellphones.The cockpit systems, com-U.S. air-safety regulatorsare preparing to issue warn-ings to pilots and airlinesabout potential interferencewith key cockpit safety sys-tems by a new 5G wireless ser-vice slated to go live as soonas early December, accordingto current and former govern-ment and aviation industry of-ficials briefed on the matter.BYANDREWTANGELANDRYANTRACYFAAPlansWarningstoPilots,AirlinesOverNew5GRolloutA Meta MixupBoosts StockInvestors apparently confuseit with rebranded Facebook. B3ported $6 billion in net in-come, its best quarter since2013, and said it generated$6.7 billion in free cash flow,its most ever.The industry is reaping therewards of resurgent commod-itypricesU.S.crudehastopped $80 a barrel this monthfor the first time since 2014as the economy emerges fromthe stagnation brought on byCovid-19 and the shutdownsused to fight it. Global energydemand is rebounding fasterthan anticipated, and world-wide oil production, while stillrising, is struggling to catch upwith the surge in consumption.Investors and analysts arewatching closely to see if theoil industry will succumb tothetemptationofplowingmore money into growing pro-duction amid higher oil pricesand increased demand, shrug-ging off austerity measuresimplemented during the pan-demic.After years of dismal re-turns, investors have soughtpledges from producers thatthey will moderate growth andfocus on shareholder payouts.Some investors want com-panies to diversify and pivot torenewable energy as manycountries transition to cleanerpower sources because of con-cerns about climate change.So far, most companies arePleaseturntopageA6Big oil companies are gen-erating their strongest cashflows in years and heeding in-vestor calls to return it toshareholders instead of usingit to drill.The two largest U.S. oilcompanies, Exxon Mobil Corp.and Chevron Corp., reportedon Friday their most profit-able quarterly earnings sincebefore the onset of the globalpandemic.Exxon reported earnings of$6.8 billion, its best quarterlyperformance since 2017, andsaid it would launch a $10 bil-lion share buyback programstarting next year. Chevron re-BYCHRISTOPHERM.MATTHEWSOil Giants Strike GusherOf Cash as Demand RisesROMELeaders from theGroup of 20 major economiesare split over phasing out coaland limiting global warming to1.5 degrees Celsius, officialssaid,throwingintodoubtwhether ambitious climate-change targets can be hit.Thegatheringofworldleaders in Rome this weekendis expected to set the tone fortalks at the nearly two-weekUnited Nations climate summitin Glasgow, slated to followimmediately afterward.G-20 nations, including theU.S., China, Russia, India andSaudi Arabia, will attempt toforge a common position onhow best to adhere to the 2015Paris climate agreement, whichasks countries to start reducingtheir emissions as soon as pos-sible and achieve a climate-neutral world by midcentury.Officials said forging con-sensus on policies to achievethis remains difficult given theG-20 scompetinginterestsand that few concrete propos-als are likely to come out ofthe summit.Recent energy crises havealso spurred leaders to rethinktheir stance on fossil fuels. InChina, a coal supply shortagehas led to major revisions ofthecountry scarbonroadmap, elevating the importanceof energy security and creat-ing wiggle room for addingPleaseturntopageA8BYSHAHUAANDMAXCOLCHESTERCoal UseStirs ClashAt ClimateSummitFDA ClearsShots for KidsPfizer-BioNTech Covid-19vaccine is authorized for usein chil dren ages 5 to 11. . . . . .A3 Supreme Court to hearemissions case. A5 Ex-central banker presses bigbanks on climate change. B1EXCHANGESWEET STRATEGYHow slices ofcheesecaketo go savedCheesecake Factory.B1 Consumer prices roseat the fastest pace in 30years in September whileworkers saw their biggestcompensation boosts in atleast 20 years, according tonew government data.A1 Big oil companies aregenerating their biggestcash flows in years andheeding investor calls to re-turn it to shareholders in-stead of using it to drill.A1Major U.S. stock indexesended Friday s session at re-cords. The S&P 500, Nasdaqand Dow closed out Octoberwith monthly gains of 6.9%,7.3%and5.8%,respectively.B1Zuckerbergs announce-ment that Facebook is focus-ing on the metaverse andchanging its name to MetaPlatforms is in many ways apersonal rebranding asmuch as a corporate one.B3The FTC has adopted aseries of policy changesaimed at cracking down oncorporate mergers, spark-ing deep partisan disagree-ment at the agency.A2Huaweisrevenuedroppedsharply in the most recentquarter as U.S. restrictionscontinued to take a toll onthe Chinese maker of tele-com equipment.B3 Shares in Volvo closed23% above their offeringprice but below the top ofthe Swedish car maker sinitial target range.B11WhatsNewsCONTENTSBooks. C7- 12Busi ness News. B3Food. D8- 9Gears & Gadgets D4Heard onStreet.B13Obi tuari es. A9Opi ni on. A11- 13Sports. A14Style & Fashi on D2- 3Travel. D5- 6U.S. News. A2- 6Weather. A14World News. A7- 8s 2021 Dow Jones & Company, I nc.All Rights ReservedThe FAA is preparing toissue warnings to pi-lots and airlines about po-tential interference withkey cockpit safety systemsby a new 5G wireless ser-vice slated to go live assoon as early December.A1G-20leadersaresplitover phasing out coal andlimiting global warming to1.5 degrees Celsius, officialssaid, throwing into doubtwhether ambitious climatechange targets can be hit.A1 The FDA authorized theCovid-19 vaccine from Pfizerand BioNTech for use in chil-dren as young as 5 years old,the first shot that federalhealth regulators have per-mittedforthemintheU.S.A3Democratsturnedtofinal-izingdetailsofBiden ssocial-spending and climate frame-work, with some lawmakerspushingtoaddmeasureslow-eringprescriptiondrugpricesandrepealingacaponthestateand local tax deduction.A4 Researchers at a Wuhan,China,labwereprobablyun-awareoftheexistence ofthevirus that causes Covid-19beforethepandemic began,aU.S.intelligencereportsaid.A6The Bidenadministrationismakingasecondattempttoendthe“RemaininMexico”programinthefaceofacourtrulingorderingthegovern-menttorestartthepolicy.A4World-WideBusiness&FinanceNOONANCan Slidin BidenRegain His Footing?A13.更多细分领域报告请关注搜搜报告（s o s o y a n b a o ），行研君胃：s o s o b a o g a oA2| Saturday/Sunday, October 30 - 31, 2021* * * *THE WALL STREET JOURNAL.THE WALL STREET JOURNAL(USPS 664-880) (Eastern Edi ti on I SSN 0099-9660)(CentralEdi ti on I SSN 1092-0935) (Western Edi ti on I SSN 0193-2241)Edi tori aland publ i cati on headquarters:1211 Avenue of the Americas, New York, N.Y. 10036Publ ished dail y except Sundays and generall egalhol idays.Periodical s postage paid at New York, N.Y., and other mail ing offices.Postmaster: Send address changes to The Wal lStreet Journal ,200 Burnett Rd., Chicopee, MA 01020.Al lAdvertising publ ished in The Wal lStreet Journalis subj ect to the appl icabl e rate card,copies of which are avail abl e from the Advertising Services Department, Dow Jones & Co. 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SUBMI T I T AT WSJ.COM/TI PSPersonal incomes fell 1%last month, driven by a 72%decline in unemployment in-surance benefits that offset a0.7% increase in wages andbenefits, the report said.Economists say the spend-ing slowdown will be short-lived.ThedeclineinnewCovid-19 caseloads and risingwages should keep demand el-evated heading into the holi-day season.“If Delta was a net negativefor the third quarter and forSeptember, then I think itshould be a net positive forthe fourth quarter,” said MarkZandi,chiefeconomistatMoody s Analytics. “We shouldsee some revival.”Gwynn Guilfordand Xavier Fontdegloriacontributed to this article.workers out of the labor force,despite rapidly rising wages.About62%ofAmericanadults are either working orlooking for work, the lowestrate since the 1970s.Those factors have com-bined to push inflation wellabove the Fed s 2% target.Economists say they expect in-flation to remain elevated un-til the pandemic-related dis-ruptions settle down, perhapssometime next year.Each passing month of rap-idly rising consumer prices putsadded pressure on Fed Chair-man Jerome Powell, said IanShepherdson, chief economistat Pantheon Macroeconomics.“It lays out the possibility thatthe Fed has to move earlier, notbecause they re walking awayfrom their central view but be-cause the risks of being wronghave gone up,” he said.The central bank is expectedto announce next week that itwill begin paring back its assetpurchases in November. Offi-cials have penciled in an inter-est-rate increase next year oncethat tapering is complete.“The Fed now has to navi-gate that very difficult transi-tion from accommodation totightening,” said Joe Brusuelas,chief economist at RSM USLLC.Consumer spending rose ata seasonally adjusted annualrate of 0.6% in September,down from 0.8% in August, theCommerce Department said, ashigher prices, product short-agesandasurgeofnewCovid-19 cases caused by theDelta variant tempered buying.ing A Inc. s plannedpurchase of Hollywood studioMGM. Meanwhile, the commis-sion has sent several warningsto the business communityand taken steps to slow downthe merger-review process.Facing a rise in the numberof mergers submitted for re-view, the FTC has warnedsome companies that if theyclose their deals right after agovernment-mandated waitingperiod, they do so at their ownrisk because commission staff-ers may not have finishedtheir work. Last month, theFTC, in a 3-2 vote with Repub-licans in dissent, withdrewguidelines on how the govern-ment reviews vertical mergersof companies that don t di-rectly compete with one an-other, on the grounds that therules aren t tough enough.Antitrust lawyers also saythe FTC appears to be issuingmore “second requests” for in-depth information about spe-cific mergers, a process thatU.S. NEWSketswithout its say-so. TheFTC might also seek prior-ap-proval rights when companiesdrop a proposed merger afteran antitrust investigation, or ifthe FTC wins a merger chal-lenge in court.Holly Vedova, tapped byMs. Khan to lead the FTC s bu-reau of competition, said thenew policy restores a practicethe FTC followed until themid-1990s and “forces acquisi-tive firms to think twice be-fore going on a buying bingebecause the FTC can simplysay no.”The policy adds a layer ofenforcement beyond standardU.S. antitrust rules, which saycompanies doing sizable merg-ers must submit them for gov-ernment review and can closetheir transaction after a wait-ing period, unless the FTC orJustice Department files alawsuit and convinces a courtto block the deal. The depart-ment hasn t adopted a policysimilar to the FTC s new mea-sure, raising questions ab
