华尔街日报-2021-11-08（搜搜报告）.pdf
* * * * *MONDAY,NOVEMBER 8,2021 VOL. CCLXXVIII NO. 110WSJ.comHHHH $5.00Lastweek: DJIA 36327.95508.39 1.4%NASDAQ 15971.593.1%STOXX600 483.441.7%10-YR.TREASURY30/32, yield 1.451%OIL $81.27g$2.30EURO $1.1568YEN 113.40GlobalEconomicRecoveryIs FacingBig TestsPost-pandemic upturnreaches a crossroadsas suppl y-chain snags,infl ationaddtorisksNEW YORKThree yearsago, conservative Mexicanpolitician Ricardo Anaya wasrunning for president, aspir-ing to spend the next sixyears issuing orders from thesumptuous presidential resi-dence in Mexico City.Instead, he found himselfrecently standing on acrowded New York Citystreet, waiting for an Ama-zon van to deliver a mattressto a tiny, unfurnished utilityapartment with two windowsTwitteruserssaidElonMusk should sell 10% of hisTesla Inc. stock, a stake valuedat about $21 billion, after thechief executive polled themand pledged to abide by theoutcome of the vote.Voters backed the share saleby a wide margin, with 58% infavorofasaleand42%opposed, according to the poll-ing data posted on Twitter.More than 3.5 million voteswere cast.“I was prepared to accept ei-theroutcome,”Mr.Musktweeted after the poll closed.Mr. Musk on Saturday putthe potential share sale up forpopular vote on the social-me-dia platform as he waded backinto the debate over how someof the wealthiest people in theU.S. should be taxed.“Much is made lately of un-realized gains being a means oftax avoidance, so I propose sell-ing 10% of my Tesla stock,” hetweeted as he launched thepoll, adding, “I will abide by theresults of this poll, whicheverway it goes.”Mr. Musk holds more than17% of Tesla, a stake valued atmore than $200 billion, ac-cording to the most recentavailable data in FactSet. One-tenth of that stake could bevalued at $21 billion based onthe stock s Friday closing priceof $1,222.09.Mr. Musk and Tesla didn tPleaseturntopageA6BYREBECCAELLIOTTANDLAURASAUNDERSChicken Nuggets Fly Off theShelves at Latest Worlds FairiiiPastevents made burgers,ketchupa hi t;thi s year,Saudichai n draws l ongl i nesDUBAIFor more than 170years, World s Fairs have in-troduced technological mar-vels such as the Eiffel Tower,the telegraph and the mobilephone. They have popularizedice cream cones, hot dogs andtomato ketchup.One of the hottest show-pieces at this year s event ischicken nuggets from SaudiArabia.Amid the hun-dreds of nationalpavilions, the fastfood, made by the47-year-old chain AlBaik, is drawing someof the longest lines at the fair,which began on Oct. 1.Al Baik, roughly translatedas “The Chief,” already has afollowing across the Muslimworld among pilgrims whohave visited its branch inMecca. It has grown to around130 outlets in the Gulf, includ-ing two added in Dubai andBahrain in the past year. So-cial-mediapostsaboutitschicken nuggets, friesandburgersarehelpingtobringvisitorstoitspop-up site at theDubai Expo 2020.“It s all word-of-PleaseturntopageA8BYRORYJONESWait for itThe global economy s come-back from last year s deepcontraction is approaching adelicate juncture, as policymakers and executives grapplewith the bumpy transitionfrom the post-pandemic re-opening to a more normalizedpace of growth.Central banks in the U.S. andelsewhere are trying to chart apath that will curb inflation butnot choke off growth as theynavigate the process of wean-ing economies off the extraor-dinarymeasuresincludingrock-bottom interest rates andenormous bond-buying pro-gramsdeployed to supporttheir economies.The surge in U.S. consumerdemand over the past yearturbocharged by trillions ofdollars in stimulushas rico-cheted outward and caused dis-ruptionstoglobalsupplychains that are now worseningandmightstretchthrough2022, executives said. The re-sulting higher prices and thePleaseturntopageA2By Tom Fairless,Mike Cherneyand David Harrisonlooking out on a brick wall.He wore dark glasses, a sur-gical mask and a blue base-ball cap.Having placed second inthe 2018 election to currentMexican President AndrsManuel Lpez Obrador, Mr.Anaya recently fled Mexicoto escape what he says is apolitical vendetta by the left-ist leader after a bruisingpresidential campaign.“Lpez Obrador is authori-tarian, he is vengeful, and hewants to destroy me,” Mr.Anaya said in his first inter-PleaseturntopageA10BYJOS DECRDOBAANDJUANMONTESAllegedBriberyCaseRoilsMexicanPoliticsOpponent of countrys president says he isbeing prosecuted on fabricated chargesU.S. companies are down-sizing the hiring process.Beauty product retailer TheBody Shop is dropping educa-tional requirements and back-ground checks for job appli-cants. United Parcel ServiceInc. is making some job offersin as little as 10 minutes. CVSHealth Inc. no longer requirescollege graduates to submittheir grades.In a labor market where jobopeningsoutnumberappli-cants, companies are brain-A rapid U-turn in govern-ment-bondmarketshassparked deep losses for someof Wall Street s biggest inves-tors, a stark demonstration ofhow even small shifts in ex-pectationsforeconomicgrowth and central-bank pol-icy can upend the most care-fully laid bets.Behind the losses are recentabrupt moves in government-bondprices.Withcentralbanks signaling plans to endtheir extraordinary stimulusmeasures, short-term bondshave declined in price, sendingyieldswhich rise when pricesfallto touch their highestlevels since March 2020.At the same time, yields onlonger-term bonds, which tendto fall when investors expectslowinggrowth,havere-treated from near their highsfor the year. The gap betweenthe two narrowed sharply, aphenomenon known as a flat-tening yield curve. That upsetpopular bets that a gradual re-turntonormallevelsofgrowth and inflation wouldpush interest rates higher inthe years to come.Hedge funds and otherswho make big bond bets “werecaught offsides” by the recentprice moves, said Steve Kane,who helps run TCW GroupInc. s $86 billion MetWest To-tal Return Bond Fund, whichhas also seen losses. “They regetting squeezed,” he said.A Bloomberg Treasurys in-dex has lost about 1.5% sinceearly August.While the percentages aresmall relative to the recentswings in bitcoin or stockssuch as Avis Budget GroupInc., many hedge funds andothers borrow large amountsof money to amplify theirbond bets, so mistaken tradescan be painful. London-basedRokos Capital, run by the in-PleaseturntopageA2BYGREGORYZUCKERMANANDJULIA-AMBRAVERLAINEGovernment-Bond SwingsBurn Wall Street InvestorsHelpReallyWanted:Fi rmsEaseHi ri ngstorming how to get more can-didates in the door and to thefloor. The hiring overhaul sig-nals a potentially broad re-think of job qualifications, achange that could help mil-lions of people enter jobs pre-viously out of reach, accordingto economists and workforceexperts.Employers added 531,000jobs in October and the unem-ployment rate fell to 4.6%from 4.8%, the Labor Depart-ment reported Friday, indicat-ing that companies are fillingopenings at a faster clip thanPleaseturntopageA8BYLAURENWEBERANDCHIPCUTTERINSIDETwi tterTellsMusk to Sell10% of Hi sTesla Stock The Outlook:New Zealandseeks to cool housing. A2U.S. NEWSHouston tragedyprompts newquestions for concertindustry.A3WORLDNEWSSupportersofEthiopiasgovernmentrallyasthecountrymovesclosertowar.A7ROBERT BUMSTED/APEDUARDO SOTERAS/AFP/GETTY IMAGESthinkorswimis more than a trading platform.Its an entire trading experience.Learn how on page B10.ADVERTISEMENTCONTENTSArts in Review.A13Business News. B3Crossword. A10Heard on Street. B10Markets. B9Market Data. B7, 8Opinion. A15-17Personal Journal.A11Sports. A14Technology.B4U.S. News. A2-6Weather Watch. A10World News. A7, 18s 2021 Dow Jones & Company, Inc.All Rights ReservedWhatsNewsBiden notched a big winwith the House passage ofthe $1 trillion public-worksbill, but political obstaclesloom for the White House asattention shifts to an evenbigger spending bill and nextyear s midterm elections.A4 The infrastructurepackage passed Friday willmodestly help the econ-omy in the short run whilepriming the country forslightly stronger growth incoming decades, econo-mists say.A4An appeals court tempo-rarily blocked the Biden ad-ministration s new rules thatrequire many employers toensure that their workersare vaccinated or testedweekly for Covid-19.A3An explosives-ladendrone attacked the resi-dence of Iraq s prime minis-ter in Baghdad in what Iraqisecurity officials said was anassassination attempt.A7Ethiopian rebelforcesad-vancedtoward AddisAbaba,threateningtowidenacivilmarkedbyallegationsofeth-nicallymotivatedatrocitiesandman-madefamine.A7Nicaraguanscastballotsinanelectionexpectedtoce-mentOrtega sholdonpoweramidanoverwhelmingpolicepresenceinthecapital.A18Theglobaleconomyscomebackfromlastyear sdeepcontractionisap-proachingadelicatejuncture,aspolicymakersandexecu-tivesgrapplewiththetransi-tionfromthepost-pandemicreopeningtoamorenormal-izedpaceofgrowth.A1TwitteruserssaidMuskshouldsell10%ofhisTeslastock,valuedatabout$21billion,aftertheCEOpolledthemandpledgedtoabidebytheoutcomeofthevote.A1BHPsaiditwouldsellitscontrollinginterestintwomet-allurgicalcoalminestoStan-moreforupto$1.35billion.B4Blackstoneisinvestingupto$250millioninU.K.bio-techcompanyAutolustofundthefinalstagesofdevelop-mentofanewdrugtotreataseriousformofleukemia.B9FiscalNote,aproviderofservicesusedtotrackgovern-mentpolicy,isintalkstogopublicthroughamergerwithablank-checkcompanyatavaluationof$1.3billion.B3DisneysMarvelfilm“TheEternals”openedtoahealthy$71millionattheboxofficeintheU.S.andCanada.B3Berkshiresaidnetearn-ingsfellafterpapergainsfromitsstockinvestmentsde-clinedfromayearearlier.B9Business&FinanceWorld-WideINVESTING IN FUNDSDoes sustainableinvesting really helpthe environment?R1-8KenyansBreaktheTapeasNewYorkCityMarathonReturnsMAKE HERS A DOUBLE: Kenyas Peres Jepchirchir became the first woman to win the New York race after taking the Olym-pic gold in the same year. The mens finish held less drama, with Albert Korir of Kenya taking the lead after mile 19. A14FROM LEFT: CARLO ALLEGRI/REUTERS; SETH WENIG/ASSOCIATED PRESS.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| Monday, November 8, 2021* * * *THE WALL STREET JOURNAL.U.S. NEWSECONOMICCALENDARTHE 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:1211Avenue of the Americas,New York,N. Y.10036Published daily except Sundays and general legal holidays.Periodicals postage paid at New York,N. Y. ,and other mailing offices.Postmaster: Send address changes to The Wall Street Journal,200 Burnett Rd. ,Chicopee,MA 01020.All Advertising published in The Wall Street Journal is subject to the applicable ratecard,copies of which are available from the Advertising Services Department,Dow Jones& Co.Inc. ,1211Avenue of the Americas,New York,N. Y.10036.The Journal reserves theright not to accept an advertisers order.Only publication of an advertisement shallconstitute final acceptance of the advertisers order.Letters to the Edi tor:Fax: 212-416-2891;email: wsj. ltrswsj. comNeed assi stance wi th your subscri pti on?By web: customercenter. wsj. com;By email: wsjsupportwsj. comBy phone: 1-800-JOURNAL (1-800-568-7625)Repri nts & l i censi ng:By email: customreprintsdowjones. comBy phone: 1-800-843-0008WSJ back i ssues and framed pages:wsjshop. comOur newspapers are 100% sourced from sustai nabl y certi fi ed mi l l s.GOT A TI P FOR US? SUBMI T I T AT WSJ.COM/TI PSA photo in some editionsSaturday with a Page One arti-cle about McAfee Corp. was byDavid Paul Morris/BloombergNews. The photo credit incor-rectly read “heavy check mark.”Notice to readersSome Wall Street Journalstaff members are working re-motely during the pandemic.Please send reader commentsonly by email or phone, usingthe contacts below, not viaU.S. Mail.CORRECTIONSAMPLIFICATIONSReaders can alert The Wall StreetJournal to any errors in news articlesby emailing orby calling 888-410-2667.GovernmentbondyieldsSource: Tullett Prebon0 .900 .10 .20 .30 .40 .50 .60 .70 .8%June20 21Nov.U.K.U.S.10-yearTwo-year1.800 .20 .40 .60 .81.01.21.41.6%June20 21Nov.U.S.U.K.spending about 9% above itspre-pandemic level and wheresupply bottlenecks helped pushinflation up to 5.4% in Septem-ber, a 13-year high.Some moves are catchinginvestors by surprise.The Bank of England s deci-sion on Thursday not to raiseinterest rates triggered thebiggest moves in U.K. bondyields in years. The same day,the Czech central bank liftedits key rate by much more thanexpected, to 2.75% from 1.5%.Only about a fifth of busi-nesses judge that the worst ofthe supply-chain disruptionshas passed, according to an Oc-tober survey of large businessesby Oxford Economics. A third ofrespondents said the disruptionwould likely extend through theend of next year or beyond.At ports along the east andwest coasts, container volumewas almost one fifth above its2019 level in the three monthsthrough June, according toFitch Ratings.“In the spring I was prettysure things would start to easeup in the fall. What happenedis things actually got worse,”said Lars Mikael Jensen, headof network at containershipgiant A.P. Moller-Maersk A/S.“So I ve stopped forecasting.”The U.S. economy producedto Kevin Lai, chief economistfor Asia excluding Japan atDaiwa Capital Markets.Sluggish domestic demandand shipping bottlenecks haveresulted in many order cancel-lations at a small motorcycleparts factory in the southernChinese city of Dongguan, saidthe woman who runs the plant,Ms. Luo, who asked to be iden-tified only by her surname.The factory is dealing withsoaring prices for raw materi-als such as steel, Ms. Luo said.Moreover,inOctober,Ms.Luo s factory was forced to op-erate only during late hoursfor three weeks when local au-thorities in Guangdong Prov-ince limited power consump-tion because of widespreadpower crunches in the coun-try.She said she expected de-mand to cool next year “as theoverall economic condition isworsening, not just manufac-turing.”In Southeast Asia, Covid-19outbreaks have receded andfactories have reopened, re-storingsomekeylinksinglobal supply chains. But theregion continues to face laborshortages,highshippingprices and Covid-19 outbreaks.Germany seconomy,Eu-rope s largest, is expected tostall over the coming monthsas supply bottlenecks weighon the nation s powerful man-ufacturing sector.Companies are grapplingwith how to plan given suchpoor visibility into when sup-ply-chain disruptions will lift.InMadison,Wis.,JoshGlenniscaughtbetweenbooming demand and con-strained supply. Mr. Glenn,who owns an appliance-repaircompany, said his techniciansare booked more than twoweeks out, up from three orfour days before the pan-demic. But a shortage of partshas made it hard for him tomeet the demand.“I ve had a guy that s beenwaiting for a part for his re-frigerator for two months,” hesaid.Grace Zhu and Jon Emontcontri buted to thi s arti cl e.more than half a million newjobs in October as businessessprang back from a summerslowdown caused by the Deltavariant of Covid-19, the LaborDepartment said on Friday. Italso said about a quarter m
