B R I E F LY BATTERY STANDARDS:

PENDING HOME SALES FALL: The number of Americans signing contracts to buy homes fell for the second consecutive month as lack of available homes continues to stif le house hunters. The National Association of Realtors said Monday that its index of pending sales fell 1.1 percent, to 128.9 in October, down from a reading of 130.3 in September. An index of 100 represents the level of contract activity in 2001. Thanks to a red-hot summer, contract signings are still 20.2 percent ahead of where they were last year after lagging in spring due to the coronavirus pandemic.

ARCADIA GROUP IN

BANKRUPTCY: British retail empire Arcadia Group, which owns well-known fashion chains including Topshop, has gone into bankruptcy protection, putting 13,000 jobs at risk. In another blow to a retail industry hammered by the coronavirus pandemic, Arcadia said it had called in administrators from Deloitte after the pandemic “severely impacted” sales across its brands. Overseen by tycoon Philip Green, one of Britain’s best-known and most controversial business figures, Arcadia includes brand such as Burton, Miss Selfridge and Dorothy Perkins. It runs 444 stores in the UK and 22 overseas. The shops have have suffered during the pandemic and the associated restrictions across the U.K.

EU SEEKS TOUGHER

Europe plans to impose stricter environmental requirements for batteries as it begins a radical economic overhaul set to boost electric vehicles and clean energy. The European Union will aim at setting a global standard in the fast-growing market when it proposes next month regulations to ensure all batteries marketed in the region are greener throughout their life cycle. The EU has already invested billions in its Battery Alliance project to compete with Asia, currently Europe’s only provider of EV batteries.

COMING TODAY: Commerce Department releases construction spending report.