EMEA Morning Briefing: Fed Rate Bets Back in Play -2-

KHERSON, Ukraine-Floodwaters continued to rise on Wednesday after a major dam and power station in a Russian-occupied part of Ukraine were destroyed, forcing thousands of people to flee their homes and throwing a curveball on the battlefield.

The rupture on Tuesday has added another dimension to a humanitarian crisis resulting from a war that has killed tens of thousands and displaced millions. It unleashed a torrent of water that inundated dozens of towns and villages along the Dnipro River separating Russian and Ukrainian-held parts of the southern Kherson region.

NATO to Flex Muscles With Largest-Ever Air Drills Near Ukraine, Russia

BERLIN-NATO and its allies will launch the largest-ever air-force wargames in the alliance's history next week, in a show of strength to deter Russian aggression in Europe.

The 25-nation Air Defender 23 exercise, led by Germany, will deploy nearly 250 aircraft-including B-1 strategic bombers, advanced F-35 jet fighters and long-range lethal drones-as well as more than 10,000 troops from nations as far as Japan performing around 2,000 flights. The lessons learned from the drills will enable allied air forces to better deploy in Europe and elsewhere to protect such partners as South Korea and Japan.

GameStop Shares Fall as It Terminates CEO and Ryan Cohen Becomes Executive Chairman

GameStop shares plunged Wednesday after it terminated Chief Executive Matt Furlong and elevated Ryan Cohen to executive chairman, the latest shake-up at the videogame retailer, which has been struggling to find new ways to juice sales.

Cohen first joined the board as a director in early 2021 and rose to chairman that June as part of a restructuring of GameStop's board. The company then overhauled its executive team, hiring Furlong from Amazon for the CEO job.

https://urldefense.com/v3/__http://Binance.US__;!!F0Stn7g!HsgzC6OQCdaQdnVUG2pkAzLVXiOq7fzh7ts55zdjC68RnpdOhHuexNG5I9MePkrGv93rOftVu2FHLtaIlUKlLRguQ05cSM7XMA1-XapQi-8$ Was Deeply Unprofitable in 2022, Documents Show

The U.S. arm of Binance, the world's largest crypto exchange, lost $181 million last year, documents filed by the Securities and Exchange Commission on Wednesday showed.

The SEC sued Binance and its founder-Changpeng Zhao, known as CZ-on Monday, alleging that the overseas company operated an illegal trading platform in the U.S. and misused customers' funds. The agency's complaint revealed that Binance had at least $11.6 billion in revenue between June 2018 and July 2021, most of which was derived from transaction fees.

Amazon Plans Ad Tier for Prime Video Streaming Service

Amazon is planning to launch an advertising-supported tier of its Prime Video streaming service as it looks to further build its ad business and generate more revenue from entertainment, according to people familiar with the situation.

The discussions, which the people said are in the early stages and have been going on over the past several weeks, come in the wake of cost-cutting reviews across the company's businesses, resulting in tens of thousands of layoffs.

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Expected Major Events for Thursday

05:30/FRA: 1Q Job creation

05:30/IRL: May CPI

06:00/NOR: 1Q Balance of payments

06:00/ROM: 1Q GDP

06:30/HUN: Apr Preliminary External Trade

06:30/HUN: May CPI

07:00/CZE: May Unemployment data

08:00/BUL: 1Q GDP - preliminary data

09:00/EU: 1Q GDP and Main Aggregates Estimate

09:00/EU: 1Q Employment

09:00/LUX: 1Q GDP

10:00/FRA: Apr OECD Harmonised Unemployment Rates

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June 08, 2023 00:15 ET (04:15 GMT)

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