EMEA Morning Briefing: Stocks Seen Mixed Ahead of -2-

Norway's security officials warned around 20 critical infrastructure companies, other businesses and public agencies in the country they might also be vulnerable to a cyberattack disclosed Monday that hit 12 government ministries.

A newfound vulnerability in management software from Utah-based company Ivanti is being exploited by unknown hackers, said Sofie Nystrøm, director general of the Norwegian National Security Authority.

British Billionaire Joe Lewis Charged With Insider Trading

British billionaire Joe Lewis was indicted on insider-trading charges Tuesday for allegedly sharing confidential information about companies in which he invested with personal assistants, romantic partners and his pilots.

The tips by Lewis, the owner of the English Premier League soccer club Tottenham Hotspur, allowed these friends and associates to reap millions in profits, prosecutors said. Lewis faces 19 criminal charges, including securities fraud and conspiracy.

Americans Are Buying Less Bling

The American luxury shopper is in retreat.

The world's largest luxury goods conglomerate, LVMH, said sales fell slightly in the U.S.-just recently the industry's fastest-growing market and a key driver of its postpandemic boom.

Samsung to Launch New Galaxy Z Fold, Flip Phones Amid Slow Adoption So Far

SEOUL-Samsung Electronics' decision to unveil its latest folding phones in its home country for the first time, instead of using another foreign city, reflects the diverging fortunes for the world's largest smartphone maker.

On the upside, South Korean consumers have embraced the gadgets, which open up like a book to a bigger screen or bend in half like a clam. The downside is they are the only ones around the world who have done so in significant numbers.

Meta's Threads Isn't Labeling Propaganda Accounts From Russia, China State Media

State-backed news outlets from Russia and other authoritarian governments have rushed to join Meta Platforms' new Threads microblogging service, posting propaganda such as a fake video purporting to show President Biden in a store perusing books on dementia.

Unlike on Facebook and Instagram, their verified accounts on Threads aren't labeled as state-controlled media, raising questions over how the Facebook parent intends to police content on its Twitter rival that launched this month. Twitter, now being rebranded as X, in 2020 began applying labels to state-run news organizations; under Elon Musk, it removed them in April.

Google Shakes Up Top Finance Role as It Posts Accelerating Growth

Google is shaking up its top finance role as it shows signs of accelerating sales growth following a postpandemic malaise.

Google Chief Financial Officer Ruth Porat will become president and chief investment officer of parent company Alphabet, ending an eight-year run during which she helped pitch the company to Wall Street.

Google and Microsoft Paying Big to Play in AI

Google and Microsoft are two very different businesses chasing the same Next Big Thing. Fortunately, both are doing well enough to provide the sizable funds needed for that effort.

The two reported relatively strong results for the June-ended quarter late Tuesday, featuring improved revenue growth and profitability as a result of cost reductions. Google's core advertising business returned to growth following two straight quarters of declines, while Microsoft's cloud and enterprise software businesses beat Wall Street's projections for the final quarter in its fiscal year, despite slowing corporate spending on technology across the globe.

Elon Musk's Rebranded Twitter Cuts Ad Prices

X Corp. is cutting ad prices as it tries to woo brands back to the Elon Musk-owned platform.

The social network formerly known as Twitter is offering new incentives on certain ad formats in the U.S. and U.K. and warning brands that they will lose their verified status unless they reach certain spending thresholds, emails sent this week to advertisers and viewed by The Wall Street Journal show.

Microsoft Touts AI as Cloud Demand Cools

Microsoft's quarterly sales growth slowed amid sluggish corporate demand even as excitement around artificial intelligence bolstered its business.

The tech titan on Tuesday said that revenue in the quarter through June, the last in its fiscal year, rose 8% to $56.2 billion, edging out analysts' expectations. That was down from growth of 12% a year earlier.

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Expected Major Events for Wednesday

06:00/SWE: Jun Foreign trade

06:45/FRA: Jul Consumer confidence survey

08:00/EU: Jun Monetary developments in the euro area (M3)

09:00/LUX: May Trade

10:00/FRA: 2Q Claimant count and job advertisements collected by Pôle emploi

23:01/UK: Jun UK monthly automotive manufacturing figures

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July 26, 2023 00:15 ET (04:15 GMT)

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