EMEA Morning Briefing: Shares Look Headed for -2-

Japan's exports fell in July for the first time in 29 months, data from the Ministry of Finance showed on Thursday.

Exports fell 0.3% from a year earlier as shipments of items such as mineral fuels and semiconductor manufacturing equipment declined. Economists surveyed by data provider FactSet had expected exports to fall by 1.0%.

Russia's War-Torn Economy Hits Its Speed Limit

The Russian central bank's jumbo interest-rate increase to halt a tumbling ruble this week points to a new reality for the Kremlin: Russia's economy has reached its speed limit.

The government has flooded the Russian economy with money to keep its troops in Ukraine supplied and insulate its businesses and citizens from the war. Thanks to the state's largess, demand in the economy is rising, helping it recover from last year's sanctions-induced recession. Supply-increasingly constrained by Russia's isolation and widespread labor shortages-isn't.

Microchips in the Parmigiano and Other Ways Europeans Are Fighting Fake Food

Parmigiano-Reggiano producers are seeking new ways to protect the market for the world-famous pasta topping. Their latest trick to beat counterfeiters is edible microchips.

Italian producers of parmesan cheese have been fighting against imitations for years. Now, makers of Parmigiano-Reggiano, as the original parmesan cheese is officially called, are slapping the microchips on their 90-pound cheese wheels as part of an endless cat-and-mouse game between makers of authentic and fake products.

Former Allianz Executive Loses Bid to Toss Fraud Charges

A federal judge in New York declined to throw out fraud charges against a former Allianz fund manager who claimed he was double-crossed by his lawyers, citing the terms of a joint defense agreement the executive entered into with the firm's counsel.

The ruling by Judge Laura Taylor Swain allows federal prosecutors to forge ahead with their prosecution of Gregoire Tournant, a former chief investment officer for one of Allianz's U.S. investing divisions who was blamed by the firm for losses it suffered during a market meltdown in 2020 sparked by the Covid-19 pandemic.

British Museum Fires Employee After Gems, Gold Jewelry Stolen

Gold jewelry and gemstones have gone missing from the British Museum. And it may have been an inside job.

The London institution said it has fired one employee who it believes is connected to the thefts. It did not name the staffer.

Alphabet's Verily Plans Cost Cuts Amid Pressure on Other Bets to Rein In Spending

A cost-cutting drive by Google's parent is intensifying for a group of businesses whose ambitions include extending human life and developing self-driving cars.

Verily Life Sciences, a unit of Alphabet that offers data-driven healthcare products, is planning additional expense cuts after losing more money than expected so far in 2023, according to documents reviewed by The Wall Street Journal. The company already laid off employees and discontinued some products earlier this year.

China Evergrande's Losses Sharply Narrowed in 2022

China Evergrande Group, the world's most indebted developer, narrowed its losses significantly in 2022 as it clawed its way back to the business of selling properties and reined in costs.

The Guangzhou-based conglomerate's net loss was 105.91 billion yuan ($14.51 billion) compared with a loss of CNY476.04 billion in 2021, according to its annual 2022 report published late Wednesday.

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Expected Major Events for Thursday

04:30/NED: Jul Unemployment

06:45/FRA: 2Q New home sales

07:00/SVK: Jun New orders in industry

07:00/SPN: Jun Industrial Orders & Turnover

07:00/SPN: Jun Trade Balance

08:00/POL: Jun Merchandise trade

08:00/NOR: Norges Bank monetary policy decision

09:00/EU: Jun Foreign trade

09:00/CRO: Jul CPI

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(END) Dow Jones Newswires

August 17, 2023 00:16 ET (04:16 GMT)

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