EUROPEAN MIDDAY BRIEFING - Stocks Steady But -2-

07/01/2022 | 05:41am

Aston Martin Lagonda Global Holdings PLC said late Thursday that it regularly keeps funding options under review and that any financing, if made, would be used to support and accelerate the company's growth.

The British luxury-car maker, which was responding to media comments about a potential fund raising, added that it continues to perform in line with expectations for this year.


Russian Missiles Kill 18 in Residential Area in Odessa Region, Ukraine Says

Russian missile strikes on a neighborhood in the southern Ukrainian region of Odessa killed at least 18 people, some of them children, according to Ukrainian officials

The overnight attack, the latest in a surge of Russian strikes, occurred hours after the conclusion of a North Atlantic Treaty Organization summit where President Biden promised to support Ukraine "for as long as it takes."


U.S. to Support Ukraine for 'As Long as It Takes,' Biden Says

At the end of six days of international summitry, President Biden pledged to support Ukraine for "as long as it takes," as Russia's war drags on and Western countries pour billions of dollars in arms and humanitarian aid into the conflict.

Speaking Thursday at the conclusion of the North Atlantic Treaty Organization's gathering in Madrid, Mr. Biden pledged the war wouldn't end with a Ukrainian defeat.


Shiploads of Russian Grain and Good Weather Temper Wheat Crisis

Fine farm weather and a rush of Russian grain ships through the Black Sea have taken the sting out of global wheat prices, a welcome sign for vulnerable countries struggling with surging food costs.

The right mix of sun and rain in the U.S., Europe and Australia has raised hopes that end-of-summer harvests will be plentiful. That should help balance the sizable quantities of Ukrainian wheat stranded in the country by fighting and a Russian naval blockade.


Biden Backs F-16 Sales to Turkey Amid Deal to Expand NATO

President Biden affirmed his support for the sale of a new fleet of F-16 jet fighters to Turkey on Thursday, two days after the Turkish president dropped his threatened veto of Sweden and Finland's membership in the North Atlantic Treaty Organization.

"We should sell them the F-16 jets and modernize those jets as well. It's not in our interest not to do that," Mr. Biden said at a news conference after the NATO leaders' summit in Madrid.


New Zealand, European Union Settle on Free-Trade Agreement

SYDNEY-New Zealand has concluded negotiations for a free-trade deal with the European Union, eliminating tariffs on exports including wine, manuka honey, apples and most seafood.

The deal provides duty-free access on 97% of New Zealand's existing exports to its fourth-largest trading partner after China, Australia and the U.S.


GLOBAL NEWS

Most Countries Lack Crypto Information-Sharing Laws, Watchdog Says

Most countries lack "travel rule" laws that could help prevent illicit use of cryptocurrency by criminals and terrorists, a global anti-money-laundering watchdog said Thursday.


China Manufacturing Output Rebounds as Covid Restrictions Ease

A private gauge measuring China's factory activity rebounded to its highest level in a year, pointing in the same direction as the official gauge to reflect an economic recovery from the impact Covid-19 lockdowns.

The Caixin China purchasing managers index rose to 51.7 in June, up from 48.1 in May, ending a three-month streak of contraction, according to data released Friday by Caixin Media Co. and S&P Global. The 50 mark separates expansion from contraction.


Japan's Large Manufacturers Sentiment Deteriorates, Tankan Survey Shows

TOKYO-Sentiment among Japan's large manufacturers deteriorated in the three months to June, reflecting concerns over lockdown in Shanghai and prolonged supply shortages.

The main index for sentiment among large manufacturers was +9, compared with +14 in the March survey, according to the Bank of Japan's quarterly tankan corporate survey released Friday. The reading marked the second straight quarter of lower sentiment and was below a projection for +12 from a poll of economists by data provider Quick.


Japan GPIF Says It Has Been Selling Russian Assets Since March

Japan's Government Pension Investment Fund said Friday that its asset managers have been selling its holdings of Russian assets since March following Moscow's invasion in Ukraine.

GPIF Chief Investment Officer Eiji Ueda said in a statement included in the fund's annual report that its Russian bond holdings had fallen sharply, while it still held some Russian stocks at the end of March due to restrictions placed on trading and settlement for international investors.


China's Xi Jinping Says Hong Kong's Loyalty to Beijing Will Ensure Prosperous Future

HONG KONG-Marking a quarter-century since Beijing regained control over this former British colony, Chinese leader Xi Jinping urged Hong Kong to show more patriotic fervor and rally around his vision of a strong and unified China as he prepares to extend his rule.

In a Friday speech wrapping up a two-day visit to Hong Kong, Mr. Xi declared that this Asian financial center is again poised to prosper after Beijing imposed broad political changes to sweep aside the social unrest that periodically plagued the city since its handover to China in 1997. The key guarantors of Hong Kong's future, he said, is a shared love for the Chinese motherland and loyalty to Communist Party rule.


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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

07-01-22 0540ET

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