EMEA Morning Briefing: Stocks Seen Lifted by -2-

French troops who have been fighting Islamist militants in Burkina Faso will have to leave the West African nation, the country's communications minister said Monday, dealing another blow to Europe's presence in a region where Russia's influence is growing.

The decision by the government in Ouagadougou to abandon its military alliance with its former colonial power comes five months after France completed its withdrawal from neighboring Mali, which in 2021 hired the Russian paramilitary Wagner Group to support its war against jihadists affiliated with al Qaeda and Islamic State.

Google to Reduce Top Executive Bonuses, CEO Sundar Pichai Says

Google Chief Executive Sundar Pichai said top executives would take pay cuts following the largest round of layoffs in the company's history.

Speaking at a companywide meeting on Monday, Mr. Pichai said employees at the senior-vice president level and above would get lower bonuses as part of cost-cutting measures, according to people who heard the remarks.

Elon Musk Testifies He Had Funding to Take Tesla Private, Citing SpaceX, Saudi Arabia

Elon Musk said he had funding to take Tesla Inc. private when he floated the idea in 2018, saying that financing from Saudi Arabia's sovereign-wealth fund and his own stake in rocket-company SpaceX would have provided sufficient capital.

"With the SpaceX stock alone, I felt funding was secured," Mr. Musk said Monday in his second day on the stand in a case brought by investors who say they lost money because of his tweets proposing to take the car company private.

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Expected Major Events for Tuesday

06:00/FIN: Dec PPI

07:00/UK: Dec Public sector finances

07:00/GER: Feb GfK consumer climate survey

07:00/SWI: Dec Trade Balance

07:00/DEN: Jan Business tendency survey

07:45/FRA: Jan Monthly business survey (goods-producing industries)

08:00/CZE: Jan Business cycle survey (consumer/business confidence)

08:15/FRA: Jan France Flash PMI

08:30/GER: Jan Germany Flash PMI

09:00/EU: Jan Eurozone Flash PMI

09:30/UK: Jan Flash UK PMI

11:00/UK: Jan CBI Industrial Trends Survey

13:00/HUN: Jan Hungarian interest rate decision

13:00/POL: Dec Broad money M3

All times in GMT. Powered by Onclusive and Dow Jones.

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

(END) Dow Jones Newswires

01-24-23 0015ET