EMEA Morning Briefing: Stocks Seen Mixed; Focus -2-

IP said it would sell its 50% stake in Ilim Group to its Russian partners in the joint venture for $484 million. The Memphis, Tenn., company said those partners, led by Ilim chairman Zakhar Smushkin, also have indicated that they are interested in buying IP's stake in a related corporate entity for $24 million. IP said it intends to sell that stake as well as any residual interests in Ilim.

U.S. Poised to Provide Abrams Tanks to Ukraine

WASHINGTON-The Biden administration is poised to send a significant number of Abrams M1 tanks to Ukraine, settling a rift that threatened the unity of the alliance supporting Ukraine at a pivotal moment in the war, U.S. officials said.

The move, which could be announced as soon as Wednesday, would be part of a broader diplomatic understanding with Germany in which Berlin would agree to send a smaller number of its own Leopard 2 tanks and would approve the delivery of more of the German-made tanks by Poland and other countries.

Turkey Postpones Talks on NATO Bid by Sweden and Finland

ISTANBUL-Turkey postponed a key meeting with Sweden and Finland that was intended to hash out differences over their bid to join the North Atlantic Treaty Organization, Turkish officials said Tuesday, intensifying a standoff over an expansion of the alliance in response to Russia's invasion of Ukraine.

The decision is the latest setback for Sweden and Finland in a diplomatic dispute that has unfolded since last May when Turkish President Recep Tayyip Erdogan first threatened to veto the countries' membership in NATO over their alleged ties to Kurdish militant groups.

Tesla Eyes $3.6 Billion Factory Expansion

Tesla Inc. said it would spend more than $3.6 billion to expand its plant near Reno, Nev., where the electric-vehicle maker assembles batteries and produces EV car components.

The Elon Musk-led auto maker said its investment plan would expand its lithium-ion battery and electric-vehicle-component facilities there and employ 3,000 additional workers.

Microsoft Earnings Fell Last Quarter Amid Economic Concerns

Microsoft Corp. recorded its slowest sales growth in more than six years last quarter as demand for its software and cloud services cooled on concerns about the health of the global economy.

The Redmond, Wash., company's revenue expanded 2% in the three months through Dec. 31 from a year earlier to $52.7 billion. Its net income fell 12% to $16.4 billion. That is the company's lowest revenue growth since the quarter that ended in June 2016.

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Expected Major Events for Wednesday

00:01/UK: REC JobsOutlook survey

07:00/UK: Dec UK producer prices

07:00/EU: Dec New Commercial Vehicle Registrations in Europe statistics (EU27 + EFTA3)

07:00/SWE: Dec PPI

08:00/SPN: Dec PPI

09:00/GER: Jan Ifo Business Climate Index

09:00/POL: Dec Unemployment

09:00/ICE: Dec Labour Force Survey

09:00/ICE: Dec PPI

10:00/LUX: Nov Trade

11:00/FRA: 4Q Claimant count and job advertisements collected by Pole emploi

14:00/BEL: Jan Business Confidence Survey

15:59/UKR: Dec PPI

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(END) Dow Jones Newswires

01-25-23 0016ET