EMEA Morning Briefing : Stocks to Fall Amid -2-

Tesla Inc. cut its full-year growth expectations as it adjusts vehicle-shipping patterns, but Chief Executive Elon Musk brushed off worries about weakening demand amid recession fears.

The company expects to "sell every car that we make for as far into the future as we can see," Mr. Musk said as Tesla reported near-record quarterly profit.

Philip Morris to Raise Offer for Swedish Match and Buy U.S. Rights for IQOS

Philip Morris International Inc. plans to raise its offer for Swedish Match AB and has agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco products from Altria Group Inc., according to people familiar with the matter.

Philip Morris's original offer for Swedish Match in May was 161.2 billion Swedish Krona, which was then equivalent to $16 billion. The new offer is expected to be announced as soon as Thursday, the people said.

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Expected Major Events for Thursday

04:30/NED: Sep Unemployment

04:30/NED: Oct Consumer confidence survey

04:30/NED: Aug Consumer Spending

06:00/SWI: Sep Trade Balance

06:00/GER: Sep PPI

06:00/NOR: 3Q Business tendency survey

06:45/FRA: Oct Monthly business survey (goods-producing industries)

08:00/POL: Sep Average gross wages

08:00/POL: Sep PPI

08:00/POL: Sep Industrial Production Index

08:00/EU: Aug Euro area balance of payments

08:00/POL: Sep Agricultural prices

08:00/ICE: Sep Harmonized CPI

09:00/ITA: Aug Balance of Payments

09:00/LUX: Sep Unemployment

10:00/UK: Sep Aluminium Production report

11:00/TUR: Turkish interest rate decision

17:59/POR: Aug Balance of Payments

17:59/POR: Jul ICSG Copper Report

23:01/UK: Oct UK Consumer Confidence Survey

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

10-20-22 0015ET