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European Midday Briefing: China Data Helps -2-

12/09/2022 | 05:58am EST

The U.K. house builder posted a pretax profit of 284.8 million pounds ($348.5 million) for the six months ended Oct. 31, down from GBP290.7 million a year earlier on the back of a tough comparator, a slip in revenue and increased overheads.

Credit Suisse Completes $2.4 Billion Capital Raise as It Advances Cost Cuts

Credit Suisse Group AG said Thursday that it completed its latest rights offering and had put into action around 80% of the cost cuts it planned for 2023, as the bank maintains course through its painful strategic review.

The Swiss lender said that 98.2% of rights offered had been exercised, or around 873 million new shares, until the end of the rights period at midday Zurich time on Thursday.

Japan, U.K., Italy to Build Stealth Jet Fighter by 2035

Japan, the U.K. and Italy said they would jointly develop a next-generation stealth jet fighter by 2035 that they hope will surpass the U.S.-made F-35 in some capabilities.

The three U.S. allies described the project as complementary to American military programs, but if the new fighter is successful they could look to market it to other countries amid growing global demand for jet fighters.

NATO Membership for Sweden and Finland on Track, Officials Say

WASHINGTON-Finland and Sweden are on track to join the North Atlantic Treaty Organization in the near future despite friction with Turkey, U.S. and Nordic officials said.

The Northern European nations' foreign ministers met in Washington Thursday with Secretary of State Antony Blinken, and all three voiced optimism that Turkey and Hungary, the final two NATO members that haven't ratified the new members, would do so soon.


Inflation Slowed in China as Lockdowns Spread

SINGAPORE-Inflation in China slowed sharply in November as widespread Covid-19 lockdowns battered spending, emphasizing the economic cost of a stringent Covid strategy that the government has now begun to relax.

Economists expect China's move away from using lockdowns and mass testing to snuff out even tiny outbreaks will be a gradual and possibly bumpy process, likely meaning growth and inflation will remain subdued well into 2023.

Banks Should Be Wary of Crypto, Top U.S. Regulator Says

Banks should take a cautious approach to digital asset markets, including discussing any new plans with regulators, a top U.S. banking authority said, pointing to ongoing turmoil among crypto firms.

Crypto industry risk management lacks maturity, and some industry practices mean trouble in one firm could spill over to others, the Office of the Comptroller of the Currency said Thursday.

5 things to watch when the Fed makes its interest-rate decision

During the Federal Reserve's last battle with high inflation in the 1970s and 1980s, Fed officials didn't talk much at all publicly. When pressed for information on Capitol Hill about the outlook for the economy and interest rates, former Fed Chairman Paul Volcker would disappear behind a thickening cloud of cigar smoke. (Smoking was allowed at hearings in those days.)

Forty years later, there will be no ashtrays in sight when Fed Chairman Jerome Powell holds a post-meeting news conference. And investors and economists are going to get a slew of information, not just smoke, from the central bank.

SEC Asks Public Companies for More Information About Crypto Exposure

WASHINGTON-The Securities and Exchange Commission is asking public companies to detail their exposure to distressed crypto entities following the collapse of trading platform FTX and its affiliates.

In a notice posted to its website Thursday, the SEC said companies may have disclosure obligations related to the direct or indirect impact that recent crypto bankruptcies may have had on their businesses. It provided a list of sample questions that agency staff may pose to certain issuers based on their circumstances.

U.S. to Levy Human-Rights Sanctions on Russia, China

WASHINGTON-The U.S. is set to levy fresh sanctions against Russia and China on Friday, actions that include targeting Russia's deployment of Iranian drones in Ukraine, alleged human-rights abuse by both nations and Beijing's support of alleged illegal fishing in the Pacific, according to officials familiar with the matter.

The bulk of the expected sanctions are to be imposed under the Global Magnitsky Act, named after a whistleblower who died in a Moscow jail after accusing officials of corruption. The U.S., by using those powers to sanction high-profile government, military and business officials accused of human-rights abuses and corruption, says it aims to hold them accountable and deter others.

China's Xi Jinping to Meet Arab Leaders in Milestone for Middle East Ties

RIYADH, Saudi Arabia-Chinese leader Xi Jinping on Friday will attend a summit of Arab leaders billed as a milestone for relations with the Middle East, an energy-rich region riven by conflict that is witnessing growing competition between Beijing and Washington-long the region's dominant security force.

After meeting Saudi leaders on Thursday and elevating bilateral relations to the highest level, Mr. Xi will now gather with the six Gulf Cooperation Council countries and the broader 22-member League of Arab States. The meetings are expected to produce broad agreements but few big policy shifts. A free-trade agreement with the Gulf, talked about for years, could make progress.

Write to paul.larkins@dowjones.com

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

(END) Dow Jones Newswires

12-09-22 0557ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.13% 0.71039 Delayed Quote.4.30%
BRITISH POUND / US DOLLAR (GBP/USD) -0.34% 1.2373 Delayed Quote.2.60%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.16% 0.74971 Delayed Quote.1.24%
EURO / US DOLLAR (EUR/USD) -0.16% 1.08749 Delayed Quote.2.04%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.23% 0.012257 Delayed Quote.1.50%
MSCI SINGAPORE (GDTR) 0.96% 5903.09 Real-time Quote.3.30%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.02% 0.64888 Delayed Quote.2.06%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.31% 69.3202 Delayed Quote.-3.88%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.18% 18.80908 Delayed Quote.0.55%
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