"Now, there aren't many places left to hide here anymore," said a soldier who goes by his call sign Kulak, pointing to a landscape of craters and twisted trees. "Most houses have burned down from incendiary shells, and the church is gone, too. It is never quiet down here."
Germany Posts Trade Surplus For June
Germany posted a trade surplus for June as exports grew at a greater pace than imports.
Germany's trade surplus-the balance of exports and imports of goods-stood at 6.4 billion euros ($6.51 billion) in calendar and seasonally adjusted terms in June after recording a revised EUR0.8 billion surplus the previous month, data from German statistics office Destatis showed Wednesday.
OPEC+ Considers Modest Oil-Production Increase, Output Freeze, Say Delegates
OPEC and its allies are considering either a modest increase in oil production or maintaining output at current levels when they meet Wednesday, delegates say, as the alliance seeks more time to assess a possible slowdown in global energy demand.
The Saudi-led Organization of the Petroleum Exporting Countries faces some pressure to boost supply and help lower oil prices after President Biden's high-profile trip to the kingdom last month. But it needs to coordinate such a move with a coalition of Russia-led producers with which it has an enduring alliance.
SocGen Swung to Second-Quarter Loss on Russia Exit
Société Générale SA said Wednesday that it swung to a second-quarter net loss as it booked losses from its disposal of Russian assets.
The French lender reported a net loss of 1.48 billion euros ($1.50 billion) compared with EUR1.44 billion net profit a year earlier.
Commerzbank Beats Views on Solid Customer Business, Rising Interest Rates
Commerzbank AG said Wednesday that it beat expectations for second-quarter profit and revenue on customer demand and rising interest rates, as it drives forward with a cost-cutting program.
Net profit in the three months to the end of June was 470 million euros ($477.9 million), swinging from a loss of EUR527 million for the same period last year, Germany's second-largest lender said.
BMW Backs Auto Margin Target for 2022
BMW AG confirmed the margin target for its auto business this year, expecting lower deliveries to be offset partly by pricing, but posted lower second-quarter earnings.
The German luxury car maker said Wednesday that quarterly after-tax profit fell to 3.05 billion euros ($3.10 billion) from EUR4.79 billion in the same period a year earlier.
AXA Beats Expectations Despite EUR300 Million Ukraine Impact
AXA SA said Wednesday that first-half profit and revenues beat expectations as it launched a share buyback worth up to EUR1 billion.
The French insurer said net profit was 4.11 billion euros ($4.22 billion) in the six months to the end of June, slightly higher than the EUR4.00 billion it reported in the same period last year.
Just Eat Takeaway.com Net Loss Widens Significantly on EUR3 Bln Grubhub Impairment
Just Eat Takeaway.com NV said Wednesday that its first-half net loss widened significantly as it booked a 3.0 billion euros ($3.05 billion) impairment related to Grubhub.
The Amsterdam-based food-delivery group said net loss for the first half was EUR3.48 billion compared with EUR486 million for the year-earlier period.
GLOBAL NEWS
Gas Prices Have Fallen for 49 Straight Days, Approach $4 a Gallon
U.S. gas prices have fallen for seven straight weeks and are approaching an average price of $4 a gallon, easing the pain of record-high fuel costs amid shrinking global demand for oil.
The average cost of a gallon of regular unleaded gasoline sank to $4.19 Tuesday, the 49th straight day that prices have declined, according to OPIS, an energy-data and analytics provider. That is a 17% decline from the previous high of $5.02 a gallon set back on June 14, according to OPIS.
Volatility Measure Hits Three-Year Low Despite Market Tumult
Wall Street's fear gauge has been relatively subdued for much of the year, even as stocks and bonds have slumped.
Some strategists credit changes in positioning and hedging strategies, rather than investor complacency, for the dissonance.
Pelosi Vows 'Ironclad' Defense of Taiwan's Democracy, as China Plans Live-Fire Drills
House Speaker Nancy Pelosi vowed to preserve democracy in Taiwan in the face of growing threats from mainland China in a closely watched meeting on Wednesday with Taiwan's president.
Mrs. Pelosi (D., Calif.), the highest-ranking U.S. official to visit Taiwan in a quarter-century, told Taiwan President Tsai Ing-wen that the U.S. wouldn't abandon its commitment to Taiwan, framing her visit as part of a broader struggle over democracy's future.
Senate Plan Would Put Bitcoin, Ether Under Commodity Regulator's Watch
WASHINGTON-Leaders of a Senate committee are set to propose legislation that would assign oversight of the two largest cryptocurrencies, bitcoin and ether, to the federal agency that regulates milk futures and interest-rate swaps.
Senate Agriculture Committee Chairwoman Debbie Stabenow (D., Mich.) and top-ranking Republican John Boozman of Arkansas, are planning to introduce a bill Wednesday that would empower the Commodity Futures Trading Commission to regulate spot markets for digital commodities, a newly created asset class. Currently the CFTC has authority to police derivatives, such as futures and swaps, rather than underlying commodities.
Ukraine Braces for Brutal Fight for Occupied Southern Regions as Referendum Looms
KYSELIVKA, Ukraine-When Ukrainian troops deployed in Kyselivka on the Kherson front line in April, the village's empty homes provided some protection from relentless Russian shelling.
"Now, there aren't many places left to hide here anymore," said a soldier who goes by his call sign Kulak, pointing to a landscape of craters and twisted trees. "Most houses have burned down from incendiary shells, and the church is gone, too. It is never quiet down here."
China Rattles a Much Bigger Saber as It Prepares Live-Fire Drills Around Taiwan
HONG KONG-Beijing is preparing live-fire military exercises this week in areas encircling Taiwan, a significant step up from its responses to previous crises and one that underscores China's fast-growing combat capabilities.
China revealed the drills minutes after U.S. House Speaker Nancy Pelosiarrived in Taipei late Tuesday. They are to run from Thursday to Sunday in waters and airspace across six zones that collectively surround the democratically self-ruled island, which Beijing claims as its own.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
08-03-22 0700ET
