EMEA Morning Briefing : Interest Rate Outlook in -2-

The meeting began with tensions within the cartel arguably at their worst point in recent years. Yet Saudi Arabia, under the oversight of energy minister Abdulaziz bin Salman, emerged with a deal that appears to have at least patched up some intra-OPEC issues and could halt a slide in oil prices that is hurting Saudi state coffers, analysts say.

Dockworkers Extend Job Actions Delaying West Coast Port Cargoes

Unionized dockworkers throttled cargo operations at several West Coast ports on Monday, extending job actions that have snarled imports at some of the country's biggest trade gateways and prompting retailers to ask the Biden administration to intercede to keep goods moving.

Port terminal operators said dockworkers deliberately withheld labor or slowed work at container terminals from Los Angeles and Long Beach, in Southern California, to the Port of Seattle.

Russian Infighting Escalates as Wagner Claims Army Fired on Its Troops

KYIV-A video posted by the leader of Russia's Wagner paramilitary group showed the captured commander of a mechanized infantry brigade confessing to firing on Russian forces and apologizing for his actions.

It was typical of previous Wagner videos-grainy, jarring. But the man, who introduces himself as Lt. Col. Roman Venevitin and shows signs of having been beaten, isn't Ukrainian. He is an officer of the Russian armed forces, detained by Wagner fighters near the front lines in Ukraine.

This Bud's for You: Time to Buy Anheuser-Busch InBev

Global beer conglomerate Anheuser-Busch InBev finds itself caught up in a distinctly American uproar at the moment. But for long-term investors, the Bud Light brouhaha could be a rare buying opportunity.

The brand's social-media promotion with a transgender advocate has generated intense controversy since early April, leading to a boycott among conservative-leaning consumers. The impact on Bud Light sales has been severe, and unusually long-lasting: In the week ending May 20, the brand's domestic retail sales were down 25.6% from a year earlier, according to a Goldman Sachs report citing Nielsen data. Miller Lite and Coors Light are clearly benefiting, with their sales rising 19.0% and 23.3% over the same period, respectively. Both those brands are owned by international brewer Molson Coors, a leading international rival of AB InBev.

Former ByteDance Executive Claims Chinese Communist Party Accessed TikTok's Hong Kong User Data

A former executive at ByteDance, the parent company of the hit video-sharing app TikTok, alleges in a legal filing that a committee of China's Communist Party members accessed the data of TikTok users in Hong Kong in 2018-a contention the company denies.

The former executive claims the committee members focused on civil rights activists and protesters in Hong Kong during that time and accessed TikTok data that included their network information, SIM card identifications and IP addresses, in an effort to identify and locate the users. The former executive of the Beijing-based company said the data also included the users' communications on TikTok.

SEC Says Binance Misused Customer Funds, Ran Illegal Crypto Exchange in U.S.

WASHINGTON-The Securities and Exchange Commission on Monday sued Binance, the world's largest cryptocurrency exchange, alleging the overseas company operated an illegal trading platform in the U.S. and misused customers' funds.

The SEC lawsuit also named Changpeng Zhao, Binance's founder and controlling shareholder, as a defendant. The SEC said that Binance and Zhao misused customers' funds and diverted them to a trading entity that Zhao controlled. That trading firm, Sigma Chain, engaged in manipulative trading that made Binance's volume appear larger than it actually was, the SEC said.

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Expected Major Events for Tuesday

04:30/NED: May CPI

06:00/ROM: Apr PPI

06:00/ROM: Apr Retail trade

06:00/GER: Apr Manufacturing orders

06:00/GER: Apr Manufacturing turnover

06:00/FIN: Apr Foreign trade

06:30/HUN: Apr Retail Sales

07:00/SVK: Apr Internal trade, incl Wholesale & Retail

07:00/CZE: Apr External trade

07:00/CZE: Apr Industry, Construction

07:00/SVK: 1Q GDP

07:00/SPN: Apr Industrial Production

08:30/UK: May S&P Global / CIPS UK Construction PMI

09:00/EU: Apr Retail trade

10:00/FRA: Apr OECD CPI

16:59/POL: Polish interest rate decision

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

06-06-23 0015ET