Midday European briefing: equities remain below -2-

Solvay’s plant in Rosignano, Italy, on the Tuscan coast, has become an environmental hotbed in recent years, sparking discussion among European politicians and drawing criticism from environmentalists and a fund manager.

Zambia seeks $8.4 billion in debt relief from foreign creditors

Zambia has requested $8.4 billion in debt relief from its foreign creditors over the next three years, including China, the country’s largest creditor and largest lender to the developing world.

Zambia’s debt restructuring is widely seen as a test of how much debt relief China will be willing to provide to countries that cannot repay what they have borrowed from Beijing, which has shown a reluctance in recent years to cancel its bilateral debts, preferring to lend more or reprofile them rather than accept haircuts.

WORLD NEWS

Exports, engine of slowing Chinese economy, collapse

HONG KONG – The export boom that propelled China’s economy during the pandemic slowed in August, reflecting the impact of rising inflation and slowing growth elsewhere in the world.

The sharper-than-expected slowdown in export growth raises fears that the engine of the world’s second-largest economy is collapsing as new Covid shutdowns in major Chinese cities further constrain spending and the global economy is approaching recession.

Australian growth in the second quarter boosted by consumer spending and soaring commodity prices

Australia’s SYDNEY economy saw solid growth in the second quarter as consumers continued to spend and soaring commodity prices boosted exports.

The resource-rich economy recorded gross domestic product growth of 0.9% for the quarter and 3.6% year on year, the Australian Bureau of Statistics said on Wednesday. Economists expected annual GDP growth of 3.4%.

SEC warns Chinese firms of auditor change risks

The Securities and Exchange Commission on Tuesday warned Chinese companies not to breach legal and auditing requirements when switching to US-based auditors to comply with a law that threatens to remove companies from US stock exchanges.

More than 200 Chinese companies listed in the United States are at risk of being expelled from US stock exchanges from early 2024 under the 2020 Foreign Company Liability Act. It prohibits trading in companies whose auditors cannot be inspected by the Public Company Accounting Oversight Board – the US audit watchdog supervised by the SEC – for three consecutive years.

Samsung expects sharp drop in chip sales to continue into next year

PYEONGTAEK, South Korea-Samsung Electronics Co. sees sharp decline in chip sales extend into next year, the latest note of pessimism for a semiconductor industry reeling from a dramatic decline in PC sales, smartphones and data servers.

“The second half of this year looks bad, and right now next year doesn’t really seem to show a clear momentum for much improvement,” said Kyung Kye-hyun, who heads the semi- Samsung drivers and serves as co-CEO, at a press conference Wednesday.

Investors flock to US stocks to avoid further turbulence overseas

Investors around the world are flocking to US stocks, even as they brace for the prospect of a tough fall, as they say there’s no better place to take shelter from market turmoil global.

Soaring inflation, worries about a possible recession, Russia’s invasion of Ukraine, rising energy prices and new Covid-19 outbreaks have rattled everything from stocks to bonds to commodity prices this year.

DOJ considering next step after judge greenlights Trump’s request for special master

WASHINGTON — The Justice Department faces partly conflicting goals as it weighs how to proceed in its investigation into the handling of classified documents at Mar-a-Lago following a Monday court ruling. , said former prosecutors.

A federal judge in Florida ordered the appointment of a special master to review documents seized from former President Donald Trump’s Florida resort and temporarily blocked the government from using the documents for a criminal investigation.

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

(END) Dow Jones Newswire

09-07-22 0542ET

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