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Good morning from the Financial Times. Today is Thursday, August 10th,

and this is your FT News Briefing. Disney reported disappointing second-order

earnings yesterday, and prices in China are decreasing. Plus more and more countries in

Europe are instituting windfall taxes on banks. I'm Sonya Hudson in Formark,

Filipino, and here's the news you need to start your day.

Disney's revenue fell short during the second quarter of this year.

It was $100 million less than what Wall Street analysts expected.

That's because of declines in the company's TV and movie businesses.

But Disney did offer some optimism. It said it's planned to slash costs by

$5.5 billion was a head of schedule, and it cut losses in its streaming unit.

Disney shares jumped in after-hours trading.

Data out of China has confirmed what a lot of people had been anticipating,

that the country's economy has slipped into deflation, which means prices are actually dropping.

On Wednesday, the government announced its consumer price index was down 0.3%.

The FT Shanghai correspondent Tom Hale explains why.

The first of all, under the pandemic, a lot of consumption shifted towards goods.

And this was a huge source of support for the Chinese economy.

It exports really boomed during those pandemic years.

And from late last year, economists have been expecting that in 2023,

those trade figures would weaken and they have done.

...