SQUAWK BOX, WEDNESDAY 9TH AUGUST, 2023

The Chinese economy tips into deflation for the first time in over two years with consumer prices -0.3%, heaping further pressure on Beijing to step up the stimulus. Bank stocks lead Wall Street into the red after Moody's cuts the credit rating of ten regional lenders, while Italy's government partially backtracks on its planned bank windfall tax after lenders see heavy losses in Tuesday's session. Disney's ESPN partners with Penn Entertainment to launch its first sports betting book, with CEO Bob Iger looking to rejuvenate the House of Mouse ahead of key earnings later today. And Novo Nordisk shares hit a fresh record high, jumping 17% after unveiling positive results from its weight loss treatment Wegovy, cementing the Danish heavyweight as Europe's second largest company by market cap.