Russia and China will look to gain more political and economic ground in the developing world at a summit in South Africa this week, when an expected joint dose of anti-West grumbling from them may take on a sharper edge with a formal move to bring Saudi Arabia closer.

Leaders from the BRICS economic bloc of Brazil, Russia, India, China and South Africa will hold three days of meetings in Johannesburg's financial district of Sandton, with Chinese premier Xi Jinping's attendance underlining the diplomatic capital his country has invested in the bloc over the last decade-and-a-bit as an avenue for its ambitions.

The U.S. government said it is formally requesting a dispute settlement panel in its ongoing row with Mexico over its limits on genetically modified corn.

Mexico's Economy Department said it had received the notification and would defend its position. It claimed in a statement that "the measures under debate had no effect on trade," and thus do not violate the United States-Mexico-Canada free trade agreement, known as the USMCA.

Asian shares mostly slipped Friday as rising yields in the bond market on Wall Street set off expectations that high interest rates would continue in the U.S.

Japan's inflation data showed consumer prices rose 3.1% from a year earlier in July, down from 3.3% in June. But that was still higher than the 2.5% forecast by some analysts, and above the Bank of Japan target at 2%.

Global shares mostly slipped Friday as rising yields in the bond market on Wall Street set off expectations that high interest rates would continue in the U.S.

France's CAC 40 declined 0.9% in early trading to 7,126.02. Germany's DAX dipped 0.8% to 15,553.22. Britain's FTSE 100 shed 0.8% to 7,255.18. U.S. shares were set to drift lower with Dow futures down 0.1% at 34,503.00. S&P 500 futures fell nearly 0.1% to 4,381.75.

Chinese President Xi Jinping will attend next week's summit of the BRICS nations in Johannesburg, to be followed by a state visit to South Africa, the Foreign Ministry said Friday.

Foreign Ministry spokesperson Hua Chunying also said in a statement that during his Aug. 21-24 visit to South Africa, Xi will co-chair the China-Africa Leaders' Dialogue with his South African counterpart, Cyril Ramaphosa.

Israel's Defense Ministry said Thursday it has secured its largest-ever defense deal selling a sophisticated missile defense system to Germany for $3.5 billion after the United States approved the deal.

Although Israel has long had close economic and military links with western European countries, the deal with Germany could draw the attention of Russia, which Israel has maintained working relations with throughout the war on Ukraine. Israel has repeatedly rebuffed requests to sell arms to Ukraine for fear of antagonizing Russia.

Japan suffered a trade deficit last month as exports sank for the first time in more than two years, dragged down by a slowdown overseas.

Japan's trade deficit totaled 78.7 billion yen ($539 million), the Finance Ministry said Thursday, the first trade deficit for the world's third largest economy in two months.

Global stocks followed Wall Street lower Thursday after notes from a U.S. Federal Reserve meeting dented hopes interest rate hikes are finished.

London, Hong Kong, Paris and Seoul declined. Shanghai and Wall Street futures advanced. Oil prices rose.

China's government is trying to reassure jittery homebuyers after a major real estate developer missed a payment on its multibillion-dollar debt, reviving fears about the industry's shaky finances and their impact on the struggling Chinese economy.

There is no indication Country Garden's problems might spread beyond China, which seals off its financial system from global capital flows, economists say. But they highlight the industry's struggle under pressure from the ruling Communist Party to reduce soaring debt that is seen as an economic threat. That has bankrupted hundreds of small developers and depressed China's economic growth.

The rate of inflation in the U.K. fell sharply in July to a 17-month low largely on the back of lower energy prices, official figures showed Wednesday, a welcome development for hard-pressed households struggling during the cost of living crisis.

The Office for National Statistics said the annual rate of inflation, as measured by the consumer price index, was 6.8% in July, its lowest level since February 2022, the month Russia invaded Ukraine and sent energy prices surging.