(Reuters) -The Nasdaq and the S&P 500 dropped 3% on Wednesday as a rally in growth shares faded amid economic growth concerns, while Target plunged to the bottom of the S&P 500 after the retailer became the latest victim of surging prices.

HONG KONG (Reuters) -China's Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004.

The war in Ukraine and drought fuelled by climate change has sent global prices for grains, cooking oils, fuel and fertilizer soaring.

VERONA, Italy (Reuters) -Stellantis will start a reshuffle of its European dealers' network next year from Austria, Belgium and the Netherlands, and its van and premium brands in all markets, its regional sales chief said on Wednesday.

Societe Generale CEO Frederic Oudea, who navigated the French bank through a rogue trading scandal and the euro zone crisis, will leave next year, ending a tumultuous 15 years at the top.

Stellantis will start a reshuffle of its European dealers' network next year from Austria, Belgium and the Netherlands, and its van and premium brands in all markets, its regional sales chief said on Wednesday.