The oil-and-gas giant generated adjusted earnings of $9.65 billion in the three months through the end of March, beating the market consensus of $7.965 billion, taken from Vara Research and averaged from 28 analysts' estimates. This was slightly down from $9.81 billion in the fourth quarter of 2022 but exceeds the $9.13 billion reported in the first quarter of 2022.
AB InBev 1Q Profit Jumped as Revenue Growth Beat Expectations
Anheuser-Busch InBev on Thursday reported an jump in net profit for the first quarter of 2023, driven by a better-than-expected revenue increase and supported by pricing actions.
The world's largest brewer-which houses the Stella Artois and Budweiser brands among its portfolio-made a net profit of $1.64 billion in the first quarter from $95 million a year earlier.
Scrambling to Avoid Default, White House Weighs Debt-Limit Fallback Options
WASHINGTON-The Biden administration and Capitol Hill leaders are scrambling to avoid a first-ever government default that could arrive as soon as June 1, taking potential alternative strategies more seriously after months of deadlock over raising the country's borrowing limit.
Publicly, both Republicans and Democrats are still sticking to their demands as the clock ticks. GOP lawmakers are seeking to force cuts to federal spending in exchange for supporting raising the debt limit, while Democrats continue to call for a debt-limit increase without any other policy conditions.
Corporate Profit Margins Are Finally Stabilizing, Creating New Tailwind for Stocks
A larger share of revenue at big U.S. companies is beginning to reach the bottom line, a potentially encouraging sign for a stock market that has been stuck in neutral in recent weeks.
More than halfway through the first-quarter earnings season, the net profit margin of companies in the S&P 500 has ticked up to 11.5% from 11.3% in the fourth quarter, based on actual results and estimates for companies that haven't yet reported.
Bankrupt Businesses Fight to Keep Cheaper Loans on Books as Interest Rates Rise
Some bankrupt companies are turning to a strategy to help them restructure their debt without losing the attractive terms on legacy loans as interest rates rise, often to lenders' chagrin.
Outpost Pines, a property owner on New York's Fire Island that sought protection from creditors in February, is asking a bankruptcy judge to approve a plan for it to keep 3% interest on mortgage debt it took out in 2015 so it can avoid paying a 16% default rate on the loan. Others, such as the owners of a 50-story Holiday Inn in Manhattan's Financial District and of a 41-unit apartment building in New Jersey, in recent months also have sought to keep their legacy rates in bankruptcy.
Senate Votes to Disapprove of Biden Solar Tariff Exemption
The Senate voted 56-41 on Wednesday to block a move by the Biden administration to temporarily remove tariffs on solar materials imported from Southeast Asia, sending the measure to President Biden's desk for an expected veto.
Nine Democrats sided with Republicans in favor of the resolution, while one GOP lawmaker, Sen. Rand Paul of Kentucky, voted against the measure. The Senate's move follows the House's passage of the measure by a vote of 221-202 with 12 Democrats in support.
Warren Buffett Has Been Betting Big on Oil. It's Time to Find Out Why.
Not long ago, Warren Buffett seemed like he was mostly done with oil stocks. The renowned investor lost big on an oil-company investment in 2008, and bailed out of another in 2014. He assured his shareholders he had learned his lesson.
Then, last year, Mr. Buffett built up a fresh $39 billion bet.
ECB set to continue rate-hike campaign on Thursday
The European Central Bank is not about to stop hiking interest rates now.
The latest data from Eurostat showed inflation running at a 7% year-over-year clip in April - roughly what the market expected, but a modest acceleration from March. Core inflation - which excludes food, energy, alcohol and tobacco - ticked down a tenth to 5.6% from 5.7%.
Hunter Biden's Legal Issues Shadow Launch of President's Re-Election Campaign
WASHINGTON-In the week since President Biden announced his re-election bid, legal developments in Washington and Arkansas have underscored the potential liabilities his son, Hunter Biden, could present for the campaign.
The day after the president's campaign launch, lawyers for Hunter Biden met with Justice Department officials about the continuing criminal inquiry focused on his taxes and whether he made false statements in connection with a gun purchase, according to people familiar with the gathering.
Andrew Cuomo Seeks Records, Depositions From Women Who Accused Him of Sexual Harassment
Former New York Gov. Andrew Cuomo has subpoenaed several of the women who said he sexually harassed them, the latest step in his legal campaign to clear his name.
Mr. Cuomo's lawyers sent subpoenas to Lindsey Boylan, Brittany Commisso, Virginia Limmiatis, Ana Liss and Alyssa McGrath, according to lawyers involved in the case. They are five of the 11 women who were sexually harassed by the 65-year-old Democratic scion during his three terms as governor, according to a report by Attorney General Letitia James.
Trump Denies E. Jean Carroll Rape Allegation in Video Deposition Played for Jurors
Donald Trump testified in a recorded deposition that writer E. Jean Carroll's rape allegation against him was made up, calling her account "the most ridiculous, disgusting story."
A portion of the video of the deposition was played for jurors Wednesday during a civil trial on Ms. Carroll's allegations that Mr. Trump raped her in a dressing room of the Bergdorf Goodman department store in Manhattan around 1996. The jury watched the video after hearing in person from a former People magazine reporter who said she was assaulted by Mr. Trump in 2005.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Altus 1Q
ARC Resources 1Q
Bausch Health 1Q
Baytex Energy 1Q
BCE 1Q
Black Diamond 1Q
Canadian Ntrl Resrces 1Q
Endeavour Mining 1Q
Enerflex 1Q
Enerplus 1Q
First Majestic Silver 1Q
Interfor 1Q
Jamieson Wellness 1Q
Labrador Iron Ore Rylty 1Q
MARTINREA Intl 1Q
NFI Grp 1Q
Open Text 3Q
Pason Syss 1Q
Pembina Pipeline 1Q
Primo Water 1Q
Shopify 1Q
SSR Mining 1Q
TELUS 1Q
Thinkific Labs 1Q
Uni-Select 1Q
Wheaton Precs Mtls 1Q
Economic Events (ET):
0830 Mar International merchandise trade
1000 Apr Ivey Purchasing Managers Index
1305 Bank of Canada Governor Tiff Macklem speech at Toronto Region Board of Trade event
Stocks to Watch:
Acadian Timber 1Q EPS C$0.33; 1Q Net C$5.62M; 1Q Sales C$22.4M
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Andlauer Healthcare 1Q Net C$16.5M; 1Q Rev C$164.8M
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Colabor 1Q EPS 0c; 1Q Sales $133.9M
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Ecosynthetix 1Q Loss/Shr 2c;1Q Rev $3.1M
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Enerflex 1Q EPS C$0.11; 1Q Net C$13.5M; 1Q Rev C$825M
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Frontera Energy 1Q Loss/Shr $0.13 Vs. EPS $1.05; 1Q Sales $176.7M Vs. $206.6M; 1Q Production 41,586 BOE/d Vs. 41,100 BOE/d; 1Q Results In Line With 2023 Capital, Production Guidance; Delivered 41,586 Boe/d Average Daily Production in 1Q
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Information Services 1Q Rev C$49.1M; 1Q EPS C$0.38
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Kinaxis 1Q EPS 4c; Sees FY23 Rev $425M-$435M; 1Q Net $1.19M; 1Q Rev $101.1M
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Lundin Mining 1Q EPS 19c; 1Q Adj EPS 16c; 1Q Net $165.3M; 1Q Rev $751.3M
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Surge Energy 1Q EPS C$0.15; 1Q Rev C$162M
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Taseko Mines 1Q EPS C$0.02; 1Q Net C$4.44M; 1Q Rev C$115.5M
Taseko Mines Announces At-The-Market Equity Offering Program of Up to US$50M; National Bank Financial, Canaccord Genuity, Stifel GMP, Respective Affiliates Serving as Agents; Has Applied to TSX, NYSE American for Listing Shares That May Be Issued Under ATM; Shares Sold Under ATM Will Also Be Admitted to London Stock Exchange; Taseko to Use Any Proceeds for Capex for Gibraltar Mine, Other Projects; ATM Will Be Effective Until May 26
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5N Plus 1Q Rev $55.3M; 1Q EPS 2c; 1Q Net $1.45M
Expected Major Events for Thursday
06:00/GER: Mar Foreign Trade
06:00/RUS: Apr Russian Services PMI
07:45/ITA: Apr Italy Services PMI
07:50/FRA: Apr France Services PMI
07:55/GER: Apr Germany Services PMI
08:00/UK: Apr UK monthly car registrations figures
08:30/UK: Mar Bank of England effective interest rates
08:30/UK: Mar Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit
08:30/UK: Mar Monetary & Financial Statistics
08:30/UK: Apr UK Official Reserves
08:30/UK: Apr Narrow money (Notes & Coin) and reserve balances
08:30/UK: Apr S&P Global / CIPS UK Services PMI
10:00/FRA: Mar OECD CPI
11:30/US: Apr Challenger Job-Cut Report
12:30/CAN: Mar International merchandise trade
12:30/US: Mar U.S. International Trade in Goods & Services
12:30/US: 04/29 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: 1Q Preliminary Productivity and Costs
12:30/US: U.S. Weekly Export Sales
14:00/CAN: Apr Ivey Purchasing Managers Index
14:30/US: 04/28 EIA Weekly Natural Gas Storage Report
15:00/US: Apr Global Manufacturing PMI
16:00/US: Apr Monthly U.S. Retail Chain Store Sales Index
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
23:01/UK: Apr BRC-Sensormatic IQ Footfall Monitor
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
ATI Inc (ATI) is expected to report $0.47 for 1Q.
Advaxis Inc (ADXS) is expected to report for 1Q.
Alnylam Pharmaceuticals Inc (ALNY) is expected to report $-1.68 for 1Q.
American Electric Power Co Inc (AEP) is expected to report $1.10 for 1Q.
Arconic Corp (ARNC) is expected to report for 1Q.
Blueprint Medicines Corp (BPMC) is expected to report $-2.67 for 1Q.
BorgWarner Inc (BWA) is expected to report $1.09 for 1Q.
Carlyle Group Inc (CG) is expected to report for 1Q.
(MORE TO FOLLOW) Dow Jones Newswires
05-04-23 0617ET
