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North American Morning Briefing: Another Big Fed -2-

09/19/2022 | 05:35am EST

Natural-gas prices have more than doubled this year because of a global supply shortage made worse by the war in Ukraine, and they are expected to remain elevated for months as fuel is needed to light and heat homes during the winter. The supply crunch has made it substantially more expensive for utilities to purchase or produce power, and those costs are being passed on to customers.


Big Regional Banks Might Face New Rules for Dealing With a Crisis

WASHINGTON-A group of President Biden-appointed bank regulators are considering new rules to require large regional banks to add to financial cushions that could be called on in times of crisis.

The steps under consideration include requirements that the regional firms raise long-term debt that can help absorb losses in case of their own insolvency, according to three people familiar with the matter, extending a slimmed-down version of requirements that at present apply only to the largest U.S. megabanks.


Overlooked by Investors, Royalties Are Fetching Princely Sums

ADELAIDE, Australia-A rush of deals for royalties on resources projects is drawing attention to an asset that many investors didn't even know about.

Elevated commodity prices have helped companies including South32 Ltd., Glencore PLC and Rio Tinto PLC raise hundreds of millions of dollars from sales of royalties that had long been on the balance sheets but were overshadowed by their vast mining operations.


Climbing Interest Rates Fuel Stablecoin War as Binance Makes Move on Rivals

The battle for the stablecoin market is heating up as interest rates continue to rise and the largest players jostle for market share.

Binance, the world's largest crypto exchange, said it would automatically convert users' deposits of several rival stablecoins into its own stablecoin, Binance USD, starting this month. Analysts say Binance's decision could escalate the rivalries among the largest stablecoin players, such as Tether and Circle, and generate additional revenue for Binance as the market cap of its stablecoin grows.


Biden Calls Covid-19 Pandemic 'Over,' Says U.S. Troops Could Defend Taiwan

WASHINGTON-President Biden said the Covid-19 pandemic was over, while reiterating comments that U.S. troops could defend Taiwan in the event of a Chinese invasion, during a televised interview that addressed questions about whether he would seek a second term.

"The pandemic is over. We still have a problem with Covid," Mr. Biden said in an interview with CBS's "60 Minutes" airing Sunday. "We're still doing a lot of work on it ... but the pandemic is over. If you notice, no one's wearing masks. Everybody seems to be in pretty good shape. And so I think it's changing."


Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

None scheduled

Economic Indicators (ET):

0830 Aug Industrial product & raw materials price indexes

National Day of Mourning federal holiday to mark the death of Queen Elizabeth II

Stocks to Watch:

Link Administration Holdings has rebuffed a revised takeover proposal from Dye & Durham, which sought to restructure the deal after discovering that it could be liable for an asset shortfall in the U.K.

Link on Monday said that Dye & Durham had proposed an upfront payment of A$3.81 per share, plus a further payment linked to the extent of its liability.

The U.K. financial regulator has said that Dye & Durham may have to cover a shortfall of up to GBP306 million at a company belonging to Link in order to get regulatory approval in the U.K.

Read more here.


Expected Major Events for Monday

12:30/CAN: Aug Industrial product & raw materials price indexes

14:00/US: Sep NAHB Housing Market Index

23:30/JPN: Aug CPI (Nation), CPI ex-food (Nation)

All times in GMT. Powered by Onclusive and Dow Jones.


Expected Earnings for Monday

AutoZone Inc (AZO) is expected to report $38.44 for 4Q.

Cognyte Software Ltd (CGNT) is expected to report for 2Q.

Dye & Durham Ltd (DND.T) is expected to report for 4Q.

Friedman Industries (FRD) is expected to report for 1Q.

Natural Alternatives International Inc (NAII) is expected to report for 4Q.

Vinco Ventures Inc (BBIG) is expected to report for 2Q.

Powered by Onclusive and Dow Jones.


ANALYST RATINGS ACTIONS

Aditxt Cut to Neutral From Buy by Dawson James

Adobe Cut to Equal-Weight From Overweight by Barclays

Adobe Cut to Neutral From Buy by B of A Securities

Adobe Cut to Neutral From Outperform by Baird

Alcoa Raised to Overweight From Equal-Weight by Morgan Stanley

Arrow Electronics Cut to Underweight From Equal-Weight by Wells Fargo

Avnet Cut to Underweight From Equal-Weight by Wells Fargo

DXC Technology Cut to Neutral From Positive by Susquehanna

FedEx Cut to Hold From Buy by Loop Capital

FedEx Cut to Hold From Buy by Stifel

FedEx Cut to Neutral From Buy by B of A Securities

FedEx Cut to Neutral From Overweight by JP Morgan

FedEx Cut to Sector Weight From Overweight by Keybanc

International Paper Cut to Underperform From Hold by Jefferies

Shoals Technologies Raised to Outperform From Market Perform by Cowen & Co.

STORE Capital Cut to Hold From Buy by Berenberg

STORE Capital Cut to Hold From Buy by Stifel

This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

09-19-22 0535ET

Stocks mentioned in the article
ChangeLast1st jan.
ADITXT, INC. -0.57% 1.7309 Delayed Quote.-93.43%
ADOBE INC. -0.44% 332.69 Delayed Quote.-41.05%
ALCOA CORPORATION -2.98% 46.33 Delayed Quote.-19.62%
ARROW ELECTRONICS, INC. -2.94% 106.66 Delayed Quote.-18.02%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.36% 0.66907 Delayed Quote.-7.05%
AUTOZONE, INC. 0.00% 2570.3 Delayed Quote.22.22%
AVNET, INC. -1.64% 44.35 Delayed Quote.9.48%
BARCLAYS PLC -0.55% 158.18 Delayed Quote.-14.94%
BRITISH POUND / US DOLLAR (GBP/USD) -0.25% 1.20249 Delayed Quote.-10.61%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.17% 0.74438 Delayed Quote.-5.53%
COGNYTE SOFTWARE LTD. -4.79% 2.98 Delayed Quote.-80.03%
DXC TECHNOLOGY COMPANY -1.99% 29.04 Delayed Quote.-7.80%
EURO / US DOLLAR (EUR/USD) 0.12% 1.03785 Delayed Quote.-8.57%
FEDEX CORPORATION -1.00% 174.785 Delayed Quote.-31.68%
GLENCORE PLC 0.84% 538.3 Delayed Quote.42.37%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.09% 0.012253 Delayed Quote.-8.84%
LINK ADMINISTRATION HOLDINGS LIMITED 0.28% 3.57 Delayed Quote.-35.91%
MORGAN STANLEY -0.84% 90.13 Delayed Quote.-7.39%
MSCI TAIWAN (STRD) -2.55% 519.855 Real-time Quote.-28.12%
NATURAL ALTERNATIVES INTERNATIONAL, INC. -2.31% 7.6196 Delayed Quote.-38.34%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.28% 0.6197 Delayed Quote.-8.65%
RIO TINTO PLC -0.30% 5363 Delayed Quote.9.96%
S&P GSCI NATURAL GAS INDEX -1.23% 339.9195 Real-time Quote.96.51%
SHOALS TECHNOLOGIES GROUP, INC. -4.51% 29.59 Delayed Quote.27.70%
SOUTH32 LIMITED -1.74% 3.95 Delayed Quote.-1.50%
STORE CAPITAL CORPORATION -0.06% 31.86 Delayed Quote.-7.33%
TETHER (USDT/USD) 0.01% 0.9994 End-of-day quote.-0.06%
VINCO VENTURES, INC. -4.14% 0.6928 Delayed Quote.-66.10%
WELLS FARGO & COMPANY -0.57% 47.16 Delayed Quote.-1.13%
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