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North American Morning Briefing: Another Rocky -2-

09/28/2022 | 05:49am EST

Saudi Sovereign-Wealth Fund Reveals Finances for First Time Ahead of Bond Sale

DUBAI-Saudi Arabia offered a first look inside the performance of its $600 billion sovereign-wealth fund, disclosing a return that was in line with the broader market and revealing that it invested $2 billion in Russian assets before the war in Ukraine.

The Public Investment Fund has hired banks to possibly raise billions of dollars in a debut bond sale, according to a prospectus it shared with potential investors this week. The cash would be invested in renewables and other green projects, PIF said, for the first time shining a light on the finances of the once-secretive fund.


Ether Cryptocurrency Falls After 'Merge' Software Upgrade

The price of the cryptocurrency ether has fallen 19% over the past two weeks as Ethereum miners sell their holdings in the wake of a much-hyped software upgrade dubbed "the merge."

On Tuesday evening, ether's price was $1,324, a decline of less than 0.1% from Monday.


U.S. to Expand Diplomatic, Defense Footprint in the Pacific

SYDNEY-A new U.S. strategy for the Pacific will involve a bigger diplomatic and security footprint, help island nations respond to climate change and focus on economic prosperity, according to a preview released shortly before Pacific leaders planned to meet President Biden in Washington.

The two-day meeting, billed by the U.S. as a summit involving leaders and representatives from more than a dozen Pacific island nations and territories, starts Wednesday. It caps months of intense U.S. diplomacy in the region, which has emerged as a hot spot in the great-power rivalry between the U.S. and China.


Government Funding Bill Includes $35 Million to Prevent Nuclear Disaster in Ukraine

WASHINGTON-The U.S. is expected to send aid to Ukraine to respond to a nuclear disaster or prevent nuclear materials from being smuggled out of the country, according to congressional legislation and U.S. officials.

Senate Democrats inserted $35 million for special nuclear safety funding into a must-pass government funding bill, a small part of the more than $12 billion in economic and military aid for Ukraine in the legislation.


Covid Aid Left Out of Stopgap Funding Bill

WASHINGTON-Congressional Democrats opted not to include billions of dollars in new funding for Covid-19 and monkeypox in a must-pass government-funding bill, frustrating Biden administration officials who have called new funding crucial to the federal health response.

The request had faced an uphill fight in Congress, with Republicans largely opposing new money for Covid-19 on top of previous rounds of aid and questioning whether it was necessary with cases of both monkeypox and Covid-19 dropping.


China's Xi Jinping Re-Emerges in Public After Quarantine

BEIJING-Chinese leader Xi Jinping got out of quarantine and made his first public appearance since visiting Central Asia, trumpeting his governance record over the past decade as he prepares to extend his rule for a third term.

Until Tuesday, Mr. Xi hadn't appeared in public since his trip earlier this month to Central Asia, where he met with Russian President Vladimir Putin, because he was abiding by quarantine protocols that China imposes on people returning from overseas travel, according to people familiar with the matter.


Hurricane Ian Approaches Florida, Threatens Tampa Bay

ST. PETERSBURG, Fla.-Hurricane Ian bore down on southwest Florida Tuesday after pummeling Cuba, with a swath of the state's Gulf Coast in harm's way, including the vulnerable Tampa Bay area.

The storm's center is forecast to approach the west coast of Florida on Wednesday afternoon and into Wednesday night, according to the National Hurricane Center. Rain from the storm began drenching parts of the state Tuesday. Hurricane conditions are expected along the state's Gulf Coast by Wednesday morning.


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

Earnings:

AGF Mgmt 3Q

H2O Innovation 4Q

Economic Indicators:

None scheduled

Stocks to Watch:

MindMed Prices Public Offering of Common Shrs, Warrants; Combined Offering Price of Each Shr, Accompanying Warrant Set at $4.25; MindMed Offering 7,058,823 Shrs Together With Accompanying Warrants; Warrants Exercisable at $4.25 Per Common Shr; MindMed Expects Gross Proceeds From Offering of $30M; Offering Expected to Close on or About Sept 30; RBC Capital Markets, Cantor Acting as Lead Managers for Offering


Expected Major Events for Wednesday

05:00/JPN: Jul Indexes of Business Conditions - Revision

06:00/GER: Oct GfK consumer climate survey

06:45/FRA: Sep Consumer confidence survey

06:45/FRA: Aug Housing starts

08:00/ITA: Sep Consumer Confidence Survey

08:00/ITA: Sep Business Confidence Survey

08:30/UK: Aug Capital issuance

09:00/ITA: Jul Industrial turnover & orders

11:00/US: 09/23 MBA Weekly Mortgage Applications Survey

12:30/US: Aug Advance Economic Indicators Report

12:30/US: 2Q U.S. International Investment Position

14:00/US: Aug Pending Home Sales Index

14:00/US: Aug Metropolitan Area Employment & Unemployment

14:30/US: 09/23 EIA Weekly Petroleum Status Report

23:01/UK: Aug Zoopla House Price Index

23:01/UK: Aug UK monthly automotive manufacturing figures

23:50/JPN: Sep Provisional Trade Statistics for 1st 10 days of Month

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


Expected Earnings for Wednesday

AGF Management Ltd - Class B (AGF.B.T) is expected to report $0.27 for 3Q.

Cintas Corp (CTAS) is expected to report $3.15 for 1Q.

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

Concentrix Corp (CNXC) is expected to report for 3Q.

Duckhorn Portfolio Inc (NAPA) is expected to report for 4Q.

Enerpac Tool Group Corp (EPAC) is expected to report for 4Q.

H2O Innovation (HEO.T) is expected to report for Full year.

Hyzon Motors Inc (HYZN) is expected to report for 2Q.

IsoRay (ISR) is expected to report $-0.02 for 4Q.

Jefferies Financial Group Inc (JEF) is expected to report $0.65 for 3Q.

MillerKnoll Inc (MLKN) is expected to report $0.28 for 1Q.

Park City Group (PCYG) is expected to report $0.05 for 4Q.

Paychex Inc (PAYX) is expected to report $0.97 for 1Q.

Raymond James Financial (RJF) is expected to report.

S&W Seed (SANW) is expected to report $-0.14 for 4Q.

Thor Industries (THO) is expected to report $3.85 for 4Q.

Vail Resorts (MTN) is expected to report $-2.95 for 4Q.

Powered by Onclusive and Dow Jones.


ANALYST RATINGS ACTIONS

Cogent Communications Raised to Overweight From Sector Weight by Keybanc

CS Disco Cut to Hold From Buy by Loop Capital

CSX Corp Cut to Neutral From Buy by UBS

Douglas Emmett Cut to In-Line From Outperform by Evercore ISI Group

Hyatt Hotels Raised to Outperform From In-Line by Evercore ISI Group

Keurig Dr Pepper Cut to Neutral From Buy by Goldman Sachs

Norfolk Southern Cut to Neutral From Buy by UBS

Perficient Raised to Buy From Neutral by Alliance Global Partners

Prologis Raised to Outperform From In-Line by Evercore ISI Group

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


(END) Dow Jones Newswires

09-28-22 0548ET

Stocks mentioned in the article
ChangeLast1st jan.
AGF MANAGEMENT LIMITED -0.30% 6.68 Delayed Quote.-19.76%
ALLIANCE GLOBAL GROUP, INC. 0.00% 9.95 End-of-day quote.-15.68%
CINTAS CORPORATION 0.02% 462.53 Delayed Quote.4.37%
COGENT COMMUNICATIONS HOLDINGS, INC. -0.23% 57.51 Delayed Quote.-21.41%
COGNYTE SOFTWARE LTD. 0.96% 3.15 Delayed Quote.-79.90%
CONCENTRIX CORPORATION -0.38% 121.27 Delayed Quote.-32.11%
CS DISCO, INC. -0.26% 7.57 Delayed Quote.-78.83%
DOUGLAS EMMETT, INC. -1.00% 16.86 Delayed Quote.-49.67%
ENERPAC TOOL GROUP CORP. 0.60% 25.12 Delayed Quote.23.87%
ETHEREUM (ETH/BTC) -2.96% 0.0735 End-of-day quote.-6.84%
ETHEREUM (ETH/EUR) -4.04% 1179.18 End-of-day quote.-64.44%
ETHEREUM (ETH/USD) -4.20% 1241.13 End-of-day quote.-67.05%
EVERCORE INC. 0.26% 115.48 Delayed Quote.-14.99%
H2O INNOVATION INC. 0.50% 2.01 End-of-day quote.-22.99%
HYATT HOTELS CORPORATION -1.29% 99.63 Delayed Quote.3.89%
HYZON MOTORS INC. -1.12% 1.77 Delayed Quote.-72.73%
ISORAY, INC. 1.00% 0.3856 Delayed Quote.-0.57%
JEFFERIES FINANCIAL GROUP INC. -0.76% 37.73 Delayed Quote.-2.76%
KEURIG DR PEPPER INC. 0.08% 38.74 Delayed Quote.5.10%
MILLERKNOLL, INC. -0.25% 20.27 Delayed Quote.-48.28%
NORFOLK SOUTHERN CORPORATION -0.89% 254.07 Delayed Quote.-14.66%
PARK CITY GROUP, INC. -1.33% 5.19 Delayed Quote.-10.52%
PAYCHEX, INC. 0.06% 125.98 Delayed Quote.-7.71%
PERFICIENT, INC. 0.12% 73.43 Delayed Quote.-43.27%
PROLOGIS, INC. -0.14% 116.94 Delayed Quote.-30.54%
RAYMOND JAMES FINANCIAL, INC. 1.49% 119.16 Delayed Quote.18.69%
THE DUCKHORN PORTFOLIO, INC. 1.49% 16.31 Delayed Quote.-30.12%
THOR INDUSTRIES, INC. 3.80% 90.44 Delayed Quote.-12.85%
VAIL RESORTS, INC. -0.90% 256.51 Delayed Quote.-21.06%
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