Board members of the $307 billion California State Teachers' Retirement System voted Thursday to reduce the fund's stockholdings to 38% from 42%, a shift staff and consultants said would lower the fund's risk level without bringing down returns. The public pension fund, the nation's second-largest, is closely watched by other retirement managers.


Banking group asks SEC for probe after alleging abusive short-selling practices

The trade group representing U.S. banks has asked the Securities and Exchange Commission to take action against what it calls market manipulation and abusive short-selling practices after the latest nosedive in the stock market.

The American Bankers Association letter to SEC Chair Gensler is dated Thursday, which saw another round of mass selling of regional banks.


German Manufacturing Orders Fell by More Than Expected in March

New orders at German factories tumbled more than expected in March, signaling sliding demand for manufacturers as concerns over the health of the global economy mount.

Manufacturing orders decreased 10.7% in March on month after rising by a downwardly revised 4.5% in February, according to price-adjusted data released Friday by the German statistics office Destatis.


China Caixin Services PMI Slips, But Stays Firmly in Expansion Territory

A private gauge of China's service sector declined in April but stayed in expansion territory, as consumers shifted to close-contact services after Beijing lifted Covid-19 restrictions.

The Caixin China services purchasing managers index fell to 56.4 in April from 57.8 in March, Caixin Media Co. and S&P Global said Friday.


Reserve Bank of Australia Still Jittery About Stubborn Inflation Risks

SYDNEY-The Reserve Bank of Australia continues to warn that while inflation pressures have peaked, the risks that inflation remains higher for longer are significant and further interest-rate increases may be needed.

In its latest monetary-policy statement released Friday, the Australian central bank said that while inflation expectations are consistent with price pressures returning to target by mid-2025, a continuation of that is not yet assured.


On Biden's Second-Term Agenda: Unmet Goals From His First Term

WASHINGTON-President Biden wants American voters to give him another four years in office to "finish the job"-a signal that his second-term agenda would be driven largely by efforts to reach policy goals left undone in his first term.

Mr. Biden still has 18 months before the election to unveil some new proposals. And he won't be the only one on the ballot in November 2024-both the House and Senate majorities will be at stake, and the fate of much of Mr. Biden's agenda would depend on whether Republicans again end up in control of one or both chambers of Congress. A second Biden administration would also spend significant time continuing to implement the big-ticket bills passed in his first term.


Ron DeSantis Dominates Florida Legislative Session Ahead of Expected Presidential Run

What Ron DeSantis wanted, he got.

The Florida governor dominated the 60-day legislative session in Tallahassee that ends Friday, racking up conservative policy victories that will serve as the backbone of his soon-expected entry into the 2024 presidential race. Those wins could boost him in the GOP primary contest-even as some allies are concerned about how far to the right he pushed, particularly on abortion.


Biden to Tap Air Force General as Next Chairman of Joint Chiefs of Staff

WASHINGTON-President Biden is expected to nominate Air Force Gen. Charles Q. Brown Jr. as the next chairman of the Joint Chiefs of Staff, succeeding Army Gen. Mark Milley and becoming the second Black general in the post, according to U.S. officials.

Gen. Brown is currently the chief of staff of the Air Force. If he is nominated and confirmed by the Senate, two Black men would lead the Pentagon for the first time ever. Lloyd Austin is serving as the first Black defense secretary.


Kim Gardner, Top Elected Prosecutor for St. Louis, Is Resigning

Kim Gardner, the top elected prosecutor in St. Louis, said Thursday she would resign effective June 1.

The decision from Ms. Gardner, the city's first Black circuit attorney, comes as she has faced months of criticism from lawmakers and other officials over what they termed dysfunctional prosecutions and crime levels in one of Missouri's most-populous cities.


Former Uber Security Chief Gets Probation in Obstruction Case

Joseph Sullivan, the former chief security officer at Uber Technologies, was sentenced to three years' probation by a federal court in San Francisco, over criminal obstruction charges relating to a 2016 data breach at the ride-hailing giant.

District Judge William Orrick delivered the sentence Thursday, a long-awaited verdict in a case that has divided opinion within the cybersecurity industry. Judge Orrick said that because of Mr. Sullivan's character, the unusual nature of the case and that it was the first of its kind, he had shown Mr. Sullivan leniency, but he said chief information security officers shouldn't expect that in future cases.


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

Earnings - 1Q unless stated otherwise:

Altius Renewable

Argonaut Gold

Brookfield Renewable

Enbridge

Hydro One

Magna Intl

Oncolytics Biotech

TransAlta

TransAlta Renewables

Westshore Terminals

Economic Calendar (ET):

0830 Apr Labour Force Survey

Stocks to Watch:

Essential Energy Services 1Q Net C$2.04M; EPS C$0.02; Rev C$45.9M

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Genesis Land 1Q EPS C$0.00; Net C$160,000; Rev C$37.3M

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Gran Tierra Energy 1-For-10 Reverse Stock Split Approved by Board in Feb, Stockholders on May 3; Common Stock Will Begin Trading on Split-Adjusted Basis May 5 on NYSE American, LSE; Trading on Split-Adjusted Basis Beginning on TSX May 8; Split Reduces Issued & Outstanding Shares to About 33.3M From About 333.0M

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Kolibri Global Energy 1Q EPS 22c; Net $7.9M; Rev $14.3M

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Labrador Iron Ore 1Q EPS C$0.68; Rev C$47.2M

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Magellan Aerospace 1Q EPS C$0.07; Rev C$223.4M; In Commercial Market, Recent Order Activity for Wide Body Aircraft Is Offering New Hope That This Segment May Be Beginning to Rebound; Potential for Defense Market Growth 'Appears Relatively Certain'


Expected Major Events for Friday

06:00/GER: Mar Manufacturing orders

06:00/GER: Mar Manufacturing turnover

06:45/FRA: Mar Industrial production index

06:45/FRA: 1Q Flash estimate of job creation

08:00/ITA: Mar Retail Sales

08:30/UK: Apr S&P Global / CIPS UK Construction PMI

12:30/CAN: Apr Labour Force Survey

12:30/US: Apr U.S. Employment Report

13:00/RUS: Weekly International Reserves

15:00/US: Apr Global Services PMI

19:00/US: Mar Consumer Credit

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


Expected Earnings for Friday

AES Corporation (AES) is expected to report $0.19 for 1Q.

AdvanSix (ASIX) is expected to report $1.10 for 1Q.

Amneal Pharmaceuticals Inc (AMRX) is expected to report $0.11 for 1Q.

Brookfield Renewable Partners LP (BEP,BEP.UN.T) is expected to report $-0.13 for 1Q.

Cboe Global Markets Inc (CBOE) is expected to report $1.69 for 1Q.

Cigna Group (CI) is expected to report $3.98 for 1Q.

City Office REIT Inc (CIO) is expected to report for 1Q.

Dominion Energy (D) is expected to report $0.98 for 1Q.

Editas Medicine Inc (EDIT) is expected to report $-0.72 for 1Q.

Enbridge Inc (ENB,ENB.T) is expected to report $0.82 for 1Q.

Epam Systems Inc (EPAM) is expected to report $1.73 for 1Q.

Evergy Inc (EVRG) is expected to report $0.58 for 1Q.

Fluor Corp (FLR) is expected to report $0.37 for 1Q.

Frontier Communications Parent Inc (FYBR) is expected to report for 1Q.

Fulgent Genetics Inc (FLGT) is expected to report $-0.67 for 1Q.

Globalstar (GSAT) is expected to report $-0.01 for 1Q.

Gray Television (GTN,GTNA) is expected to report $-0.29 for 1Q.

Huntsman Corp (HUN) is expected to report $0.16 for 1Q.

Hydro One Ltd (H.T) is expected to report $0.48 for 1Q.

Interface (TILE) is expected to report $0.11 for 1Q.

International Seaways (INSW) is expected to report $2.82 for 1Q.

Liberty Media Corp - A Share Liberty Formula One (FWONA) is expected to report $-0.08 for 1Q.

Magna International Inc (MG.T,MGA) is expected to report $1.18 for 1Q.

Marcus & Millichap Inc (MMI) is expected to report $-0.17 for 1Q.

Mettler-Toledo International (MTD) is expected to report $8.13 for 1Q.

Newmark Group Inc (NMRK) is expected to report $0.01 for 1Q.

Oncolytics Biotech Inc (ONC.T,ONCY) is expected to report $-0.11 for 1Q.

Owens & Minor Inc (OMI) is expected to report $-0.39 for 1Q.

PBF Energy Company LLC (PBF) is expected to report $2.60 for 1Q.

PNM Resources Inc (PNM) is expected to report $0.19 for 1Q.

Plains All American Pipeline LP (PAA) is expected to report $0.38 for 1Q.

Proto Labs (PRLB) is expected to report $0.07 for 1Q.

Qurate Retail Inc - Series A (QRTEA,QRTEB) is expected to report $-0.08 for 1Q.

Summit Midstream Partners LP (SMLP) is expected to report for 1Q.

Sunstone Hotel Investors (SHO) is expected to report $0.01 for 1Q.

Three Valley Copper Corp (TVC.V) is expected to report for 4Q.

TransAlta Corp (TA.T,TAC) is expected to report $0.31 for 1Q.

TransAlta Renewables is expected to report $0.23 for 1Q.

Warner Bros Discovery Inc (WBD) is expected to report for 1Q.

fuboTV Inc (FUBO) is expected to report for 1Q.

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ANALYST RATINGS ACTIONS

Blackbaud Raised to Outperform From Neutral by Baird

Builders FirstSource Cut to Neutral From Outperform by Baird

Builders FirstSource Raised to Outperform From Sector Perform by RBC Capital

Cerevel Therapeutics Raised to Overweight From Equal-Weight by Wells Fargo

Design Therapeutics Raised to Neutral From Sell by Goldman Sachs

Enviva Cut to Sell From Buy by Truist Securities

(MORE TO FOLLOW) Dow Jones Newswires

05-05-23 0614ET