North American Morning Briefing: Bulls Shrug Off -2-

Despite an extended streak of strong profits, shale companies are slowing their oil-field activity, keeping U.S. oil production roughly flat and offering little relief for tight global markets.

What was expected to be a banner year for U.S. oil production has failed to materialize as creeping inflation-related costs, supply-chain snarls and disappointing well performance for some companies have coalesced to limit domestic output, executives and analysts said.

Leaders Gather for COP27 as Fallout From Ukraine War Complicates Climate Talks

SHARM EL SHEIKH, Egypt-World leaders began to converge on Egypt on Monday at the outset of two weeks of climate talks overshadowed by the war in Ukraine and energy-market turmoil.

French President Emmanuel Macron and U.K. Prime Minister Rishi Sunak will help kick off the proceedings, while President Biden will join the talks later in the week. Absent from the summit are the leaders China and Russia, countries that have a pivotal role in shaping the global energy map.

Midterm Election Campaigning Intensifies Across U.S. in Closing Days

Candidates made their closing arguments to voters in key battleground states during a busy final weekend of campaigning before Election Day, as Republicans grew more bullish on their prospects for victory in the battle for Congress.

With voters expressing concern about inflation and dissatisfaction with President Biden's stewardship of the economy, Republicans are heavily favored by nonpartisan analysts to win control of the House of Representatives in Tuesday's elections. Democrats had better odds of keeping their Senate majority, but Republican candidates were making late polling gains in such states as New Hampshire, Arizona and Pennsylvania.

Senior White House Official Involved in Undisclosed Talks With Top Putin Aides

WASHINGTON-President Biden's top national-security adviser has engaged in recent months in confidential conversations with top aides to Russian President Vladimir Putin in an effort to reduce the risk of a broader conflict over Ukraine and warn Moscow against using nuclear or other weapons of mass destruction, U.S. and allied officials said.

The officials said that U.S. national-security adviser Jake Sullivan has been in contact with Yuri Ushakov, a foreign-policy adviser to Mr. Putin. Mr. Sullivan also has spoken with his direct counterpart in the Russian government, Nikolai Patrushev, the officials added.The aim has been to guard against the risk of escalation and keep communications channels open, and not to discuss a settlement of the war in Ukraine, the officials said.

Ukraine Accuses Iran of Training Russian Drone Pilots

KYIV, Ukraine-Ukraine said it has evidence of Iranian instructors training Russians to operate drones used to hit civilian targets across the country in attacks so damaging that the capital's mayor urged residents to consider temporarily leaving the city.

Kyiv Mayor Vitali Klitschko advised residents to stock up on essentials such as water, charged batteries, food supplies and warm clothing, warning that a total blackout couldn't be ruled out.

Mitch McConnell Helped Shape GOP Senate Midterm Field, Now Pushes for Strong Finish

WASHINGTON-Senate Minority Leader Mitch McConnell lost trusted GOP colleagues to retirements, failed to persuade some top choices to run for Senate seats and ended up with some nominees who questioned the 2020 election results or attacked him personally.

But with just days to go until the midterm elections Tuesday, the 80-year-old Kentucky lawmaker has helped maneuver a new crop of Republicans into a strong position to win back the Senate, thanks to fundraising prowess that allowed his allies to shore up nominees in competitive races.

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

Earnings:

Algoma Steel 2Q

Altius Renewable Rylts 3Q

Ballard Power Sys. 3Q

Centerra Gold 3Q

Coveo Solutions 2Q

Cronos Grp 3Q

DRI Healthcare Trust 3Q

Finning Intl 3Q

Franco-Nevada Corp 3Q

Innergex Renwbl Enrgy 3Q

Karora Resources 3Q

Oncolytics Biotech 3Q

Ritchie Bros. Auctionrs 3Q

Thinkific Labs 3Q

Titanium Transprt. Gp 3Q

Triple Flag Precus Mtls 3Q

Wajax Corp.3Q

Westport Fuel Sys. 3Q

Stocks to Watch:

Dream Industrial REIT Partners With GIC to Acquire Summit Industrial Income REIT in an All-Cash Transaction Valued at C$5.9 Bln; Dream Industrial, GIC Making Acquisition via Canadian Industrial JV to Be 10% Owned by Dream, 90% Owned by GIC; GIC and Dream to Pursue Additional Acquisition Opportunities in Canada via JV; Summit: Unitholders to Receive Cash Consideration of C$23.50/Unit by Way of Special Distribution, Redemption of Units

Turquoise Hill Postpones Special Shareholders Meeting on Rio Tinto Deal to Nov. 15; Turquoise Hill: Rio Tinto Asked for Postponement at Request of Regulator Autorite Des Marches Financiers; Rio Tinto in Talks With Turquoise Hill Special Committee of Independent Directors, AMF on Dissent Rights & Procedures Available to Minority Shareholders

Maple Leaf Foods Confirms System Outage Linked to Cybersecurity Incident; Maple Leaf Foods Has Taken Immediate Action, Engaged Cybersecurity & Recovery Experts; Maple Leaf Foods Executing Business Continuity Plans as It Works to Restore Systems; Maple Leaf Foods Expects Resolution of Outage to Take Time, Disrupt Some Ops and Services

Expected Major Events for Monday

02:00/JPN: Oct Imported Vehicle Sales

07:00/GER: Sep Industrial Production Index

07:00/UK: Oct Halifax House Price Index

15:00/US: Oct Employment Trends Index

20:00/US: Sep Consumer Credit

23:30/JPN: Sep Household Spending

23:50/JPN: Oct International Reserves / Foreign Currency

23:50/JPN: Oct Provisional Trade Statistics for 1st 20 days of Month

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Expected Earnings for Monday

Affiliated Managers Group Inc (AMG) is expected to report $2.82 for 3Q.

Akoustis Technologies Inc (AKTS) is expected to report $-0.27 for 1Q.

Algoma Central is expected to report for 3Q.

Alpha Metallurgical Resources Inc (AMR) is expected to report for 3Q.

Astronics (ATRO) is expected to report $-0.15 for 3Q.

Axsome Therapeutics Inc (AXSM) is expected to report $-1.04 for 3Q.

Ballard Power Systems (BLDP,BLDP.T) is expected to report $-0.18 for 3Q.

Beam Therapeutics Inc (BEAM) is expected to report for 3Q.

Beasley Broadcast Group (BBGI) is expected to report for 3Q.

Cabaletta Bio Inc (CABA) is expected to report for 3Q.

Cactus Inc (WHD) is expected to report $0.43 for 3Q.

Ceco Environmental (CECE) is expected to report $0.06 for 3Q.

Centerra Gold is expected to report $-0.21 for 3Q.

Choice Hotels International Inc (CHH) is expected to report $1.71 for 3Q.

City Office REIT Inc (CIO) is expected to report $-0.01 for 3Q.

Delek Logistics Partners (DKL) is expected to report $0.88 for 3Q.

Delek US Holdings Inc (DK) is expected to report $0.11 for 3Q.

Drive Shack Inc (DS) is expected to report $-0.13 for 3Q.

Ducommun (DCO) is expected to report $0.79 for 3Q.

Energy Fuels (EFR.T,UUUU) is expected to report $-0.01 for 3Q.

Essential Utilities Inc (WTRG) is expected to report for 3Q.

First Watch Restaurant Group Inc (FWRG) is expected to report for 3Q.

Franco-Nevada Corp (FNV,FNV.T) is expected to report $0.85 for 3Q.

Genie Energy Ltd (GNE) is expected to report for 3Q.

Graham Corp (GHM) is expected to report $-0.10 for 2Q.

HF Sinclair Corp (DINO) is expected to report for 3Q.

Hawaiian Electric Industries (HE) is expected to report $0.54 for 3Q.

Helios Technologies Inc (HLIO) is expected to report for 3Q.

Holly Energy Partners LP (HEP) is expected to report $0.45 for 3Q.

Lincoln Educational (LINC) is expected to report $0.15 for 3Q.

NAPCO Security Technologies Inc (NSSC) is expected to report $0.13 for 1Q.

NRG Energy Inc (NRG) is expected to report $0.85 for 3Q.

NiSource Inc (NI) is expected to report $0.11 for 3Q.

Nine Energy Service Inc (NINE) is expected to report $0.16 for 3Q.

Oncolytics Biotech Inc (ONC.T,ONCY) is expected to report $-0.11 for 3Q.

Prospect Capital Corp (PSEC) is expected to report $0.18 for 1Q.

Ritchie Bros Auctioneers Inc (RBA,RBA.T) is expected to report $0.44 for 3Q.

Tonix Pharmaceuticals Holding Corp (TNXP) is expected to report for 3Q.

TreeHouse Foods Inc (THS) is expected to report $0.07 for 3Q.

Viatris Inc (VTRS) is expected to report for 3Q.

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ANALYST RATINGS ACTIONS

Advanced Energy Raised to Buy From Neutral by Citigroup

Arista Networks Raised to Overweight From Neutral by Piper Sandler

BigCommerce Holdings Cut to Hold From Buy by Truist Securities

Calyxt Cut to Neutral From Buy by HC Wainwright & Co.

Cardinal Health Raised to Neutral From Underperform by B of A Securities

Casa Systems Cut to Equal-Weight From Overweight by Barclays

Coherent Raised to Buy From Neutral by Citigroup

Cohu Raised to Buy From Neutral by Citigroup

DermTech Cut to Market Perform From Outperform by William Blair

EchoStar Cut to Outperform From Strong Buy by Raymond James

Fidelity National Cut to Peer Perform From Outperform by Wolfe Research

Fidelity National Cut to Perform From Outperform by Oppenheimer

frontdoor Cut to Market Perform From Outperform by Raymond James

frontdoor Cut to Market Perform From Outperform by William Blair

Funko Cut to Hold From Buy by Truist Securities

GoodRx Holdings Raised to Neutral From Underweight by JP Morgan

GoPro Cut to Neutral From Overweight by JP Morgan

GoPro Cut to Perform From Outperform by Oppenheimer

HireRight Cut to Sector Perform From Outperform by RBC Capital

Karyopharm Therapeutics Raised to Outperform From Sector Perform by RBC Capital

Kemper Corp Raised to Outperform From Market Perform by Raymond James

Lincoln National Cut to Neutral From Buy by B of A Securities

Medifast Cut to Neutral From Buy by DA Davidson

(MORE TO FOLLOW) Dow Jones Newswires

11-07-22 0542ET