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North American Morning Briefing: China Reopening -2-

11/29/2022 | 06:02am EST

Many are driven in part by China's slowing economy and toughened regulatory environment as well as the uncertainty of the zero-Covid policy, which in recent days sparked one of the largest nationwide protests that China has seen in decades. Others are inspired by the enormous global success of companies like TikTok owner ByteDance Ltd. and fast-fashion retailer Shein.


Biden Calls on Congress to Pass Legislation to Avert Rail Shutdown

WASHINGTON-President Biden called on Congress to pass legislation that would avert a rail shutdown by imposing a proposed contract that members at four railroad unions had rejected.

The move would cut short a long-running labor dispute between the country's biggest freight railroads and more than 115,000 workers that threatens to hurt the economy and disrupt the flow of goods as soon as next week.


Supreme Court Considers Challenge to Biden Policy Curbing Immigration Arrests

WASHINGTON-The Supreme Court on Tuesday will consider the executive branch's power to set priorities in enforcing immigration law, in a case that also tests the legal standing of states to bring their policy differences with Washington to court.

Last year, Texas and Louisiana sued to invalidate enforcement guidelines, issued by Homeland Security Secretary Alejandro Mayorkas, that prioritize the deportation of those immigrants illegally in the country who pose an imminent threat to national security or public safety. That approach replaced Trump-era policies that sought to have immigration officers remove any noncitizen present illegally.


U.S., Iran Face Off in World Cup Amid Growing Political Hostility

As the U.S. and Iran prepare to face off in a must-win match at the soccer World Cup in Qatar on Tuesday, tensions off the field have raised the stakes in what is turning out to be one of the most politically charged games in the tournament's recent history.

Iran has already called foul after the U.S. Soccer Federation posted a small graphic of the World Cup standings on its Instagram account in which the emblem in the center of the Islamic Republic's flag had been removed. The federation said the move was to show solidarity with a monthslong human-rights movement sweeping across Iran, but it later deleted the post. A State Department spokesperson said that the agency wasn't involved in either decision.


Ukraine War's Economic Ripples Sow Discord Between Washington, Allies

WASHINGTON-Trans-Atlantic ties are starting to fray as French President Emmanuel Macron and other European leaders chafe at new U.S. policies they say compound economic woes fueled by the war in Ukraine and the resulting energy crisis.

Russia's war in Ukraine has reinvigorated the North Atlantic Treaty Organization and ignited a boom in trade and investment between the U.S. and Europe. But after nearly a year of unity as the U.S. and its allies confronted the fallout from Russian President Vladimir Putin's invasion of Ukraine, European officials are starting to express frustration at their increasing reliance on Washington for security and economic stability.


Mike Pence Says Donald Trump Should Apologize for Dinner With Nick Fuentes, Kanye West

WASHINGTON-Donald Trump should apologize for having dinner with white nationalist Nick Fuentes and Kanye West, former Vice President Mike Pence said, adding to fellow Republicans' criticism of the meeting just as Mr. Trump is attempting to ramp up a third presidential bid.

"President Trump was wrong to give a white nationalist, an anti-Semite and a Holocaust denier a seat at the table, and I think he should apologize for it," Mr. Pence said Monday in an interview with NewsNation. "He should denounce those individuals and their hateful rhetoric without qualification."


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

Earnings:

Bank of Nova Scotia 4Q

Shaw Communications 4Q

Economic Indicators (ET):

0830 Sep GDP

0830 3Q Quarterly GDP

Stocks to Watch:

Organigram FY22 Rev C$145.8M Vs. C$79.2M; Expects Fiscal 2023 Rev to Be Higher on Yr Amid Solid Sales Momentum, Stronger Forecasted Market Growth


Expected Major Events for Tuesday

00:30/JPN: Oct Detailed Import & Export Statistics

09:00/ITA: Sep Industrial turnover & orders

09:00/GER: Nov Bavaria CPI

09:00/GER: Nov Hesse CPI

09:00/GER: Nov Baden-Wuerttemberg CPI

09:00/GER: Nov Brandenburg CPI

09:30/GER: Nov North Rhine Westphalia CPI

09:30/UK: Oct Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit

09:30/UK: Oct Monetary & Financial Statistics

09:30/UK: Oct Bank of England effective interest rates

10:00/ITA: Oct PPI

10:00/GER: Nov Saxony CPI

13:00/GER: Nov Provisional CPI

13:30/CAN: Sep GDP

13:30/CAN: 3Q Quarterly GDP

13:55/US: 11/26 Johnson Redbook Retail Sales Index

14:00/US: 3Q U.S. Quarterly House Price Index

14:00/US: Sep U.S. Monthly House Price Index

14:00/US: Sep S&P CoreLogic Case-Shiller Indices

15:00/US: Nov Consumer Confidence Index

21:30/US: 11/25 API Weekly Statistical Bulletin

23:50/JPN: Oct Preliminary Industrial Production

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


Expected Earnings for Tuesday

Bank of Nova Scotia (BNS,BNS.T) is expected to report $2.00 for 4Q.

California First Leasing Corp (CFNB) is expected to report for 1Q.

Cenntro Electric Group Ltd (CENN) is expected to report for 3Q.

Cerence Inc (CRNC) is expected to report for 4Q.

Citi Trends Inc (CTRN) is expected to report $0.43 for 3Q.

Compass Minerals International Inc (CMP) is expected to report $-0.27 for 4Q.

CrowdStrike Holdings Inc (CRWD) is expected to report for 3Q.

Emcore (EMKR) is expected to report $-0.20 for 4Q.

Exco Technologies (XTC.T) is expected to report $0.29 for 4Q.

FTI Consulting (FCN) is expected to report $1.32 for 4Q.

Hewlett Packard Enterprise Co (HPE) is expected to report $0.37 for 4Q.

Hibbett Inc (HIBB) is expected to report $2.50 for 3Q.

Intuit Inc (INTU) is expected to report $-0.40 for 1Q.

NetApp Inc (NTAP) is expected to report $1.05 for 2Q.

Orvana Minerals (ORV.T,ORVMF) is expected to report for 4Q.

Qualstar Corp (QBAK) is expected to report for 3Q.

Shaw Communications Inc - Class B (SJR,SJR.A.V,SJR.B.T) is expected to report $0.33 for 4Q.

Smart Share Global Ltd - ADR (EM) is expected to report for 3Q.

Webco Industries Inc (WEBC) is expected to report for 1Q.

Workday Inc (WDAY) is expected to report $-0.36 for 3Q.

Powered by Onclusive and Dow Jones.


ANALYST RATINGS ACTIONS

Activision Blizzard Raised to Buy From Hold by Truist Securities

Activision Blizzard Raised to Overweight From Equal-Weight by Morgan Stanley

Activision Blizzard Raised to Overweight From Equal-Weight by Wells Fargo

Affiliated Managers Raised to Buy From Hold by Jefferies

Amazon Is a Top Stock Pick for Next Year, Says J.P. Morgan -- Barrons.com

Applovin Cut to Equal-Weight From Overweight by Morgan Stanley

Aptiv Cut to Equal-Weight From Overweight by Morgan Stanley

Beyond Meat Cut to Underweight From Equal-Weight by Barclays

BorgWarner Raised to Equal-Weight From Underweight by Morgan Stanley

Cloudflare Raised to Neutral From Underweight by JP Morgan

Coherent Raised to Buy From Hold by Deutsche Bank

Diamondback Energy Cut to Underperform From Neutral by B of A Securities

DraftKings Cut to Underweight From Neutral by JP Morgan

First Solar Cut to Neutral From Overweight by JP Morgan

Imago BioSciences Cut to Hold From Buy by Stifel

Live Nation Raised to Buy From Neutral by Citigroup

Penn National Gaming Cut to Neutral From Overweight by JP Morgan

PerkinElmer Raised to Equal-Weight From Underweight by Barclays

SciPlay Cut to Hold From Buy by Truist Securities

Shutterstock Cut to Market Perform From Market Outperform by JMP Securities

TransDigm Cut to Equal-Weight From Overweight by Wells Fargo

Twilio Cut to Hold From Buy by Jefferies

Tyson Foods Cut to Underweight From Equal-Weight by Barclays

Williams-Sonoma Cut to Underweight From Equal-Weight by Morgan Stanley

Wynn Resorts Raised to Overweight From Neutral by JP Morgan

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


(END) Dow Jones Newswires

11-29-22 0601ET

Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD, INC. 1.34% 76.61 Delayed Quote.0.08%
AFFILIATED MANAGERS GROUP, INC. 0.27% 167.81 Delayed Quote.5.92%
APPLOVIN CORPORATION 5.80% 12.59 Delayed Quote.19.56%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.39% 0.65182 Delayed Quote.3.94%
BORGWARNER INC. 1.43% 45.97 Delayed Quote.14.21%
BRITISH POUND / SWISS FRANC (GBP/CHF) -0.06% 1.14086 Delayed Quote.2.11%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.22% 0.69033 Delayed Quote.1.43%
CENNTRO ELECTRIC GROUP LIMITED 7.29% 0.6708 Delayed Quote.52.45%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) 0.76% 0.136794 Delayed Quote.1.35%
COMPASS MINERALS INTERNATIONAL, INC. -1.28% 44.56 Delayed Quote.8.68%
DIAMONDBACK ENERGY, INC. 0.71% 150.96 Delayed Quote.10.37%
EMCORE CORPORATION 0.39% 1.275 Delayed Quote.32.47%
EXCO TECHNOLOGIES LIMITED 4.83% 7.6 Delayed Quote.-1.30%
FEEDER CATTLE FUTURE (GF) - CMG/C1 0.40% 183.575 End-of-day quote.-0.12%
FIRST SOLAR, INC. 2.23% 179.35 Delayed Quote.19.73%
FTI CONSULTING, INC. -1.71% 158.24 Delayed Quote.-0.35%
HEWLETT PACKARD ENTERPRISE COMPANY -0.49% 16.14 Delayed Quote.1.13%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) 0.02% 11.761 Delayed Quote.-0.56%
INDIAN RUPEE / SWISS FRANC (INR/CHF) 0.18% 0.011311 Delayed Quote.1.14%
INTUIT INC. 2.44% 422.62 Delayed Quote.8.58%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.00% 0.7092 Delayed Quote.0.64%
LIVE CATTLE FUTURE (LE) - CMG/C1 -2.32% 154.825 End-of-day quote.0.00%
MORGAN STANLEY 0.37% 96.86 Delayed Quote.13.93%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) -0.17% 0.59659 Delayed Quote.2.31%
ORVANA MINERALS CORP. -7.50% 0.185 Delayed Quote.-9.76%
PERKINELMER, INC. 2.67% 138.56 Delayed Quote.-1.18%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) -0.87% 0.013274 Delayed Quote.6.49%
SHAW COMMUNICATIONS INC. -0.48% 39.68 Delayed Quote.1.72%
SHUTTERSTOCK, INC. 8.50% 69.6 Delayed Quote.32.02%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) 0.03% 0.7017 Delayed Quote.2.07%
SMART SHARE GLOBAL LIMITED -2.36% 1.24 Delayed Quote.8.76%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) -0.08% 0.089319 Delayed Quote.0.75%
THE BANK OF NOVA SCOTIA -0.32% 70.97 Delayed Quote.6.98%
TRANSDIGM GROUP INC. 0.08% 710.69 Delayed Quote.12.87%
TWILIO INC. 1.63% 60.39 Delayed Quote.23.35%
TYSON FOODS, INC. 0.35% 65.72 Delayed Quote.5.57%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.90% 69.351 Delayed Quote.-1.91%
WELLS FARGO & COMPANY 0.68% 46.12 Delayed Quote.11.70%
WILLIAMS-SONOMA, INC. 0.45% 126.67 Delayed Quote.10.22%
WORKDAY INC. -0.68% 177.66 Delayed Quote.6.17%
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