For nearly two years, car dealers have been focused on getting more cars onto their lots amid a severe inventory crunch. Now, some are worried about how quickly they will be able to move them off.
Slim selection at dealerships since mid-2021 created a backlog of consumer demand. At many dealerships, that trend has meant most vehicles arriving from the factory are presold, often at prices well above the manufacturers' suggested retail price.
Hong Kong Stocks Advance on China's Relaxed Covid-19 Rules. Macau Casinos Surge.
Hong Kong-listed shares gained on Thursday after government authorities announced a 10-point plan to ease Covid-19 restrictions.
The Hang Seng Index rose 3.4%. Sands China (ticker: 1928.HK), the developer of casinos in Macau and a subsidiary of Las Vegas Sands (LVS), jumped 10%. Galaxy Entertainment Group (27.HK) rose 5.6%.
Almost everyone is expecting a recession next year, but the market is forecasting earnings growth, this model finds
Outlooks for next year are coming in fast and furious, and if there's one commonality it's the belief the U.S. will fall into a recession at some point next year, hurt by the lagged impact of Federal Reserve rate hikes.
That's what the bond market, as shown by the deepest inversion of 2- BX:TMUBMUSD02Y and 10-year BX:TMUBMUSD10YTreasurys since the 1980s, is suggesting as well. But, surprisingly, the stock market is expecting earnings per share to rise next year.
China's Car Sales Dropped in November Under Harsh Covid Curbs
HONG KONG - China's passenger car retail sales in November dropped 9.2% from a year ago amid slumping demand, as the nation grappled with a slowing economy under harsh Covid curbs that Beijing has recently started easing.
China's car makers and dealers sold 1.65 million passenger cars in November, down 10.5% from October, according to data released by the China Passenger Cars Association on Thursday.
Canada Proposes New Powers in Foreign-Investment Reviews
OTTAWA-Canada on Wednesday unveiled a series of changes to the country's foreign-investment laws that officials said updates tools the cabinet has at its disposal to deal with transactions that pose a national-security risk.
Among the changes Canada is proposing: allowing cabinet to impose conditions on a tentative transaction while it undergoes a government-led security review, and compelling investors eyeing investments in certain sensitive sectors - such as in quantum science, critical minerals and other sensitive technologies such as artificial intelligence-to file early notification with Ottawa about their intentions.
Brazil's Central Bank Leaves Benchmark Rate Unchanged at 13.75%
SÃO PAULO-The Central Bank of Brazil left its benchmark lending rate unchanged on Wednesday at its final policy meeting this year and reiterated it is ready to resume rate increases if inflation doesn't behave as expected.
The bank's monetary policy committee, or Copom, held the Selic rate at 13.75% for a third consecutive meeting after raising it at the 12 previous meetings. The bank started raising the Selic from a record low of 2% early last year to try to slow the pace of consumer price increases. The policy committee said it would keep a close eye on the next government's spending plans as it considers its plans.
Trump Legal Team Finds Two More Documents Marked Classified at Florida Storage Facility
WASHINGTON-A search of a Florida storage facility conducted on behalf of lawyers for former President Donald Trump turned up two additional documents with classified markings, people familiar with the operation said.
The documents were found at a facility in West Palm Beach not far from Mr. Trump's Mar-a-Lago estate, where more than two-dozen boxes of records were retrieved earlier this year as part of a continuing criminal investigation by the Justice Department.
Denver Sets Up Emergency Shelter for Migrants
The city of Denver is providing shelter for at least 150 migrants who arrived by bus this week from the southern border.
Denver Rescue Mission notified city officials late Monday night about dozens of migrants who showed up at the homeless shelter after being dropped off at a downtown bus station.
Peru President Pedro Castillo Ousted After Attempting to Dissolve Congress
LIMA, Peru-Peru's Congress overwhelmingly voted to remove President Pedro Castillo from office on Wednesday, shortly after the Peruvian leader plunged this country into turmoil by announcing he would dissolve the legislature to avoid impeachment.
Lawmakers declared Mr. Castillo morally unfit to hold office and Vice President Dina Boluarte assumed the presidency as head of state in the mineral-rich country of 33 million. "I request a political truce to install a government of national unity," Ms. Boluarte said after taking the oath of office.
Rep. Alexandria Ocasio-Cortez Cited in House Ethics Complaint
WASHINGTON-The House Ethics Committee disclosed it is investigating a complaint regarding Rep. Alexandria Ocasio-Cortez (D., N.Y.), but it provided no details about the case.
In a brief public statement, the panel said that the matter is still open and has been extended into the new year, when the new Congress begins, and it will announce a course of action then. The committee added that the extension to the proceedings doesn't indicate it believes any ethics violation has occurred.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Major Drilling 2Q
Roots 3Q
Economic Indicators:
None scheduled
Stocks to Watch:
Anaergia Reaffirms 2022 Guidance for Revenue of C$160M-C$170M, Adj. Ebitda of Loss C$10M; Provides New 2023 Guidance for Revenue of C$280M-C$340M, Adj. Ebitda of C$25M-C$35M
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Link Administration said it has ceased discussions with Dye & Durham on an offer worth A$1.27 billion for its Corporate Markets business and entire Banking and Credit Management unit. Link said non-exclusive discussions had not resulted in a binding transaction.
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Parkland Guides for 2023 Adj. Ebitda of C$1.7B-C$1.8B, Capex of C$500M-C$550M; Targets 2025 Adj. Ebitda of C$2B
Other News:
Canada unveiled a series of changes to the country's foreign-investment laws that officials said updates tools the cabinet has at its disposal to deal with transactions that pose a national-security risk.
Among the changes Canada is proposing: allowing cabinet to impose conditions on a tentative transaction while it undergoes a government-led security review, and compelling investors eyeing investments in certain sensitive sectors - such as in quantum science, critical minerals and other sensitive technologies such as artificial intelligence-to file early notification with Ottawa about their intentions.
Read more here .
Expected Major Events for Thursday
00:01/UK: 3Q Household Finance Review
00:01/UK: Nov RICS Residential Market Survey
01:01/UK: Nov KPMG and REC UK Report on Jobs
04:30/JPN: Nov Corporate Insolvencies
05:00/JPN: Nov Economy Watchers Survey
11:00/FRA: Oct OECD Composite Leading Indicators
13:00/RUS: Weekly International Reserves
13:30/US: 12/03 Unemployment Insurance Weekly Claims Report - Initial Claims
13:30/US: U.S. Weekly Export Sales
15:00/US: 3Q Quarterly Services
15:30/US: 12/02 EIA Weekly Natural Gas Storage Report
21:30/US: Federal Discount Window Borrowings
21:30/US: Foreign Central Bank Holdings
23:50/JPN: Nov Money Stock, Broadly-defined Liquidity
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Expected Earnings for Thursday
Allbirds Inc (BIRD) is expected to report for 3Q.
Broadcom Inc (AVGO) is expected to report $7.50 for 4Q.
Chewy Inc (CHWY) is expected to report for 3Q.
Ciena Corp (CIEN) is expected to report $-0.10 for 4Q.
Comtech Telecommunications Corp (CMTL) is expected to report $-0.09 for 1Q.
Cooper Companies Inc (COO) is expected to report $2.50 for 4Q.
Costco Wholesale Corp (COST) is expected to report $3.12 for 1Q.
DocuSign Inc (DOCU) is expected to report $-0.19 for 3Q.
Domo Inc (DOMO) is expected to report $-0.76 for 3Q.
Express Inc (EXPR) is expected to report for 3Q.
Frequency Electronics (FEIM) is expected to report for 2Q.
GMS Inc (GMS) is expected to report $2.11 for 2Q.
Hooker Furnishings Corp (HOFT) is expected to report $0.39 for 3Q.
Hovnanian Enterprises Inc (HOV) is expected to report for 4Q.
Inscape is expected to report for 2Q.
Inspirato Inc (ISPO) is expected to report for 3Q.
J W Mays Inc (MAYS) is expected to report for 1Q.
KalVista Pharmaceuticals Inc (KALV) is expected to report $-1.17 for 2Q.
Kaspien Holdings Inc (KSPN) is expected to report for 3Q.
Korn Ferry (KFY) is expected to report $1.34 for 2Q.
Lakeland Industries (LAKE) is expected to report $0.30 for 3Q.
Lee Enterprises Inc (LEE) is expected to report for 4Q.
Liquidity Services (LQDT) is expected to report $0.16 for 4Q.
Lululemon Athletica Inc (LULU) is expected to report $1.97 for 3Q.
Major Drilling Group International Inc (MDI.T,MJDLF) is expected to report $0.22 for 2Q.
National Beverage Corp (FIZZ) is expected to report $0.37 for 2Q.
Phreesia Inc (PHR) is expected to report for 3Q.
Provident Bancorp Inc (PVBC) is expected to report for 3Q.
RH (RH) is expected to report $4.50 for 3Q.
Sonic Foundry Inc (SOFO) is expected to report $-0.30 for 4Q.
Torrid Holdings Inc (CURV) is expected to report for 3Q.
Vail Resorts (MTN) is expected to report $-3.12 for 1Q.
Vince Holding Corp (VNCE) is expected to report for 3Q.
Waterloo Brewing is expected to report for 3Q.
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ANALYST RATINGS ACTIONS
Airbnb Cut to Underweight From Equal-Weight by Morgan Stanley
Alliant Energy Cut to Neutral From Buy by B of A Securities
Allscripts Raised to Buy From Hold by Argus Research
Booking Holdings Cut to Peer Perform From Outperform by Wolfe Research
(MORE TO FOLLOW) Dow Jones Newswires
12-08-22 0615ET
