North Korea Tests New Rocket Engine to Enable Long-Range Missile Strikes
SEOUL-North Korea tested a solid-fuel rocket engine that is central to quicker deployment of its long-range missiles, delivering on a key weapons goal for leader Kim Jong Un.
Missiles typically use either liquid or solid fuels. With liquid fuels, the process to launch a long-range missile can take hours, making any potential strike more easily detectable. But with solid fuel, the propellants can be stored inside a missile, allowing the weapon to be stashed in a more covert place and launched with more surprise.
Japan to Build a More Powerful Military, Citing China as Its No. 1 Menace
TOKYO-Japan called China its biggest security challenge and said it would sharply raise military spending including for missiles that can hit other countries, marking one of Tokyo's biggest post-World War II shifts away from pacifism.
Releasing its long-awaited military strategy for the next decade, Tokyo said Friday that by fiscal 2027, it would spend about 2% of its gross domestic product on defense, up from about 1% now. Based on current GDP, that would bring annual spending to the equivalent of around $80 billion, putting Japan third in the world behind the U.S. and China.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Nothing major scheduled
Economic Indicators (ET):
0830 Oct Wholesale trade
0830 Oct International transactions in securities
0830 Nov New Housing Price Index
Stocks to Watch:
Nighthawk Gold Names Salvatore Curcio to the Role of CFO of the Co Effective Jan 1, 2023
Pason Systems Renews Normal Course Issuer Bid; In 2023 NCIB, Pason May Purchase Up to a Maximum of 8,105,263 Common Shrs From Time to Time
Reitmans (Canada) 3Q Rev C$205.6M; 3Q EPS C$0.30
Rio Tinto completes acquisition of Turquoise Hill; Has Acquired the Approximately 49% of Issued, Outstanding Common Shrs of Turquoise Hill It Didn't Already Own for C$43.00 Each Cash; Turquoise Hill to Apply to Be Delisted From Toronto, New York Stk Exchanges
ThreeD Capital Acquires Securities Of Infinitii AI
Expected Major Events for Friday
00:01/UK: Dec UK Consumer Confidence Survey
00:30/JPN: Dec Japan Flash Manufacturing PMI
07:00/UK: Nov UK monthly retail sales figures
08:15/FRA: Dec France Flash PMI
08:30/GER: Dec Germany Flash PMI
09:00/ITA: Oct Foreign Trade EU
09:30/UK: Sep Card Spending statistics expected around now
09:30/UK: Dec Flash UK PMI
09:30/UK: 3Q Bank of England statistics on UK banks' external claims
10:00/ITA: Nov CPI
13:30/CAN: Oct Wholesale trade
13:30/CAN: Oct International transactions in securities
13:30/CAN: Nov New Housing Price Index
14:45/US: Dec US Flash Manufacturing PMI
14:45/US: Dec US Flash Services PMI
15:00/US: Nov State Employment and Unemployment
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
Accenture PLC (ACN) is expected to report $2.90 for 1Q.
Blade Air Mobility Inc (BLDE) is expected to report for 4Q.
Centene Corp (CNC) is expected to report for Full year.
Daily Journal (DJCO) is expected to report for 4Q.
Darden Restaurants (DRI) is expected to report $1.42 for 2Q.
Gencor Industries (GENC) is expected to report for 4Q.
John Marshall Bancorp Inc (JMSB) is expected to report for 4Q.
SIFCO Industries (SIF) is expected to report for 4Q.
Winnebago Industries Inc (WGO) is expected to report $1.58 for 1Q.
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ANALYST RATINGS ACTIONS
Allegiant Travel Cut to Market Perform From Outperform by Cowen & Co.
Asure Software Cut to Sell From Neutral by UBS
AT&T Cut to Equal-Weight From Overweight by Morgan Stanley
Avery Dennison Raised to Buy From Neutral by B of A Securities
Axcella Health Cut to Neutral From Buy by HC Wainwright & Co.
BankUnited Cut to Equal-Weight From Overweight by Wells Fargo
Baxter International Cut to Hold From Buy by Deutsche Bank
Blackstone Mortgage Trust Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
Claros Mortgage Trust Cut to Underperform From Market Perform by Keefe, Bruyette & Woods
Cognizant Tech Solutions Cut to Underweight From Neutral by JP Morgan
Delta Air Cut to Neutral From Outperform by Evercore ISI Group
DXC Technology Raised to Neutral From Underweight by JP Morgan
Enphase Energy Cut to Neutral From Positive by Susquehanna
EOG Resources Cut to Hold From Buy by TD Securities
EOG Resources Inc. Cut to Hold From Buy by TD Securities
Equinix Cut to Hold From Buy by TD Securities
Equinix Inc. Cut to Hold From Buy by TD Securities
FB Financial Cut to Neutral From Buy by Janney Montgomery Scott
Federal Realty Cut to Neutral From Overweight by Piper Sandler
First American Financial Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
First BanCorp Puerto Rico Cut to Equal-Weight From Overweight by Wells Fargo
First Republic Bank Raised to Equal-Weight From Underweight by Wells Fargo
First Western Financial Cut to Neutral From Overweight by Piper Sandler
Granite Point Mortgage Cut to Underperform From Market Perform by Keefe, Bruyette & Woods
JetBlue Cut to Market Perform From Outperform by Cowen & Co.
L3Harris Technologies Raised to Overweight From Equal-Weight by Morgan Stanley
Lockheed Martin Cut to Equal-Weight From Overweight by Morgan Stanley
Marriott Cut to Equal-Weight From Overweight by Barclays
Masimo Raised to Buy From Neutral by BTIG
MSG Entertainment Raised to Equal-Weight From Underweight by Morgan Stanley
PacWest Bancorp Cut to Equal-Weight From Overweight by Wells Fargo
PPL Corp Raised to Overweight From Equal-Weight by Morgan Stanley
Radian Group Raised to Buy From Neutral by B of A Securities
Ready Capital Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
Snap Cut to Hold From Buy by Jefferies
Sylvamo Cut to Neutral From Buy by B of A Securities
Trade Desk Cut to Hold From Buy by Jefferies
Triumph Financial Cut to Underweight From Equal-Weight by Wells Fargo
Umpqua Holdings Raised to Overweight From Equal-Weight by Wells Fargo
UWM Holdings Cut to Underperform From Market Perform by Keefe, Bruyette & Woods
VeriSign Raised to Outperform From Neutral by Baird
Verizon Raised to Overweight From Equal-Weight by Morgan Stanley
Western Digital Cut to Sell From Neutral by Goldman Sachs
Wyndham Hotels & Resorts Raised to Overweight From Equal-Weight by Barclays
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-16-22 0638ET
