A powerful earthquake in West Texas is drawing fresh scrutiny to frackers' water-management operations in the nation's hottest petroleum-producing region.

A 5.4-magnitude earthquake, the fourth largest in Texas history, struck an oil-and-gas production hot spot in Reeves County on Wednesday afternoon, sending tremors that were felt as far as Dallas, El Paso and San Antonio, where it damaged a historical building. No injuries were reported.


FTX Says Top 50 Creditors Are Owed $3.1 Billion

FTX owes its 50 largest creditors about $3.1 billion, the failed cryptocurrency exchange said in a bankruptcy court filing Saturday. The filing didn't name the creditors, but it listed them as customers. Two creditors are each owed more than $200 million.

FTX's lawyers have said in all there could be more than one million creditors across FTX's various entities.


As Republicans Take Command in House, Fight Over 2023 Farm Bill Looms

WASHINGTON-House Republicans had a tough time passing the last farm bill, when they had a sizable majority in 2018. It's about to get much harder.

The bill, always a big lift for any Congress, is typically reauthorized every five years. The current version expires at the end of September next year, setting up a looming legislative headache for GOP Leader Kevin McCarthy of California, who will have a slim majority if he is elected speaker in January.


U.S.-Europe Trade Booms as Old Allies Draw Closer

FRANKFURT-The global economic map is rapidly transforming, with trade and investment between the U.S. and Europe booming as Russia's war in Ukraine and fraying ties between the West and China draw the trans-Atlantic allies closer.

The U.S. has imported more goods from Europe than from China this year, a big shift from the 2010s when China emerged as America's dominant trade partner. From Swiss watches to German machinery and Italian luxury items, money and products are flooding across the Atlantic as never before. This is helping Europe's embattled manufacturers, which are wrestling with skyrocketing energy prices. And it is pushing East Coast ports ahead of their West Coast counterparts in container volumes after years of a U.S. pivot to Asia.


China's Central Bank Keeps Benchmark Lending Rates Unchanged

China's central bank kept benchmark loan rates unchanged this month, amid continued downward pressure on the yuan and slowing economic growth.

The one-year loan prime rate stood at 3.65% while the five-year rate was 4.3%, both unchanged from last month, the People's Bank of China said in the statement Monday.


China Consumer Spending Slumps Under Covid and Property Restrictions

HONG KONG-Chinese consumer spending is buckling under the country's dual campaigns against rising property prices and Covid-19 outbreaks, flashing a warning for global companies that have pinned their hopes on a more free-spending Chinese customer.

Retail sales unexpectedly dropped last month and are expected to continue to struggle as Chinese authorities launch wide-ranging lockdowns to contain the latest fastest-spreading Covid outbreaks, and as easing measures do little to reverse a worsening property market meltdown.


Alaska's Senate and House Races Inch Toward Finish

Alaska's Senate and House races are inching toward resolution, with the two high-profile contests pulling up the rear of the midterm elections due to slow counting and the state's ranked-choice voting system.

In the House race, Democratic Rep. Mary Peltola was running well ahead of her Republican rivals, former Gov. Sarah Palin and Nick Begich III, but shy of the majority needed to win in the first round. In the Senate race, incumbent GOP Sen. Lisa Murkowski was neck and neck with her Trump-endorsed Republican challenger Kelly Tshibaka, jumping into a slight lead in the latest round of votes.


New Yorkers Digging Out From Snowfall That Challenged Records

Residents of western and northern New York began digging out Sunday from snowfall that was among the most intense on record, even as bad weather continued in other parts of the state.

Many cities and towns east of Lake Erie and Lake Ontario were buried in as much as 5 feet and in some places 6 feet of snow by two powerful lake-effect storms.


Biggest Railroad Unions Count Votes as Threat of Strike Looms

Two of the country's largest railroad unions will reveal Monday whether their members voted to accept a new wage deal brokered by the White House, or reject it and move closer to a strike that could disrupt the flow of goods around the country.

The unions representing engineers and conductors-SMART Transportation Division and the Brotherhood of Locomotive Engineers and Trainmen-are the final two of the 12 unions reporting the ratification of votes in what has been a contentious and protracted labor dispute.


Elon Musk Reinstates Donald Trump's Twitter Account After Online Poll

Elon Musk reinstated Donald Trump's account on Twitter Inc. after polling users on the platform, broadening the former president's potential reach days after he declared another run for the White House.

The move also underscored how Mr. Musk has made himself the principal decider on all things Twitter after buying the platform for $44 billion late last month. Mr. Musk had previously said he would establish a content council to weigh in on account reinstatements.


Sam Bankman-Fried, FTX Team Among Top Political Donors Before Bankruptcy

FTX founder Sam Bankman-Fried and members of his team rose from relative obscurity in Washington to be among the biggest donors in U.S. politics, contributing more than $70 million to election campaigns in less than 18 months.

Mr. Bankman-Fried personally gave $40 million to politicians and political-action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations. Ryan Salame, another top FTX executive, donated more than $23 million, mainly to Republicans and conservative groups.


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Earnings:

None scheduled

Economic Indicators:

None scheduled

Other News:

Ontario Teachers' Pension Plan Latest FTX Investor to Mark Venture Investment to Zero

Ontario Teachers' venture growth platform invested $95 million in FTX equity. It's now worth nothing.

Citing recent reports about potential fraud at FTX, Ontario Teachers' Pension Plan said the development "is deeply concerning for all parties" and that it fully supports efforts by regulators and others to review the risks and causes of failure at the company.

Read more here .


Expected Major Events for Monday

05:00/JPN: Oct Convenience Store Sales

07:00/GER: Oct PPI

11:00/FRA: 3Q OECD Quarterly National Accounts: GDP growth

11:00/UK: Oct Aluminium Production report

13:30/US: Oct CFNAI Chicago Fed National Activity Index

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


Expected Earnings for Monday

AMCON Distributing Co (DIT) is expected to report for 4Q.

Agilent Technologies (A) is expected to report $1.27 for 4Q.

Allied Healthcare (AHPI) is expected to report for 1Q.

Amerityre Corp (AMTY) is expected to report for 1Q.

Avaya Holdings Corp (AVYA) is expected to report $-0.85 for 4Q.

CPI Aerostructures Inc (CVU) is expected to report $0.21 for 3Q.

Central Garden & Pet Co (CENT,CENTA) is expected to report $-0.03 for 4Q.

Core Scientific Inc (CORZ) is expected to report for 3Q.

Dell Technologies Inc - Class C (DELL) is expected to report $0.90 for 3Q.

Drive Shack Inc (DS) is expected to report $-0.06 for 3Q.

Enanta Pharmaceuticals Inc (ENTA) is expected to report $-1.31 for 4Q.

Golub Capital BDC (GBDC) is expected to report $0.30 for 4Q.

Inter Parfums Inc (IPAR) is expected to report for Full year.

Ituran Location (ITRN,ITRN-TV) is expected to report for 3Q.

JM Smucker Co (SJM) is expected to report $2.03 for 2Q.

Jacobs Solutions Inc (J) is expected to report for 4Q.

Maximus Inc (MMS) is expected to report $0.70 for 4Q.

Neptune Wellness Solutions Inc (NEPT,NEPT-T) is expected to report for 2Q.

Newcore Gold Ltd (NCAU.V) is expected to report for 3Q.

Northern Dynasty Minerals Ltd (NAK,NDM.T) is expected to report for 3Q.

Nutex Health Inc (NUTX) is expected to report for 3Q.

Oncotelic Therapeutics Inc (OTLC) is expected to report for 3Q.

Permianville Royalty Trust (PVL) is expected to report for 3Q.

Regional Health Properties Inc (RHE) is expected to report for 3Q.

Spanish Broadcasting System Inc (SBSAA) is expected to report for 3Q.

StoneX Group Inc (SNEX) is expected to report for 4Q.

Symbotic Inc (SYM) is expected to report for 4Q.

Urban Outfitters (URBN) is expected to report $0.43 for 3Q.

Zoom Video Communications Inc (ZM) is expected to report for 3Q.

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ANALYST RATINGS ACTIONS

Applied Materials Raised to Buy From Hold by Summit Insights Group

Chart Industries Cut to Neutral From Overweight by Piper Sandler

Clearfield Shares Rise 26% After 4Q Earnings, Sales Beat

Conagra Brands Raised to Buy From Neutral by UBS

Dolby Laboratories Cut to Market Perform From Outperform by Barrington Research

Domino's Pizza Raised to Buy From Neutral by Northcoast Research

Editas Medicine Cut to Neutral From Outperform by Credit Suisse

Editas Medicine Cut to Perform From Outperform by Oppenheimer

HP Cut to Neutral From Outperform by Credit Suisse

Inotiv Cut to Hold From Buy by Lake Street

Oncocyte Cut to Neutral From Overweight by Piper Sandler

OPAL Fuels Raised to Buy From Hold by Tudor Pickering

Pinnacle West Capital Raised to Neutral From Sell by Guggenheim

Rent the Runway Cut to Equal-Weight From Overweight by Morgan Stanley

RH Cut to Neutral From Outperform by Wedbush

Ross Stores Raised to Buy From Hold by Gordon Haskett

Surrozen Cut to Neutral From Buy by Guggenheim

(MORE TO FOLLOW) Dow Jones Newswires

11-21-22 0541ET