China's industrial profit dropped in the first seven months of the year, reversing a year-on-year increase in the first half of the year, as sporadic Covid-19 outbreaks and bad weather weighed on the world's second-largest economy.
Industrial profit dropped 1.1% from a year earlier in the January-to-July period, offsetting a 1% increase reported in the first half of the year, the National Bureau of Statistics said Saturday.
Tether Says Audit Is Still Months Away as Crypto Market Falters
This year's slump in digital assets is pressuring crypto companies to show investors that their money is safe. So far, they haven't delivered.
Many crypto companies lack the basic financial guardrails that help protect investors in traditional banks. Firms often don't publish financial statements, or have anyone check their books. Even if they are audited, there are no agreed accounting standards for digital assets.
U.S. Warships Sail Through Taiwan Strait for First Time Since Nancy Pelosi's Visit
HONG KONG-Two U.S. warships sailed through the Taiwan Strait, U.S. and Taiwan defense officials said Sunday, the first such activity publicized since U.S. House Speaker Nancy Pelosi visited Taiwan earlier in August.
The voyage "demonstrates the United States' commitment to a free and open Indo-Pacific," the U.S. Navy's 7th Fleet said. "The United States military flies, sails, and operates anywhere international law allows."
Republicans Still Favored to Win Back House Control but Outlook Tightens
Republicans remain the favorites to win control of the House of Representatives in the midterm elections, but Democrats, who for over a year have braced for large losses, are finishing the summer in a stronger position than where they started.
Public polling and recent election results are prompting Democrats, nonpartisan election observers and some Republicans to expect a more competitive battle this fall. Republicans need just a handful of seat pickups to take over the House, which Democrats currently control 220-211 with four vacancies.
Progressives Cheer Biden's Plan to Ease Student-Loan Burden Amid Pushback
WASHINGTON-Progressive Democrats sought to shore up support for President Biden's student-debt relief plan on Sunday after critics cast it as unfair, potentially inflationary and unlikely to solve the problem of soaring college-education costs.
Mr. Biden's plan to reduce or eliminate student-loan debt for up to 43 million people has proved divisive, which could cloud Democrats' outlook for the midterm elections just as the party's hopes are brightening. Some economists and moderate Democrats have joined Republicans in attacking the plan, which could cost $605 billion over a decade, according to the Penn Wharton Budget Model.
Latest Covid Boosters Are Set to Roll Out Before Human Testing Is Completed
The Food and Drug Administration is expected to authorize new Covid-19 booster shots this week without a staple of its normal decision-making process: data from a study showing whether the shots were safe and worked in humans.
The shots, modified to target the latest versions of the Omicron variant, won't have finished testing in humans when the FDA makes its decisions.
Violent Clashes in Libya Reignite Fears of Civil War
Clashes in Libya's capital killed more than two dozen people over the weekend, the deadliest fighting the war-torn country has experienced in more than two years as rival political factions vie for control of the oil-rich nation.
According to Tripoli's health ministry, 32 people were killed and 159 were injured. Firing by armed groups damaged several government and residential buildings.
Ukraine War Gives North Korea Reasons to Draw Closer to Russia
SEOUL-Russia's invasion of Ukraine has created an opportunity for North Korea, which has strengthened its ties with Moscow and become one of its most outspoken backers.
Pyongyang wants to dispatch laborers to the Russia-controlled regions of eastern Ukraine-Donetsk and Luhansk-providing the Kim regime with a much-needed source of overseas income. Russian President Vladimir Putin has promised to provide allies with advanced weapons and military equipment, just as North Korea is pursuing new assets like hypersonic missiles. Moscow can also boost its cross-border trade of food and aid and use its seat on the United Nations Security Council to block any tighter sanctions on North Korea.
Russia Moves to Reinforce Its Stalled Assault on Ukraine
KYIV, Ukraine-Russia is moving to significantly bolster its forces in Ukraine as its campaign to secure territory in the country's east and south stalls ahead of planned plebiscites on annexation by Russia.
A series of volunteer battalions formed in recent weeks across Russia is preparing to deploy to Ukraine, officials and military analysts say, including a major new ground-forces formation called the 3rd Army Corps intended to shore up a new offensive in eastern Ukraine and reinforce troops holding off a Ukrainian counteroffensive in the south.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
None scheduled
Economic Indicators (ET):
0830 Jul Estimates of production of principal field crops
Expected Major Events for Monday
05:00/JPN: Jun Indexes of Business Conditions - Revision
10:00/FRA: 2Q OECD Quarterly National Accounts: GDP growth
12:30/CAN: Jul July estimates of production of principal field crops
14:30/US: Aug Texas Manufacturing Outlook Survey
23:01/UK: CBI Service Sector Survey
23:30/JPN: Jul Labour Force Survey
23:50/JPN: Aug Provisional Trade Statistics for 1st 10 days of Month
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
Akoustis Technologies Inc (AKTS) is expected to report $-0.21 for 4Q.
BitNile Holdings Inc (NILE) is expected to report for 2Q.
Bridgford Foods Corp (BRID) is expected to report for 3Q.
Catalent Inc (CTLT) is expected to report $0.95 for 4Q.
DXI Capital Corp (DXI.H.V) is expected to report for 2Q.
Dye & Durham Ltd (DND.T) is expected to report for 4Q.
FedNat Holding Co (FNHC) is expected to report $-0.01 for 2Q.
Friedman Industries (FRD) is expected to report for 1Q.
Heico Corp - A Share (HEI,HEIA) is expected to report $0.65 for 3Q.
Ituran Location (ITRN,ITRN-TV) is expected to report for 2Q.
NAPCO Security Technologies Inc (NSSC) is expected to report $0.11 for 4Q.
Niko Resources (NKO-T,NKRSF) is expected to report for 1Q.
Prospect Capital Corp (PSEC) is expected to report $0.18 for 4Q.
SelectQuote Inc (SLQT) is expected to report for 4Q.
Smart Share Global Ltd - ADR (EM) is expected to report for 2Q.
TAG Oil (TAO.V,TAOIF) is expected to report for 1Q.
Vinco Ventures Inc (BBIG) is expected to report for 2Q.
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ANALYST RATINGS ACTIONS
Centene Cut to Equal-Weight From Overweight by Wells Fargo
FactSet Research Raised to Buy From Hold by Deutsche Bank
First Solar Raised to Buy From Neutral by B of A Securities
Hibbett Raised to Buy From Neutral by Seaport Global
Iridex Cut to Hold From Buy by Stifel
NeoGenomics Cut to Hold From Buy by Benchmark
Zoom Video Communications Cut to Hold From Buy by Argus Research
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
08-29-22 0459ET
