The collapse of Silicon Valley Bank and Signature Bank will likely ripple through the mortgage market to commercial landlords. Signature Bank was one of the top commercial real-estate lenders in the U.S., especially in New York, where it had a 12% market share, according to Matthew Anderson, managing director at Trepp.
North Korea Fires ICBM Hours Before Japan-South Korea Summit
SEOUL-North Korea fired an intercontinental ballistic missile hours before the first summit between South Korea and Japan in more than a decade, where leaders of the two countries were expected to discuss deepening military coordination in response to the growing threat from Pyongyang.
The missile was fired eastward around 7:10 a.m. local time from the Sunan area in the outskirts of Pyongyang, Seoul's military said. It was in the air for about 70 minutes, reaching an altitude of more than 3,000 miles. It traveled a distance of about 620 miles before landing west of Japan's northernmost island of Hokkaido, according to Japan's Defense Ministry. North Korea last fired an ICBM from Sunan in February.
South Korea's President Yoon Arrives in Japan for Rare Summit Talks
TOKYO-Japan said it would lift export curbs on South Korea, as the two countries started the first formal summit between their leaders since 2011 and moved to repair ties long strained by historical disputes.
Hours after South Korean President Yoon Suk Yeol landed in Tokyo on Thursday, Japan's trade ministry said it would relax restrictions on the export to South Korea of certain chemicals needed in the semiconductor-manufacturing process. Tokyo added red tape on those exports in July 2019 when relations with Seoul were at a low point.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Blackline Safety 1Q
Calfrac Well 4Q
Empire Co 3Q
GURU Organic Energy 1Q
HEXO 2Q
HLS Therapeutics 4Q
IMV 4Q
Knight Therapeutics 4Q
North West Company 4Q
Power Corp. of Canada 4Q
Premium Brands 4Q
Economic Calendar (ET):
0830 Jan Wholesale Trade
Stocks to Watch:
Fortuna 4Q Basic Loss/Shr $0.52 Vs. $0.05 EPS; FY Basic Loss/Shr $0.44 Vs. $0.24 EPS;
Results Weighed by Non-Cash Impairment Charges; After Adjusting for Impairment Charges, Non-Recurring Items, 4Q Adj Net Income Was $0.02/Shr; 4Q Sales $164.7M Vs. $198.9M, Weighed by Lower Silver, Gold Prices; FY Sales $681.5M Vs. $599.9M, Up on Full Contribution of Yaramoko Mine; Silver, Gold Production Was in Line Guidance;
Fortuna Expects to Boost Production, Improve Costs in 2H 2023
Other News
Alimentation Couche-Tard has made an offer to acquire retail assets in Europe from TotalEnergies for $3.28 billion.
Under the proposed deal, Couche-Tard will take over TotalEnergies' retail networks in Germany and the Netherlands, comprising more than 1,500 service stations, the companies said in press releases on Thursday.
TotalEnergies and Couche-Tard would also form a joint venture to own and operate over 600 service stations in Belgium and Luxembourg. The JV would be 60% owned by the Canadian company and 40% owned by its French counterpart.
Read more here
Expected Major Events for Thursday
04:30/JPN: Jan Revised Industrial Production
04:30/JPN: Jan Revised Retail Sales
09:00/ITA: Feb CPI
09:30/UK: Dec CANCELLED: Card Spending statistics
12:30/CAN: Jan Wholesale trade
12:30/US: Feb Import & Export Price Indexes
12:30/US: Feb New Residential Construction - Housing Starts and Building Permits
12:30/US: Mar Philadelphia Fed Business Outlook Survey
12:30/US: 03/11 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: U.S. Weekly Export Sales
13:00/RUS: Weekly International Reserves
14:30/US: 03/10 EIA Weekly Natural Gas Storage Report
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
Alimera Sciences Inc (ALIM) is expected to report for 4Q.
Applied Therapeutics Inc (APLT) is expected to report for 4Q.
Apyx Medical Corp (APYX) is expected to report $-0.14 for 4Q.
BK Technologies Corp (BKTI) is expected to report for 4Q.
Bioventus Inc (BVS) is expected to report $-0.09 for 4Q.
Calfrac Well Services is expected to report for 4Q.
Designer Brands Inc (DBI) is expected to report for 4Q.
Destination XL Group Inc (DXLG) is expected to report for Full year.
Disc Medicine Inc (IRON) is expected to report for 4Q.
Dollar General (DG) is expected to report $2.99 for 4Q.
ENGlobal (ENG) is expected to report for 4Q.
Empire Co (EMLAF,EMP.A.T) is expected to report $0.71 for 3Q.
Energy Focus Inc (EFOI) is expected to report for 4Q.
G-III Apparel (GIII) is expected to report $0.42 for 4Q.
GlycoMimetics Inc (GLYC) is expected to report $-0.17 for 4Q.
Gossamer Bio Inc (GOSS) is expected to report $-0.62 for 4Q.
HLS Therapeutics is expected to report for 4Q.
Jabil Inc (JBL) is expected to report $1.66 for 2Q.
KVH Industries (KVHI) is expected to report $-0.03 for 4Q.
Kirkland's Inc (KIRK) is expected to report $0.05 for 4Q.
Lands' End Inc (LE) is expected to report for 4Q.
Liquidia Corp (LQDA) is expected to report $-0.16 for 4Q.
Noranda Income Fund (NIF.UN.T) is expected to report for 4Q.
Orbit International (ORBT) is expected to report for 4Q.
Paratek Pharmaceuticals (PRTK) is expected to report $0.10 for 4Q.
Premium Brands Holdings (PBH.T,PRBZF) is expected to report for 4Q.
Provention Bio Inc (PRVB) is expected to report $-0.78 for 4Q.
PureCycle Technologies Inc (PCT) is expected to report for 4Q.
Revlon Inc (REVRQ) is expected to report $-0.58 for 4Q.
Sensei Biotherapeutics Inc (SNSE) is expected to report for 4Q.
Synlogic (SYBX) is expected to report $-0.26 for 4Q.
Sypris Solutions (SYPR) is expected to report for 4Q.
Telos Corp (TLS) is expected to report for 4Q.
TherapeuticsMD Inc (TXMD) is expected to report for 4Q.
Travelzoo (TZOO) is expected to report for 4Q.
Tredegar (TG) is expected to report for 4Q.
Urban One Inc - Class A (UONE,UONEK) is expected to report for 4Q.
UroGen Pharma Ltd (URGN) is expected to report $-1.07 for 4Q.
Williams-Sonoma Inc (WSM) is expected to report $5.48 for 4Q.
Wireless Telecom (WTT) is expected to report $-0.02 for 4Q.
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ANALYST RATINGS ACTIONS
Acushnet Cut to Neutral From Buy by Compass Point
American Public Education Cut to Market Perform From Outperform by William Blair
Apartment Income REIT Raised to Market Perform From Underperform by BMO Capital
Baker Hughes Raised to Overweight From Neutral by JP Morgan
Charles Schwab Raised to Outperform From Neutral by Credit Suisse
Decibel Therapeutics Cut to Market Perform From Outperform by SVB Leerink
Discover Financial Raised to Neutral From Underperform by B of A Securities
ExlService Raised to Neutral From Sell by Citigroup
FTC Solar Raised to Buy From Underperform by B of A Securities
Hamilton Lane Raised to Overweight From Neutral by JP Morgan
Harley-Davidson Raised to Hold From Underperform by Jefferies
Luna Innovations Cut to Market Perform From Outperform by Northland Capital Markets
Norfolk Southern Cut to Hold From Buy by Argus Research
Oak Street Health Cut to Market Perform From Outperform by TD Cowen
Porch Group Cut to Hold From Buy by Loop Capital
Provention Bio Cut to Neutral From Buy by HC Wainwright & Co.
Q2 Holdings Cut to Hold From Buy by Canaccord Genuity
Reinsurance Group Raised to Buy From Sell by Citigroup
Seagen Cut to Equal-Weight From Overweight by Morgan Stanley
Steel Dynamics Cut to Neutral From Buy by Citigroup
Traeger Cut to Neutral From Overweight by Piper Sandler
Truist Financial Raised to Buy From Neutral by Citigroup
Universal Electronics Raised to Buy From Neutral by Sidoti & Co.
Unum Group Raised to Buy From Neutral by Citigroup
Vacasa Cut to Perform From Outperform by Oppenheimer
Varonis Systems Raised to Equal-Weight From Underweight by Wells Fargo
WR Berkley Raised to Buy From Neutral by B of A Securities
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-16-23 0614ET
