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North American Morning Briefing: Stock Futures -2-

08/02/2021 | 04:09am EDT

Santos is offering 0.6275 of its own shares in exchange for each Oil Search share. A deal would lead to Santos shareholders owning 61.5% of the combined company, with Oil Search investors holding the remaining stock.


China Caixin Manufacturing PMI Drops to 16-Month Low

A private gauge of China's manufacturing activity in July fell to a post-Covid-19 low as heavy floods, a resurgence in Covid cases and power shortages in some cities weighed on output and new orders.

The Caixin China purchasing managers index dropped to 50.3 in July from 51.3 in June, Caixin Media Co. and researcher Markit said Monday. July's reading was the lowest in the past 16 months, but still held above the 50 mark that separates expansion from contraction.


Senators Push to Wrap Up Bipartisan Infrastructure Bill This Week

WASHINGTON-Senators wrapped up the construction of a roughly $1 trillion infrastructure bill, racing to pass it through the chamber by the end of the week and send it to the House, where its fate is intertwined with a $3.5 trillion package of Democratic priorities.

Senate Majority Leader Chuck Schumer (D., N.Y.) kept the Senate open through the weekend in a bid to begin considerations of the bipartisan infrastructure package, $550 billion of which is in addition to expected future federal investments in roads, bridges, broadband, and other infrastructure projects. But lawmakers took much of the weekend to complete the text of the bill, finishing the final text Sunday night. Completion of the text will allow lawmakers to begin the amendment process and move to final passage in the coming days.


European Bonds Rally on Bets on Weak Growth, Inflation

Government bonds in the eurozone have rallied in recent weeks as investors bet on a growing divergence in economic fortunes between slowgrowing Europe and the rest of the world-especially the U.S.

The yield on the benchmark 10-year German bund, slipped to minus 0.454% Monday, near its lowest level in over five months. In May, it had climbed as high as minus 0.108%, according to Tradeweb. Bond yields fall as prices rise.


Economy Week Ahead: Factories, Trade, Employment

The U.S. employment report for July is the focus of this week's economic indicators.


Germany Retail Sales Rise

Retail sales in Germany increased in June beating forecasts thanks to the easing of coronavirus-related lockdown restrictions.

Retail sales increased 4.2% on month in June in calendar and seasonally-adjusted terms, data from the country's statistics agency Destatis showed Monday. This increase beats the forecast of 1.8% from economists polled by The Wall Street Journal.


Heavyweight Companies Enjoy Outsize Rewards as Economy Rebounds

Big companies raced ahead during the Covid-19 pandemic, leveraging the changes driven by the deepest business disruption in decades to grab a larger slice of the economic pie.

Now, as the rich world bounces back from the shock, the heavyweights are extending that lead, spending more on investments and acquisitions, snapping up talent, employing big data and leveraging new technologies.


Inflation Is Hot Now, but Investors Are Betting That Won't Last

Investors are betting the inflationary streak that has sent prices of everything from used cars to lumber soaring will fade in the coming years, a reassuring sign for markets struggling to find direction.

Few issues have vexed money managers more this year than inflation. As the global economy has regained its footing, prices for goods and services have risen-in many cases far faster than economists had anticipated. Labor shortages and supply-chain disruptions snarling the global shipping industry have added to inflationary pressures.


Reduction in Fed's Asset Purchases Might Not Spark 'Taper Tantrum'

WASHINGTON-Investors barely reacted last week when Federal Reserve officials signaled they could announce plans to start reducing their bond buying later this year. That was a relief for policy makers eager to avoid a repeat of the market turmoil that erupted in 2013 when the Fed made a similar announcement.

The Fed's next test will come when it outlines a concrete plan for when and how it will scale back, or taper, the asset purchases.


Anthony Fauci Warns on Covid-19 That 'Things Are Going to Get Worse'

The Biden administration's chief medical adviser said he didn't believe the U.S. would return to lockdowns but warned that "things are going to get worse" as a more contagious variant of the coronavirus has led to a surge of new cases.

"We are looking, not I believe, to lockdown but we are looking to some pain and suffering in the future because we are seeing the cases go up," Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said Sunday on ABC's "This Week." He added, "The solution to this is, get vaccinated."


Simone Biles Will Make Dramatic Return to Tokyo Olympics on Balance Beam

TOKYO-Simone Biles will compete in the balance beam final on Tuesday, her sports federation said here, making a high-stakes return a week after she pulled herself out of competition because she didn't feel mentally able to perform safely.

The 24-year-old gymnast, widely regarded as the greatest of all time, has not competed since she withdrew from the team final after a shaky vault in the team final last Tuesday. She has withdrawn from four other finals in the days since then. The balance beam final represents her last chance to come back to competition in the Tokyo Olympics, and to take an individual medal of any color.


U.S. Blames Iran for Drone Attack on Israeli-Linked Tanker

The U.S. joined the U.K. and Israel Sunday in blaming Iran for a fatal drone strike last week on an Israeli-linked tanker near the coast of Oman in the Arabian Sea, and the U.S. said it would work with allies to develop a response to the incident.

The statement from Secretary of State Antony Blinken marked unusually blunt language from the Biden administration, particularly as it is also seeking to revive a nuclear deal with Iran.


Myanmar Rulers Extend State of Emergency

Myanmar's junta leader has pledged to hold democratic elections within two years, extending a state of emergency imposed by the military when it overthrew the country's elected government in February.

Speaking in a televised address on Sunday, Gen. Min Aung Hlaing said his State Administration Council is "working as quickly as possible" to prepare for fresh elections after voiding the results of a 2020 vote that dealt a landslide victory to the party of civilian leader Aung San Suu Kyi.


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Viemed HC. Inc (VMD.T) 2Q

Economic Indicators (ET):

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Stocks to Watch:

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Other News:

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Market Talk:

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Expected Major Events for Monday

00:30/JPN: Jul Japan Manufacturing PMI

05:00/JPN: Jul Consumer Confidence Survey

05:00/JPN: Jul Auto sales

06:00/GER: Jun Retail Trade

06:00/RUS: Jul Russian Manufacturing PMI

07:45/ITA: Jul Italy Manufacturing PMI

07:50/FRA: Jul France Manufacturing PMI

07:55/GER: Jul Germany Manufacturing PMI

08:30/UK: Jul CIPS / Markit Manufacturing PMI

13:45/US: Jul US Manufacturing PMI

14:00/US: Jul ISM Report On Business Manufacturing PMI

14:00/US: Jun Construction Spending - Construction Put in Place

15:00/US: Jul Global Manufacturing PMI

23:30/JPN: Jul CPI (Tokyo), CPI ex-Food (Tokyo)

23:50/JPN: Jul Monetary Base

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Monday

Aerojet Rocketdyne Holdings (AJRD) is expected to report $0.48 for 2Q.

Alexander's Inc (ALX) is expected to report for 2Q.

Amrep Corp (AXR) is expected to report for 4Q.

ArcBest Corp (ARCB) is expected to report $1.61 for 2Q.

BlackRock TCP Capital Corp (TCPC) is expected to report $0.33 for 2Q.

Brixmor Property Group Inc (BRX) is expected to report $0.14 for 2Q.

CNA Financial Corp (CNA) is expected to report $1.12 for 2Q.

Coastal Financial Corp (CCB) is expected to report $0.44 for 2Q.

Columbia Sportswear Company (COLM) is expected to report $-0.06 for 2Q.

DSP Group Inc (DSPG) is expected to report $-0.03 for 2Q.

Eagle Financial Services (EFSI) is expected to report for 2Q.

Electrovaya is expected to report for 3Q.

FNCB Bancorp Inc (FNCB) is expected to report for 2Q.

FRP Holdings Inc (FRPH) is expected to report for 2Q.

First Bancshares Inc (FBMS) is expected to report $0.76 for 2Q.

Gladstone Investment Corp (GAIN) is expected to report $0.29 for 1Q.

Global Payments Inc (GPN) is expected to report $0.87 for 2Q.

Green Plains Inc (GPRE) is expected to report $-0.21 for 2Q.

Hayward Holdings Inc (HAYW) is expected to report for 2Q.

Intevac Inc (IVAC) is expected to report $-0.26 for 2Q.

Jeld-Wen Holding Inc (JELD) is expected to report $0.56 for 2Q.

KnowBe4 Inc (KNBE) is expected to report for 2Q.

Loews Corp (L) is expected to report $0.72 for 2Q.

Minerva Neurosciences Inc (NERV) is expected to report $-0.18 for 2Q.

ON Semiconductor Corp (ON) is expected to report $0.34 for 2Q.

ONE Gas Inc (OGS) is expected to report $0.53 for 2Q.

Protara Therapeutics Inc (TARA) is expected to report for 2Q.

Sanmina Corp (SANM) is expected to report $0.38 for 3Q.

Sino-Global Shipping Amer (SINO) is expected to report for 3Q.

Square Inc (SQ) is expected to report $-0.05 for 2Q.

Stellus Capital Invest (SCM) is expected to report $0.28 for 2Q.

Sterling Bancorp Inc (SBT) is expected to report $0.06 for 2Q.

TG Therapeutics (TGTX) is expected to report $-0.55 for 2Q.

Timken Co (TKR) is expected to report $1.43 for 2Q.

Transocean Ltd (RIG,RIGN.EB) is expected to report $-0.15 for 2Q.

U.S. Gold Corp (USAU) is expected to report for 4Q.

(MORE TO FOLLOW) Dow Jones Newswires

08-02-21 0609ET

Stocks mentioned in the article
ChangeLast1st jan.
AEROJET ROCKETDYNE HOLDINGS, INC. -0.32% 40.3113 Delayed Quote.-13.52%
AMREP CORPORATION 1.33% 12.22 Delayed Quote.-17.37%
ARCBEST CORPORATION 2.03% 69.38 Delayed Quote.-42.10%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.58% 0.70627 Delayed Quote.-2.40%
BELIEVE -1.61% 9.145 Real-time Quote.-44.99%
BLACKROCK TCP CAPITAL CORP. 1.72% 12.99 Delayed Quote.-5.48%
BLACKROCK, INC. 0.33% 620.38 Delayed Quote.-32.46%
BLOCK, INC. 0.21% 76.08 Delayed Quote.-53.02%
BRITISH POUND / US DOLLAR (GBP/USD) 0.01% 1.25435 Delayed Quote.-7.11%
BRIXMOR PROPERTY GROUP INC. 1.23% 23.505 Delayed Quote.-8.58%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.16% 0.77873 Delayed Quote.-1.14%
CNA FINANCIAL CORPORATION 0.76% 45.2 Delayed Quote.1.77%
COASTAL FINANCIAL CORPORATION 1.07% 37.7 Delayed Quote.-26.31%
COLUMBIA SPORTSWEAR COMPANY 1.65% 73.76 Delayed Quote.-25.53%
DJ INDUSTRIAL -0.19% 31869.2 Real-time Quote.-12.14%
ELECTROVAYA INC. 1.67% 0.61 Delayed Quote.-35.48%
EURO / US DOLLAR (EUR/USD) -0.68% 1.06634 Delayed Quote.-6.03%
FNCB BANCORP, INC. 0.37% 8.05 Delayed Quote.-13.20%
FRP HOLDINGS, INC. 2.28% 60.673 Delayed Quote.2.63%
GLADSTONE INVESTMENT CORPORATION 0.96% 14.7073 Delayed Quote.-14.75%
GLOBAL PAYMENTS INC. 0.97% 124.08 Delayed Quote.-9.11%
GREEN PLAINS INC. -0.40% 32.01 Delayed Quote.-7.54%
HAYWARD HOLDINGS, INC. 1.42% 14.3449 Delayed Quote.-46.17%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.15% 0.012888 Delayed Quote.-3.95%
INTEVAC, INC. 2.64% 5.06 Delayed Quote.4.67%
LOEWS CORPORATION -0.30% 63.74 Delayed Quote.10.68%
LONDON BRENT OIL -0.25% 113.75 Delayed Quote.45.50%
MINERVA NEUROSCIENCES, INC. 2.77% 0.3602 Delayed Quote.-56.24%
MINERVA S.A. -0.46% 12.86 Delayed Quote.19.81%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.19% 0.6456 Delayed Quote.-5.73%
OIL SEARCH -2.42% 4.04 End-of-day quote.0.00%
ON SEMICONDUCTOR CORPORATION 1.80% 55.46 Delayed Quote.-19.76%
ONE GAS, INC. -0.92% 87.8 Delayed Quote.14.23%
PROTARA THERAPEUTICS, INC. 0.32% 3.15 Delayed Quote.-53.48%
S&P 500 0.10% 3945.2 Real-time Quote.-17.30%
SANMINA CORPORATION 0.72% 41.86 Delayed Quote.0.17%
TG THERAPEUTICS, INC. -2.14% 4.8 Delayed Quote.-74.21%
THE FIRST BANCSHARES, INC. -0.34% 29.57 Delayed Quote.-23.17%
THE TIMKEN COMPANY 0.35% 57.99 Delayed Quote.-16.60%
TRANSOCEAN LTD. 0.61% 4.11 Delayed Quote.48.19%
VIEMED HEALTHCARE, INC. 1.57% 7.11 Delayed Quote.6.06%
WTI -0.37% 110.088 Delayed Quote.45.58%
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