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North American Morning Briefing: Stock Futures -2-

08/04/2021 | 05:58am EDT

Woodside Petroleum Ltd. said its Scarborough natural-gas project will cost US$12 billion to develop, representing an around 5% increase on an earlier estimate nearly two years ago.

Woodside had previously said costs were under review and that it would detail the outcome ahead of a final investment decision, which is targeted before the end of this year. It broke down the new cost estimate as US$5.7 billion for offshore work and US$6.3 billion of expenditure onshore.


Businesses Are Loading Up on Credit. Spending Could Follow.

Businesses are sitting on record amounts of unused credit from U.S. banks, another quirk in the economic recovery that bankers say could help unleash pent-up spending in the coming months.

Bank executives said their business clients have in recent months ramped up requests for credit lines that can be drawn quickly for spending on inventory, labor or expansions.


China Services-Sector Gauge Rebounded in July

A private gauge of China's services sector unexpectedly rebounded in July after slipping to a 14-month low in June, as new orders picked up.

However, China's recent resurgence of Covid-19 cases since late July is set to overshadow its services sector and weaken the economic outlook, as local governments have imposed stringent lockdown and quarantine measures to stop the spread of the virus.


Tencent Selloff Shows Deep Scar Tissue in Chinese Markets

China's recent crackdown on education companies has left scars that could be long in healing.

Putting the fear of God into investors may help Beijing direct capital more easily into areas it prefers, but also risks magnifying volatility and complicating corporate-investment plans, as every regulatory blip is seen as a possible death sentence.


Crypto 'Wild West' Needs Stronger Investor Protection, SEC Chief Says

WASHINGTON-The Securities and Exchange Commission will regulate cryptocurrency markets to the maximum extent possible using its existing authority, Chairman Gary Gensler said Tuesday, while also calling on Congress to grant the agency more scope and resources to oversee the sector.

Calling the asset class rife with "fraud, scams and abuse," Mr. Gensler signaled the SEC is likely to become more active in policing crypto trading and lending platforms, as well as so-called stablecoins.


Eurozone Retail Sales Recovery Continued in June

Eurozone retail sales grew in June, signaling that the reopening of non-essential shops in several countries is helping to drive the region's economic recovery.

The European Union's statistics agency said Wednesday that the volume of retail sales rose 1.5% in June compared with May, in line with the forecasts of economists polled by The Wall Street Journal.


Ship Seized in Gulf of Oman Amid Rising Tensions With Iran Is Let Go

A tanker ship in the Gulf of Oman was seized Tuesday by suspected Iranian gunmen, Western officials said, amid rising regional tensions following a fatal drone attack on another vessel that the U.S. and its allies have blamed on the Islamic Republic.

The tanker was boarded near the port of Fujairah in the United Arab Emirates, according to the U.K. Maritime Trade Operations, which is affiliated with the British Defense Ministry.


Australia Faces a Deep Third-Quarter GDP Contraction, RBA Board Member Says

SYDNEY-A deep contraction in Australia's economy in the third quarter looks unavoidable, and significant uncertainty hangs over the fourth quarter due to lengthening lockdowns across major cities, said Ian Harper, dean of Melbourne Business School, and Reserve Bank of Australia board member.

Still, surging vaccination rates offer hope of a rebound in growth that could be more powerful than anything yet seen during the pandemic, he said


Covid-19 Patients Overwhelm Busy Hospitals as Delta Variant Spreads

The latest wave of Covid-19 hospitalizations is crashing into patients returning for care for other ailments, overtaxing some facilities and exhausting their doctors and nurses.

Surgeries and treatments for cancer, heart disease and other common conditions have rebounded this year, filling beds at many hospitals. At the same time, other respiratory viruses, such as RSV, have re-emerged along with public gatherings, adding to hospital strain.


A Year After Beirut Explosion, Lebanese Are Still Seeking Justice

BEIRUT-Demonstrations against Lebanon's political elite are set to be held on Wednesday as civil-society groups demand justice for the deadly explosion in Beirut a year ago, which they blame on their leaders.

An investigation into the port blast on Aug. 4 last year has so far failed to provide accountability for one of the biggest nonnuclear explosions in history. The explosion killed more than 200 people, injured some 7,000 and devastated some of the Lebanese capital's liveliest residential and commercial areas.


Moderate Democrat, Trump-Backed Republican Win in Ohio Primary House Races

In a victory for the Democratic establishment, Cuyahoga County Councilwoman Shontel Brown has won a Democratic primary in Cleveland, defeating a candidate backed by Vermont Sen. Bernie Sanders, according to the Associated Press.

The race for the heavily Democratic district, which includes Cleveland, its eastern suburbs and part of Akron, was seen as a proxy fight for the Democratic Party. Ms. Brown had the endorsement of former Secretary of State Hillary Clinton and influential Biden ally Rep. James Clyburn (D., S.C.), the Democratic whip. The Congressional Black Caucus's PAC and several pro-Israel organizations also backed Ms. Brown.


Andrew Cuomo Faces Impeachment Threat, More Resignation Calls After Sexual-Harassment Report

ALBANY, N.Y.-Democrats who control the New York state Assembly accelerated their impeachment investigation of Gov. Andrew Cuomo as former supporters called for his removal after a report detailed numerous instances of sexual harassment by the governor.

The Assembly's judiciary committee, which is conducting the impeachment inquiry, plans to meet Monday and combine the report with evidence it has already collected, members said. The chamber's Democratic lawmakers convened remotely Tuesday after the release of the 165-page report by state Attorney General Letitia James, Assembly members said.


Florida Battles Record Covid-19 Hospitalizations, as Delta Variant Surges

Covid-19 hospitalizations in Florida have reached a record high, federal data show, as the state battles a surge in cases brought on by the highly contagious Delta variant.

There were 11,515 confirmed Covid-19 hospitalizations in the state, according to data released Tuesday by the U.S. Department of Health and Human Services.


Write to sarka.halas@wsj.com



B2Gold Corp. (BTO.T) 2Q

Black Diamond Gr. Limited (BDI.T) 2Q

Calibre Mining Corp. (CXB.T) 2Q

Ceridian HCM Hldg Inc. (CDAY.T) 2Q

Colliers InterNtnl. Gr. Inc. (CIGI.T) 2Q

DIRTT Environmental Sltns. Ltd. (DRT.T) 2Q

Endeavour Mining PLC 2Q

Enerflex 2Q

Equinox Gold Corp. (EQX.T) 2Q

Ero Copper Corp. (ERO.T) 2Q


IGM Fin Inc. (IGM.T) 2Q

Maxar Tech. Inc. (MAXR.T) 2Q

NFI Gr. Inc. (NFI.T) 2Q

Profound Medical Corp (PRN.T) 2Q

Rogers Sugar 3Q

Sandstorm Gold 2Q

SilverCrest Metals 2Q

Spin Master Corp (TOY.T) 2Q

Sun Life Fin Inc. (SLF.T) 2Q

Taseko Mines Limited 2Q

TMX Gr. Ltd. (X.T) 2Q

Trevali Mining 2Q

Waste Connections 2Q

Economic Indicators (ET):

0830 Jun Building permits

Stocks to Watch:

Affirm Stock Climbs on Buy Now, Pay Later Program With Apple -- Barrons.com

Affirm stock jumped on Tuesday after a report said the company was teaming up with Apple to offer a "buy now, pay later" program for devices in Canada.

Bloomberg reported Affirm's PayBright in Canada plans to offer the option to pay off iPhones, Macs, and iPads over a 12 or 24 month period. The buy-now-pay later, or BNPL, plan will be interest free for a limited time. The outlet cited a message sent to Apple retail employees in Canada.

An Affirm spokesman declined to comment. An Apple representative did not return a request seeking comment.

Following the report, Affirm stock (ticker: AFRM) surged late from about $60.40 at 3:30 p.m. EDT to close up 3% to $66.67 in Tuesday's trading session. The stock was up another 4.5% to $69.69 in extended trading.

Other News:

No items published

Market Talk:

No items published

Expected Major Events for Wednesday

00:30/JPN: Jul Japan Services PMI

06:00/UK: Jul UK Official Reserves

06:00/RUS: Jul Russian Services PMI

07:45/ITA: Jul Italy Services PMI

07:50/FRA: Jul France Services PMI

07:55/GER: Jul Germany Services PMI

08:00/ITA: Jun Retail Sales

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

08:30/UK: Jul Narrow money (Notes & Coin) and reserve balances

10:00/FRA: Jun OECD CPI

11:00/US: 07/30 MBA Weekly Mortgage Applications Survey

12:15/US: Jul ADP National Employment Report

12:30/CAN: Jun Building permits

13:45/US: Jul US Services PMI

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

14:30/US: 07/30 EIA Weekly Petroleum Status Report

15:00/US: Jul Global Services PMI

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

Expected Earnings for Wednesday

AmerisourceBergen Corp (ABC) is expected to report $1.87 for 3Q.

Apollo Global Management Inc (APO) is expected to report for 2Q.

Avista Corp (AVA) is expected to report $0.27 for 2Q.

BGC Partners (BGCP) is expected to report $0.05 for 2Q.

Belden (BDC) is expected to report $0.68 for 2Q.

BorgWarner Inc (BWA) is expected to report $0.74 for 2Q.

CSW Industrials Inc (CSWI) is expected to report $0.95 for 1Q.

CVS Health Corp (CVS) is expected to report $1.74 for 2Q.

(MORE TO FOLLOW) Dow Jones Newswires

08-04-21 0558ET

Stocks mentioned in the article
ChangeLast1st jan.
B2GOLD CORP. 0.00% 4.35 Delayed Quote.-38.99%
BLACK DIAMOND GROUP LIMITED 1.75% 3.49 Delayed Quote.26.10%
CALIBRE MINING CORP. -2.17% 1.35 Delayed Quote.-42.98%
CERIDIAN HCM HOLDING INC. 0.86% 115.91 Delayed Quote.8.77%
COLLIERS INTERNATIONAL GROUP INC. -2.25% 161.5 Delayed Quote.45.84%
DIRTT ENVIRONMENTAL SOLUTIONS LTD. -2.42% 4.04 Delayed Quote.33.12%
ENDEAVOUR MINING PLC 0.75% 29.66 Delayed Quote.-0.61%
ENERFLEX LTD. 7.40% 9.43 Delayed Quote.33.84%
EQUINOX GOLD CORP. -0.24% 8.44 Delayed Quote.-35.76%
ERO COPPER CORP. 5.31% 23.58 Delayed Quote.9.65%
IAMGOLD CORPORATION 1.08% 2.81 Delayed Quote.-40.47%
IGM FINANCIAL INC. -0.06% 46.44 Delayed Quote.34.66%
MAXAR TECHNOLOGIES INC. 3.06% 30.33 Delayed Quote.-21.40%
NFI GROUP INC. 1.33% 24.31 Delayed Quote.-0.42%
PROFOUND MEDICAL CORP. 3.90% 19.73 Delayed Quote.-27.49%
ROGERS SUGAR INC. 0.36% 5.61 Delayed Quote.-0.36%
SANDSTORM GOLD LTD. -0.67% 7.44 Delayed Quote.-17.87%
SILVERCREST METALS INC. 0.00% 9.16 Delayed Quote.-35.45%
SPIN MASTER CORP. 1.00% 44.25 Delayed Quote.51.02%
SUN LIFE FINANCIAL INC. 1.33% 64.98 Delayed Quote.13.30%
TASEKO MINES LIMITED 0.87% 2.32 Delayed Quote.38.55%
TMX GROUP LIMITED 1.01% 140.35 Delayed Quote.9.28%
TREVALI MINING CORPORATION -2.70% 0.18 Delayed Quote.-5.13%
WASTE CONNECTIONS, INC. -2.49% 129.02 Delayed Quote.25.79%
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