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North American Morning Briefing: Stock Futures -2-

09/10/2021 | 06:13am EDT

Europe's world-leading turbine makers haven't participated in this year's stock-market rally. Shares in Vestas Wind Systems are down 14% and those in Siemens Gamesa Renewable Energy are lower by nearly one-third. One reason is the bursting of a mini clean-energy bubble: Most green-related stocks had a strong run last year and have since sold off. But fundamentals are also at play. Both companies lowered their profit outlooks in their most recent quarterly results.

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Crypto Fans Borrow to Buy Homes, Cars-and More Crypto

Michael Anderson mined bitcoin in his dorm room and left a corporate job to invest in cryptocurrency projects. When he bought his first home in San Francisco this year, he didn't turn to a bank. Instead, he borrowed against his cryptocurrency.

Crypto enthusiasts such as Mr. Anderson are tapping their holdings to buy homes, cars and, often, more crypto. They are getting these loans from upstart nonbank lenders and automated, blockchain-based platforms.

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Two Regional Fed Chiefs to Sell Stocks to Avoid Appearance of Conflict of Interest

The leaders of the Boston and Dallas Federal Reserve Banks said they would sell off individual stocks they own, invest the proceeds in diversified indexed funds or cash savings and cease trading in individual securities.

The Thursday announcement comes after the Federal Reserve Bank of Dallas this week disclosed that its president, Robert Kaplan, bought and sold millions of dollars in stocks and other investments in 2020. A disclosure from the Boston Fed showed that its president, Eric Rosengren, also was an active trader last year, albeit at a smaller scale.

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Modest U.K. GDP Growth Sparks Stagflation Fears

London stocks inched higher on Friday, bouncing back from sharp losses, but investors were facing downbeat data that showed the economy struggling against continued fallout from the pandemic.

Gross domestic product rose just 0.1% in July, and remains 2.1% below its pre-pandemic peak, said the Office for National Statistics. It also fell short of consensus forecasts for 0.6% growth.

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German Consumer Prices Increased Further in August, in Line With Forecasts

German consumer prices rose strongly in August, confirming preliminary data, statistics office Destatis said Friday.

Consumer prices rose 3.9% on year measured by national standards, in line with the forecast of economists polled by The Wall Street Journal. They rose 3.4% on year by European Union-harmonized standards, also in line with forecasts.

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Biden, China's Xi Jinping Hold First Call in Months

WASHINGTON-President Biden and Chinese President Xi Jinping spoke by phone Thursday night in an effort to ease hostilities between the two powers and reset lines of communication after recent high-level meetings were described by U.S. officials as unproductive.

The call was the second time the leaders have spoken since Mr. Biden took office. In the seven months since then, the U.S. has accused China of human rights violations, imposed sanctions and warned businesses about operating in Hong Kong. The two countries have continued to trade barbs rather than cooperate on combating the Covid-19 pandemic.

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Covid-19 Virus Variants Mu and Lambda Unlikely to Supplant Delta

The Delta variant of the Covid-19 virus appears well positioned to maintain its dominance over new variants such as Lambda and Mu, virologists say.

Delta accounts for 99% of new Covid-19 cases in the U.S. and roughly 88% of cases globally, according to data from the Centers for Disease Control and Prevention and Nextstrain, an open-source pathogen-tracking service. Virologists expect Delta to outcompete new variants of the SARS-CoV-2 virus, including Lambda and Mu, in their hunt for people susceptible to Covid-19.

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U.S. Treasury to Finish Sanctions Policy Review This Fall

The Biden administration expects to complete its ongoing sanctions policy review this fall, a U.S. Treasury Department spokeswoman said, as some human rights and humanitarian groups express concern about how long the review is taking and the level of engagement with nongovernmental organizations.

This week, a coalition of 46 peacebuilding, humanitarian and human rights groups sent a letter to President Biden, Secretary of State Antony Blinken, Treasury Secretary Janet Yellen and U.S. Ambassador to the United Nations Linda Thomas-Greenfield, asking the administration to swiftly conclude the review, make its findings public and implement changes to U.S. sanctions policy, according to a copy of the letter seen by The Wall Street Journal.

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TSA Doubles Fines for Travelers Who Won't Wear Masks

President Biden is strengthening penalties for mask scofflaws on planes, buses and trains as part of his administration's new plan to combat Covid-19.

In a speech Thursday, Mr. Biden said the Transportation Security Administration will double fines on travelers who refuse to wear masks.

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Federal Judge Acquits Professor Accused of Hiding China Ties

WASHINGTON-A federal judge in Tennessee on Thursday acquitted a professor who had been accused of hiding his China ties when applying for research grants to work on a NASA project, saying the U.S. government hadn't proven its case.

The outcome points to challenges that federal authorities face in trying to police scientific collaborations the U.S. says are boosting China's competitiveness.

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U.S. Sets a Summer-Heat Record This Year

The U.S. had its hottest summer on record, narrowly beating out highs set during the Dust Bowl in 1936.

The average temperature for the Lower 48 states from June to August was 74 degrees Fahrenheit-or 2.6 degrees above average, the National Oceanic and Atmospheric Administration said Thursday. That average is just 0.01 degree Fahrenheit above the previous record, set in the summer of 1936.

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Texas Law Would Allow Users to Sue Social Media Companies Over Account Bans

Texas Gov. Greg Abbott signed a bill Thursday aiming to allow residents to sue social-media companies if their content or accounts are banned from their platforms, a move that comes as similar legislation in Florida remains in legal limbo after a federal judge's ruling.

Mr. Abbott, a Republican, said House Bill 20 would prevent companies from banning users based on their political viewpoints and allow residents in the state to sue the companies to reinstate accounts deemed to have been unfairly removed. The legislation targets platforms with at least 50 million monthly users in the U.S, which would include those such as Twitter Inc., Facebook Inc., and Google's YouTube among others.

Read More ->

Write to sarka.halas@wsj.com

TODAY IN CANADA

Earnings:

Roots 2Q

Economic Indicators (ET):

0830 Aug Labour Force Survey

0830 Q2 Industrial capacity utilization rates

Stocks to Watch:

Enghouse 3Q Profit, Revenue Fall as Covid Demand Ebbs

Enghouse Systems Ltd. said Thursday profit fell in the third quarter as revenue fell due to lower demand.

For the period ended July 31, the Canadian software and services company said earnings per share were 38 Canadian cents ($0.30), down from C$0.46 in the comparable quarter a year ago.

Net income was C$21.2 million, compared with C$26 million a year ago.

Adjusted earnings before interest, taxes, depreciation and amortization also fell, to C$41.7 million from C$45.6 million.

Revenue fell to C$117.6 million from C$131.3 million. The company blamed the decrease on exceptional revenue in the comparative period as a result of Covid-19-related demand.

Other News:

Canada's Trudeau on Defensive in English Election Debate

Canadian Prime Minister Justin Trudeau faced attacks Thursday night from political rivals during a leaders' debate, in which they accused the Liberal incumbent of falling short on the environment, foreign affairs and improving life for the country's indigenous population.

"He has ambition, that's part of the reason we're in an election. He doesn't have any achievement," said Conservative Party leader Erin O'Toole during a segment on climate change. "He announces things and never delivers." According to polls, Mr. O'Toole and Mr. Trudeau are in a tight race toward Sept. 20 parliamentary elections.

Mr. Trudeau called an election on Aug. 15 looking to capitalize on relatively positive reviews for his government's handling of the Covid-19 pandemic to exchange his minority in parliament for a majority mandate and a third term. Polling indicates that, as of now, the best Mr. Trudeau and his Liberal Party can achieve is another minority mandate.

Market Talk:

No items published

Expected Major Events for Friday

06:00/UK: Jul Index of production

06:00/UK: Jul UK trade

06:00/UK: Jul Index of services

06:00/GER: Aug CPI

06:00/UK: Jul Monthly GDP estimates

06:45/FRA: Jul Industrial production index

08:00/ITA: Jul Industrial Production

11:30/UK: Aug NIESR Monthly GDP Tracker

12:30/CAN: Aug Labour Force Survey

12:30/US: Aug PPI

12:30/CAN: 2Q Industrial capacity utilization rates

12:30/US: U.S. Weekly Export Sales

14:00/US: Jul Monthly Wholesale Trade

16:00/US: World Agricultural Supply & Demand Estimates (WASDE)

16:59/GER: Jul Balance of Payments

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

Expected Earnings for Friday

ASA Gold & Precious Metals Ltd (ASA) is expected to report for 2Q.

Aberdeen International (AAB.T,AABVF) is expected to report for 2Q.

Amerityre Corp (AMTY) is expected to report for 4Q.

BeyondSpring Inc (BYSI) is expected to report $-0.57 for 2Q.

Ceres Global Ag (CRP.T) is expected to report for 4Q.

Coffee Holding Co (JVA) is expected to report $0.06 for 3Q.

Home Point Capital Inc (HMPT) is expected to report for 2Q.

Kroger Co (KR) is expected to report $0.73 for 2Q.

PFSweb (PFSW) is expected to report $0.01 for 2Q.

Silver Bull Resources is expected to report for 3Q.

(MORE TO FOLLOW) Dow Jones Newswires

09-10-21 0612ET

Stocks mentioned in the article
ChangeLast1st jan.
CERES GLOBAL AG CORP. 0.21% 4.81 Delayed Quote.19.35%
ROOTS CORPORATION 2.08% 2.94 Delayed Quote.20.99%
SILVER BULL RESOURCES, INC. -2.83% 0.515 Delayed Quote.-24.26%
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