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North American Morning Briefing : Stock Futures -2-

10/22/2021 | 05:51am EST

U.S. Issued $100 Billion in Export Licenses to Suppliers of Huawei, SMIC

The U.S. Commerce Department issued more than $100 billion worth of export licenses for semiconductors and other products to suppliers of Huawei Technologies Co. and another blacklisted Chinese tech company, as a global chip shortage started to bite.

The Commerce data, released Thursday by a Republican member of Congress, shows the department granted 113 export licenses worth about $61 billion for suppliers of telecom giant Huawei and 188 licenses valued at $42 billion for suppliers of Semiconductor Manufacturing International Corp., China's largest chip maker, from Nov. 9, 2020, through April 20 this year.

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Investors Bet Inflation Pressures Will Linger

A key measure of investors' inflation expectations has climbed in recent weeks, adding fuel to concerns about rising consumer prices.

As of Wednesday, the gauge known as the 10-year break-even rate suggested that the consumer-price index will rise by an annual average of 2.57% over the next decade, according to Federal Reserve Economic Data, or FRED. That is up from a recent low of 2.28% in late September and the highest level since 2013.

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Natural-Gas Prices Fall From Peak as Warm Autumn Buoys Stockpiles

Natural-gas prices have shed 19% since hitting a 13-year high earlier this month, reversing some of a run-up that has prompted fears of exorbitant heating bills and higher manufacturing costs at a time of already high prices.

A warm start to autumn is behind the decline. With most of the country yet to turn the heat on, gas has accumulated in storage facilities faster than expected and shrunk a deficit that prompted worries over winter price surges and even potential shortages.

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Derby's Take: As Fed Balance Sheet Grows, Questions About Its Impact Remain

The Federal Reserve's newest governor this week pointed to an uncomfortable truth about the central bank's multitrillion-dollar balance sheet: Policy makers don't know for sure how it affects the economy.

"We have no economic theory of how large the central bank's balance sheet should be. I've never seen it," Christopher Waller said Tuesday in a virtual appearance.

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Supply Bottlenecks Curb Eurozone Economic Growth to Six-Month Low in October

Eurozone business activity growth slowed sharply to a six-month low in October amid increasing supply bottlenecks and ongoing pandemic concerns, flash purchasing managers index data by IHS Markit showed.

The eurozone flash composite PMI fell to 54.3 in October from 56.2 in September, posting a decline for the third consecutive month.

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Global Finance Watchdog Censures Turkey Over Money Laundering, Terrorist Financing

WASHINGTON-A global watchdog on Thursday added Turkey to its list of countries requiring special regulatory oversight for failing to stop money laundering and terrorist financing, a designation analysts say will rattle Ankara's already shaky economy.

The action means Turkey joins a group of 23 countries-including Zimbabwe, Haiti and Syria-that the Financial Action Task Force determined "have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing."

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Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

Corus Entertain 4Q

Economic Indicators (ET):

0830 Aug Retail Trade

Stocks to Watch:

Hammond Power 3Q EPS C$0.34; Sales C$95.5M

Expected Major Events for Friday

00:30/JPN: Oct Japan Flash Manufacturing PMI

05:00/JPN: Sep Steel Production

06:00/UK: Sep UK monthly retail sales figures

07:15/FRA: Oct France Flash PMI

07:30/GER: Oct Germany Flash PMI

08:30/UK: Oct Flash UK PMI

08:59/JPN: Aug Final Labour Survey - Earnings, Employment & Hours Worked

12:30/CAN: Aug Retail trade

13:45/US: Oct US Flash Manufacturing PMI

13:45/US: Oct US Flash Services PMI

14:00/US: Sep State Employment and Unemployment

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

Expected Earnings for Friday

1st Constitution Bancorp (FCCY) is expected to report $0.46 for 3Q.

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

Actinium Pharmaceuticals Inc (ATNM) is expected to report for 3Q.

Altra Industrial Motion Corp (AIMC) is expected to report $0.54 for 3Q.

American Express Co (AXP) is expected to report $1.80 for 3Q.

Bank of the James Financial Group Inc (BOTJ) is expected to report for 3Q.

Carter's Inc (CRI) is expected to report $1.74 for 3Q.

Chino Commercial Bancorp (CCBC) is expected to report for 3Q.

Cleveland-Cliffs Inc (CLF) is expected to report $2.10 for 3Q.

Corus Entertainment Inc - Class B (CJR.B.T,CJREF) is expected to report for 4Q.

Daseke Inc (DSKE) is expected to report $0.32 for 3Q.

Emclaire Financial (EMCF) is expected to report for 3Q.

Esquire Financial Holdings Inc (ESQ) is expected to report $0.62 for 3Q.

First Capital Inc (FCAP) is expected to report for 3Q.

First Hawaiian Inc (FHB) is expected to report $0.47 for 3Q.

Gentex Corp (GNTX) is expected to report $0.37 for 3Q.

Gorman-Rupp Co (GRC) is expected to report $0.34 for 3Q.

Greene County Bancorp (GCBC) is expected to report for 1Q.

HCA Healthcare Inc (HCA) is expected to report $4.19 for 3Q.

Honeywell International Inc (HON) is expected to report $2.01 for 3Q.

MetroCity Bankshares Inc (MCBS) is expected to report $0.61 for 3Q.

Norwood Financial Corp (NWFL) is expected to report for 3Q.

PFB Corp (PFB.T) is expected to report for 3Q.

PFSweb (PFSW) is expected to report $-0.11 for 2Q.

Regions Financial Corp (RF) is expected to report $0.54 for 3Q.

Roper Technologies Inc (ROP) is expected to report $2.77 for 3Q.

Schlumberger (SLB) is expected to report $0.36 for 3Q.

Seagate Technology Holdings PLC (STX) is expected to report for 1Q.

Simply Good Foods (SMPL) is expected to report $0.23 for 4Q.

Toast Inc (TOST) is expected to report for 3Q.

Tompkins Financial (TMP) is expected to report $1.44 for 3Q.

Towne Bank (TOWN) is expected to report $0.67 for 3Q.

United Bankshares Inc (UBSI) is expected to report $0.66 for 3Q.

VF Corp (VFC) is expected to report $1.13 for 2Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Aramark Raised to Buy From Hold by Berenberg

Avaya Holdings Cut to Equal-Weight From Overweight by Barclays

Carnival Raised to Hold From Sell by Berenberg

Contura Energy Raised to Overweight From Neutral by Piper Sandler

Denny's Raised to Buy From Hold by Truist Securities

Krispy Kreme Cut to Hold From Buy by HSBC

Lam Research Cut to Hold From Buy by Summit Insights Group

LivePerson Cut to Underweight From Equal-Weight by Barclays

TCR2 Therapeutics Cut to Market Perform From Outperform by SVB Leerink

Wintrust Cut to Neutral From Buy by Janney Montgomery Scott

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

10-22-21 0550ET

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