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North American Morning Briefing: Stock Futures -2-

10/29/2021 | 05:56am EST

Economists surveyed by The Wall Street Journal estimate the Commerce Department on Friday will report that personal-consumption expenditures rose 0.6% in September, down from 0.8% in August.

U.S. Economy Slowed in Third Quarter on Delta Surge, Supply Crunch

The U.S. economy grew at the slowest pace of the recovery in the third quarter, but economists expect strong consumer demand and an easing pandemic to boost growth in the coming months despite lingering supply constraints.

Gross domestic product grew at a seasonally adjusted annual rate of 2.0% from July to September, the Commerce Department said Thursday, marking the weakest quarter of growth since the recovery began in mid-2020.

Biden Framework for Social-Climate Package Fails to Ease Passage of Infrastructure Bill

WASHINGTON-The White House released a $1.85 trillion framework designed to show progress in months of social spending and climate talks that fell short of persuading progressives to quickly approve a parallel, roughly $1 trillion infrastructure bill.

President Biden met with House Democrats in the morning to pitch them on the new framework, a far slimmer piece of legislation than the $3.5 trillion package the party originally had outlined. Democrats have been rushing to complete negotiations on the bill so that they can also move forward with the public-works legislation, which passed the Senate over the summer but has languished in the House.

Eurozone Inflation Rises at the Fastest Pace in 13 Years

The annual rate of inflation in the eurozone accelerated in October at the fastest pace since July 2008, due to rising energy prices, supply constraints and strong consumer demand.

Consumer prices rose 4.1% on year in October, according to a first estimate released Friday by Eurostat, the European Union's statistics agency. Prices rose 3.4% on year in September.

German Economy Grew at Slower-Than-Expected Pace in 3Q

Germany's economy grew in the third quarter, according to a first estimate published Friday by the Federal Statistical Office, but missed expectations.

Gross domestic product rose by an adjusted 1.8% from the previous quarter, Destatis said. This expansion was smaller than economists' expectations of 2.1% growth in The Wall Street Journal's survey.

G-20 Climate Talks Threatened by Clash Over Coal Ahead of COP26

ROME-Leaders from the Group of 20 major economies are split over phasing out coal and limiting global warming to 1.5 degrees Celsius, officials said, throwing into doubt whether ambitious climate change targets can be hit.

The gathering of world leaders in Rome this weekend is expected to set the tone for talks at the nearly two-week-long United Nations climate summit in Glasgow, slated to follow immediately afterward.

Florida Sues Biden Administration Over Covid-19 Vaccine Mandate for Federal Contractors

Florida is suing the Biden administration over vaccine mandates for federal contractors, Gov. Ron DeSantis said Thursday.

The lawsuit, filed in the U.S. District Court in the middle district of Florida's Tampa division, alleges that the requirement for employees at federal contractors be vaccinated by Dec. 8 interferes with Florida's employment policies and threatens economic harm and the loss of federal contracts.

SEC Seeks Testimony From Sen. Richard Burr's Brother-in-Law in Insider-Trading Probe

WASHINGTON-The Securities and Exchange Commission is asking a federal judge to require Sen. Richard Burr's brother-in-law to testify in an enforcement probe that examines possible insider trading by both men.

U.S. District Judge Lewis Liman has scheduled a Friday hearing to consider the SEC's request for testimony from Gerald Fauth, who is chairman of the National Mediation Board and Mr. Burr's brother-in-law. The SEC says the order is necessary because Mr. Fauth has "waged a relentless battle to avoid" complying with a SEC subpoena issued in May 2020, according to a court filing.

NAACP Urges Pro Athletes to Avoid Deals With Texas Teams Over New State Laws

The NAACP is calling on professional athletes from five sports leagues to avoid signing with Texas-based teams over laws recently passed in the state.

The two-page letter sent Thursday asks the athletes to use their influence to help protect the constitutional rights of people affected by the new laws, including Texas's recent policies on abortion, voting rights and coronavirus mask mandates. The athletes are members of Major League Baseball and the National Football League, National Hockey League, National Basketball Association and Women's National Basketball Association.

Accused Major League Baseball Hacker Charged With Extortion

Federal prosecutors charged a Minnesota man on Thursday with illegally streaming sports games from sites including Major League Baseball and then attempting to extort the league after he hacked its website.

The U.S. attorney's office in Manhattan accused Joshua Streit, 30 years old, with operating a website that illegally live-streamed games from professional sports leagues, including Major League Baseball, the National Basketball Association, the National Football League and the National Hockey League. Mr. Streit then contacted MLB in an attempt to get money for telling the league about unauthorized access to its systems, prosecutors said.

U.S. in Talks to Pay Hundreds of Millions to Families Separated at Border

WASHINGTON-The Biden administration is in talks to offer immigrant families that were separated during the Trump administration around $450,000 a person in compensation, according to people familiar with the matter, as several agencies work to resolve lawsuits filed on behalf of parents and children who say the government subjected them to lasting psychological trauma.

The U.S. Departments of Justice, Homeland Security, and Health and Human Services are considering payments that could amount to close to $1 million a family, though the final numbers could shift, the people familiar with the matter said. Most of the families that crossed the border illegally from Mexico to seek asylum in the U.S. included one parent and one child, the people said. Many families would likely get smaller payouts, depending on their circumstances, the people said.

Write to sarka.halas@wsj.com

TODAY IN CANADA

Earnings:

Cameco 3Q

Fortis 3Q

HEXO Corp. (HEXO.T) 4Q

Imperial Oil Limited 3Q

Shaw Commun (SJR.B.T) 4Q

SNC-Lavalin Grp Inc. (SNC.T) 3Q

Voyager Digital 2Q

Wstshore Termnls Invstmnt (WTE.T) 3Q

Economic Indicators (ET):

0830 Sep Industrial product & raw materials price indexes

0830 Aug GDP

Expected Major Events for Friday

01:00/JPN: Sep Steel Imports & Exports Statistics

04:30/JPN: Sep Preliminary Report on Petroleum Statistics

05:00/JPN: Oct Consumer Confidence Survey

05:00/JPN: Sep Housing Starts

05:00/JPN: Sep Construction Orders

05:30/FRA: Sep Household consumption expenditure in manufactured goods

05:30/FRA: 3Q GDP - first estimate

06:45/FRA: Sep Housing starts

06:45/FRA: Oct Provisional CPI

08:00/ITA: 3Q GDP preliminary estimate

08:00/GER: 3Q GDP - 1st release

08:30/UK: Sep Bank of England effective interest rates

08:30/UK: Sep Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit

08:30/UK: Sep Monetary & Financial Statistics

08:30/UK: 3Q Insolvency statistics

09:00/ITA: Oct Provisional CPI

09:00/ITA: Oct Cities CPI

12:30/US: Sep Personal Income & Outlays

12:30/CAN: Sep Industrial product & raw materials price indexes

12:30/CAN: Aug GDP

12:30/US: 3Q Employment Cost Index

13:45/US: Oct Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

14:00/US: Oct University of Michigan Survey of Consumers - final

19:00/US: Sep Agricultural Prices

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

Expected Earnings for Friday

AbbVie Inc (ABBV) is expected to report $2.40 for 3Q.

AdvanSix (ASIX) is expected to report $1.20 for 3Q.

Balchem Corp (BCPC) is expected to report $0.79 for 3Q.

Barnes Group (B) is expected to report $0.49 for 3Q.

Booz Allen Hamilton Holding Corp (BAH) is expected to report $1.03 for 2Q.

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

Cboe Global Markets Inc (CBOE) is expected to report $1.27 for 3Q.

Cerner Corp (CERN) is expected to report $0.62 for 3Q.

Charter Communications Inc (CHTR) is expected to report $5.90 for 3Q.

Chevron Corporation (CVX) is expected to report $2.17 for 3Q.

Church & Dwight Inc (CHD) is expected to report $0.70 for 3Q.

Colgate-Palmolive Co (CL) is expected to report $0.79 for 3Q.

Cowen Inc (COWN) is expected to report $1.05 for 3Q.

Dime Community Bancshares Inc (DCOM) is expected to report for 3Q.

Exxon Mobil Corp (XOM) is expected to report $1.58 for 3Q.

Fannie Mae (FNMA) is expected to report $0.42 for 3Q.

Fortis Inc (FTS,FTS.T) is expected to report $0.66 for 3Q.

Freddie Mac (FMCC) is expected to report $0.00 for 3Q.

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

Grainger (WW) (GWW) is expected to report $5.36 for 3Q.

HEXO Corp (HEXO,HEXO.T) is expected to report for 4Q.

Huntsman Corp (HUN) is expected to report $0.98 for 3Q.

Imperial Oil Ltd (IMO,IMO.T) is expected to report $1.25 for 3Q.

L3Harris Technologies Inc (LHX) is expected to report for 3Q.

Moneygram International Inc (MGI) is expected to report $0.02 for 3Q.

Newell Brands Inc (NWL) is expected to report $0.46 for 3Q.

Oppenheimer Holdings (OPY) is expected to report for 3Q.

PNM Resources Inc (PNM) is expected to report $1.24 for 3Q.

Phillips 66 (PSX) is expected to report $2.08 for 3Q.

Phillips 66 Partners LP (PSXP) is expected to report $1.01 for 3Q.

Portland General Electric (POR) is expected to report $0.64 for 3Q.

Provident Financial Services Inc (PFS) is expected to report $0.47 for 3Q.

(MORE TO FOLLOW) Dow Jones Newswires

10-29-21 0555ET

Stocks mentioned in the article
ChangeLast1st jan.
CAMECO CORPORATION -0.20% 25.33 Delayed Quote.-7.98%
FORTIS INC. -0.46% 58.68 Delayed Quote.-3.41%
HEXO CORP. 1.52% 0.67 Delayed Quote.-25.00%
IMPERIAL OIL LIMITED -0.04% 50.58 Delayed Quote.10.92%
SNC-LAVALIN GROUP INC. 1.53% 26.47 Delayed Quote.-15.66%
VOYAGER DIGITAL LTD. -1.57% 10.06 Delayed Quote.-35.28%
WESTSHORE TERMINALS INVESTMENT CORPORATION -4.15% 26.57 Delayed Quote.3.36%
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