RBNZ Raises Cash Rate by Half-Percentage Point for Third Straight Meeting
WELLINGTON, New Zealand-New Zealand's central bank raised its benchmark interest rate by 50 basis points for a third consecutive meeting Wednesday, as it tries to dampen decades-high inflation, and vowed further increases.
The rate decision lifts the cash rate to 2.5% and is the Reserve Bank of New Zealand's sixth increase since October when it raised the benchmark rate from a record-low 0.25%.
Hong Kong IPO Market Thaws, but New Listings Stumble in Debuts
The busiest day for new Hong Kong listings in more than a year turned out to be a disappointing one for investors.
Four companies had their debuts on the city's stock exchange on Wednesday, led by giant Chinese lithium producer Tianqi Lithium Corp., which recently completed a $1.7 billion stock sale that ranked as Hong Kong's largest initial public offering this year.
UK Economy Rebounded in May
The U.K. economy rebounded in May after contracting in the previous month, although the pickup in activity was likely a one-off boost rather than an improvement in the country's underlying growth trend.
The U.K. gross domestic product increased 0.5% in May from the previous month, data from the Office for National Statistics showed Wednesday. Economists polled by The Wall Street Journal expected the economy to stagnate on month.
German Inflation Rate Fell in June
Germany's annual rate of inflation fell in June, confirming the first estimate, as there was a respite because of temporary government interventions.
According to final data released by German statistics office Destatis on Wednesday, consumer prices rose 7.6% on year measured by national standards, in line with the forecast by economists in a Wall Street Journal poll. In May, consumer prices rose 7.9%, posting the highest reading since December 1973.
Biden Heads to Middle East in High-Stakes Trip to Boost Ties
JERUSALEM-President Biden arrives in Israel on Wednesday to kick off a trip to the Middle East that his administration hopes will bolster U.S. ties in the region, but could yield limited progress on American priorities.
U.S. officials framed the four-day trip to Israel and Saudi Arabia as an opportunity to strengthen ties and promote stability, including by bringing the two countries he is visiting closer together, while countering threats from Iran. But the president's allies worry he could conclude without substantial progress on energy or human rights issues, returning largely empty-handed to the U.S., where he is struggling with low approval ratings and high prices ahead of the midterm elections.
Donald Trump Tried to Contact Jan. 6 Witness, Liz Cheney Says
WASHINGTON-Former President Donald Trump tried to contact a witness in the House select committee investigation of the Jan. 6, 2021, attack on the U.S. Capitol, a matter the panel informed the Justice Department about, the committee Vice Chairwoman Liz Cheney (R., Wyo.) said Tuesday.
The witness is someone "you have not yet seen in these hearings," Ms. Cheney said toward the end of the committee's seventh hearing of the year, which focused on potential connections between Mr. Trump's efforts to overturn the election and far-right groups who participated in the day's violence. "That person declined to answer or respond to President Trump's call.... This committee has supplied that information to the Department of Justice."
Write to nihad.ahmed@wsj.com TODAY IN CANADA
Earnings:
Cogeco Commun 3Q
Goodfood Market 3Q
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Economic Indicators (ET):
1000 Bank of Canada interest rate announcement
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Stocks to Watch:
InMed Pharmaceuticals Receives Nasdaq Notification Regarding Minimum Bid Price Compliance; InMed Has 180 Calendar Days Following Receipt of Notice to Regain Compliance; InMed: Notice Has No Immediate Impact on Listing of Shares; InMed Plans to Monitor Closing Share Price for Common Shares, Explore Available Options to Regain Compliance
Expected Major Events for Wednesday
06:00/UK: May Index of production
06:00/UK: May UK trade
06:00/UK: May Index of services
06:00/UK: May Monthly GDP estimates
06:00/GER: Jun CPI
06:45/FRA: Jun CPI
08:00/FRA: Jul IEA Oil Market Report
10:00/FRA: May OECD Harmonised Unemployment Rates
11:00/US: 07/08 MBA Weekly Mortgage Applications Survey
11:30/UK: Jun NIESR Monthly GDP Tracker
12:30/US: Jun Real Earnings
12:30/US: Jun CPI
14:00/US: Jun Online Help Wanted Index
14:00/CAN: Bank of Canada interest rate announcement
14:30/US: 07/08 EIA Weekly Petroleum Status Report
16:59/GER: May Balance of Payments
18:00/US: Jun Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
18:00/US: U.S. Federal Reserve Beige Book
23:01/UK: Jun RICS Residential Market Survey
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Expected Earnings for Wednesday
ASA Gold & Precious Metals Ltd (ASA) is expected to report for 2Q.
Avalon Advanced Materials is expected to report for 3Q.
BeyondSpring Inc (BYSI) is expected to report $-0.24 for 1Q.
CCA Industries (CAWW) is expected to report for 2Q.
Cogeco Communications Inc (CCA.T,CGEAF) is expected to report $2.26 for 3Q.
Cogeco is expected to report for 3Q.
Delta Air Lines (DAL) is expected to report $1.71 for 2Q.
Fastenal Co (FAST) is expected to report $0.50 for 2Q.
Fastenal Co (FAST) is expected to report.
Firan Technology Group is expected to report for 2Q.
Frequency Electronics (FEIM) is expected to report for 4Q.
Friedman Industries (FRD) is expected to report for 4Q.
Ocean Power Technologies Inc (OPTT) is expected to report for 4Q.
PAM Transportation (PTSI) is expected to report $1.15 for 2Q.
Portage Biotech Inc (PBT.U-L,PRTG) is expected to report for 1Q.
Rocky Mountain Chocolate Factory Inc (RMCF) is expected to report for 1Q.
Sonoma Pharmaceuticals Inc (SNOA) is expected to report for 4Q.
Techprecision Corp (TPCS) is expected to report for 4Q.
Unity Bancorp Inc (UNTY) is expected to report $0.86 for 2Q.
Washington Federal (WAFD) is expected to report $0.78 for 3Q.
Winmark (WINA) is expected to report for 2Q.
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ANALYST RATINGS ACTIONS
Capital One Cut to Equal-Weight From Overweight by Morgan Stanley
Cardlytics Cut to Hold From Buy by Craig-Hallum
Fate Therapeutics Raised to Outperform From Market Perform by BMO Capital
JetBlue Cut to Neutral From Positive by Susquehanna
Macrogenics Cut to Market Perform From Outperform by BMO Capital
Natl Retail Properties Cut to Equal-Weight From Overweight by Morgan Stanley
Ryan Specialty Group Raised to Buy From Neutral by Goldman Sachs
SEI Investments Cut to Underweight From Equal-Weight by Morgan Stanley
Southwest Airlines Raised to Positive From Neutral by Susquehanna
STORE Capital Cut to Underweight From Equal-Weight by Morgan Stanley
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
07-13-22 0535ET
