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North American Morning Briefing: Stock Futures -2-

07/13/2022 | 05:36am EDT

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

All times in GMT. Powered by Onclusive and Dow Jones.


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.

Powered by Onclusive and Dow Jones.


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

Stocks mentioned in the article
ChangeLast1st jan.
AVALON ADVANCED MATERIALS INC. 3.23% 0.16 Delayed Quote.40.91%
AVALON HOLDINGS CORPORATION 1.82% 2.8 Delayed Quote.-23.82%
BEYONDSPRING INC. 0.26% 0.9774 Delayed Quote.-78.48%
CARDLYTICS, INC. 1.98% 9.81 Delayed Quote.-85.44%
COGECO COMMUNICATIONS INC. -0.11% 70.93 Delayed Quote.-28.37%
COGECO INC. 0.69% 55.74 Delayed Quote.-31.85%
DELTA AIR LINES, INC. 3.47% 29.49 Delayed Quote.-27.07%
FASTENAL COMPANY 1.43% 47.59 Delayed Quote.-25.71%
FATE THERAPEUTICS, INC. 5.58% 23.1 Delayed Quote.-60.52%
FIRAN TECHNOLOGY GROUP CORPORATION 0.52% 1.93 Delayed Quote.-27.55%
GOODFOOD MARKET CORP. -2.13% 0.92 Delayed Quote.-76.90%
INMED PHARMACEUTICALS INC. -13.26% 5.82 Delayed Quote.-82.23%
LONDON BRENT OIL -0.07% 88.8 Delayed Quote.7.68%
MACROGENICS, INC. 4.00% 3.64 Delayed Quote.-78.19%
MORGAN STANLEY 2.50% 81.47 Delayed Quote.-17.00%
NASDAQ COMPOSITE 2.05% 11051.64 Real-time Quote.-30.78%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.54% 0.56839 Delayed Quote.-17.14%
OCEAN POWER TECHNOLOGIES, INC. 3.78% 0.8409 Delayed Quote.-45.25%
ROCKY MOUNTAIN CHOCOLATE FACTORY, INC. -1.14% 6.06 Delayed Quote.-22.80%
RYAN SPECIALTY HOLDINGS, INC. 0.10% 39.68 Delayed Quote.-1.66%
S&P GSCI PRECIOUS METALS INDEX -0.27% 2149.1 Real-time Quote.-11.65%
SEI INVESTMENTS COMPANY 1.81% 51.14 Delayed Quote.-16.08%
SONOMA PHARMACEUTICALS, INC. 0.00% 2.17 Delayed Quote.-52.41%
SOUTHWEST AIRLINES CO. 2.95% 32.43 Delayed Quote.-24.30%
STORE CAPITAL CORPORATION 0.85% 31.9 Delayed Quote.-7.27%
TIANQI LITHIUM CORPORATION -6.14% 102.29 End-of-day quote.-4.40%
UNITY BANCORP, INC. 1.56% 25.46 Delayed Quote.-3.01%
WASHINGTON FEDERAL, INC. 1.69% 30.61 Delayed Quote.-8.30%
WINMARK CORPORATION 2.10% 219.99 Delayed Quote.-13.22%
WTI 0.02% 81.702 Delayed Quote.4.16%
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