WASHINGTON-The Senate on Wednesday approved a $280 billion bill aimed at boosting the semiconductor industry crucial to modern technology, in a bipartisan embrace of expanding U.S. industrial policy to counter the competitive threat posed by China.
The vote reflected growing concern in both parties that the U.S. lacks a long-term response to Beijing's technological and economic rise, a view galvanized when the Covid-19 pandemic disrupted chip supplies from Asia, with fallout across major industries.
Miners Unfazed by China's Plan to Control Iron-Ore Imports
ADELAIDE, Australia-Some of the world's largest iron-ore miners said they expect the market to continue dictating prices of the commodity despite China setting up a centralized buying group to try to gain more sway.
China Mineral Resources Group was established by Beijing this month as part of a drive to secure more control over resources needed for the country's growth at a time of rising tensions with the West. More than half of China's iron-ore imports arrive from Australia, which has faced a trade backlash from Beijing after calling for an investigation into the origins of Covid-19 in central China.
Gold Investment Remains Attractive Despite Demand Slip on Dollar Strength
Demand for gold fell during the second quarter of 2022 as the strength of the dollar weighed on prices for the precious metal, but macroeconomic weakness is still likely to ensure it remains an attractive investment, the World Gold Council said in a report Thursday.
Gold demand fell by 8% from the same period in 2021 to 948 metric tons, with much of the weakness related to the dollar's strength, the WGC said.
North Korea Threatens to Annihilate South's Military Should It Try Pre-Emptive Strike
SEOUL-North Korean leader Kim Jong Un said the country's nuclear missiles stand "fully ready" for a military conflict with the U.S. and threatened to annihilate South Korea's military should it attempt a pre-emptive strike.
The 38-year-old dictator made the remarks while delivering a speech for the country's Victory Day, an annual July 27 holiday that celebrates the signing of the armistice that halted fighting in the Korean War nearly seven decades ago. Without a peace treaty, the conflict remains technically ongoing.
Write to firstname.lastname@example.org TODAY IN CANADA
2Q unless stated otherwise
Canadian Pacific Railway
Canfor Pulp Products
Champion Iron 1Q
Dundee Precious Metals
Real Matters 3Q
Sleep Cntry Canada
Tilray Brands 4Q
Economic Indicators (ET):
0830 May Payroll employment, earnings & hours
Stocks to Watch:
Sherritt International 2Q EPS C$0.21
Surge Energy 2Q EPS C$0.83; 2Q Net C$72M; 2Q Rev C$213M
Expected Major Events for Thursday
00:30/JPN: Jun Detailed Import & Export Statistics
06:45/FRA: Jun PPI
08:00/ITA: May Industrial turnover & orders
08:00/GER: Jul Bavaria CPI
08:00/GER: Jul Hesse CPI
08:00/GER: Jul Baden-Wuerttemberg CPI
08:00/GER: Jul Brandenburg CPI
08:30/GER: Jul North Rhine Westphalia CPI
09:00/ITA: Jun Foreign Trade non-EU
09:00/GER: Jul Saxony CPI
12:00/GER: Jul Provisional CPI
12:30/CAN: May Payroll employment, earnings & hours
12:30/US: 07/23 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: U.S. Weekly Export Sales
12:30/US: 2Q Advance estimate GDP
13:00/RUS: Weekly International Reserves
14:30/US: 07/22 EIA Weekly Natural Gas Storage Report
15:00/US: Jul Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
23:01/UK: 2Q BRC-LDC Vacancy Monitor
23:30/JPN: Jun Labour Force Survey
23:30/JPN: Jul CPI (Tokyo), CPI ex-Food (Tokyo)
23:50/JPN: Jun Preliminary Retail Sales
23:50/JPN: Jun Preliminary Industrial Production
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
Altra Industrial Motion Corp (AIMC) is expected to report $0.63 for 2Q.
Arch Resources Inc (ARCH) is expected to report for 2Q.
Asbury Automotive (ABG) is expected to report $8.85 for 2Q.
Canadian Pacific Railway (CP,CP.T) is expected to report $0.90 for 2Q.
Carter Bankshares Inc (CARE) is expected to report for 2Q.
Civista Bancshares inc (CIVB) is expected to report $0.50 for 2Q.
DTE Energy Co (DTE) is expected to report $1.10 for 2Q.
Donegal Group (DGICA,DGICB) is expected to report $0.38 for 2Q.
Eagle Materials Inc (EXP) is expected to report $2.80 for 1Q.
Euronet Worldwide Inc (EEFT) is expected to report $1.28 for 2Q.
FS Bancorp (FSBW) is expected to report $0.80 for 2Q.
First American Financial (FAF) is expected to report $1.62 for 2Q.
FirstCash Holdings Inc (FCFS) is expected to report for 2Q.
Harley-Davidson (HOG) is expected to report $1.16 for 2Q.
Honeywell International Inc (HON) is expected to report $2.03 for 2Q.
International Paper (IP) is expected to report $1.12 for 2Q.
Kimco Realty Corp (KIM) is expected to report $0.15 for 2Q.
Lakeland Bancorp (LBAI) is expected to report $0.43 for 2Q.
Lennox International Inc (LII) is expected to report $4.72 for 2Q.
Lincoln Electric Holdings (LECO) is expected to report $1.96 for 2Q.
MarineMax (HZO) is expected to report $3.04 for 3Q.
National Energy Services Reunited Corp (NESR) is expected to report $0.11 for 1Q.
Old Republic International Corp (ORI) is expected to report $0.60 for 2Q.
Oshkosh Corp (OSK) is expected to report $0.79 for 2Q.
Pfizer Inc (PFE) is expected to report $1.65 for 2Q.
Popular Inc (BPOP) is expected to report $2.56 for 2Q.
Real Matters is expected to report $0.00 for 3Q.
Reliance Steel & Aluminum Co (RS) is expected to report $9.04 for 2Q.
Safehold Inc (SAFE) is expected to report $0.40 for 2Q.
Sigmatron International Inc (SGMA) is expected to report for 4Q.
Sirius XM Holdings Inc (SIRI) is expected to report $0.08 for 2Q.
Southwest Airlines (LUV) is expected to report $1.07 for 2Q.
Stanley Black & Decker Inc (SWK) is expected to report $1.92 for 2Q.
Thermo Fisher Scientific (TMO) is expected to report $3.72 for 2Q.
Tilray Inc (TLRY) is expected to report $-0.08 for 4Q.
Travel + Leisure Co (TNL) is expected to report for 2Q.
Triton International Limited (TRTN) is expected to report $2.68 for 2Q.
Valley National Bancorp (VLY) is expected to report $0.21 for 2Q.
Whitecap Resources is expected to report for 2Q.
Wingstop Inc (WING) is expected to report $0.36 for 2Q.
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ANALYST RATINGS ACTIONS
1Life Healthcare Cut to Hold From Buy by Stifel
Agilysys Cut to Hold From Buy by Craig-Hallum
Agios Pharmaceuticals Raised to Outperform From Market Perform by SVB Leerink
Carvana Raised to Market Perform From Underperform by Raymond James
Cleveland-Cliffs Cut to Sell From Buy by GLJ Research
F45 Training Cut to Neutral From Outperform by Baird
F45 Training Cut to Neutral From Outperform by Macquarie
Helix Energy Solutions Raised to Outperform From In-Line by Evercore ISI Group
Infrastructure & Energy Cut to Neutral From Buy by Guggenheim
International Seaways Raised to Buy From Neutral by BTIG
Liberty Oilfield Services Raised to Outperform From Sector Perform by RBC Capital
McDonald's Cut to Hold From Buy by Deutsche Bank
Newmont Raised to Buy From Hold by Canaccord Genuity
NiSource Raised to Buy From Hold by Edward Jones
Peoples Financial Svcs Cut to Equal-Weight From Overweight by Stephens & Co.
PulteGroup Cut to Neutral From Buy by B of A Securities
Schlumberger Raised to Buy From Hold by Benchmark
TransUnion Cut to Neutral From Buy by B of A Securities
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires