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North American Morning Briefing: Stock Futures -2-

07/28/2022 | 05:25am EDT

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 paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

2Q unless stated otherwise

Aecon Grp

AltaGas

ATCO

Calfrac Well

Canadian Pacific Railway

Canadian Utilities

Canfor

Canfor Pulp Products

Cenovus Energy

Champion Iron 1Q

Dundee Precious Metals

Eldorado Gold

Fairfax Fincl

Fortis

iA Fincl

Intact Fincl

MEG Energy

OceanaGold

Real Matters 3Q

Sleep Cntry Canada

TC Energy

TFI Intl

Tilray Brands 4Q

TMX

Whitecap Resources

Yamana Gold

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.

Powered by Onclusive and Dow Jones.


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

07-28-22 0524ET

Stocks mentioned in the article
ChangeLast1st jan.
1LIFE HEALTHCARE, INC. -0.06% 17.1 Delayed Quote.-2.62%
AECON GROUP INC. 0.42% 9.54 Delayed Quote.-43.72%
AGIOS PHARMACEUTICALS, INC. 3.01% 28.72 Delayed Quote.-12.63%
ALTAGAS LTD. -2.77% 26.63 Delayed Quote.0.29%
AMERICAN FINANCIAL GROUP, INC. 1.32% 121.65 Delayed Quote.-11.41%
ASBURY AUTOMOTIVE GROUP, INC. 0.62% 151.71 Delayed Quote.-12.17%
BRC INC. -3.11% 7.47 End-of-day quote.-26.40%
CANACCORD GENUITY GROUP INC. -1.47% 6.71 Delayed Quote.-54.84%
CANADIAN PACIFIC RAILWAY LIMITED -0.63% 93.66 Delayed Quote.3.59%
CANADIAN UTILITIES LIMITED -2.18% 37.75 Delayed Quote.5.18%
CANFOR CORPORATION -1.71% 19.53 Delayed Quote.-38.02%
CANFOR PULP PRODUCTS INC. -2.36% 4.56 Delayed Quote.-27.65%
CHAMPION IRON LIMITED -1.05% 4.695 Delayed Quote.-16.36%
CIVISTA BANCSHARES, INC. -0.05% 20.88 Delayed Quote.-14.43%
DTE ENERGY COMPANY -1.06% 121.7 Delayed Quote.1.81%
DUNDEE CORPORATION 3.25% 1.27 Delayed Quote.-13.38%
DUNDEE PRECIOUS METALS INC. 0.37% 5.47 Delayed Quote.-28.52%
EAGLE MATERIALS INC. -1.03% 103.28 Delayed Quote.-37.96%
F45 TRAINING HOLDINGS INC. 5.80% 2.19 Delayed Quote.-80.99%
FIRST AMERICAN FINANCIAL CORPORATION -0.29% 44.97 Delayed Quote.-42.35%
FIRSTCASH HOLDINGS, INC -2.15% 76.15 End-of-day quote.1.79%
FS BANCORP, INC. -0.69% 27.31 Delayed Quote.-18.79%
KIMCO REALTY CORPORATION 0.67% 18.16 Delayed Quote.-26.33%
LENNOX INTERNATIONAL INC. 0.44% 221.28 Delayed Quote.-32.08%
MARINEMAX, INC. 3.74% 30.23 Delayed Quote.-48.80%
NISOURCE, INC. -1.86% 26.86 Delayed Quote.-0.87%
OCEANAGOLD CORPORATION -0.52% 1.92 Delayed Quote.-12.27%
OLD REPUBLIC INTERNATIONAL CORPORATION 0.88% 20.6 Delayed Quote.-16.92%
OSHKOSH CORPORATION -0.35% 70.43 Delayed Quote.-37.51%
POPULAR, INC. -0.22% 71.92 Delayed Quote.-12.14%
PULTEGROUP, INC. -0.98% 37.54 Delayed Quote.-34.32%
RELIANCE STEEL & ALUMINUM CO. 2.12% 172.61 Delayed Quote.4.19%
SCHLUMBERGER LIMITED 0.35% 33.98 Delayed Quote.13.46%
SHERRITT INTERNATIONAL CORPORATION -0.68% 0.3675 Delayed Quote.-8.64%
SIGMATRON INTERNATIONAL, INC. -1.25% 4.74 Delayed Quote.-53.53%
SIRIUS XM HOLDINGS INC. 0.17% 5.82 Delayed Quote.-8.50%
SOUTHWEST AIRLINES CO. 0.41% 31.5 Delayed Quote.-26.47%
STANLEY BLACK & DECKER, INC. -1.48% 77.67 Delayed Quote.-58.20%
SURGE ENERGY INC. 0.97% 7.31 Delayed Quote.64.17%
THERMO FISHER SCIENTIFIC -1.10% 508.66 Delayed Quote.-23.77%
TMX GROUP LIMITED -0.68% 125 Delayed Quote.-1.87%
TRANSUNION -3.40% 59.96 Delayed Quote.-49.44%
WHITECAP RESOURCES INC. 4.86% 8.41 Delayed Quote.7.08%
WINGSTOP INC. 1.52% 125.63 Delayed Quote.-27.30%
YAMANA GOLD INC. 1.48% 5.5 Delayed Quote.2.82%
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