America's office glut has been decades in the making, real-estate investors, brokers and analysts say. U.S. developers built too many office towers, lured by federal tax breaks, low interest rates and inflated demand from unprofitable startups. At the same time, landlords largely failed to tear down or convert old, mostly vacant buildings to other uses.
Indonesia's Central Bank Raises Rates Unexpectedly as Inflation Bites
Bank Indonesia unexpectedly raised its seven-day reverse repo interest rate in a pre-emptive move to combat inflation that it expects will continue to climb.
The Indonesian central bank raised its benchmark interest rate by 25 basis points to 3.75%, against the expectations of eight economists polled by The Wall Street Journal, who had projected that the bank would stand pat.
House Democrats Fight for Redistricted Seats in New York Primaries
Voters in Florida and New York go to the polls Tuesday to decide primary races as well as a special House election in the Empire State that will test Democrats' efforts to use abortion access to motivate their base.
The contests in both states were heavily affected by redistricting, which scrambled the plans of several Democratic House members in New York and put several incumbents into jeopardy, including Reps. Jerrold Nadler, Carolyn Maloney and Mondaire Jones. Additionally, voters in Oklahoma will hold runoff elections in separate U.S. Senate races.
U.S. Warns Turkish Businesses Against Work With Sanctioned Russians
ISTANBUL-The Biden administration warned Turkish businesses against working with sanctioned Russian institutions and individuals, intensifying U.S. pressure on a NATO ally that has maintained a strong relationship with Russia during its invasion of Ukraine.
In a letter dated Aug. 22 to the American Chamber of Commerce in Turkey viewed by The Wall Street Journal, Deputy Secretary of the Treasury Wally Adeyemo said that Turkish companies were at risk of coming under U.S. sanctions if they did business with sanctioned Russian individuals.
Najib Razak, Malaysia's Ex-Prime Minister, to Be Imprisoned After Losing Final 1MDB Appeal
KUALA LUMPUR-Former Prime Minister Najib Razak is due to face prison after Malaysia's highest court dismissed his final appeal of corruption convictions related to his role in one of the world's largest financial scandals.
Mr. Najib, 69, was sentenced to 12 years in prison in 2020 after being convicted of seven charges including abuse of power, money laundering and criminal breach of trust, and fined almost $50 million. His punishment was stayed while he appealed the verdicts, all of which were upheld by Malaysia's Federal Court on Tuesday.
Trump Files Lawsuit Challenging Mar-a-Lago Search by FBI
WASHINGTON-Former President Donald Trump filed a lawsuit Monday seeking the appointment of a special master to review the materials seized by the FBI during a search of his Mar-a-Lago home and asked a judge to order investigators to immediately stop examining the items.
Mr. Trump is also seeking a more detailed inventory of the items taken from his private club in Florida earlier this month, as well as the return of any items seized that he says weren't within the scope of the search warrant.
Write to nihad.ahmed@wsj.com TODAY IN CANADA
Earnings:
Absolute Software 4Q
Bank of Nova Scotia 3Q
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Economic Indicators (ET):
None scheduled.
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Other News:
German Chancellor Olaf Scholz visits Toronto and Stephenville with Canadian PM Justin Trudeau
Expected Major Events for Tuesday
00:30/JPN: Aug Japan Flash Manufacturing PMI
05:00/JPN: Jul Steel Production
05:00/JPN: Jul Supermarket sales
05:30/JPN: Jul Tokyo area department store sales
05:30/JPN: Jul Nationwide department store sales
07:15/FRA: Aug France Flash PMI
07:30/GER: Aug Germany Flash PMI
08:30/UK: Aug Flash UK PMI
10:00/UK: Aug CBI Industrial Trends Survey
10:00/FRA: 2Q OECD trade statistics release
12:55/US: 08/20 Johnson Redbook Retail Sales Index
13:45/US: Aug US Flash Manufacturing PMI
13:45/US: Aug US Flash Services PMI
14:00/US: Jul New Residential Sales
14:00/US: Aug Richmond Fed Business Activity Survey
17:00/US: Jul Money Stock Measures
20:30/US: 08/19 API Weekly Statistical Bulletin
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
Absolute Software (ABST.T) is expected to report $-0.07 for 4Q.
Aviat Networks (AVNW) is expected to report for 4Q.
Bank of Nova Scotia (BNS,BNS.T) is expected to report $2.08 for 3Q.
Caleres Inc (CAL) is expected to report for 2Q.
Dick's Sporting Goods Inc (DKS) is expected to report $3.42 for 2Q.
Electromed (ELMD) is expected to report for 4Q.
FTI Consulting (FCN) is expected to report $1.74 for 4Q.
Intuit Inc (INTU) is expected to report $-0.36 for 4Q.
JM Smucker Co (SJM) is expected to report $1.32 for 1Q.
La-Z-Boy Inc (LZB) is expected to report $0.68 for 1Q.
LifeVantage Corp (LFVN) is expected to report for 4Q.
Macy's Inc (M) is expected to report $0.85 for 2Q.
Medtronic plc (MDT) is expected to report $0.89 for 1Q.
Nordstrom Inc (JWN) is expected to report $0.82 for 2Q.
Paycor HCM Inc (PYCR) is expected to report for 4Q.
Regis Corp (RGS) is expected to report for 4Q.
ScanSource (SCSC) is expected to report for 4Q.
Simply Inc (SIMPQ) is expected to report for 1Q.
Toll Brothers Inc (TOL) is expected to report $2.30 for 3Q.
Urban Outfitters (URBN) is expected to report $0.70 for 2Q.
Vidler Water Resources Inc (VWTR) is expected to report for 2Q.
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ANALYST RATINGS ACTIONS
Reliance Worldwide Downgraded to Hold from Add by Morgans
Reliance Worldwide Downgraded to Hold from Buy by Jefferies
Clarus Therapeutics Cut to Hold From Buy by Maxim Group
Foot Locker Raised to Hold From Sell by William Blair
Laboratory Corp. Coverage Assumed by Morgan Stanley at Overweight
Netflix Cut to Sell From Hold by CFRA
Quest Diagnostics Coverage Assumed by Morgan Stanley at Equal-Weight
Saia Cut to In-Line From Outperform by Evercore ISI Group
Schneider National Raised to Outperform From In-Line by Evercore ISI Group
United Parcel Service Cut to In-Line From Outperform by Evercore ISI Group
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
08-23-22 0627ET
