U.K. Inflation Reaches 10.1% as Government U-Turns Cloud Outlook
The U.K.'s annual rate of inflation returned to double digits in September, cementing expectations of another rise in the Bank of England's key interest rate early next month even as the medium-term outlook for prices has been clouded by changes in government policy.
The sharp rise in world energy prices since Russia's invasion of Ukraine has pushed the U.K.'s inflation rate to four-decade highs, and prompted the BOE to raise its key interest rate more aggressively than it had planned before the war.
BOJ Board Member Adachi Pledges to Continue Monetary Easing
Bank of Japan policy board member Seiji Adachi said Wednesday that the bank should continue its easy policy and needs to be careful about monetary tightening amid concerns about a global economic slowdown.
"History tells us it comes with a great risk to shift monetary policy toward tightening when there is a risk of a storm coming," Mr. Adachi said. He warned of the possibility of a slowdown in the world economy due to factors including the Federal Reserve's aggressive rate increases.
Biden to Sell More Oil From Strategic Reserve to Keep Gas Prices in Check
WASHINGTON-The Biden administration is planning to sell more oil from the country's strategic reserves-and is considering authorizing new sales this winter-as it tries to head off the potential for more market shocks and high prices, according to senior administration officials.
President Biden plans to address the nation on gasoline prices Wednesday as midterm elections near and the clock runs down on previously planned releases of government reserves that have helped temper prices at the pump.
North Korea Fires Artillery Shells Into Sea as South Korea Begins Military Drills
SEOUL-North Korea fired hundreds of artillery shells as South Korea kicked off military drills to counter North Korean provocations.
On Tuesday, North Korea fired about 100 shells into the sea off its west coast around 10 p.m. local time and 150 shells off its east coast about an hour later, Seoul's military said on Wednesday. About 100 more shells were fired off North Korea's west coast at 12:30 p.m. on Wednesday.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
None scheduled
Economic Indicators (ET):
0830 Sep CPI
0830 Sep Industrial product & raw materials price indexes
Stocks to Watch:
Zijin Mining to Acquire Stake in Rosebel Gold Mines From IAMGOLD for $360M; Zijin Mining to Acquire 95% Class-A Shares of Rosebel; Acquisition of Suriname-Based Rosebel to Help Boost Gold Production Volume; Acquisition to Be Paid With Company's Funds
Expected Major Events for Wednesday
06:00/UK: Sep UK producer prices
06:00/UK: Sep UK monthly inflation figures
08:30/UK: Aug UK House Price Index
11:00/US: 10/14 MBA Weekly Mortgage Applications Survey
12:30/US: Sep New Residential Construction - Housing Starts and Building Permits
12:30/CAN: Sep CPI
12:30/CAN: Sep Industrial product & raw materials price indexes
14:30/US: 10/14 EIA Weekly Petroleum Status Report
18:00/US: U.S. Federal Reserve Beige Book
23:50/JPN: Sep Provisional Trade Statistics for the Month
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Expected Earnings for Wednesday
A&W Revenue Royalties Income Fund (AW.UN.T,AWRRF) is expected to report for 3Q.
Abbott Laboratories (ABT) is expected to report $0.64 for 3Q.
Alcoa Corp (AA) is expected to report $0.92 for 3Q.
Ally Financial Inc (ALLY) is expected to report $1.73 for 3Q.
Badger Meter Inc (BMI) is expected to report $0.58 for 3Q.
Baker Hughes Co (BKR) is expected to report $0.25 for 3Q.
Banner Corp (BANR) is expected to report $1.38 for 3Q.
Citizens Financial Group (CFG) is expected to report $1.23 for 3Q.
Comerica Inc (CMA) is expected to report $2.57 for 3Q.
Community Trust Bancorp (CTBI) is expected to report $1.16 for 3Q.
Elevance Health Inc (ELV) is expected to report $6.66 for 3Q.
First Community Corp. (South Carolina) (FCCO) is expected to report $0.46 for 3Q.
Great Southern Bancorp (GSBC) is expected to report $1.56 for 3Q.
Healthcare Services Group Inc (HCSG) is expected to report $0.07 for 3Q.
Hyzon Motors Inc (HYZN) is expected to report for 2Q.
IBM (IBM) is expected to report $1.07 for 3Q.
Lam Research Corp (LRCX) is expected to report $9.54 for 1Q.
Landstar Systems (LSTR) is expected to report $2.74 for 3Q.
Lithia Motors Inc (LAD) is expected to report $11.88 for 3Q.
M&T Bank Corp (MTB) is expected to report $4.01 for 3Q.
Manhattan Bridge Capital (LOAN) is expected to report $0.12 for 3Q.
MarketAxess Holdings Inc (MKTX) is expected to report $1.51 for 3Q.
NASDAQ Inc (NDAQ) is expected to report $0.60 for 3Q.
National American University Holding Inc (NAUH) is expected to report for 1Q.
Northern Trust Corp (NTRS) is expected to report $1.84 for 3Q.
PacWest Bancorp (PACW) is expected to report $1.06 for 3Q.
Plumas Bancorp (PLBC) is expected to report for 3Q.
Procter & Gamble Co (PG) is expected to report $1.53 for 1Q.
Prologis Inc (PLD) is expected to report $1.22 for 3Q.
Rexford Industrial Realty (REXR) is expected to report $0.25 for 3Q.
SL Green Realty Corp (SLG) is expected to report for 3Q.
Salisbury Bancorp (SAL) is expected to report $0.77 for 3Q.
Steel Dynamics (STLD) is expected to report $5.43 for 3Q.
Stepan Co (SCL) is expected to report $1.65 for 3Q.
The Travelers Companies (TRV) is expected to report $2.02 for 3Q.
UniFirst Corp (UNF) is expected to report $1.42 for 4Q.
Union Bankshares Inc (UNB) is expected to report for 3Q.
Universal Stainless & Alloy Products Inc (USAP) is expected to report $0.24 for 3Q.
WD 40 (WDFC) is expected to report $1.27 for 4Q.
Winnebago Industries Inc (WGO) is expected to report $2.57 for 4Q.
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ANALYST RATINGS ACTIONS
ACM Research Cut to Equal-Weight From Overweight by Morgan Stanley
Acushnet Cut to Neutral From Buy by Roth Capital
Akouos Cut to Neutral From Buy by HC Wainwright & Co.
Aveo Pharmaceuticals Cut to Neutral From Buy by HC Wainwright & Co.
Carvana Cut to Neutral From Outperform by Wedbush
Diamondrock Raised to Outperform From In-Line by Evercore ISI Group
Enviva Raised to Strong Buy From Outperform by Raymond James
EOG Resources Raised to Buy From Neutral by Goldman Sachs
FB Financial Cut to Hold From Buy by Truist Securities
ForgeRock Cut to Market Perform From Outperform by Cowen & Co.
Green Dot Cut to Market Perform From Outperform by William Blair
Hayward Holdings Cut to Underperform From Neutral by B of A Securities
International Paper Cut to Sell From Hold by Deutsche Bank
Jamf Holding Raised to Overweight From Equal-Weight by Barclays
Juniper Networks Raised to Neutral From Underweight by Piper Sandler
KnowBe4 Cut to Market Perform From Outperform by Cowen & Co.
Masco Cut to Underperform From Neutral by B of A Securities
Mohawk Cut to Underperform From Neutral by B of A Securities
MongoDB Raised to Neutral From Sell by Redburn Partners
NeuBase Therapeutics Cut to Sector Perform From Outperform by RBC Capital
NGM Biopharmaceuticals Cut to Neutral From Buy by Goldman Sachs
NGM Biopharmaceuticals Cut to Outperform From Strong Buy by Raymond James
Owens Corning Raised to Buy From Underperform by B of A Securities
Packaging Corp of America Cut to Sell From Hold by Deutsche Bank
Palomar Holdings Cut to Market Perform From Market Outperform by JMP Securities
PDC Energy Cut to Neutral From Buy by Goldman Sachs
Pegasystems Cut to Underweight From Equal-Weight by Barclays
PotlatchDeltic Raised to Outperform From Sector Perform by RBC Capital
RingCentral Cut to Neutral From Buy by BTIG
RPM International Cut to Neutral From Buy by UBS
Syneos Health Cut to Neutral From Overweight by JP Morgan
UiPath Cut to Equal-Weight From Overweight by Barclays
Xylem Raised to Outperform From Market Perform by Cowen & Co.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
10-19-22 0607ET
