The 14th Amendment to the U.S. Constitution states that American debt authorized by law "shall not be questioned." President Biden said this week he was considering invoking the amendment as a way to keep paying the nation's bills if Congress doesn't raise the debt limit. But he added the issue would be subject to litigation and may not be a solution in the current standoff.
Chinese Consumer Inflation Slows to Lowest Level in Two Years
HONG KONG-Consumer prices in China rose at their slowest pace in more than two years, reflecting uncertainties in the economy that threaten to limit a consumption-led recovery from three years of strict Covid-19 measures.
Consumer prices in the world's second-largest economy rose 0.1% in April from a year earlier, easing further from March's 0.7% year-over-year increase, according to data released Thursday by China's National Bureau of Statistics.
Biden, Republicans Dig In on Debt Ceiling
WASHINGTON-President Biden and Republicans continued to stare each other down over the debt ceiling with just weeks to go until the U.S. potentially defaults on paying its bills, while some Democratic lawmakers floated ways to make progress toward raising the borrowing limit.
House Republicans have demanded spending cuts in exchange for raising the debt ceiling. Mr. Biden and Democrats in Congress maintain that the federal borrowing limit should be raised without preconditions and have called the GOP stance irresponsible.
Biden, Republicans Spar Over Veterans' Healthcare in Debt-Ceiling Battle
WASHINGTON-Veterans' healthcare has become a bitterly contested front in the battle over raising the nation's borrowing limit, with both parties saying they are trying to protect funding and accusing the other of misleading voters.
Democrats charge that Republicans' current offer on the table-a House bill that couples raising the debt ceiling with sharp cuts in spending-would eviscerate veterans programs. Republican lawmakers angrily deny it. The heated rhetoric culminated this week with House Speaker Kevin McCarthy (R., Calif.) accusing the Biden administration of lying.
Biden Administration Targets Power-Plant Emissions in New Climate Initiative
WASHINGTON-The Biden administration proposed new rules Thursday to drastically reduce greenhouse gases from coal- and gas-fired power plants-measures that will cost billions of dollars but that officials say will curb emissions that are warming the atmosphere and harming human health.
The proposed rules by the Environmental Protection Agency will raise average utility bills by 2% by 2030, declining to less than 1% by 2040, officials estimate.
Pro Take: Can Nickel, Cobalt and Other Battery Metals Be Sourced Sustainably?
As companies and countries withdraw their support for seabed mining, the about-face is raising broader questions about how metals used in battery production are sourced and the scale of the associated environmental costs. The sourcing of nickel particularly has been in the spotlight.Last week, A.P. Moller-Maersk became the latest company to drop its investment in The Metals Company, a prospective seabed miner based in Vancouver, British Columbia. Lockheed Martin and Norway's Storebrand also have recently sold their interests in deep-sea mining companies. Others including German luxury carmaker BMW have said that, given environmental concerns, they won't use battery metals sourced from the deep sea. More than a dozen countries are concerned about the environmental impact of the practice and are calling for a moratorium on seabed mining.
Energy Stocks Are in the Doldrums After Last Year's Big Rally
Shares of oil-and-gas companies led the market last year. This year, they are the biggest laggards.
Energy stocks comprise the worst-performing sector of the S&P 500 this year, down 9.2%, compared with the broad index's 7.8% gain. Shares of Chevron are down 12% this year, while Exxon Mobil has shed 2.3%. Warren Buffett's darling, Occidental Petroleum, has pulled back 9.8%.
Why wheat prices hit their lowest in over a year as key Russia-Ukraine grain-deal deadline nears
Wheat futures have declined so far in 2023, after settling last week at their lowest prices in more than a year, pressured by "abundant" supplies, despite the usual uncertainty surrounding the potential renewal of the Black Sea grain export deal between Russia and Ukraine.
The Black Sea Grain Initiative, brokered by the United Nations and Turkey in July of last year to supply global markets with food and fertilizer as the Russia-Ukraine war led to global shortages and rising prices, is due to expire on May 18. The deal had marked a 60-day renewal on March 18.
Chinese Banks' New Yuan Loan Issuance Declined in April
New yuan loans issued by Chinese banks in April came in lower than market expectations, which could provide less support to the world's second-largest economy as its postpandemic recovery starts losing steam.
Chinese banks extended 718.8 billion yuan ($103.67 billion) of new loans in April, down significantly from the CNY3.89 trillion issued in March, according to data released Thursday by the People's Bank of China.
Migrant Influx Overwhelms Southern Border as Title 42 Winds Down
WASHINGTON-Title 42, the pandemic-era border measure that for three years has served as a blunt border-enforcement tool for two successive administrations, is set to end on Thursday night.
The policy, introduced in March 2020 by former President Donald Trump, allows Border Patrol agents to swiftly expel migrants back to Mexico even if they ask for asylum. Though the policy has in some ways resulted in increasing illegal border crossings, it still served in the eyes of the Border Patrol and many politicians as a reasonably effective tool to deter asylum seekers.
Republicans Seek New Momentum for Biden Family Investigations
House Republicans released a pair of reports Wednesday related to President Biden's family as they sought new momentum in investigations involving his son, Hunter Biden.
In a memo from a House Judiciary subcommittee and the House Permanent Select Committee on Intelligence, GOP committee staff alleged that an employee of the Central Intelligence Agency inappropriately sought at least one signatory for a letter aimed at helping both Bidens on the eve of the 2020 presidential election.
Trump Mocks Sexual Abuse Case, Repeats False 2020 Election Claims at CNN Town Hall
Donald Trump, appearing in a live CNN town hall a day after a federal jury in New York found him liable for sexual abuse and defamation, blasted the decision, repeated his false claims about the 2020 election and defended his behavior during the Jan. 6 Capitol riot by his supporters.
"They're doing this for election interference," Mr. Trump said, nodding to his claims of a vast conspiracy to stop his political career. "This woman, I don't know her, I never met her," he said of columnist E. Jean Carroll on Wednesday night from St. Anselm College in New Hampshire, where the nation's first Republican primary will be held early next year.
George Santos Faces 13 Felony Charges, Including Fraud and Money Laundering
Rep. George Santos, accused of fabricating much of his life's story to secure public office, was indicted Wednesday on federal charges that he embezzled contributions, fraudulently obtained unemployment benefits and filed false federal disclosure forms.
The New York Republican, who was elected last year to represent parts of Long Island and Queens in Congress, surrendered to authorities Wednesday morning and pleaded not guilty in federal court in Central Islip, N.Y., in the afternoon. A 13-count indictment charged Mr. Santos with seven counts of wire fraud, three counts of money laundering, one count of theft of public funds, and two counts of making materially false statements to the House of Representatives.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings - 1Q unless stated otherwise:
AcuityAds
ADENTRA
Algonquin Power
Anaergia
Aurora Cannabis
Brookfield
Canadian Tire
Cardinal Energy
Cascades
Cathedral Energy
CES Energy Solutions
CI Fincl
Definity Fincl
Docebo
Doman Building
DRI Healthcare
Dye & Durham 3Q
ECN Capital
Fairfax Financial
Fennec Pharmac
GDI Integrated Facility
H2O Innovation 3Q
HLS Therapeutics
Hut 8 Mining
IAMGOLD
InPlay Oil
Knight Therapeutics
KP Tissue
LifeSpeak
Maple Leaf Foods
Orla Mining
Park Lawn
Quebecor
Quebecor
Sangoma Tech 3Q
Shawcor
SilverCrest Metals
Sun Life
Tidewtr Renewables
Trican Well
Trisura
VerticalScope
Victoria Gold
Economic Calendar:
None scheduled
Stocks to Watch: to Watch:
Athabasca Oil 1Q Loss/Shr 10c; 1Q Loss $56.6M
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Denison Mines 1Q EPS C$0.00; 1Q Rev C$1.1M
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Epsilon Energy 1Q EPS 15c; 1Q Rev $9.4M Vs.$13.6M
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Largo 1Q Loss/Shr 2c; 1Q Loss $1.21M; 1Q Rev $57.4M; Adjusted 2023 V2O5 Equivalent Production Guidance to 9,000-11,000 MT From 11,000-12,000 MT, V2O5 Equivalent Sales Guidance to 8,700-10,700 MT From 10,300-11,300 MT, Cash Operating Cost Excluding Royalties Per Lb Sold Guidance to $4.85-$5.65 From $4.85-$5.25
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Mandalay Resources 1Q EPS 1c; 1Q Rev $42.2M; 1Q Adj EPS 1c
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Melcor Developments 1Q EPS C$0.07; 1Q Rev C$36.1M Developments 1Q EPS C$0.07; 1Q Rev C$36.1M
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Nova Cannabis 1Q Rev C$60.2M, Up 21%; Continues Aggressive Pricing Strategy to Capture Further Market Shr; Pricing Push Contributed to 1Q Gross Margin Improving to 21.4% From 18.8%
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Parex Resources CFO Ken Pinsky Electing to Retire, Effective Nov 30; 1Q FFO $1.49/Shr; 1Q Average Oil and Natural Gas Production Was 51,332(6) Boe/d; 1Q Realized Net Income $104 M, or 96c/Per Shr Basic
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SmartCentres Real Estate Investment Trust 1Q FFO C$0.54/Shr
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Tamarack Valley Energy 1Q Net C$2.51M;
Expected Major Events for Thursday
04:30/JPN: Apr Corporate Insolvencies
(MORE TO FOLLOW) Dow Jones Newswires
05-11-23 0614ET
