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North American Morning Briefing: Stock Futures -3-

07/09/2021 | 06:08am EDT

UBS Global Wealth Management advises buying the Canadian dollar against the Japanese yen, targeting a level of 91 in CAD/JPY and placing a stop loss at 85. CAD/JPY is last up 0.4% at 87.9750. "We think the Canadian dollar should be supported by higher oil prices and the continued normalization of economic activity across the globe," UBS analysts say. The CAD should also receive a boost Wednesday when the Bank of Canada is likely to taper bond purchases further, the analysts say. The BOC will probably end quantitative easing by January next year and raise interest rates in July 2022, they say. In contrast, the Bank of Japan will maintain its patient approach as inflation isn't a concern, they say.

Taseko Mines' Lower-Than-Expected Production Seen as Negative for Shares

Taseko Mines' production in the second quarter is a negative for its shares, according to Scotiabank. The Canada-based copper producer said its Gibraltar mine in B.C. produced 27 million pounds of copper and 400,000 pounds of molybdenum, compared with 36.8 million pounds and 644,000 pounds, respectively, in the second quarter of 2020. Scotiabank says this quarter's results were 14% and 28% below its estimates of 31 million pounds of copper and 558,000 of molybdenum. "Overall, we view the update as negative for the shares given the markedly lower second-quarter copper production," the bank says. Shares are down 6.5% at C$2.29.

Expected Major Events for Friday

06:00/UK: May Index of production

06:00/UK: May UK trade

06:00/UK: May Index of services

06:00/UK: May Monthly GDP estimates

08:00/ITA: May Industrial Production

11:30/UK: Jun NIESR Monthly GDP Tracker

12:30/US: U.S. Weekly Export Sales

12:30/CAN: Jun Labour Force Survey

14:00/US: May Monthly Wholesale Trade

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Friday

ASA Gold & Precious Metals Ltd (ASA) is expected to report for 2Q.

AZZ Inc (AZZ) is expected to report $0.62 for 1Q.

Camber Energy Inc (CEI) is expected to report for 4Q.

Camber Energy Inc (CEI) is expected to report for 1Q.

Cryo-Cell International Inc (CCEL) is expected to report for 2Q.

Greenbrier Cos (GBX) is expected to report $0.15 for 3Q.

InnovAge Holding Corp (INNV) is expected to report for 4Q.

MTY Food Group Inc (MTY.T) is expected to report $0.96 for 2Q.

Medley Management Inc (MDLX,MDLY) is expected to report for 1Q.

Second Sight Medical Products Inc (EYES) is expected to report for 1Q.

Sequential Brands Group Inc (SQBG) is expected to report for 1Q.

Sonoma Pharmaceuticals Inc (SNOA) is expected to report for 4Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Aerpio Pharmaceuticals Raised to Buy From Neutral by HC Wainwright & Co.

Charles Schwab Cut to Neutral From Buy by Goldman Sachs

CNX Resources Raised to Buy From Neutral by MKM Partners

DR Horton Cut to Sector Perform From Outperform by RBC Capital

FB Financial Raised to Buy From Neutral by DA Davidson

Flowserve Raised to Outperform From Neutral by Credit Suisse

Freeport-McMoRan Cut to Underweight From Equal-Weight by Barclays

Helmerich & Payne Raised to Neutral From Sell by Citigroup

Range Resources Raised to Buy From Neutral by MKM Partners

Ready Capital Cut to Neutral From Overweight by Piper Sandler

Spirit of Texas Bank Raised to Overweight From Equal-Weight by Stephens & Co.

State Street Raised to Peer Perform From Underperform by Wolfe Research

Texas Capital Bancshares Raised to Overweight From Equal-Weight by Stephens & Co.

TRI Pointe Group Cut to Underperform From Sector Perform by RBC Capital

WesBanco Cut to Market Perform From Outperform by Raymond James

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

07-09-21 0607ET

Stocks mentioned in the article
ChangeLast1st jan.
AERPIO PHARMACEUTICALS 1.42% 27.92 End-of-day quote.3,267.35%
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.27% 0.92094 Delayed Quote.-5.48%
AZZ INC. 1.12% 52.45 Delayed Quote.10.56%
BANK OF JAPAN 0.00% 29000 End-of-day quote.17.27%
BARCLAYS PLC -0.41% 183.2 Delayed Quote.25.42%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.08% 1.73878 Delayed Quote.0.17%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.34% 86.88 Delayed Quote.5.88%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.44% 0.72699 Delayed Quote.4.31%
CITIGROUP INC. 3.87% 70.88 Delayed Quote.14.95%
CNX RESOURCES CORPORATION 2.40% 11.95 Delayed Quote.8.06%
DJ INDUSTRIAL 1.48% 34764.82 Delayed Quote.11.93%
EURO / CANADIAN DOLLAR (EUR/CAD) 0.19% 1.4894 Delayed Quote.-3.82%
FACEBOOK INC 0.80% 345.96 Delayed Quote.26.65%
FB FINANCIAL CORPORATION 2.90% 42.17 Delayed Quote.21.42%
FLOWSERVE CORPORATION 1.43% 35.4 Delayed Quote.-3.93%
INNOVAGE HOLDING CORP. -22.74% 6.76 Delayed Quote.0.00%
LONDON BRENT OIL -0.41% 76.98 Delayed Quote.46.73%
MEDLEY MANAGEMENT INC. -43.96% 0.28 Delayed Quote.-96.50%
MEDLEY, INC. -3.16% 4135 End-of-day quote.-8.92%
MTY FOOD GROUP INC. 0.33% 67.42 Delayed Quote.16.34%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) -0.28% 0.89168 Delayed Quote.-2.15%
PIPER SANDLER COMPANIES 3.72% 141.21 Delayed Quote.39.95%
RAYMOND JAMES FINANCIAL, INC. 5.38% 91.6 Delayed Quote.36.28%
READY CAPITAL CORPORATION 0.13% 15.24 Delayed Quote.22.41%
S&P 500 1.21% 4448.98 Delayed Quote.17.03%
S&P GSCI PRECIOUS METALS INDEX -0.77% 2280.386 Delayed Quote.-8.35%
SECOND SIGHT MEDICAL PRODUCTS, INC. 3.85% 3.51 Delayed Quote.87.70%
SEQUENTIAL BRANDS GROUP, INC. -6.68% 4.47 End-of-day quote.0.00%
SONOMA PHARMACEUTICALS, INC. -1.45% 5.42 Delayed Quote.-25.34%
TEXAS CAPITAL BANCSHARES, INC. 4.43% 58.42 Delayed Quote.-1.82%
THE CHARLES SCHWAB CORPORATION 5.54% 74.3 Delayed Quote.40.08%
THE GREENBRIER COMPANIES, INC. 2.13% 43.16 Delayed Quote.16.16%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.51% 1.2724 Delayed Quote.0.46%
WESBANCO, INC. 3.11% 31.83 Delayed Quote.3.04%
WTI -0.53% 72.911 Delayed Quote.49.32%
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