"I think it's been a big mistake, quite frankly," Mr. Biden said Tuesday on the sidelines of the summit. "The rest of the world is going to look to China and say, what value add are they providing? They've lost an ability to influence people around the world and all the people here."
He said he felt the same way about Russia. "Literally, the tundra is burning," Mr. Biden said of Russian President Vladimir Putin. "He has serious climate problems and he is mum on his willingness to do anything."
COP26 Leaders Agree to End Deforestation by 2030
GLASGOW-World leaders from more than 100 countries, including the U.S., China and Brazil, agreed to a deal aimed at ending and then reversing deforestation by 2030, committing nearly $20 billion of public and private funds to protect and restore forests.
U.K. Prime Minister Boris Johnson, during the COP26 climate summit in Scotland on Tuesday, called the pledge a landmark agreement that includes countries accounting for 85% of the world's forest land. But details about how such a deal, which isn't legally binding, would be executed and policed haven't yet been worked out.
World Leaders Vow to Cut Methane Emissions
Global leaders at the Glasgow climate summit pledged Tuesday to sharply curtail methane emissions, with President Biden saying the U.S. would tighten regulations on oil and natural-gas production to reduce leaks of the potent greenhouse gas.
The effort spotlighted growing concerns about the environmental harms of methane, a byproduct of drilling, livestock and landfills that traps roughly 85 times more heat than carbon dioxide.
"One of the most important things we can do in this decisive decade...is to reduce our methane emissions as quickly as possible," Mr. Biden said at a summit event marking progress on the Global Methane Pledge, an initiative led by the U.S. and the European Union to cut methane emissions by 30% globally by 2030.
Why COP26 will make 'strong' companies 'stronger and the weak, relatively weaker'
World leaders are soaking up the spotlight at the Glasgow climate summit, but the pressure to implement whatever is agreed will fall largely on companies, noted analysts at Deutsche Bank. And that's going to create divisions between the corporate haves and have-nots.
Read: India's Modi surprises COP26 climate summit with 2070 target for net-zero emissions
The analysts screened 15 years of corporate documents, counting the number of times "ESG," the acronym for environmental, social and governance criteria, and "cost" appeared within five words of each other. As the chart below shows, the frequency has jumped in the last two quarters.
Tariffs to Tackle Climate Change Gain Momentum. The Idea Could Reshape Industries.
Governments in the U.S., Europe and other developed nations are embarking on a climate-change experiment: using tariffs on trade to cut carbon emissions. The idea has the potential to rewrite the rules of global commerce.
Policy makers on both sides of the Atlantic are looking at targeting steel, chemicals and cement. The tariffs would give a competitive advantage to manufacturers in countries where emissions are relatively low.
It's an idea that is gaining acceptance among U.S. businesses, particularly in those industries, as well as among politicians who see an opportunity to appeal to domestic manufacturers and their workers. Over the weekend, the Biden administration announced the first-ever trade agreement to incorporate such a concept. The pact with the European Union would jointly curb imports of steel that generate high levels of carbon emissions.
TODAY IN CANADA
AcuityAds Hldgs Inc (AT.T) 3Q
ATS Automation Tooling (ATA.T) 2Q
Brookfield Infras Ptrns (BIP.U.T) 3Q
Calibre Mining Corp.(CXB.T) 3Q
Cenovus Energy 3Q
Ceridian HCM Hldg Inc.(CDAY.T) 3Q
DIRTT Environmental Solus (DRT.T) 3Q
Equinox Gold Corp. (EQX.T) 3Q
Franco-Nevada Corp. (FNV.T) 3Q
GFL Environmental 3Q
Great-West Lifeco Inc. (GWO.T)3Q
Hudbay Minerals 3Q
iA Fincl Corp. Inc. (IAG.T) 3Q
Info Svcs Corp. (ISV.T) 3Q
Keyera Corp. (KEY.T) 3Q
Kirkland Lake Gold 3Q
Manulife Fincl Corp (MFC.T) 3Q
Maxar Tech Inc. (MAXR.T) 3Q
MEG Energy Corp. (MEG.T) 3Q
NFI Grp Inc. (NFI.T) 3Q
Nomad Royalty Company 3Q
Pason Syss Inc.(PSI.T) 3Q
Sandstorm Gold 3Q
Sherritt Intl Corp (S.T) 3Q
Spin Master Corp (TOY.T) 3Q
SSR Mining 3Q
STEP Energy Svcs Ltd. (STEP.T) 3Q
Sun Life Fincl Inc. (SLF.T) 3Q
Taseko Mines Limited 3Q
Torex Gold Resources 3Q
Tourmaline Oil Corp. (TOU.T) 3Q
Western Forest Products 3Q
Economic Indicators (ET):
0815 Oct Official International Reserves
Stocks to Watch:
BHP Extends Noront Offer Deadline Amid Talks With Wyloo
BHP Group Ltd. extended the deadline on its takeover offer for Noront Resources Ltd., saying it has entered talks with shareholder and rival suitor Wyloo Metals Pty. Ltd. over its stake.
BHP said it is in discussions with Wyloo Metals, owned by Australian billionaire Andrew Forrest, regarding its potential support of BHP's 75 Canadian-cent (US$0.60) per share offer to acquire Noront and that the initial expiry of its offer has been extended--to Nov. 16 from Nov. 9--to allow for those discussions to progress.
"The earliest time BHP will be taking up Noront shares under its bid will be at the new expiry time," BHP said in a statement.
BHP and Wyloo have been in a bidding war for Noront, which is focused on developing deposits in northern Ontario that contain metals such as copper and nickel, expected to be in high demand as the world decarbonizes.
Expected Major Events for Wednesday
00:01/UK: 4Q CBI SME Trends Survey
06:00/RUS: Oct Russian Services PMI
07:00/UK: Oct Nationwide House Price Index
09:00/ITA: Sep Unemployment
09:30/UK: Oct CIPS / Markit Services PMI
09:30/UK: Oct UK Official Reserves
09:30/UK: Oct Narrow money (Notes & Coin) and reserve balances
11:00/US: 10/29 MBA Weekly Mortgage Applications Survey
12:15/US: Oct ADP National Employment Report
12:15/CAN: Oct Official International Reserves
13:45/US: Oct US Services PMI
14:00/US: Sep Metropolitan Area Employment & Unemployment
14:00/US: Sep Manufacturers' Shipments, Inventories & Orders (M3)
14:00/US: Oct ISM Report On Business Services PMI
14:30/US: 10/29 EIA Weekly Petroleum Status Report
18:00/US: U.S. interest rate decision
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
Air Industries Group (AIRI) is expected to report for 3Q.
Ares Commercial Real Estate (ACRE) is expected to report $0.31 for 3Q.
BGC Partners (BGCP) is expected to report $0.05 for 3Q.
Belden (BDC) is expected to report $0.93 for 3Q.
BlackRock TCP Capital Corp (TCPC) is expected to report $0.32 for 3Q.
BorgWarner Inc (BWA) is expected to report $0.65 for 3Q.
Brinker International (EAT) is expected to report $0.78 for 1Q.
Broadridge Financial Solutions Inc (BR) is expected to report $0.61 for 1Q.
CDW Corp (CDW) is expected to report $1.86 for 3Q.
CSW Industrials Inc (CSWI) is expected to report $1.47 for 2Q.
Camping World Holdings Inc (CWH) is expected to report $1.76 for 3Q.
Cenovus Energy Inc (CVE,CVE.T) is expected to report $0.45 for 3Q.
Charles River Laboratories International Inc (CRL) is expected to report $1.95 for 3Q.
Dorian LPG Ltd (LPG) is expected to report $0.09 for 2Q.
Entergy Corp (ETR) is expected to report $2.43 for 3Q.
Everi Holdings Inc (EVRI) is expected to report $0.03 for 3Q.
Horizon Therapeutics PLC (HZNP) is expected to report $1.18 for 3Q.
Humana Inc (HUM) is expected to report $4.53 for 3Q.
Jones Lang LaSalle Inc (JLL) is expected to report $3.49 for 3Q.
Karyopharm Therapeutics Inc (KPTI) is expected to report $-0.67 for 3Q.
LSI Industries (LYTS) is expected to report $0.13 for 1Q.
Lumber Liquidators (LL) is expected to report $0.30 for 3Q.
MGP Ingredients (MGPI) is expected to report $0.40 for 3Q.
National Energy Services Reunited Corp (NESR) is expected to report $0.07 for 3Q.
New Fortress Energy LLC (NFE) is expected to report $0.31 for 3Q.
NiSource Inc (NI) is expected to report $0.10 for 3Q.
Owens & Minor Inc (OMI) is expected to report $0.58 for 3Q.
PROG Holdings Inc (PRG) is expected to report for 3Q.
Pacira Pharmaceuticals (PCRX) is expected to report $0.40 for 3Q.
Pitney-Bowes Inc (PBI) is expected to report $0.07 for 3Q.
R.R. Donnelley & Sons Co (RRD) is expected to report $0.24 for 3Q.
SiteOne Landscape Supply (SITE) is expected to report $1.18 for 3Q.
Stagwell Inc (STGW) is expected to report for 3Q.
Steve Madden (SHOO) is expected to report $0.76 for 3Q.
Superior Industries (SUP) is expected to report $-0.33 for 3Q.
Superior Uniform Group Inc (SGC) is expected to report $0.51 for 3Q.
Syneos Health Inc (SYNH) is expected to report $0.63 for 3Q.
Tupperware Brands Corp (TUP) is expected to report $0.73 for 3Q.
United Therapeutics Corp (UTHR) is expected to report $3.59 for 3Q.
Wingstop Inc (WING) is expected to report $0.36 for 3Q.
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ANALYST RATINGS ACTIONS
Alcoa Raised to Buy From Hold by Jefferies
Bright Health Gr Cut to Market Perform From Outperform by Cowen & Co.
BrightSpire Capital Raised to Outperform From Market Perform by Raymond James
Chegg Cut to Equal-Weight From Overweight by Morgan Stanley
Chegg Cut to Hold From Buy by Craig-Hallum
Chegg Cut to Hold From Buy by Needham
Chegg Cut to Market Perform From Outperform by Raymond James
Chegg Cut to Neutral From Overweight by Piper Sandler
Clorox Cut to Underweight From Neutral by JP Morgan
Discover Financial Raised to Buy From Neutral by Seaport Global
Enerpac Tool Group Raised to Equal-Weight From Underweight by Wells Fargo
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