The U.S. and other major oil-consuming nations said Tuesday they would release 60 million barrels of oil from their emergency stockpiles, sending a jolt of new crude supplies into the market amid a price surge caused by the Ukraine crisis.
The move by members of the International Energy Agency, a Paris-based group that includes the U.S., Japan and much of Europe, represents another coordinated effort to counter Russia amid its invasion of Ukraine. The coordinated drawdown is the fourth in the 47-year history of the IEA and is second by size only to the release it executed during the first Gulf War in 1991.
U.S. Diplomatic Push for Ukraine Falters in a Middle East Influenced by Russia
The Biden administration is pushing its closest Middle East partners to back Ukraine in its deepening war with Russia and for help alleviating the economic fallout-without much to show for it.
From the Persian Gulf's oil-rich monarchies to Israel, U.S. allies and partners are staying neutral or tempering their criticism of Moscow in a revealing sign of Russia's growing influence in the region.
U.S. to Ban Russian Flights From American Airspace
The U.S. government will ban Russian aircraft from American airspace, broadening aviation restrictions as the West expands sanctions over the war in Ukraine, President Biden said Tuesday during his State of the Union address.
"Tonight I am announcing that we will join our allies in closing off American air space to all Russian flights-further isolating Russia-and adding an additional squeeze on their economy," Mr. Biden said.
China Won't Take Part in Western Financial Sanctions on Russia, Bank Regulator Chief Says
BEIJING--China is opposed to unilateral financial sanctions and won't participate in such sanctions imposed by Western nations on Russia, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said Wednesday.
In the latest sanctions in response to Russia's invasion of Ukraine, Western allies decided to cut off several Russian banks from the Swift global financial messaging system.
Write to sarka.halas@wsj.com
TODAY IN CANADA
Earnings:
Economic Indicators (ET):
Andlauer Healthcare Gp (AND.T) 4Q
AutoCanada 4Q
Descartes Syss Gp (DSG.T) 4Q
Q4 4Q
Secure Energy Svcs (SES.T) 4Q
TECSYS 3Q
Tourmaline Oil Corp.(TOU.T) 4Q
Winpak 4Q
Economic Indicators (ET):
1000 Bank of Canada interest rate announcement
Market Talk:
Chorus Aviation's Falko Acquisition Set to Drive Growth, Scale
Chorus Aviation's $855M acquisition of aircraft lessor Falko significantly adds to the company's leasing scale, RBC says. The acquisition includes 126 owned and managed regional aircraft, bringing Chorus' proforma aircraft assets under management to 353. Management indicated historical gross returns have been in the mid-teens, and that the deal would be EPS accretive in the first year. "With significantly improved scale and diversification as a result of this transaction, we believe CHR is now set to substantially grow its leasing business going forward," the investment bank says. Shares are down 2.3% to C$4.26.
Expected Major Events for Wednesday
00:01/UK: Feb Shop Price Index
07:00/UK: Feb Nationwide House Price Index
08:55/GER: Feb Labour market statistics (incl unemployment)
09:30/UK: Feb Narrow money (Notes & Coin) and reserve balances
12:00/US: 02/25 MBA Weekly Mortgage Applications Survey
13:15/US: Feb ADP National Employment Report
15:00/CAN: Bank of Canada interest rate announcement
15:30/US: 02/25 EIA Weekly Petroleum Status Report
19:00/US: U.S. Federal Reserve Beige Book
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
Abercrombie & Fitch Co (ANF) is expected to report $1.25 for 4Q.
Amneal Pharmaceuticals Inc (AMRX) is expected to report $0.13 for 4Q.
Arlington Asset Investment Corp (AAIC) is expected to report $0.01 for 4Q.
Armstrong Flooring Inc (AFI) is expected to report $-0.26 for 4Q.
Astronics (ATRO) is expected to report $0.00 for 4Q.
Bright Health Group Inc (BHG) is expected to report for 4Q.
Broadwind Inc (BWEN) is expected to report $-0.20 for 4Q.
CSI Compressco LP (CCLP) is expected to report for 4Q.
Cohen & Co Inc (COHN) is expected to report for 4Q.
DICE Therapeutics Inc (DICE) is expected to report for 4Q.
Daktronics (DAKT) is expected to report $0.02 for 3Q.
Digimarc Corp (DMRC) is expected to report $-0.51 for 4Q.
Dine Brands Global (DIN) is expected to report $1.10 for 4Q.
Dollar Tree Inc (DLTR) is expected to report $1.77 for 4Q.
Donaldson Co (DCI) is expected to report $0.59 for 2Q.
Dycom Industries Inc (DY) is expected to report $-0.09 for 4Q.
FRP Holdings Inc (FRPH) is expected to report for 4Q.
Greif Inc - A Share (GEF,GEFB) is expected to report $1.02 for 1Q.
Hayward Holdings Inc (HAYW) is expected to report for 4Q.
Ikena Oncology Inc (IKNA) is expected to report for 4Q.
Intercept Pharmaceuticals Inc (ICPT) is expected to report $-1.04 for 4Q.
International Seaways (INSW) is expected to report $-0.30 for 4Q.
Ion Geophysical Corp (IO) is expected to report $-0.12 for 4Q.
Jounce Therapeutics Inc (JNCE) is expected to report $-0.44 for 4Q.
Kaleido Biosciences Inc (KLDO) is expected to report $-0.60 for 4Q.
Laurentian Bank of Canada (LB.T,LRCDF) is expected to report $1.20 for 1Q.
Magenta Therapeutics Inc (MGTA) is expected to report $-0.32 for 4Q.
Nutanix Inc (NTNX) is expected to report $-0.83 for 2Q.
OptiNose Inc (OPTN) is expected to report $-0.28 for 4Q.
Orion Group Holdings (ORN) is expected to report $-0.11 for 4Q.
Paramount Resources (POU.T,PRMRF) is expected to report $0.35 for 4Q.
Patterson Companies (PDCO) is expected to report $0.42 for 3Q.
Pure Storage Inc (PSTG) is expected to report $-0.04 for 4Q.
SouthGobi Resources Ltd (1878.HK,SGQ.T,SGQRF) is expected to report $-0.04 for 4Q.
Sterling Check Corp (STER) is expected to report for 4Q.
Tejon Ranch (TRC) is expected to report for 4Q.
TeraGo is expected to report for 4Q.
VersaBank is expected to report $0.21 for 1Q.
Viracta Therapeutics Inc (VIRX) is expected to report for 4Q.
Weston (George) Ltd (WN.T,WNGRF) is expected to report $2.06 for 4Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Advanced Drainage Systems Raised to Overweight From Equal-Weight by Morgan Stanley
Amedisys Raised to Neutral From Sell by UBS
Ameriprise Cut to Neutral From Overweight by Piper Sandler
BP Midstream Partners Cut to Sell From Neutral by Citigroup
Cactus Cut to Hold From Buy by Tudor Pickering
Charter Communications Cut to Hold From Buy by Truist Securities
Comcast Cut to Hold From Buy by Truist Securities
First Horizon Cut to Market Perform From Outperform by Raymond James
First Horizon Cut to Neutral From Buy by Janney Montgomery Scott
Foot Locker Cut to Neutral From Buy by B. Riley Securities
Foot Locker Cut to Neutral From Buy by Goldman Sachs
Foot Locker Cut to Underweight From Overweight by Barclays
Gemini Therapeutics Cut to Hold From Buy by Jefferies
GoodRx Holdings Cut to Market Perform From Outperform by Cowen & Co.
GoodRx Holdings Cut to Neutral From Outperform by Credit Suisse
Lennox Raised to Equal-Weight From Underweight by Morgan Stanley
Lincoln National Cut to Neutral From Buy by Goldman Sachs
Meritor Cut to Neutral From Buy by Citigroup
ON24 Cut to Market Perform From Outperform by William Blair
ON24 Cut to Neutral From Outperform by Baird
ON24 Cut to Neutral From Overweight by Piper Sandler
Quanta Services Raised to Buy From Neutral by B. Riley Securities
Revolution Medicines Raised to Buy From Hold by Stifel
Sunstone Hotel Investors Cut to Underweight From Overweight by Barclays
Turtle Beach Cut to Neutral From Outperform by Wedbush
Velodyne Lidar Cut to Sell From Hold by Craig-Hallum
Viatris Cut to Market Perform From Outperform by Raymond James
Viatris Cut to Neutral From Buy by B of A Securities
Voya Financial Cut to Neutral From Overweight by Piper Sandler
Vroom Cut to Equal-Weight From Overweight by Wells Fargo
Vroom Cut to Hold From Buy by Truist Securities
Workday Raised to Buy From Hold by Societe Generale
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-02-22 0606ET
