Union leaders said Monday they believed that a compromise could still be reached to avoid a work stoppage that could disrupt the flow of goods around the U.S. Four out of 12 unions have now rejected the proposed contract, while the other eight have ratified the deal. Both sides have agreed to a cooling-off period until early December.
Societe Generale, AllianceBernstein Form Equities Joint Venture
Societe Generale SA said Tuesday that it agreed to combine its cash-equities and equity-research businesses with that of U.S. asset manager AllianceBernstein Holding LP.
The French bank said the joint venture with Bernstein Research Services would provide investment advice into the U.S., European and Asia-Pacific equity markets, alongside liquidity access and global-trading technology.
ECB Must Narrow Interest-Rate Gap With Fed, OECD Says
The European Central Bank will have to raise its key interest rate much further if it is to bring down persistently high inflation, the Organization for Economic Cooperation and Development warned Tuesday.
Inflation rates have surged since Russia's invasion of Ukraine pushed energy and food prices sharply higher. While there have been some recent signs that these rates are at or close to their peaks, the Paris-based research group said inflation is unlikely to fall back quickly to the 2% level targeted by many central banks.
Central Banks Face Future Marked by Increased Inflation Volatility, RBA Gov Says
SYDNEY--Containing inflation within a desired target band is becoming a much more complicated job, Reserve Bank of Australia Gov. Philip Lowe said in a speech Tuesday, warning that supply shocks, climate change, aging workforces and the retreat of globalization will increasingly fuel inflation volatility worldwide.
"If this assessment about the future operating environment is close to the mark, it has a number of implications for monetary policy and the design of the monetary-policy framework," he told a business dinner.
What to Expect as FTX Debuts Biggest Crypto Chapter 11 in Court
FTX is expected to make its debut appearance Tuesday in Delaware bankruptcy court, where its new management is expected to recount events leading up to the cryptocurrency platform's sudden collapse and explain the steps it has since taken to secure customer funds and other assets.
FTX's lawyers are advancing an unprecedented chapter 11 case marked already by allegations of major failures against its former leadership and a budding jurisdictional dispute with the government of the Bahamas, where the firm's inner circle ran its doomed crypto operation.
U.S. and Chinese Defense Chiefs Meet in Reflection of Easing Tensions
SINGAPORE-Defense Secretary Lloyd Austin met his Chinese counterpart for the first time in months, the latest sign of thawing ties between the two countries after a rupture in August following a trip to Taiwan by House Speaker Nancy Pelosi.
Mr. Austin and Chinese Defense Minister Wei Fenghe discussed bilateral ties and security matters on the sidelines of a gathering of defense ministers in the Cambodian city of Siem Reap, the Pentagon said Tuesday.
GOP Rep. David Valadao, Who Voted to Impeach Trump, Wins Re-Election
California Rep. David Valadao won re-election on Monday, meaning two of the 10 Republicans who voted to impeach former President Donald Trump over his role in the Capitol riot will return to Congress next year.
Mr. Valadao defeated Democratic State Assemblyman Rudy Salas, the Associated Press projected late Monday, hanging onto his seat in a swing district that runs from Fresno to Bakersfield. With 98% of the vote counted, Mr. Valadao had 51.7% to 48.3% for Mr. Salas.
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Alimentation Couche-Tard 2Q
George Weston 3Q
Economic Indicators (ET):
0830 Sep Retail Sales
0830 Oct New Housing Price Index
Stocks to Watch:
Equinox Gold Announces At-the-Market Offering of Up to $100M; BMO Capital Markets, National Bank Financial Acting as Agents for Offering; Equinox Offering Shrs in Canada and US; Shrs Under ATM Conditionally Approved for Listing on TSX, Approved for Listing on NYSE-A; Equinox ATM Will Be Effective Until Dec 21; Equinox to Use Proceeds From ATM to Expand Production From Asset Base, Potential M&A, Other Purposes
Expected Major Events for Tuesday
05:00/JPN: Oct Steel Production
07:00/UK: Oct Public sector finances
08:59/JPN: Sep Final Labour Survey - Earnings, Employment & Hours Worked
10:00/ITA: Sep Balance of Payments
11:00/FRA: 3Q OECD trade statistics release
13:30/CAN: Sep Retail trade
13:30/CAN: Oct New Housing Price Index
13:55/US: 11/19 Johnson Redbook Retail Sales Index
15:00/US: Nov Richmond Fed Business Activity Survey
18:00/US: Oct Money Stock Measures
21:30/US: 11/18 API Weekly Statistical Bulletin
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
Abercrombie & Fitch Co (ANF) is expected to report $-0.20 for 3Q.
Alimentation Couche Tard Inc (ATD.T) is expected to report for 2Q.
American Eagle Outfitters (AEO) is expected to report $0.23 for 3Q.
American Woodmark Corp (AMWD) is expected to report $1.47 for 2Q.
Analog Devices (ADI) is expected to report $1.71 for 4Q.
Applied Genetic Technologies Corp (AGTC) is expected to report $-0.24 for 1Q.
Autodesk Inc (ADSK) is expected to report $0.92 for 3Q.
Best Buy Co Inc (BBY) is expected to report $1.03 for 3Q.
Burlington Stores Inc (BURL) is expected to report $0.50 for 3Q.
Caleres Inc (CAL) is expected to report $1.11 for 3Q.
California First Leasing Corp (CFNB) is expected to report for 1Q.
Canadian Solar (CSIQ) is expected to report $0.49 for 3Q.
Cenntro Electric Group Ltd (CENN) is expected to report for 3Q.
Chico's FAS Inc (CHS) is expected to report $0.01 for 3Q.
Construction Partners Inc (ROAD) is expected to report $0.24 for 4Q.
Dick's Sporting Goods Inc (DKS) is expected to report $2.28 for 3Q.
Dollar Tree Inc (DLTR) is expected to report $1.17 for 3Q.
Dycom Industries Inc (DY) is expected to report $1.30 for 3Q.
FTI Consulting (FCN) is expected to report $1.32 for 4Q.
Faraday Future Intelligent Electric Inc (FFIE) is expected to report for 3Q.
Giga-Tronics Inc (GIGA) is expected to report for 2Q.
Guess Inc (GES) is expected to report $0.32 for 3Q.
HP Inc (HPQ) is expected to report $0.84 for 4Q.
Jack In The Box (JACK) is expected to report $1.36 for 4Q.
Madison Pacific Properties Inc - B Share (MPC.T) is expected to report for 4Q.
Medtronic plc (MDT) is expected to report $0.94 for 2Q.
Movado Group Inc (MOV) is expected to report $1.21 for 3Q.
Nordstrom Inc (JWN) is expected to report $0.11 for 3Q.
Qualstar Corp (QBAK) is expected to report for 3Q.
Raymond James Financial (RJF) is expected to report.
VMware (VMW) is expected to report $0.77 for 3Q.
Warner Music Group Corp (WMG) is expected to report for 4Q.
Weston (George) Ltd (WN.T,WNGRF) is expected to report $3.12 for 3Q.
iMedia Brands Inc (IMBI) is expected to report for 3Q.
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ANALYST RATINGS ACTIONS
Alignment Healthcare Cut to Market Perform From Outperform by Raymond James
Alimera Sciences Cut to Neutral From Buy by Alliance Global Partners
Angel Oak Mortgage Cut to Neutral From Buy by B. Riley Securities
Aveanna Healthcare Cut to Sector Perform From Outperform by RBC Capital
Broadmark Realty Capital Cut to Neutral From Buy by B. Riley Securities
Carvana Cut to Sell From Hold by Argus Research
Cigna Cut to Outperform From Strong Buy by Raymond James
CMS Energy Raised to Outperform From Neutral by Credit Suisse
Comerica Raised to Outperform From Market Perform by Raymond James
Comerica Raised to Outperform From Market Perform by Wells Fargo
ConocoPhillips Cut to Sell From Hold by Societe Generale
Disney Raised to Outperform From Market Perform by MoffettNathanson
Duke Energy Cut to Sell From Neutral by Seaport Global
EverCommerce Cut to Neutral From Overweight by Piper Sandler
Evergy Cut to Neutral From Buy by Seaport Global
Extra Space Storage Cut to Underperform From In-Line by Evercore ISI Group
Federal Signal Cut to Sector Weight From Overweight by Keybanc
Healthpeak Properties Raised to Outperform From In-Line by Evercore ISI Group
Imago BioSciences Cut to Neutral From Outperform by Wedbush
Intel Faces 'Exceptionally Difficult' Years -- Barrons.com
Kimco Realty Cut to In-Line From Outperform by Evercore ISI Group
MongoDB Cut to Equal-Weight From Overweight by Morgan Stanley
Mueller Water Raised to Buy From Neutral by Northcoast Research
Oak Street Health Cut to Market Perform From Outperform by Raymond James
Olin Corp Cut to Sector Weight From Overweight by Keybanc
Paramount Group Cut to Underperform From In-Line by Evercore ISI Group
Pinnacle West Capital Raised to Neutral From Underperform by Credit Suisse
Plains All American Cut to Neutral From Overweight by JP Morgan
Plains GP Holdings Cut to Neutral From Overweight by JP Morgan
Power Integrations Cut to Market Perform From Outperform by Northland Capital Markets
Prelude Therapeutics Cut to Underperform From Neutral by B of A Securities
Regency Centers Cut to In-Line From Outperform by Evercore ISI Group
Regions Financial Cut to Market Perform From Outperform by Raymond James
Regions Financial Cut to Market Perform From Outperform by Wells Fargo
RH Cut to Equal-Weight From Overweight by Barclays
Sculptor Capital Mgmt Raised to Outperform From Neutral by Credit Suisse
Silvergate Capital Raised to Equal-Weight From Underweight by Wells Fargo
Squarespace Raised to Overweight From Neutral by Piper Sandler
UnitedHealth Cut to Outperform From Strong Buy by Raymond James
Welltower Cut to In-Line From Outperform by Evercore ISI Group
Williams-Sonoma Cut to Equal-Weight From Overweight by Barclays
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