Morning North American Briefing: Equity Futures -2-

KYSELIVKA, Ukraine – When Ukrainian troops deployed to Kyselivka on the Kherson frontline in April, the village’s empty houses provided some protection from relentless Russian shelling.

“Now there aren’t many places to hide here,” said one soldier, using his call sign Kulak, pointing to a landscape of craters and twisted trees. “Most of the houses burned down from the incendiary shells, and the church disappeared too. It’s never quiet here.”

   
 
 

China rocks a much bigger saber as it prepares for live-fire drills around Taiwan

HONG KONG-Beijing is preparing live-fire military drills in areas surrounding Taiwan this week, a significant step up from its responses to previous crises and underscoring China’s rapidly growing combat capabilities.

China revealed the drills minutes after US House Speaker Nancy Pelosi arrived in Taipei on Tuesday night. They are to take place from Thursday to Sunday in the waters and airspace of six areas that collectively surround the democratically self-governing island, which Beijing claims as its own.

   
 
 

Australia to overhaul its military as US-China tensions rise

SYDNEY-Australia’s new government has launched a sweeping review of its military, reflecting concerns among some US allies that growing US-China rivalry is increasing the risk of armed conflict in Asia and the Pacific.

The review will be the most significant reassessment of the Australian military in decades, said Australian Defense Minister Richard Marles, in office for less than three months. The review will determine which capabilities should be prioritized for investment and where those assets should be deployed given the rapidly changing geopolitical situation in the Indo-Pacific, officials said.

   
 
 

Kansas votes to protect abortion rights in state constitution

OLATHE, Kan.-Kansas voters have firmly rejected a proposed state constitutional amendment that would have ended abortion protections, in the first statewide referendum on the issue since the Supreme Court eliminated the right to abortion at the federal level.

The closely watched vote, in a conservative-leaning state where Republicans outnumber Democrats, means abortion is likely to remain legal and accessible in Kansas. The result, projected by the Associated Press, also offers a quick political victory for abortion rights supporters weeks after their resounding defeat in the Supreme Court.

   
 
 

Eric Schmitt wins Missouri GOP Senate primary as five states vote

Missouri Republicans selected Eric Schmitt, the state’s attorney general, as their candidate for a U.S. Senate seat on Tuesday, ending a political comeback effort by Eric Greitens, a former governor who had resigned from his post in the US Senate. amid sexual assault allegations.

Schmitt’s win in the Republican-leaning state, projected by The Associated Press, leaves his party in a strong position in the race to replace retiring GOP Sen. Roy Blunt and help the effort of the GOP to build a majority in what is now a 50-50 Senate.

   
 
 

Nancy Pelosi meets Taiwan president as China warns of dire consequences

House Speaker Nancy Pelosi met Taiwanese President Tsai Ing-wen on Wednesday, in what she called a show of US solidarity for the island, defying repeated warnings from Beijing and stoking US-China tensions .

Ms Pelosi, the highest ranking US official to visit the island in a quarter of a century, said in a statement shortly after her arrival that the trip demonstrated “America’s unwavering commitment to supporting Taiwan’s vibrant democracy”.

   
 
 

Write to [email protected] TODAY IN CANADA

Earnings:

Algoma Steel Grp 1Q

Altius Renwbl 2Q Royalties

B2Gold Corp. 2Q

Boralex Inc. Class A 2Q

Brookfield Infra Ptr. 2Q

Ceridian HCM Hldg 2Q

Intl Grp 2Q Collars

DRI Healthcare Trust 2Q

Endeavor Mining PLC 2Q

Equinox Gold Corp. 2Q

Great-West Lifeco 2Q

IAMGOLD Corp. 2Q

Info Svs Corp. 2Q

Innergex Renwble Energy 2Q

LifeSpeak Inc. 2Q

Loop Energy Inc. 2Q

NFI Grp Inc. 2Q

Nutrien Ltd 2Q

Ovintiv Inc 2Q

SilverCrest Metals Inc. 2Q

Fincl Sun Life Inc. 2Q

Torex 2Q Gold Resources

Western Forest Pdcts. 2Q

Economic indicators (ET):

None planned.

Actions to watch:

CN plans to raise US$1.5 billion through debt offering; CN offering US$800 million in 3.85% notes due 2032, US$700 million in 4.40% notes due 2052; CN plans to use the net proceeds of the offering for general corporate purposes, including debt refinancing, Shr buyouts and acquisitions; CN’s debt offering is made in the United States; BofA Securities, Citigroup, Wells Fargo Securities among bookrunners for CN’s debt offering.

   
 
 

Major events expected for Wednesday

00:30/JPN: Jul Japan PMI Services

06:00/RUS:Jul Russian Services PMI

06:00/GER: June Foreign trade

07:45/ITA: July Italy PMI Services

07:50/FRA: July France Services PMI

07:55/GER: July Germany PMI Services

08:00/ITA: June retail sales

08:30/UK: July S&P Global / CIPS UK Services PMI

08:30/UK: July UK Official Reserves

8:30 a.m. UK: July tight money (notes and coins) and reserve balances

10:00/FRA: June OECD CPI

11:00/US:7/29 Weekly MBA Mortgage Application Survey

12:15 p.m./US: July CANCELED: ADP National Employment Report

1:45 p.m./US: July US Services PMI

2:00 p.m. / United States: Employment and unemployment in the June metropolitan area

2:00 p.m. / US: June manufacturer shipments, inventories and orders (M3)

14:00/US: July ISM Business Services PMI Report

2:30 p.m./US: 07/29 EIA Weekly State of Oil Report

3:00 p.m./US: Jul Global Services PMI

All times in GMT. Powered by Onclusive and Dow Jones.

   
 
 

Earnings expected for Wednesday

AmerisourceBergen Corp (ABC) is expected to return $2.35 for Q3.

Archrock Inc (AROC) is expected to return $0.20 for 2Q.

BGC Partners (BGCP) is expected to return $0.05 for 2Q.

Berry Corp (bry) (BRY) is expected to return $1.17 for 2Q.

BeyondSpring Inc (BYSI) is expected to return -$0.24 for Q1.

BlackRock TCP Capital Corp (TCPC) is expected to return $0.32 for 2Q.

BorgWarner Inc (BWA) is expected to return $0.80 for 2Q.

Brink’s Co (BCO) is expected to return $0.61 for 2Q.

Chatham Lodging Trust (CLDT) is expected to return $0.05 for Q2.

Cohen & Co Inc (COHN) is expected to report in Q2.

Corvel (CRVL) should report for 1Q.

Cowen Inc (COWN) is expected to return $0.26 for 2Q.

Dana Incorporated (DAN) is expected to earn $0.22 for Q2.

Dynatrace Inc (DT) is expected to report for the first quarter.

Entergy Corp (ETR) is expected to return $1.38 for 2Q.

Enterprise Products Partners LP (EPD) is expected to return $0.60 for 2Q.

Generac Holdings Inc (GNRC) is expected to return $2.29 for 2Q.

Gibraltar Industries (ROCK) is expected to return $0.76 for 2Q.

Intercept Pharmaceuticals Inc (ICPT) is expected to return -$0.46 for 2Q.

Mastech Digital Inc (MHH) is expected to return $0.26 for 2Q.

Materion Corp (MTRN) is expected to return $1.11 for 2Q.

Medical Properties Trust (MPW) is expected to report $0.28 for Q2.

NOW Inc (DNOW) is expected to return $0.18 for 2Q.

National Retail Properties Inc (NNN) is expected to report for Q2.

Owens & Minor Inc (IMO) is expected to report $0.59 for Q2.

Pacira Pharmaceuticals (PCRX) is expected to earn $0.57 for Q2.

Parsons Corp (PSN) is expected to report for Q2.

R1 RCM Inc (RCM) is expected to report for Q2.

Safehold Inc (SAFE) is expected to return $0.40 for 2Q.

Seres Therapeutics Inc (MCRB) is expected to return -$0.60 for 2Q.

Shenandoah Telecommunications Co (SHEN) is expected to return $0.02 for 2Q.

Sinclair Broadcast Group (SBGI) is expected to return $0.00 for 2Q.

Sunoco LP (SUN) is expected to earn $0.95 for Q2.

Sunstone Hotel Investors (SHO) is expected to return $0.07 for 2Q.

Tradeweb Markets Inc (TW) is expected to report for Q2.

Tupperware Brands Corp (TUP) is expected to earn $0.16 for Q2.

Under Armor Inc – Class A (UA,UAA) is expected to return $0.03 for 2Q.

Vertiv Holdings LLC (VRT) is expected to report for Q2.

Xenia Hotels & Resorts Inc (XHR) is expected to return $0.08 for 2Q.

YUM! Brands Inc (YUM) is expected to return $1.11 for 2Q.

Powered by Onclusive and Dow Jones.

   
 
 

ANALYST RATINGS ACTIONS

Builders FirstSource cut to neutral from purchase by BTIG

Choice Hotels Intl reduced to neutral from Buy by UBS

ContinentalRes Oklahoma undercuts sector performance from Scotiabank’s sector outperformance

Cowen cuts market performance from market outperformance by JMP Securities

Cowen Cut to Peer Perform From Outperform by Wolfe Research

EVO payments cut to hold back from purchase by Truist Securities

EVO payouts shifted to neutral after purchase by Northcoast Research

Four Corners property severed to accommodate purchase by Berenberg

PerkinElmer cut to neutral after being bought by B of A Securities

Woodward Inc cut to accommodate purchase by Truist Securities

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

 

(END) Dow Jones Newswire

August 03, 2022 06:14 ET (10:14 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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