Canada Labour Force Survey for May; Canada Industrial Capacity
Utilization Rates for 1Q; World Agricultural Supply & Demand
Today's Top Headlines/Must Reads:
- Democrats Push for Debt-Ceiling Overhaul Bill After Default
- China's Inflation Problem? It Has None
- Crypto's Quiet Gains: Ownership Climbs Despite Crash in
- Cuba Spy Station Brings China Rivalry to America's
Follow WSJ market coverage here
Stock futures mostly eased back on Friday, as traders warily eye
next week's inflation data and Federal Reserve interest rate
The Fed's decision is likely to be colored by the May consumer
price index report, due Tuesday. Traders should thus be cheered if
CPI inflation continues to decline from the current 4.9%, further
encouraging a Fed rate-hike pause.
However, news on Friday from the world's second biggest economy
showed how concerns can grow when disinflation turns to
Data showed prices from China's producers fell 4.6% in the year
to May, the fastest decline in seven years, suggesting not just
cheaper input costs, but also waning demand in the country that
tends to be the engine of global growth.
Read China's Second-Quarter GDP Growth Will Be 'Relatively
High,' PBOC Gov Says
Overseas, Asian stocks gained, with Japan's Nikkei 2% higher and
Hong Kong's Hang Seng up 0.5%. In Europe, Stoxx 600 was largely
Stocks on the Move
Braze rose 9% after revenue in its fiscal first quarter jumped
more than 31% to $101.8 million, and the loss in the period was
narrower than analysts' expectations.
DocuSign was rising 7% in premarket trading after fiscal
first-quarter revenue and billings beat the company's own guidance,
and it raised its outlook for the fiscal year ending in
General Motors gained 3.4% in premarket trading after the
automaker said its electric vehicles will be able to access Tesla
's supercharging network in 2024.
As for Tesla, the stock was rising 4.4% in premarket
Sientra's AlloX2 Pro Tissue Expander received 510k-clearance
from the FDA. Shares rose 93% in aftermarket trading.
Elevation Oncology proposed an underwritten public offering.
Shares fell 26% in after-hours trading.
Planet Labs fell 18% after guiding for fiscal-year revenue of
about $225 million to $235 million, below analysts' forecasts of
about $257 million.
Unico American's operating unit was placed into conservation in
California, and Unico's stock will be delisted from Nasdaq. Shares
fell 40% in aftermarket trading.
The dollar remained weak following sharp falls after Thursday's
larger-than-expected rise in initial jobless claims.
However, the currency could steady from here as traders stay
cautious ahead of events next week, including decisions by the Fed
and the ECB, UniCredit Research said.
"The light economic agenda today might lead to further position
adjustments but is unlikely to induce more dollar weakness. The
risk, if anything, is that the DXY might return closer to 104."
The euro looks undervalued against sterling and has limited
scope to extend its recent fall, and as markets are already pricing
in 100 bps of interest-rate rises by the Bank of England, ING
"EUR/GBP has moved back below 0.8600 after a very small rebound
and we estimate the pair to be trading at around a 2.0% short-term
undervaluation at the current levels, which falls beyond the 1.4%
1.5 standard-deviation lower-bound."
Oil prices edged lower in Europe and were on course for a weekly
loss as reports of progress in talks between Iran and the U.S. add
the possibility of fresh supplies to the market.
"The fall in oil prices since the OPEC+ meeting likely reflects
global growth fears and oil demand concerns," Commonwealth Bank of
Read Solar Installation Could Hit New High in 2023 as Price
Base metals rose in early London trading, with aluminium prices
supported by production worries as a drought in China threatens
Rainfall in China's Yunnan region has fallen to multidecade
lows, undermining hydroelectric power output, which is crucial for
powering the region's vast and power-hungry aluminum smelters, ANZ
TODAY'S TOP HEADLINES
Less Haggling, More Upselling: How EVs Will Change How You Buy a
Electric vehicles could make buying a car less stressful. They
could also prolong the sales hustle well after you leave the
General Motors is in the process of rolling out a new digital
sales platform so that customers can buy its products fully online,
fully in dealerships or in a combination of both. Ford will
introduce nonnegotiable pricing for its F-150 Lightning and Mustang
Mach-E EVs starting next year.
China's Producer Prices Declined Further in May
China's factory-gate price index tumbled to its lowest reading
in more than seven years, while consumer prices edged up slightly
in May, thanks to higher food prices, official data showed
The producer-price index declined 4.6% from a year earlier in
May, compared with the 3.6% decline in April and marking the
weakest reading since February 2016, when PPI fell 4.9% from a year
earlier, according to data released by the National Bureau of
Ex-First Republic Executive to Head Turkey's Central Bank
ISTANBUL-Turkey's President Recep Tayyip Erdogan appointed a
former First Republic Bank executive to lead the central bank, a
likely shift away from the unorthodox economic policies that have
sown economic instability and driven away foreign investors.
The new central-bank governor is Hafize Gaye Erkan, who until
late 2021 was the co-CEO of First Republic Bank, which collapsed
and was sold to JPMorgan Chase last month. She previously worked
for Goldman Sachs and served on the board of Tiffany & Co.
Trump Indicted in Classified Documents Case
WASHINGTON-Donald Trump was indicted Thursday by a federal grand
jury in the investigation into his handling of classified documents
at his Mar-a-Lago resort in Florida, marking the first time in
history that the federal government has brought charges against a
Trump was charged with seven counts, a person familiar with the
matter said, including violations of the Espionage Act, which bars
the misuse of classified information, as well as obstruction and
false statements. A lawyer for Trump, James Trusty, confirmed those
counts on CNN.
Ukraine Targets Russian Lines, as Counteroffensive Gathers
KHERSON, Ukraine-Ukraine launched armored assaults on entrenched
Russian forces in the southeast of the country, as a high-stakes
counteroffensive by Kyiv designed to decisively shift the momentum
of the 15-month war gathered steam.
Ukrainian officials said they were carrying out what they
described as local attacks in the southeastern Zaporizhzhia and
eastern Donetsk regions, while Russia's defense minister said
Moscow's forces had repelled Ukrainian attempts to break through
Write to email@example.com TODAY IN CANADA
Nothing major scheduled
Economic Calendar (ET):
0830 May Labour Force Survey
0830 Q1 Industrial capacity utilization rates
Stocks to Watch:
CAE Announces Pricing of Private Offering of C$400 M of Senior
CAPREIT Divests C$103 Million in Non-Core Properties; Reinvests
C$74 Million in New Build Properties
Expected Major Events for Friday
06:00/GER: 1Q Labour cost index
08:00/ITA: Apr Industrial Production
12:30/CAN: May Labour Force Survey
12:30/CAN: 1Q Industrial capacity utilization rates
14:00/US: 1Q Quarterly Services
16:00/US: World Agricultural Supply & Demand Estimates
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
Abraxas Petroleum (AXAS) is expected to report for 1Q.
Andrea Electronics Corp (ANDR) is expected to report for 1Q.
Environmental Tectonics Corp (ETCC) is expected to report for
Exicure Inc (XCUR) is expected to report for 1Q.
Ocean Biomedical Inc (OCEA) is expected to report for 1Q.
Odonate Inc (ODTC) is expected to report $-1.17 for 1Q.
Virco Manufacturing Corp (VIRC) is expected to report for
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ANALYST RATINGS ACTIONS
Aptiv Raised to Outperform From Peer Perform by Wolfe
Carrier Global Cut to Equal-Weight From Overweight by Morgan
E2open Cut to Hold From Buy by Loop Capital
EPAM Systems Cut to Equal-Weight From Overweight by Morgan
Fisker Cut to Underperform From Peer Perform by Wolfe
HashiCorp Cut to Neutral From Buy by B of A Securities
Integra LifeSciences Cut to Hold From Buy by Argus Research
Las Vegas Sands Cut to Hold From Buy by Jefferies
Marsh & McLennan Raised to Outperform From In-Line by
Evercore ISI Group
New Fortress Energy Cut to Neutral From Buy by B of A
QuantumScape Cut to Underperform From Peer Perform by Wolfe
SES AI Cut to Underperform From Peer Perform by Wolfe
Solid Power Cut to Underperform From Peer Perform by Wolfe
T-Mobile US Raised to Outperform From Peer Perform by Wolfe
Torrid Holdings Cut to Market Perform From Outperform by Telsey
Visteon Raised to Outperform From Peer Perform by Wolfe
Wynn Resorts Cut to Hold From Buy by Jefferies
This article is a text version of a Wall Street Journal
newsletter published earlier today.
(END) Dow Jones Newswires
June 09, 2023 06:17 ET (10:17 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.