Judge Jesse Furman of the U.S. District Court in New York dismissed unsecured creditors' appeal of the cash fee payment, saying its legality isn't a "discrete dispute" that can be appealed separately from Latam's overall bankruptcy plan.
Cryptocurrency TerraUSD Plunges as Investors Bail
A selloff in a cryptocurrency that was supposed to be pegged to $1 accelerated Wednesday, sending its price to less than a quarter of that value.
TerraUSD traded at 24 cents Wednesday, according to data from CoinDesk, wiping out more than $10 billion in market capitalization in the span of a few hours. A so-called stablecoin, this breed of cryptocurrencies had gained favor among traders for being the one part of the crypto universe that was revered for its stability.
China Consumer Inflation Accelerates Modestly
HONG KONG-China's consumer inflation edged up in April and factory-gate price pressures remained elevated as Covid-19 lockdowns jammed up logistics networks and the Ukraine war pushed up global energy prices.
China's consumer-price index in April was up 2.1% from a year earlier, official data showed Wednesday, the fastest pace in five months-accelerating from March's 1.5% and topping the 2% median forecast of economists polled by the Journal.
German Inflation Hits Highest Point in More Than 40 Years
Germany's annual rate of inflation rose in April, posting the highest reading since fall 1981, according to final data released by German statistics office Destatis on Wednesday.
Consumer prices rose 7.4% on year measured by national standards, in line with the first estimate and with forecasts of economists polled by The Wall Street Journal. They rose 7.8% on year by European Union harmonized standards, also in line with forecasts.
Malaysia's Central Bank Surprises With First Rate Change Since July 2020
Malaysia's central bank raised its benchmark interest rate by 25 basis points amid signs that economic growth is on a firmer footing, driven by strengthening domestic demand and exports.
Bank Negara Malaysia on Wednesday raised its overnight policy rate to 2.00%. Ten of 11 economists polled by The Wall Street Journal had forecast the central bank would keep its OPR unchanged.
Natural-Gas Prices Rise in Europe After Ukraine Cuts Flows
Natural-gas prices in Europe jumped Wednesday after Ukraine said it would reduce flows from Russia through its territory, blaming interference by Russian forces with pipelines in the east of the country.
Futures for natural gas in the Netherlands, Europe's benchmark for a fuel widely used in home heating, industrial processes and power generation, rose 5.4% to 98.80 euros, equivalent to $104.21, a megawatt-hour.
U.S. Spy Chief Sees Putin Preparing for Long Fight in Ukraine, as Russia Strikes Odessa
The U.S. spy chief said Russian President Vladimir Putin still seeks to control swaths of Ukraine beyond the eastern region known as the Donbas, after local authorities said Russian missiles struck the port city of Odessa overnight, killing one person and wounding others.
The Russian military's pullback to eastern and southern Ukraine after failing to rapidly take Kyiv is likely "only a temporary shift to regain the initiative," U.S. Director of National Intelligence Avril Haines told lawmakers Tuesday. U.S. spy agencies, she said, see a lengthy war of attrition that is unlikely to be settled by the current fighting in eastern Ukraine, and little chance of a near-term negotiated solution.
House Passes Resolution Allowing Staff to Unionize
WASHINGTON-The House on Tuesday voted to allow lawmakers' staff to unionize, a change Democratic proponents said could lead to improved working conditions on Capitol Hill for thousands of workers but Republican critics said was impractical and unnecessary.
The resolution, which the House included in an unrelated procedural vote that passed 217 to 202, will grant congressional workers the right to unionize and bargain collectively without fear of retaliation. Senate staff isn't included.
House Approves Ukraine Aid Package but No Deal in Senate
WASHINGTON-The House passed legislation to send $40 billion in emergency aid to Ukraine and U.S. allies in the region, but objections from Republicans in the Senate could slow its progress to President Biden's desk.
House lawmakers voted 368 to 57 to approve the legislation late Tuesday, with the support of all Democrats and a majority of Republicans.
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All 1Q unless stated otherwise
AirBoss of America
Fortuna Silver Mines
Osisko Gold Royalties
Pan American Silver
Power Corp. of Canada
Sierra Metals 2Q
Torex Gold Resources
Wesdome Gold Mines
Stocks to Watch:
American Hotel Income 1Q Rev $61.8M; FFO/Unit 5c; Income AFFO/Unit 3c
Cameco Increases Ownership Stake in Cigar Lake Mine to 54.5%
Crown Capital Partners 1Q Loss/Shr C$0.38; Loss C$2.55M; Rev C$7.21M
GDI Integrated Facility Services 1Q Rev C$495M, Up 29%; EPS C$0.30 Vs. EPS C$0.56; Encouraged About Outlook for Remainder of 2022; Exiting Pandemic With All Business Units Performing Well, Healthy Balance Sheet; Board Approved Purchase of Up to 500,000 Subordinate Voting Shrs During Next 12 Mos
Northland Power 1Q Sales C$695.1M Vs. C$612.8M; Basic EPS C$0.99 Vs. C$0.49l; Sees 2022 Adj. Ebitda C$1.15B-C$1.25B; Unchanged From Prior Guidance
Optiva 1Q EPS 30c; Net $1.84M; Rev $16.1M
Orvana Minerals 2Q Loss/Shr 4C; 2Q Rev $21.9M
Spartan Delta 1Q EPS C$0.36; Net C$61.2M
Expected Major Events for Wednesday
05:00/JPN: Mar Indexes of Business Conditions - Preliminary Release
06:00/GER: Apr CPI
10:00/FRA: Mar OECD Harmonised Unemployment Rates
11:00/US: 05/06 MBA Weekly Mortgage Applications Survey
12:30/US: Apr CPI
12:30/US: Apr Real Earnings
14:00/US: Apr Online Help Wanted Index
14:30/US: 05/06 EIA Weekly Petroleum Status Report
18:00/US: Apr Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
23:01/UK: Apr RICS Residential Market Survey
23:50/JPN: Apr Bank Lending
23:50/JPN: Mar Balance of Payments
23:50/JPN: Apr International Transactions in Securities
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
Barnwell Industries (BRN) is expected to report for 2Q.
Boralex Inc - Class A (BLX.T,BRLXF) is expected to report $0.19 for 1Q.
Boyd Group Services is expected to report for 1Q.
CIRCOR International Inc (CIR) is expected to report $0.04 for 1Q.
CSP Inc (CSPI) is expected to report for 2Q.
Ceres Global Ag (CRP.T) is expected to report for 3Q.
Creative Media & Community Trust Corp (CMCT) is expected to report for 1Q.
Dixie Group (DXYN) is expected to report for 1Q.
Dream Finders Homes Inc (DFH) is expected to report for 1Q.
Endeavour Silver (EDR.T,EXK) is expected to report $0.05 for 1Q.
First Advantage Corp (FA) is expected to report for 1Q.
Hemisphere Media Group Inc (HMTV) is expected to report for 1Q.
Intertape Polymer Group Inc (ITP.T,ITPOF) is expected to report $0.37 for 1Q.
Live Ventures Inc (LIVE) is expected to report for 2Q.
MICT Inc (MICT) is expected to report for 4Q.
MasterCraft Boat Holdings Inc (MCFT) is expected to report $1.00 for 3Q.
NightHawk Biosciences Inc (NHWK) is expected to report for 1Q.
Orbit International (ORBT) is expected to report for 1Q.
PDS Biotechnology Corp (PDSB) is expected to report $-0.22 for 1Q.
Performance Food Group (PFGC) is expected to report $0.31 for 3Q.
Pieris Pharmaceuticals Inc (PIRS) is expected to report $-0.04 for 1Q.
Priority Technology Holdings Inc (PRTH) is expected to report $0.10 for 1Q.
ReShape Lifesciences Inc (RSLS) is expected to report for 1Q.
Recursion Pharmaceuticals Inc (RXRX) is expected to report for 1Q.
Redline Communications (RDL.T,RDLCF) is expected to report for 1Q.
Stella-Jones Inc (SJ.T) is expected to report $0.69 for 1Q.
SunOpta Inc (SOY.T,STKL) is expected to report $-0.02 for 1Q.
TerraVest Industries is expected to report for 2Q.
The Wendy's Company (WEN) is expected to report $0.19 for 1Q.
Trevena Inc (TRVN) is expected to report $-0.09 for 1Q.
Tricon Residential is expected to report $0.11 for 1Q.
United-Guardian (UG) is expected to report for 1Q.
Westwater Resources Inc (WWR) is expected to report for 1Q.
Wilhelmina International Inc (WHLM) is expected to report for 1Q.
Wireless Telecom (WTT) is expected to report $-0.03 for 1Q.
Wolverine World Wide Inc (WWW) is expected to report $0.36 for 1Q.
Xeris Biopharma Holdings Inc (XERS) is expected to report for 1Q.
YETI Holdings Inc (YETI) is expected to report $0.28 for 1Q.
Zynerba Pharmaceuticals Inc (ZYNE) is expected to report $-0.23 for 1Q.
scPharmaceuticals Inc (SCPH) is expected to report $-0.35 for 1Q.
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ANALYST RATINGS ACTIONS
Affirm Holdings Cut to Underweight From Equal-Weight by Stephens & Co.
Altria Cut to Market Perform From Outperform by Bernstein
Atara Biotherapeutics Cut to Neutral From Buy by Citigroup
Boise Cascade Cut to Hold From Buy by Benchmark
Clean Energy Fuels Raised to Outperform From Market Perform by Raymond James
Edison International Cut to Neutral From Buy by Mizuho
EOG Resources Raised to Strong Buy From Outperform by Raymond James
Essex Property Cut to Underweight From Equal-Weight by Barclays
Fluent Raised to Outperform From Market Perform by Barrington Research
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