North American Morning Briefing: Investors to -2-

10/14/2021 | 05:54am

The Australia-based mining company-which has assets in the U.S. and Brazil, among other places-on Thursday said it would buy a 45% stake in the Sierra Gorda copper mine in the Antofagasta region of northern Chile for an upfront cost of $1.55 billion and future sum of up to $500 million linked to production rates and metal prices. It agreed to purchase the stake from Japan's Sumitomo Metal Mining Co. Ltd. and Sumitomo Corp. The other 55% of the mine is owned by Poland's KGHM Polska Miedz SA.

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TSMC Posts Record Quarterly Profit on Chip Demand

Taiwan Semiconductor Manufacturing Co.'s third-quarter net profit rose to a record, thanks to strong chip demand for electronics devices and data processing.

The world's largest contract chip maker said Thursday that net profit was 156.26 billion New Taiwan dollars (US$5.57 billion), up from NT$137.31 billion a year earlier. That beat the estimate of NT$149.42 billion from a poll of analysts by S&P Global Market Intelligence.

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Gas Shortage Forces Power Plants to Switch to Oil, Boosting Demand

Soaring natural-gas and coal prices are forcing power-generation companies and manufacturers to switch to using oil, a move that could add half a million barrels a day to global demand, the International Energy Agency said Thursday.

In its monthly market report, the IEA increased its global oil-demand forecasts for this year and the next by 170,000 and 210,000 barrels a day, respectively, but added that the cumulative effect of the energy crisis could be as large as 500,000 barrels a day from September through next year's first quarter.

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Tight Labor Market Keeping Jobless Claims in Check

Unemployment claims are holding near the lowest levels since early 2020, as employers cling to workers in a competitive labor market.

Economists surveyed by The Wall Street Journal estimate jobless claims fell to 318,000 last week from 326,000 a week earlier. Claims, a proxy for layoffs, remain near their lowest levels since the coronavirus pandemic's onset. Initial claims reached a pandemic low of 312,000 in the week ended Sept. 4.

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U.S. SPAC Frenzy Inspires a Reboot in Asia

SPACs have lost some luster in America, but stock exchanges in Singapore and Hong Kong are betting the vehicles will boost their allure to global investors and startups in the region.

The two Asian financial hubs have been pushing forward with competing plans to enable listings of special-purpose acquisition companies, which raise money and go public before finding businesses to merge with. Singapore launched its SPAC rules in September, while Hong Kong is seeking public comment on its proposed regulations until the end of this month.

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Fed Official Sees Risks of More Persistent Inflation

A Federal Reserve official warned in a speech Wednesday night of growing risks that supply-chain disruptions could keep inflation elevated for longer than forecasters have anticipated.

While monthly inflation readings should decline from high rates observed in the spring, "I still see a material risk that supply-related pricing pressures could last longer than expected," said Fed governor Michelle Bowman in remarks prepared for delivery at South Dakota State University in Brookings, S.D.

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China's Factory-Gate Prices Rise at Record Pace

HONG KONG-Cost pressures on Chinese factories continued to accumulate last month as energy prices soared, dimming hope that global inflation would ease in the near term.

China's producer-price index, a gauge of factory-gate prices, rose by 10.7% in September from a year ago, accelerating from a 9.5% increase in August, and grew at the fastest pace in 25 years, according to the National Bureau of Statistics.

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German Economy Forecast to Grow 2.4% in 2021 and 4.8% in 2022

A complete normalization of contact-intensive activities isn't expected in the short term in Germany and supply bottlenecks are hampering manufacturing for the time being, the country's leading economic-research institutes said in a joint report.

"The Corona pandemic still shapes the economic situation in Germany," according to the joint economic forecasts report by the Ifo Institute, DIW Berlin, IfW Kiel, IWH and RWI.

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Singapore Central Bank Surprises With Policy Tightening

Singapore's central bank unexpectedly tightened its currency policy to cushion against inflationary pressures arising from strengthening global demand amid a global supply-chain crunch.

The Monetary Authority of Singapore said Thursday that it will "slightly" increase the slope of the Singapore dollar nominal effective exchange rate policy band from the current slope of zero.

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U.S.-Canada Border's Full Opening in November Spurs Travel Plans

OTTAWA-Upon learning the U.S. intends to reopen land border crossings in early November to fully vaccinated travelers from Canada and Mexico, Emily Pearce started planning a visit to the nearest Target store, located in upstate New York.

The Ottawa resident said for months she has been eyeing a pair of wicker nightstands that the retailer sells. Target doesn't ship to Canada, and she can't find anything comparable in Canada at the same price point.

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Biden Administration Seeks to Expand Wind Farms in Coastal Waters

WASHINGTON-The Biden administration is preparing to open up large sections of the U.S. coastline to wind-turbine projects as part of a plan to boost production of clean, renewable energy.

The U.S. is aiming by 2025 to lease up to seven tracts for wind farms in coastal waters between Maine and the Carolinas on the Atlantic Coast, off California and Oregon along the Pacific Coast and in the Gulf of Mexico, Interior Department Secretary Deb Haaland said.

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WHO Creates New Team to Study Covid-19 Origins

The World Health Organization established a new panel of scientists whose mandate will include attempting to revive a stalled inquiry into the origins of the coronavirus that caused a global pandemic.

The 26-member team, drawn from countries including the U.S., China, India, Nigeria and Cambodia, is larger than a 10-member international group of scientists sent earlier this year to Wuhan, the Chinese city that was the site of the first confirmed Covid-19 outbreak in December 2019. The team will also have a broader mandate to lead investigations of future epidemics as well as Covid-19.

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Rudy Giuliani Associate Lev Parnas Funneled Foreign Money Into U.S. Elections, Prosecutors Say

The criminal trial of former Rudy Giuliani associate Lev Parnas kicked off in a New York federal court Wednesday with prosecutors describing him as a Florida businessman who promoted his political connections while working to funnel foreign money into U.S. elections in 2018.

Mr. Parnas, who faces six counts of campaign-finance charges, is accused of conspiring with Andrey Kukushkin, a co-defendant in the case, to make more than $25,000 in political contributions in a calendar year with funds from Russian businessman Andrey Muraviev. Federal-election laws prohibit foreign nationals from making political contributions in U.S. elections. It is also illegal to make a political contribution in another person's name.

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Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

None scheduled

Economic Indicators (ET):

0830 Aug Monthly Survey of Manufacturing

Expected Major Events for Thursday

04:30/JPN: Aug Revised Industrial Production

08:00/GER: Ifo Joint Economic Forecast of German economic research institutes

08:00/FRA: Oct IEA Oil Market Report

08:30/UK: 3Q Bank of England Credit Conditions Survey

08:30/UK: 3Q Bank of England's Bank Liabilities Survey

12:30/US: Sep PPI

12:30/US: 10/09 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/CAN: Aug Monthly Survey of Manufacturing

13:00/RUS: Weekly International Reserves

13:45/US: Bloomberg Consumer Comfort Index

14:30/US: 10/08 EIA Weekly Natural Gas Storage Report

15:00/US: 10/08 EIA Weekly Petroleum Status Report

20:30/US: Federal Discount Window Borrowings

20:30/US: Foreign Central Bank Holdings

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Thursday

Alcoa Corp (AA) is expected to report $1.71 for 3Q.

Art's Way Manufacturing (ARTW) is expected to report for 3Q.

BancFirst Corp (BANF) is expected to report $1.22 for 3Q.

Bank Of South Carolina (BKSC) is expected to report for 3Q.

Bank of America Corp (BAC) is expected to report $0.71 for 3Q.

Barrick Gold Corp (ABX.T,GOLD) is expected to report for 3Q.

Brainstorm Cell Therapeutics Inc (BCLI) is expected to report $-0.20 for 3Q.

CCA Industries (CAWW) is expected to report for 3Q.

CCUR Holdings Inc (CCUR) is expected to report for 3Q.

Citigroup Inc (C) is expected to report $1.71 for 3Q.

Colabor Group is expected to report for 3Q.

Colony Bankcorp (CBAN) is expected to report $0.30 for 3Q.

Commercial Metals Co (CMC) is expected to report $1.34 for 4Q.

Cryo-Cell International Inc (CCEL) is expected to report for 3Q.

Del Taco Restaurants Inc (TACO) is expected to report $0.10 for 3Q.

Domino's Pizza Inc (DPZ) is expected to report $3.10 for 3Q.

Duck Creek Technologies Inc (DCT) is expected to report for 4Q.

FRMO Corp (FRMO) is expected to report for 1Q.

Ferrellgas Partners LP (FGPR) is expected to report for 4Q.

Goodfellow is expected to report for 3Q.

Intellipharmaceutics International Inc (IPCI,IPCI.T) is expected to report for 3Q.

J.W. Mays Inc (MAYS) is expected to report for 4Q.

Liquid Media Group Ltd (YVR) is expected to report for 3Q.

Marten Transport (MRTN) is expected to report $0.26 for 3Q.

Morgan Stanley (MS) is expected to report $1.65 for 3Q.

Omega Flex (OFLX) is expected to report for 3Q.

Progressive Corp (PGR) is expected to report.

Pure Bioscience (PURE) is expected to report for 4Q.

(MORE TO FOLLOW) Dow Jones Newswires

10-14-21 0553ET

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