North American Morning Briefing : Stocks to Extend -2-

07/01/2022 | 05:25am

China Manufacturing Output Rebounds as Covid Restrictions Ease

A private gauge measuring China's factory activity rebounded to its highest level in a year, pointing in the same direction as the official gauge to reflect an economic recovery from the impact Covid-19 lockdowns.

The Caixin China purchasing managers index rose to 51.7 in June, up from 48.1 in May, ending a three-month streak of contraction, according to data released Friday by Caixin Media Co. and S&P Global. The 50 mark separates expansion from contraction.


Japan's Large Manufacturers Sentiment Deteriorates, Tankan Survey Shows

TOKYO-Sentiment among Japan's large manufacturers deteriorated in the three months to June, reflecting concerns over lockdown in Shanghai and prolonged supply shortages.

The main index for sentiment among large manufacturers was +9, compared with +14 in the March survey, according to the Bank of Japan's quarterly tankan corporate survey released Friday. The reading marked the second straight quarter of lower sentiment and was below a projection for +12 from a poll of economists by data provider Quick.


Most Countries Lack Crypto Information-Sharing Laws, Watchdog Says

Most countries lack "travel rule" laws that could help prevent illicit use of cryptocurrency by criminals and terrorists, a global anti-money-laundering watchdog said Thursday.


China's Xi Jinping Says Hong Kong's Loyalty to Beijing Will Ensure Prosperous Future

HONG KONG-Marking a quarter-century since Beijing regained control over this former British colony, Chinese leader Xi Jinping urged Hong Kong to show more patriotic fervor and rally around his vision of a strong and unified China as he prepares to extend his rule.

In a Friday speech wrapping up a two-day visit to Hong Kong, Mr. Xi declared that this Asian financial center is again poised to prosper after Beijing imposed broad political changes to sweep aside the social unrest that periodically plagued the city since its handover to China in 1997. The key guarantors of Hong Kong's future, he said, is a shared love for the Chinese motherland and loyalty to Communist Party rule.


U.S. to Support Ukraine for 'As Long as It Takes,' Biden Says

At the end of six days of international summitry, President Biden pledged to support Ukraine for "as long as it takes," as Russia's war drags on and Western countries pour billions of dollars in arms and humanitarian aid into the conflict.

Speaking Thursday at the conclusion of the North Atlantic Treaty Organization's gathering in Madrid, Mr. Biden pledged the war wouldn't end with a Ukrainian defeat.


Arbitrator Awards $52 Million to Former D.E. Shaw Partner

A former partner at hedge-fund giant D.E. Shaw Group was awarded $52 million by an industry arbitration panel, which determined that the firm and four of its top executives defamed him by suggesting his departure from the hedge fund was related to sexual misconduct.

In 2018, Daniel Michalow filed a complaint with the Financial Industry Regulatory Authority seeking $600 million in lost wages and other damages, as well as a "corrective statement" from D.E. Shaw. Mr. Michalow didn't receive the statement from the firm, but the award is a record for a Finra case in which a member of the financial services industry filed a complaint against his employer.


'Cryptoqueen' Is Now on FBI's 10 Most Wanted List

The woman alleged to be at the heart of one of the world's biggest cryptocurrency frauds is now on the Federal Bureau of Investigation's 10 Most Wanted Fugitives list, according to the agency.

Ruja Ignatova is accused of operating a world-wide pyramid scheme that took in more than $4 billion from 2014 through 2016 through the purported cryptocurrency OneCoin, according to law enforcement.


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Expected Major Events for Friday

00:30/JPN: Jun Japan Manufacturing PMI

05:00/JPN: Jun Auto sales

06:00/RUS: Jun Russian Manufacturing PMI

07:45/ITA: Jun Italy Manufacturing PMI

07:50/FRA: Jun France Manufacturing PMI

07:55/GER: Jun Germany Manufacturing PMI

08:30/UK: May Monetary & Financial Statistics

08:30/UK: May Bank of England effective interest rates

08:30/UK: May Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit

08:30/UK: 4Q Postcode Lending statistics

08:30/UK: Jun S&P Global / CIPS UK Manufacturing PMI

09:00/ITA: Jun Provisional CPI

09:00/ITA: Jun Cities CPI

13:45/US: Jun US Manufacturing PMI

14:00/US: Jun ISM Report On Business Manufacturing PMI

14:00/US: May Construction Spending - Construction Put in Place

15:00/US: Jun Global Manufacturing PMI

20:00/US: Jun Domestic Auto Industry Sales

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


Expected Earnings for Friday

Statera Biopharma Inc (STAB) is expected to report for 1Q.

Powered by Onclusive and Dow Jones.


ANALYST RATINGS ACTIONS

Acadia Realty Trust Cut to Hold From Buy by Jefferies

Advanced Micro Devices Raised to Outperform From Market Perform by Northland Capital Markets

Ameren Cut to Neutral From Buy by UBS

Angion Biomedica Cut to Hold From Buy by Stifel

Angion Biomedica Cut to Perform From Outperform by Oppenheimer

Axos Financial Cut to Neutral From Outperform by Wedbush

Bunge Raised to Buy From Neutral by B of A Securities

Crown Castle Raised to Buy From Hold by Jefferies

Digital Realty Raised to Buy From Hold by Jefferies

Duke Energy Cut to Neutral From Buy by UBS

Equinix Raised to Buy From Hold by Jefferies

Evergy Cut to Neutral From Buy by UBS

Huntington Bancshares Cut to Neutral From Outperform by Wedbush

KeyCorp Cut to Neutral From Outperform by Wedbush

Kite Realty Group Trust Cut to Hold From Buy by Jefferies

MSC Industrial Cut to Market Perform From Outperform by William Blair

Omega Healthcare Cut to Hold From Buy by Jefferies

RPT Realty Cut to Hold From Buy by Jefferies

Sabra Healthcare REIT Cut to Hold From Buy by Jefferies

ShotSpotter Raised to Outperform From Market Perform by William Blair

Simon Property Cut to Hold From Buy by Jefferies

SVB Financial Cut to Neutral From Outperform by Wedbush

Ventas Raised to Buy From Hold by Jefferies

Webster Cut to Neutral From Outperform by Wedbush

Western Alliance Bancorp Cut to Neutral From Outperform by Wedbush

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


(END) Dow Jones Newswires

07-01-22 0524ET

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