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.
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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
