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North American Morning Briefing : Stock Futures -2-

06/16/2021 | 06:04am EDT

The state stockpiling body, China's National Food and Strategic Reserves Administration, said Wednesday that it plans to release copper, aluminum, zinc and other national reserves in batches in the near future to ensure the supply and price stability of bulk commodities.


Turkey's Troubles Point to Emerging-Market Risks as Economies Recover

Any signal that the Federal Reserve will tighten policy on Wednesday could ripple across emerging markets that are dependent on the U.S. dollar. Prime among them is Turkey.

The Turkish lira has come under pressure in recent weeks as investors try to assess whether the country's central bank will heed the demands of its president to cut interest rates. But a rate cut could drag the lira down further at the same time that the country's high inflation rate is already diminishing the currency's buying power.


China's Economic Growth Moderates in May

China's economic growth moderated in May as the favorable base effect faded.

Industrial production rose 8.8% in May from a year earlier, slowing from April's 9.8% pace, according to data released Wednesday by the National Bureau of Statistics. The growth in industrial production matched the 8.8% pace expected by the economists polled by The Wall Street Journal.


Ifo Institute Cuts Its 2021 German Economic Growth Forecast to 3.3%

The Ifo Institute has lowered its forecast for economic growth for Germany in 2021 to 3.3% from 3.7% forecast in March, because of bottlenecks in the supply of intermediate products.

"Reopening businesses triggered a strong recovery, but this is now getting pushed back a bit further than we thought in the spring," Timo Wollmershaeuser, head of forecasts at Ifo, said.


UK Inflation Rose Above Bank of England's 2% Target in May

Annual inflation in the U.K. exceeded the Bank of England's target in May for the first time in almost two years.

The data add to signs of inflationary pressure worldwide, though BOE officials have said they expect any pickup in price growth to prove transitory.


Democratic Leaders Start Talks on Second Infrastructure Bill

WASHINGTON-Democratic leaders began to discuss the contours of a broad-ranging child care, climate and education package Tuesday in an effort to appease the concerns of the party's liberal wing over the narrower scope of a bipartisan infrastructure proposal under discussion.

Progressive Democrats in both chambers criticized the size and breadth of a more limited agreement reached late last week by a bipartisan group of 10 senators. They threatened to withhold their votes unless they received assurances that it would be accompanied by a far-reaching package that could pass with only Democratic votes.


Political Summits Signal International Focus on Ransomware

The attention of world leaders to ransomware in a series of high-level meetings highlights how quickly the destructive cyberattacks have climbed the political agenda as a string of recent attacks disrupted companies and critical infrastructure in the U.S. and other countries.

On Wednesday in Geneva, President Biden is expected to pressure Russian President Vladimir Putin to curb ransomware groups based in Russia. Meanwhile, at the North Atlantic Treaty Organization summit on Monday and the Group of Seven meeting last weekend, leaders committed to disrupting ransomware networks and holding attackers accountable in documents published at the end of both summits.


Israeli Airstrikes Hit Gaza As Nationalist March in Jerusalem Stokes Tensions

JERUSALEM-Israeli police fired rubber bullets at Palestinians trying to disrupt a right-wing nationalist march in Jerusalem, while Hamas militants launched incendiary balloons into Israel that triggered Israeli airstrikes in the Gaza Strip, raising the specter of renewed violence in the region.

The Israeli military said it carried out a limited series of airstrikes on the militant group's compounds across the Gaza Strip, marking the first time the rival forces have traded blows since the two sides agreed to a May 21 truce that brought an end to an 11-day conflict.


Federal Judge Stops Biden Administration From Blocking New Oil and Gas Leases

A federal judge in Louisiana issued a preliminary injunction blocking the Biden administration from pausing new oil and gas leases on federal land.

Judge Terry A. Doughty of the U.S. District Court in Monroe said the administration doesn't have the legal right to stop leasing federal territory for oil-and-gas production without approval from Congress.


Write to sarka.halas@wsj.com



Nothing major scheduled

Economic Indicators (ET):

0830 May CPI

0830 Apr Wholesale trade

1830 Bank of Canada Governor Tiff Macklem appears before the Standing Senate Committee on Banking, Trade and Commerce via video conference

Stocks to Watch:

No items published

Other News:

When Will the Canada-U.S. Border Reopen? What We Know

For the past 15 months, the U.S. and Canada have turned away tourists at entry points across the 5,500-mile land border in an effort to contain further spread of Covid-19. In light of progress in both countries on the Covid-19 vaccination front, business groups are now pushing Washington and Ottawa to reopen border crossings -- to the fully vaccinated, at least at the start.

Such a move "would sustain jobs, boost business confidence and allow more families to reunite," according to a joint statement issued by six U.S. and Canadian business lobbies, among them the U.S. Chamber of Commerce. "It would help facilitate a safe and gradual return to a more normal life."

The U.S. and the U.K. have agreed to open up travel between the two trans-Atlantic allies as soon as possible. Canadian Prime Minister Justin Trudeau said he spoke with President Biden at the margins of the Group of Seven leaders' summit in England about reopening the border.

When will the Canadian border reopen?

Theoretically, it could open as soon as June 22, or at the end of the current monthly ban on nonessential travel. U.S. and Canadian officials have mutually agreed to renew the 30-day ban around the 21st of each month since it was first imposed in March 2020.

The Centers for Disease Control and Prevention earlier in June downgraded its warning about travel to Canada by one level, from "very high" to "high," coinciding with a steep drop in Covid-19 cases in Canada after a destabilizing third wave of infections.

The third wave prompted authorities in Canada to impose strict economic and social-distancing restrictions. However, nearly all regions across Canada have started to relax some of the restrictions, based on vaccination rates -- nearly two-thirds of the population has received one dose of a Covid-19 vaccine -- and a sharp drop in infections.

Market Talk:

No items published

Expected Major Events for Wednesday

06:00/UK: May UK producer prices

06:00/UK: May UK monthly inflation figures

08:00/GER: Ifo Economic Forecast

08:30/UK: Mar Card Spending statistics

08:30/UK: Apr UK House Price Index

11:00/US: 06/11 MBA Weekly Mortgage Applications Survey

12:30/US: May Import & Export Price Indexes

12:30/US: May New Residential Construction - Housing Starts and Building Permits

12:30/CAN: May CPI

12:30/CAN: Apr Wholesale trade

14:30/US: 06/11 EIA Weekly Petroleum Status Report

18:00/US: Federal Reserve economic projections

18:00/US: U.S. interest rate decision

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

Expected Earnings for Wednesday

AEterna Zentaris Inc (AEZS,AEZS.T) is expected to report for 1Q.

Andrew Peller (ADW.A.T,ADW.B.T) is expected to report for 4Q.

Ashford Inc (AINC) is expected to report $-5.92 for 1Q.

BeyondSpring Inc (BYSI) is expected to report $-0.54 for 1Q.

Culp Inc (CULP) is expected to report $0.08 for 4Q.

Genesis Healthcare Inc (GENN) is expected to report $-0.33 for 1Q.

Lennar Corp - A Share (LEN,LENB) is expected to report $2.38 for 2Q.

Neptune Wellness Solutions Inc (NEPT,NEPT.T) is expected to report for 4Q.

Oatly Group AB - ADR (OTLY) is expected to report for 1Q.

Progressive Corp (PGR) is expected to report.

Simply Inc (SIMP) is expected to report for 1Q.

Powered by Kantar Media and Dow Jones.


Broadstone Net Lease Cut to Neutral From Overweight by JP Morgan

Bruker Corp Raised to Buy From Neutral by Cleveland Research

Ceridian HCM Cut to Hold From Buy by Needham

Cimarex Cut to Neutral From Buy by UBS

Crane Co Raised to Buy From Neutral by DA Davidson

Fastenal Cut to Underweight From Equal-Weight by Morgan Stanley

Finance of America Raised to Strong Buy From Outperform by Raymond James

Olin Corp Raised to Buy From Neutral by UBS

Principal Financial Cut to Neutral From Overweight by Piper Sandler

Spirit Airlines Raised to Buy From Neutral by Citigroup

W. P. Carey Raised to Overweight From Neutral by JP Morgan

Welltower Raised to Strong Buy From Market Perform by Raymond James

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

(END) Dow Jones Newswires

06-16-21 0603ET

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