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Eurozone Economy Showed Stronger-Than-Expected 2Q Rebound
The eurozone economy grew at a faster-than-expected pace in the second quarter, thanks to the easing of coronavirus restrictions across the continent.
Across the 19 countries that use the euro as their currency, gross domestic product grew 2.0% in the second quarter, the European Union's statistics agency Eurostat said Friday in a first estimate for the period. Economists polled by The Wall Street Journal had expected a 1.5% expansion.
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The U.S. Economy's Prospects Looked Bright, Until the Delta Variant Surged
The U.S. economy grew rapidly in the second quarter and exceeded its pre-pandemic size, but the outlook has suddenly turned cloudier due to the fast-spreading Delta coronavirus variant.
Virus cases are rising again, particularly in parts of the country where vaccination rates remain low. The Centers for Disease Control and Prevention this week recommended that vaccinated people resume masking indoors in places with high or substantial transmission of coronavirus, leading some local governments and businesses to reinstate restrictions on activity.
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Republicans Top Democrats in Passing State Voting Laws, Often Adding Limits
At least 41 states have made changes to their election laws already this year following the contentious 2020 election.
Republicans this year have sponsored at least 114 new state laws that make changes to elections, including new restrictions on mail ballots following a sharp increase in voting by mail during the pandemic-era election, according to a Wall Street Journal analysis conducted after many state legislatures have wrapped up their sessions.
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First Airlift of Imperiled Afghan Interpreters Departs for U.S.
WASHINGTON-The first plane carrying more than 200 Afghan interpreters and their families departed for the U.S., officials said, beginning a major effort to evacuate thousands of Afghans who face retribution by the Taliban for aiding the U.S. military and reconstruction effort over two decades of war.
The families will be resettled in cities across the country with assistance from the U.S. Refugee Admissions Program, the officials said. Many will be sent on to places where friends, relatives or other connections already live.
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EU Overtakes U.S. in Covid-19 Vaccines as Delta Variant Spreads
MILAN-The European Union passed the U.S. in Covid-19 vaccinations, with the continent inoculating people at a sustained pace and America struggling to persuade vaccine holdouts to get a shot to slow the spread of the Delta variant.
The EU has given at least one vaccine shot to 259 million people, or 58.3% of the total population of its 27 member countries as of Thursday, according to figures compiled by Our World in Data, an Oxford University project tracking the global vaccine rollout. The U.S. has reached 56.7% of its population, equivalent to 189 million people.
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Biden Says Federal Employees Must Get Covid-19 Shots or Wear Masks, Test Regularly
President Biden said federal employees and on-site contractors must get vaccinated against Covid-19 or wear a mask on the job and submit to regular testing, and he called on state and local governments to make $100 payments to newly vaccinated Americans.
Mr. Biden also said in a speech Thursday that he is directing the Defense Department to examine how and when Covid-19 shots could be added to the list of vaccinations required for members of the U.S. military.
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TODAY IN CANADA
Capital Power 2Q
George Weston Limited 2Q
Imperial Oil Limited 2Q
Restaurant Brands Intl Inc (QSR.T) 2Q
SNC-Lavalin Grp Inc. (SNC.T) 2Q
TELUS Intl (CDA) Inc. (TIXT.T) 2Q
Economic Indicators (ET):
0830 May GDP
0830 Jun Industrial product & raw materials price indexes
Stocks to Watch:
Interfor Says BC Production Impacted by Log Supply Constraints
Interfor Corp. on Thursday said it was expecting production delays at its British Columbia Interior sawmills, as wildfires and other factors impact the supply of logs.
The company said it expects to curtail a minimum of 50 million board feet of production across B.C. Interior operations in August, with further downtime possible in September and later.
Interfor also said that over the past 12 months the B.C. Interior operations produced about 725 million board feet of lumber, "representing about 26% of the company's total production."
Andrew Horahan, SVP of Western Operations at Interfor, said,
"The wildfires in the B.C. Interior and the related provincial state of emergency and government-mandated curtailment of all forest harvesting activities are expected to have a significant impact on Interfor's operations in the next several weeks or more."
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Expected Major Events for Friday
01:00/JPN: Jun Steel Imports & Exports Statistics
04:30/JPN: Jun Preliminary Report on Petroleum Statistics
05:00/JPN: Jun Housing Starts
05:00/JPN: Jun Construction Orders
05:30/FRA: Jun Household consumption expenditure in manufactured goods
05:30/FRA: 2Q GDP - first estimate
06:45/FRA: Jul Provisional CPI
07:00/ITA: Jun Unemployment
08:00/GER: 2Q GDP - 1st release
08:00/ITA: 2Q GDP preliminary estimate
08:30/UK: 2Q Insolvency statistics
09:00/ITA: Jul Cities CPI
09:00/ITA: Jul Provisional CPI
12:30/US: Jun Personal Income & Outlays
12:30/CAN: May GDP
12:30/CAN: Jun Industrial product & raw materials price indexes
12:30/US: 2Q Employment Cost Index
13:45/US: Jul Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
14:00/US: Jul University of Michigan Survey of Consumers - final
19:00/US: Jun Agricultural Prices
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Friday
AbbVie Inc (ABBV) is expected to report $1.94 for 2Q.
AdvanSix (ASIX) is expected to report $0.85 for 2Q.
Archrock Inc (AROC) is expected to report $0.06 for 2Q.
Avient Corp (AVNT) is expected to report for 2Q.
Barnes Group (B) is expected to report $0.42 for 2Q.
Bloomin' Brands (BLMN) is expected to report $0.67 for 2Q.
Booz Allen Hamilton Holding Corp (BAH) is expected to report $0.96 for 1Q.
Cabot Oil & Gas Corp (COG) is expected to report $0.26 for 2Q.
Camber Energy Inc (CEI) is expected to report for 4Q.
Canfor Pulp Products (CFPUF,CFX.T) is expected to report for 2Q.
Capital Power is expected to report $0.51 for 2Q.
Carter's Inc (CRI) is expected to report $0.86 for 2Q.
Cboe Global Markets Inc (CBOE) is expected to report $1.17 for 2Q.
Centerra Gold is expected to report $0.11 for 2Q.
Cerner Corp (CERN) is expected to report $0.60 for 2Q.
Charter Communications Inc (CHTR) is expected to report $4.74 for 2Q.
Chevron Corporation (CVX) is expected to report $1.60 for 2Q.
Church & Dwight Inc (CHD) is expected to report $0.69 for 2Q.
Civeo Corp (CVEO) is expected to report for 2Q.
Colgate-Palmolive Co (CL) is expected to report $0.79 for 2Q.
Community Bankers Trust (ESXB) is expected to report $0.24 for 2Q.
Community West Bancshares (CWBC) is expected to report for 2Q.
Dana Incorporated (DAN) is expected to report $0.49 for 2Q.
Dime Community Bancshares Inc (DCOM) is expected to report for 2Q.
Eco (Atlantic) Oil & Gas Ltd (EOG.V) is expected to report for Full year.
Enbridge Inc (ENB,ENB.T) is expected to report $0.52 for 2Q.
Eversource Energy (ES) is expected to report $0.79 for 2Q.
Grainger (WW) (GWW) is expected to report $4.54 for 2Q.
Hill-Rom Holdings Inc (HRC) is expected to report $0.89 for 3Q.
Huntsman Corp (HUN) is expected to report $0.81 for 2Q.
Lexicon Pharmaceuticals Inc (LXRX) is expected to report $-0.16 for 2Q.
Mammoth Energy Services Inc (TUSK) is expected to report $-0.23 for 2Q.
Moog Inc - Class A (MOGA,MOGB) is expected to report $1.19 for 3Q.
Obsidian Energy Ltd (OBE,OBE.T) is expected to report for 2Q.
Procter & Gamble (PG) is expected to report $1.08 for 4Q.
Provident Financial Services Inc (PFS) is expected to report $0.46 for 2Q.
Telus Corp (T.T,TU) is expected to report $0.26 for 2Q.
Weston (George) Ltd (WN.T,WNGRF) is expected to report for 2Q.
Weyerhaeuser Co (WY) is expected to report $1.34 for 2Q.
iRadimed Corp (IRMD) is expected to report $0.07 for 2Q.
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ANALYST RATINGS ACTIONS
Allegiant Travel Raised to Buy From Neutral by B of A Securities
Altice USA Cut to Outperform From Strong Buy by Raymond James
Benchmark Elec Raised to Buy From Neutral by Sidoti & Co.
Century Communities Raised to Hold From Sell by Zelman
Cirrus Logic Cut to Neutral From Buy by B of A Securities
Cirrus Logic Raised to Buy From Hold by Craig-Hallum
Cognizant Tech Solutions Raised to Buy From Hold by Societe Generale
CyrusOne Cut to Hold From Buy by Truist Securities
CyrusOne Raised to Outperform From Underperform by Raymond James
Extreme Networks Raised to Buy From Hold by Needham
First Merchants Raised to Buy From Neutral by Janney Montgomery Scott
Investors Bancorp Cut to Neutral From Buy by Janney Montgomery Scott
iRobot Cut to Neutral From Overweight by JP Morgan
Moody's Cut to Neutral From Buy by UBS
Nabors Raised to In-Line From Underperform by Evercore ISI Group
Navient Cut to Neutral From Buy by Citigroup
Raytheon Technologies Raised to Buy From Hold by Argus Research
Teradyne Raised to Positive From Neutral by Susquehanna
Tesla Raised to Buy From Sell by DZ Bank
Zoom Video Communications Raised to Overweight From Sector Weight by Keybanc
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires