The Federal Communications Commission revoked the license that allows China's largest telecom operator to do business in the U.S., citing national security concerns, dealing the latest in a series of blows against major Chinese businesses in the country.
The FCC said it was taking action against the state-owned China Telecom Corp.'s U.S. business because the company was "subject to exploitation, influence, and control by the Chinese government."
U.S. Consumer Confidence Rose as Delta Covid-19 Wave Eased
U.S. consumer confidence increased in October following three months of declines, as the wave of Covid-19 cases due to the Delta variant started to ease.
The consumer confidence index increased to 113.8 in October from a revised 109.8 in September, according to data from the Conference Board released Tuesday. The indicator came in above the 108.0 estimate from economists polled by The Wall Street Journal.
Home-Price Growth Holds at Record in August
Home-price growth held at a record high in August, as demand from home buyers remained robust despite skyrocketing prices.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 19.8% in the year that ended in August, unchanged from the prior month.
Tax Proposals Hit Headwinds as Democrats Try to Finalize Social-Spending Deal
WASHINGTON-An 11th-hour push by Democrats to fund their social-spending and climate bill faltered, with a proposed tax on billionaires' unrealized capital gains and revised bank-reporting requirements both running into opposition from party lawmakers.
Democrats have scrambled for days to find hundreds of billions of dollars of new revenue acceptable to Sen. Kyrsten Sinema (D., Ariz.), who is opposed to the increases in the top marginal rates on companies, capital gains and personal income that the party planned to rely on to finance the bill. With Republicans opposed to the package, Democrats need unanimous support to pass the legislation in the 50-50 Senate and can afford to lose only a few votes in the House.
German Consumer Confidence Is Expected to Increase in November, Defying Inflation
Consumer sentiment in Germany is expected to strengthen in November, due to increasing propensity to consume and declining propensity to save, according to data from market-research group GfK released on Wednesday.
GfK's forward-looking consumer sentiment index forecasts confidence among households rising to 0.9 point in November from a revised figure of 0.4 point in October. Economists polled by The Wall Street Journal anticipated a drop, expecting sentiment to decline to minus 0.3 point.
Chinese Industrial Companies' Profits Rebound in September
BEIJING--Chinese industrial companies' profits rebounded in September, ending a six-month slide in growth, official data showed Wednesday.
The growth was driven by the high-tech manufacturing industry, pharmaceutical enterprises and the steady recovery of profits in the consumer-goods manufacturing industry.
U.N. Finds Nations' Climate Plans Fall Short of Paris Accord
The world's emissions-reduction plans would allow far more global warming than targeted in the Paris climate accord, and some of the biggest emitters, including the U.S., aren't on track to hit their pollution targets, according to a report from the United Nations.
Tuesday's report adds urgency to the summit set to begin in a few days in Glasgow, Scotland, the first major climate meeting since more than 190 nations signed the Paris agreement in 2015. Countries are searching for ways to reach the agreement's goals, which call for them to ensure the rise in global temperatures by the end of the century is well under 2 degrees Celsius compared with the preindustrial era, and to strive to limit warming to 1.5 degrees.
Europe's Push to Loosen Russian Influence on Gas Prices Bites Back
For years, the European Union tried to loosen Russia's iron grip on its gas supplies by fostering a competitive import market. Those efforts have boomeranged this year as supplies run short, setting off an energy crisis across the continent.
European energy ministers met Tuesday to address the shortage, which is stinging homeowners and lifting prices for goods from metals to fertilizers. But there is little they can do to boost supplies immediately, and Russia isn't helping.
Pope Francis and President Biden to Meet as Both Face Abortion Tensions With U.S. Bishops
ROME-President Biden will meet Pope Francis on Friday for the first time during his administration, as both face contentious relationships with U.S. Catholic Church leaders over the issue of abortion.
The Vatican visit by the second Catholic president in American history will come a little more than two weeks before U.S. bishops, meeting in Baltimore, are expected to debate whether Catholic politicians who support abortion rights, such as Mr. Biden, should be denied Communion. In June, 168 bishops out of 229 voted to draft a statement that would address the question, within a longer document on the importance of the Eucharist.
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TODAY IN CANADA
Acadian Timber Corp. (ADN.T) 3Q
Agnico Eagle Mines Limited 3Q
Alamos Gold 3Q
Capital Power 3Q
Champion Iron Ltd. (CIA.T) 2Q
Lundin Mining 3Q
Mullen Grp Ltd. (MTL.T) 3Q .
North American Construction (NOA.T) 3Q
Suncor Energy 3Q
Teck Resources Limited (TECK.A.T) 3Q
Teck Resources Limited (TECK.B.T) 3Q
Waste Connections 3Q
West Fraser Timber Co. (WFG.T) 3Q
Economic Indicators (ET):
1000 Bank of Canada interest rate announcement
Stocks to Watch:
Zoomd Technologies Expects Higher Revenue in 2021 than Previously Expected
Zoomd Technologies Ltd. said Tuesday that it now expects revenue in 2021 to increase more than it previously anticipated as customers increase their marketing budgets.
The Canadian marketing technology company said it has set a new guidance for revenue to grow by 80% compared with 2020.
Previously, the company had expected revenue to increase between 30% and 40% year-over-year.
Zoomd said it is benefiting from growth from new costumers acquired primarily during the second half of 2020 and into 2021 which are increasing their marketing budgets.
It also has benefited from growth in new regions such as Latin America, Asia and India.
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Expected Major Events for Wednesday
06:00/GER: Nov GfK consumer climate survey
06:00/GER: Sep Foreign trade price indices
06:45/FRA: Sep PPI
06:45/FRA: Oct Consumer confidence survey
08:00/ITA: Sep Foreign Trade non-EU
08:30/UK: Sep Capital issuance
10:00/FRA: 3Q Claimant count and job advertisements collected by Pole emploi
11:00/US: 10/22 MBA Weekly Mortgage Applications Survey
12:30/US: Sep Advance Report on Durable Goods
12:30/US: Sep Advance Economic Indicators Report
14:00/CAN: Bank of Canada interest rate announcement
14:30/US: 10/22 EIA Weekly Petroleum Status Report
23:01/UK: Sep UK monthly automotive manufacturing figures
23:50/JPN: Sep Preliminary Retail Sales
23:50/JPN: Oct Provisional Trade Statistics for 1st 10 days of Month
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
Amphenol Corp (APH) is expected to report $0.63 for 3Q.
Applied Industrial Technologies Inc (AIT) is expected to report $1.18 for 1Q.
Ares Management Corp (ARES) is expected to report $0.56 for 3Q.
Armstrong Flooring Inc (AFI) is expected to report $-0.26 for 3Q.
Arrow Financial (AROW) is expected to report $0.80 for 3Q.
Automatic Data Processing Inc (ADP) is expected to report $1.50 for 1Q.
Avery Dennison Corp (AVY) is expected to report $1.97 for 3Q.
Boston Scientific (BSX) is expected to report $0.21 for 3Q.
CME Group Inc (CME) is expected to report $1.44 for 3Q.
Civista Bancshares (CIVB) is expected to report $0.62 for 3Q.
Coca-Cola Co (KO) is expected to report $0.56 for 3Q.
DTE Energy Co (DTE) is expected to report $1.85 for 3Q.
Enterprise Products Partners LP (EPD) is expected to report $0.51 for 3Q.
Evercore Inc (EVR) is expected to report $3.05 for 3Q.
Farmers & Merchants Bancorp Inc (FMAO) is expected to report $0.56 for 3Q.
Farmers National Banc (FMNB) is expected to report $0.51 for 3Q.
First Citizens Bancshares Inc. Cl A (FCNCA,FCNCB) is expected to report $11.48 for 3Q.
Fiserv Inc (FISV) is expected to report $0.76 for 3Q.
Flagstar Bancorp (FBC) is expected to report $1.86 for 3Q.
Harley-Davidson (HOG) is expected to report $0.69 for 3Q.
Masco Corp (MAS) is expected to report $0.88 for 3Q.
New York Community Bancorp (NYCB) is expected to report $0.32 for 3Q.
Norfolk Southern Corp (NSC) is expected to report $2.93 for 3Q.
Old Dominion Freight Line (ODFL) is expected to report $2.37 for 3Q.
Owens Corning (OC) is expected to report $2.47 for 3Q.
Penske Auto (PAG) is expected to report $3.76 for 3Q.
Prosperity Bancshares (PB) is expected to report $1.37 for 3Q.
Republic First Bancorp (FRBK) is expected to report $0.07 for 3Q.
Rollins Inc (ROL) is expected to report $0.20 for 3Q.
Ryder System (R) is expected to report $2.10 for 3Q.
Santander Consumer USA Holdings Inc (SC) is expected to report $1.92 for 3Q.
Sharps Compliance (SMED) is expected to report $-0.03 for 1Q.
Silgan Holdings Inc (SLGN) is expected to report $1.05 for 3Q.
Stifel Financial (SF) is expected to report $1.30 for 3Q.
Stock Yards Bancorp Inc (SYBT) is expected to report $0.76 for 3Q.
Teck Resources Ltd - Class B (TECK,TECK.A.T,TECK.B.T) is expected to report $1.50 for 3Q.
Teledyne Technologies Inc (TDY) is expected to report $2.66 for 3Q.
Thermo Fisher Scientific (TMO) is expected to report $3.84 for 3Q.
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