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North American Morning Briefing: Stock Futures -2-

11/17/2021 | 06:14am EST

WASHINGTON-A technology executive pleaded guilty to federal wire-fraud charges on Tuesday, closing an obscure but potentially influential case that could shape future criminal prosecutions involving companies that provide bedrock internet services to customers.

Amir Golestan entered a plea on behalf of himself and his company, Micfo, at the end of the second day of a trial in federal court in Charleston, S.C., according to court records. He was accused of using fraudulent means to obtain thousands of internet protocol, or IP, addresses from the American Registry for Internet Numbers, a small Virginia-based nonprofit that allocates the addresses that computers use to communicate online.

Treasurys Edge Toward Stability After Inflation-Driven Selloff

U.S. government bond yields are showing signs of stabilizing near the top of their 2021 range after a bout of selling precipitated by last week's surprisingly high inflation data.

The yield on the benchmark 10-year U.S. Treasury note settled Tuesday at 1.632%, according to Tradeweb, up slightly from 1.621% Monday after logging larger gains in the previous three sessions.

One of the World's Strongest Stock Markets Is Starting to Fizzle

Challenges are piling up for South Korea's once highflying shares.

Seoul has been one of the world's best-performing big stock markets, with its value topping $1.6 trillion in August, according to data from the World Federation of Exchanges. But it has since been hit by rising interest rates, slowing global growth, a clampdown on household borrowing and concern that memory-chip prices may have peaked. A day-trading boom among individual investors is also fizzling out, reducing a key source of support.

UK Inflation Hits Highest Level in a Decade at 4.2%

Annual inflation in the U.K. accelerated in October, reaching the highest level since December 2011, fueled by higher energy prices and mounting supply-chain disruptions.

The consumer price index--which measures what consumers pay for goods and services--increased 4.2% on the year in October following a 3.1% rise in September, the Office for National Statistics said Wednesday.

Biden Says Fed Chair Pick Could Be Unveiled This Week

President Biden hinted to reporters Tuesday he could reveal his choice for Federal Reserve chief around the end of the week.

Mr. Biden is considering whether to reappoint Fed Chairman Jerome Powell when his four-year term expires in February or to pick Fed governor Lael Brainard for the position. Mr. Biden interviewed both candidates on Nov. 4, and he isn't considering other individuals, according to a person familiar with the matter.

Two Fed Officials at Odds Over How to Deal With Inflation

Two regional Federal Reserve chiefs on Tuesday sparred over the outlook for inflation and what it might mean for central bank interest rate policy.

Federal Reserve Bank of St. Louis President James Bullard said the U.S. central bank needs to move more forcefully to confront high levels of inflation, while San Francisco Fed leader Mary Daly stressed that moves to tamp down on price pressures prematurely could cause unneeded pain later should those pressures weaken.

Federal Government Could Be Unable to Pay Bills as Soon as Dec. 15, Yellen Says

The U.S. government could run out of resources to meet the nation's obligations as soon as Dec. 15, Treasury Secretary Janet Yellen said Tuesday, reviving questions about how Congress will resolve a standoff about raising or suspending the federal borrowing limit.

Ms. Yellen provided the new estimate of when the federal government might no longer be able to pay all of its bills in a letter to Congressional leaders. She had previously said that a debt-limit increase passed by Congress in October provided confidence that the federal government would be able to pay its bills at least through Dec. 3.

Japan's Exports Notch Eighth Month of Growth in October

Japan's exports increased in October for the eighth consecutive month, driven by demand for mineral fuels, steel and semiconductor related products in key overseas markets, Ministry of Finance data showed Wednesday.

Exports rose 9.4% compared with the same period a year earlier, easing from September's 13% increase. The result was weaker than the 11.5% increase tipped by a FactSet survey of economists.

Senate Confirms Jonathan Kanter as Justice Department Antitrust Chief

WASHINGTON-The Senate confirmed Jonathan Kanter on Tuesday as the Justice Department's top antitrust official, adding a pro-enforcement lawyer to a Biden-administration team that has already been aggressive in addressing what it sees as threats to competition.

Mr. Kanter, 48, was confirmed on a bipartisan 68-29 vote, as Democrats and some Republicans believe antitrust enforcers should be doing more to protect competition in the marketplace, including in technology sector, agriculture and healthcare.

Staples Center in L.A. to Be Renamed Crypto.com Arena

The Staples Center, home to LeBron James and the Los Angeles Lakers, will be renamed the Crypto.com Arena after a Singapore-based cryptocurrency brokerage paid to sponsor the iconic sports and concert venue.

The arena's owner, AEG Worldwide, said it struck a 20-year naming rights agreement with Crypto.com. The name change would be effective from Dec. 25. It didn't disclose the financial terms of the naming arrangement.

Biden, Xi Open to Nuclear-Arms Talks, White House Says

President Biden and President Xi Jinping of China have agreed to explore talks on arms control, a top White House official said, a day after the two used a virtual meeting to emphasize the need to avoid conflict on regional security and economic matters.

"The two leaders agreed that we would look to begin to carry forward discussions on strategic stability," White House national security adviser Jake Sullivan said Tuesday.

Write to sarka.halas@wsj.com

TODAY IN CANADA

Earnings:

Americas Gold and Silver 3Q

Calian Grp Ltd. (CGY.T) 4Q

Goodfood Market Corp. (FOOD.T) 4Q

Loblaw Companies Limited 3Q

MAG Silver Corp. (MAG.T) 3Q

Metro 4Q

Real Matters 4Q

Economic Indicators (ET):

0830 Oct CPI

Stocks to Watch:

Pet Valu Sees FY Revenue Higher Than Expected

Pet Valu Holdings Ltd. said Tuesday that strong same-store sales growth is expected to drive revenue higher than expected in the full year.

The company said that it now expects revenue of around 765 million Canadian dollars, the equivalent of US$611.3 million, as same-store sales growth is forecast to be slightly above 15%.

Adjusted earnings before interest, taxes, depreciation and amortization is forecast to be around C$177 million, and adjusted net income is expected to be about C$69 million, or C$0.97 a share, it said.

"Given the strong performance in the third quarter and momentum in early fourth quarter, we have raised our 2021 guidance. As we move through the balance of the year and into 2022, we are proactively managing current market challenges in supply chain, labor and inflation with purposeful investments that support our long-term growth strategies," President and Chief Executive Officer Richard Maltsbarger said.

Other News:

No items published

Market Talk:

Michigan Line 5 Decision a Positive for Enbridge

A Michigan judge's decision to deny the state of Michigan's request to move its lawsuit seeking the closure of the Line 5 pipeline from federal court to a state court is a win for Enbridge, says Credit Suisse analyst Andrew Kuske. "We view a Federal Court review of the Line 5 issues as being preferable versus a Michigan State court," says Kuske. "We expect Line 5 to remain noisy, but manageable." Enbridge had been seeking to keep the case in federal court to bolster its argument that the state does not have jurisdiction over a pipeline that crosses the Canada-US border.

Expected Major Events for Wednesday

00:01/UK: Oct Scottish Retail Sales Monitor

07:00/UK: Oct UK producer prices

07:00/UK: Oct UK monthly inflation figures

09:00/ITA: Sep Foreign Trade EU

09:30/UK: Sep UK House Price Index

12:00/US: 11/12 MBA Weekly Mortgage Applications Survey

13:30/US: Oct New Residential Construction - Housing Starts and Building Permits

13:30/CAN: Oct CPI

15:30/US: 11/12 EIA Weekly Petroleum Status Report

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

Expected Earnings for Wednesday

AeroCentury (ACY) is expected to report for 3Q.

America's Car-Mart (CRMT) is expected to report $3.20 for 2Q.

Amtech Systems Inc (ASYS) is expected to report $0.10 for 4Q.

Bath & Body Works Inc (BBWI) is expected to report for 3Q.

BrightView Holdings Inc (BV) is expected to report $0.29 for 4Q.

CPI Aerostructures (CVU) is expected to report $0.06 for 1Q.

Cisco Systems (CSCO) is expected to report $0.71 for 1Q.

Claros Mortgage Trust Inc (CMTG) is expected to report for 3Q.

Copart Inc (CPRT) is expected to report $0.99 for 1Q.

EQ is expected to report for 3Q.

Exscientia PLC - ADR (EXAI) is expected to report for 3Q.

Ezcorp (EZPW) is expected to report $-0.03 for 4Q.

Helmerich & Payne Inc (HP) is expected to report $-0.53 for 4Q.

High Liner Foods (HLF.T) is expected to report for 3Q.

Hillenbrand Inc (HI) is expected to report $0.74 for 4Q.

Loblaw Companies (L.T,LBLCF) is expected to report $1.45 for 3Q.

Lowe's Cos (LOW) is expected to report $2.37 for 3Q.

MICT Inc (MICT) is expected to report for 3Q.

Meritor (MTOR) is expected to report $0.44 for 4Q.

Metro Inc (MRU.T,MTRAF) is expected to report $0.62 for 4Q.

NVIDIA Corp (NVDA) is expected to report $0.90 for 3Q.

PennantPark Floating Rate Capital Ltd. (PFLT) is expected to report $0.27 for 4Q.

PennantPark Investment (PNNT) is expected to report $0.14 for 4Q.

Portage Biotech Inc (PBT.U-L,PRTG) is expected to report for 2Q.

Progressive Corp (PGR) is expected to report.

(MORE TO FOLLOW) Dow Jones Newswires

11-17-21 0613ET

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAS GOLD AND SILVER CORPORATION 2.02% 1.01 Delayed Quote.-0.98%
CALIAN GROUP LTD. -0.67% 53.42 Delayed Quote.-13.19%
EQ INC. 1.68% 1.21 Delayed Quote.0.83%
GOODFOOD MARKET CORP. 0.31% 3.27 Delayed Quote.-19.66%
HIGH LINER FOODS INCORPORATED 1.29% 14.1 Delayed Quote.-6.64%
LOBLAW COMPANIES LIMITED 0.91% 93.3 Delayed Quote.-10.79%
MAG SILVER CORP. -2.38% 18.47 Delayed Quote.-6.86%
METRO INC. 1.40% 64.45 Delayed Quote.-4.26%
REAL MATTERS INC. -1.09% 6.37 Delayed Quote.-23.25%
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