Since 1Q 2022, employment growth in productive sectors has lagged relative to less-productive sectors of the economy, like hospitality and entertainment. The solution, he says, is for the Bank of Canada to cut rates frequently and stimulate activity in the higher-productive sectors. This should prompt a transfer of workers and capital to higher-growth parts of the economy, Rosenberg says. (paul.vieira@wsj.com; @paulvieira)
Expected Major Events for Wednesday
08:00/ITA: May Industrial Production
11:00/US: 07/05 MBA Weekly Mortgage Applications Survey
14:00/US: May Monthly Wholesale Trade
14:00/US: Jun Online Help Wanted Index
14:30/US: 07/05 EIA Weekly Petroleum Status Report
23:01/UK: Jun RICS Residential Market Survey
23:50/JPN: May Orders Received for Machinery
Expected Major Events for Thursday
06:00/GER: Jun CPI
06:00/UK: May Index of production
06:00/UK: May UK trade
06:00/UK: May Index of services
06:00/UK: May Monthly GDP estimates
08:00/FRA: Jul IEA Oil Market Report
08:30/UK: 2Q Bank of England Credit Conditions Survey
08:30/UK: 2Q Bank of England's Bank Liabilities Survey
09:00/FRA: May Balance of payments
11:30/UK: Jun NIESR Monthly GDP Tracker
12:30/US: Jun CPI
12:30/US: Jun Real Earnings
12:30/US: 07/06 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: U.S. Weekly Export Sales
13:00/RUS: Weekly International Reserves
14:30/US: 07/05 EIA Weekly Natural Gas Storage Report
16:00/US: Jun Monthly U.S. Retail Chain Store Sales Index
18:00/US: Jun Monthly Treasury Statement of Receipts and Outlays of the U.S. Government
20:30/US: Federal Discount Window Borrowings
20:30/US: Foreign Central Bank Holdings
Expected Major Events for Friday
04:30/JPN: May Revised Industrial Production
06:00/GER: Jun WPI
06:45/FRA: Jun CPI
12:30/CAN: May Building permits
12:30/US: Jun PPI
14:00/US: Jul University of Michigan Survey of Consumers - preliminary
16:00/US: World Agricultural Supply & Demand Estimates (WASDE)
16:59/GER: May Balance of Payments
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
AZZ Inc (AZZ) is expected to report $1.20 for 1Q.
Art's Way Manufacturing (ARTW) is expected to report for 2Q.
Bassett Furniture Industries Inc (BSET) is expected to report $-0.11 for 2Q.
Costco Wholesale Corp (COST) is expected to report.
E2open Parent Holdings Inc (ETWO) is expected to report $-0.08 for 1Q.
Firan Technology Group is expected to report for 2Q.
Goodfellow is expected to report for 2Q.
Jewett-Cameron Trading Co Ltd (JCT-T,JCTCF) is expected to report for 3Q.
Madison Pacific Properties is expected to report for 3Q.
Nemaura Medical Inc (NMRD) is expected to report for 1Q.
Nurix Therapeutics Inc (NRIX) is expected to report $-0.75 for 2Q.
Ocean Power Technologies Inc (OPTT) is expected to report for 4Q.
Platinum Group Metals Ltd (PLG,PTM.T) is expected to report for 3Q.
PriceSmart Inc (PSMT) is expected to report $1.01 for 3Q.
Pure Cycle Corp (PCYO) is expected to report for 3Q.
SunPower Corp (SPWR) is expected to report $-0.27 for 1Q.
Taylor Devices Inc (TAYD) is expected to report for 4Q.
Techprecision Corp (TPCS) is expected to report for 4Q.
Theratechnologies Inc (TH.T,THTX) is expected to report for 2Q.
VOXX International Corp - Class A (VOXX) is expected to report for 1Q.
WD-40 Co (WDFC) is expected to report $1.27 for 3Q.
Wrap Technologies Inc (WRAP) is expected to report for 1Q.
Expected Earnings for Thursday
Aritzia is expected to report $0.15 for 1Q.
Bank of South Carolina Corp (BKSC) is expected to report for 2Q.
Bank7 Corp (BSVN,GMAR.XX) is expected to report $1.04 for 2Q.
Buckle Inc (BKE) is expected to report.
CCA Industries Inc (CAWW) is expected to report for 2Q.
Cogeco Communications Inc (CCA.T,CGEAF) is expected to report $2.11 for 3Q.
Cogeco is expected to report for 3Q.
Conagra Brands Inc (CAG) is expected to report $0.57 for 4Q.
Conn's Inc (CONN) is expected to report $-0.38 for 1Q.
Cryo-Cell International Inc (CCEL) is expected to report $0.04 for 2Q.
Delta Air Lines Inc (DAL) is expected to report $2.40 for 2Q.
Educational Development Corp (EDUC) is expected to report for 1Q.
Exicure Inc (XCUR) is expected to report for 1Q.
Frequency Electronics (FEIM) is expected to report for 4Q.
Hingham Institution for Savings (HIFS) is expected to report for 2Q.
IntelliPharmaCeutics International Inc (IPCI,IPCI.H.V) is expected to report for 2Q.
MTY Food Group is expected to report $0.96 for 2Q.
Methode Electronics Inc (MEI) is expected to report $-0.20 for 4Q.
Northern Technologies International Corp (NTIC) is expected to report $0.23 for 3Q.
OrganiGram Holdings Inc (OGI,OGI.T) is expected to report for 3Q.
Organovo Holdings Inc (ONVO) is expected to report for 4Q.
Park Aerospace Corp (PKE) is expected to report for 1Q.
PepsiCo Inc (PEP) is expected to report $2.16 for 2Q.
Postmedia Network Canada (PNC.A.T,PNC.B.T) is expected to report for 3Q.
Progressive Corp (PGR) is expected to report.
Richelieu Hardware is expected to report $0.44 for 2Q.
Safeguard Scientifics Inc (SFES) is expected to report $0.78 for 1Q.
Satellogic Inc (SATL) is expected to report for 1Q.
TRX Gold Corp (TRX,TRX.T) is expected to report for 3Q.
Unity Bancorp Inc (UNTY) is expected to report $0.92 for 2Q.
Universal Security Instruments Inc (UUU) is expected to report for 4Q.
Velan Inc (VLN.T,VLNSF) is expected to report for 1Q.
Expected Earnings for Friday
Bank of New York Mellon Corp (BK) is expected to report $1.42 for 2Q.
Citigroup Inc (C) is expected to report $1.41 for 2Q.
Environmental Tectonics Corp (ETCC) is expected to report for 1Q.
Fastenal Co (FAST) is expected to report $0.51 for 2Q.
Fastenal Co (FAST) is expected to report.
Golden Matrix Group Inc (GMGI) is expected to report for 2Q.
JPMorgan Chase & Co (JPM) is expected to report $4.17 for 2Q.
KalVista Pharmaceuticals Inc (KALV) is expected to report $-0.84 for 4Q.
Neptune Wellness Solutions Inc (NEPT-T) is expected to report for 4Q.
Niko Resources (NKO-T,NKRSF) is expected to report for 4Q.
Pressure BioSciences Inc (PBIO) is expected to report for 1Q.
Singing Machine Co Inc (MICS) is expected to report for 4Q.
Trilogy Metals Inc (TMQ,TMQ.T) is expected to report for 2Q.
Video Display Corp (VIDE) is expected to report for 1Q.
Virginia National Bankshares Corp (VABK) is expected to report for 2Q.
Wells Fargo & Co (WFC) is expected to report $1.29 for 2Q.
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ANALYST RATINGS ACTIONS
ArcBest Cut to Neutral From Overweight by JP Morgan
Bank of America Corp Raised to Neutral From Underweight by Piper Jaffray
Bank of America Raised to Neutral From Underweight by Piper Sandler
CH Robinson Worldwide Raised to Neutral From Underweight by JP Morgan
Chemours Raised to Buy From Neutral by UBS
Chewy Cut to Hold From Buy by Argus Research
Energy Recovery Raised to Strong Buy From Outperform by Raymond James
Helios Technologies Cut to Sector Weight From Overweight by Keybanc
HilleVax Cut to Hold From Buy by Stifel
HilleVax Cut to Market Perform From Outperform by Leerink Partners
HilleVax Cut to Neutral From Buy by HC Wainwright & Co.
Lennar Raised to Neutral From Underperform by Wedbush
Morphic Holding Cut to Hold From Buy by TD Cowen
Morphic Holding Cut to Market Perform From Outperform by BMO Capital
Morphic Holding Cut to Sector Perform From Outperform by RBC Capital
NextEra Energy Partners Cut to Market Perform From Outperform by Raymond James
Principal Financial Raised to Strong Buy From Market Perform by Raymond James
PROS Holdings Cut to Hold From Buy by Craig-Hallum
Regency Centers Raised to Outperform From Neutral by Mizuho
SL Green Realty Raised to Sector Perform From Sector Underperform by Scotiabank
Werner Enterprises Cut to Neutral From Buy by UBS
Werner Enterprises Cut to Underweight From Neutral by JP Morgan
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
07-10-24 0638ET