All that really matters is if the Federal Reserve announces an interest-rate cut on June 12. Until then, everything that crosses the tape-from earnings reports to economic data-is commentary or, at best, a short-term, tactical-trading opportunity leading up to the main event.
China's Service Economy Expands Further, Adding to Signs of Recovery
A private gauge of China's services activities notched a 15th straight month of growth, adding to signs of green shoots in the world's second-largest economy as government stimulus measures kick in.
The Caixin services purchasing managers index rose to 52.7 in March from 52.5 in February, Caixin Media Co. and S&P Global said Wednesday. A reading above the neutral 50 mark suggests expansion, while one below indicates contraction.
Glynn's Take: RBA's Only Certainty Is That Nothing Is Certain
SYDNEY-There are two important reasons why the Reserve Bank of Australia has yet to totally and undeniably throw out the potential for further interest rate increases and explicitly declare a neutral policy stance.
The first deals with the RBA's fear that the moment it utters the word neutral in its public missives, financial markets will within seconds lay big bets that interest rates are set to be cut within months.
Trump Leads Biden in Six of Seven Swing States, WSJ Poll Finds
Donald Trump is leading President Biden in six of the seven most competitive states in the 2024 election, propelled by broad voter dissatisfaction with the national economy and deep doubts about Biden's capabilities and job performance, a new Wall Street Journal poll finds.
The poll of the election's main battlegrounds shows Trump holding leads of between 2 and 8 percentage points in six states-Pennsylvania, Michigan, Arizona, Georgia, Nevada and North Carolina-on a test ballot that includes third-party and independent candidates. Trump holds similar leads when voters are asked to choose only between him and Biden.
Biden's Approach to Israel-Gaza Conflict Angers Both Sides
WASHINGTON-The Israeli strike that killed seven aid workers in Gaza is the latest example of a persistent political problem for President Biden: His approach to the Israel-Hamas war has left him squeezed on both sides.
The deadly attack late Monday on the World Central Kitchen workers, which Israel called an accident, sparked an outcry from progressive Democrats in Congress, who have renewed calls for a cease-fire and to suspend U.S. aid to Israel. It also cast a cloud over Biden's planned event at the White House on Tuesday, when he was slated to commemorate the holy month of Ramadan with Muslim and Arab-American leaders.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
BlackBerry 4Q
D2L 4Q
Trilogy Metals 1Q
Economic Calendar [ET]:
0930 Mar Services PMI
Stocks to Watch:
Helios Fairfax Partners Book Value Per Shr for 4Q Was $4.39; 4Q Loss/Shr 75c
Indigo Books & Music Agrees to Be Taken Private by Trilogy; Enters Into Definitive Agreement at Increased Offer Price; Final Offer Price of C$2.50/Shr Compares to Initial Offer for C$2.25/Shr; Transaction Provides Immediate, Certain Cash Value to Minority Shareholders;
Trilogy, Affiliates to Buy All Shares of Company Not Already Owned; Trilogy, Affiliates Have About 61% Stake in Company; Indigo Expects to Hold Shareholders Meeting to Vote on Transaction in May
Expected Major Events for Wednesday
00:30/JPN: Mar Japan Services PMI
06:00/RUS: Mar Russian Services PMI
08:00/ITA: Feb Unemployment
11:00/US: 03/29 MBA Weekly Mortgage Applications Survey
12:15/US: Mar ADP National Employment Report
13:30/CAN: Mar Canada Services PMI
13:45/US: Mar US Services PMI
14:00/US: Mar ISM Report On Business Services PMI
14:00/US: Feb Metropolitan Area Employment and Unemployment
14:30/US: 03/29 EIA Weekly Petroleum Status Report
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 4Q.
Acuity Brands Inc (AYI) is expected to report $2.71 for 2Q.
Avalon GloboCare Corp (ALBT) is expected to report for 4Q.
Battalion Oil Corp (BATL) is expected to report for 4Q.
BlackBerry (BB,BB.T) is expected to report $-0.08 for 4Q.
Cadiz Inc (CDZI) is expected to report for 4Q.
Charge Enterprises Inc (CRGE) is expected to report for 4Q.
China Gold International Resources Corp Ltd (CGG.T) is expected to report for 4Q.
Cross Timbers Royalty Trust (CRT) is expected to report for 4Q.
Ebix Inc (EBIXQ) is expected to report $1.07 for 4Q.
Erasca Inc (ERAS) is expected to report $-0.27 for 4Q.
Fortress Biotech Inc (FBIO) is expected to report for 4Q.
Galera Therapeutics Inc (GRTX) is expected to report for 4Q.
Guided Therapeutics Inc (GTHP) is expected to report for 4Q.
Gyrodyne LLC (GYRO) is expected to report for 4Q.
HG Holdings Inc (STLY) is expected to report for 4Q.
Healthier Choices Management Corp (HCMC) is expected to report for 4Q.
Hugoton Royalty Trust (HGTXU) is expected to report for 4Q.
Inrad Optics (INRD) is expected to report for 4Q.
Koil Energy Solutions Inc (KLNG) is expected to report for 4Q.
Maui Land & Pineapple Co Inc (MLP) is expected to report for 4Q.
NexImmune Inc (NEXI) is expected to report for 4Q.
NovaGold Resources Inc (NG,NG.T) is expected to report $-0.02 for 1Q.
Nutex Health Inc (NUTX) is expected to report $0.00 for 4Q.
Oncocyte Corp (OCX) is expected to report for 4Q.
Ontrak Inc (OTRK) is expected to report $-0.21 for 4Q.
Pennsylvania Real Estate Investment Trust (PRET) is expected to report $-0.12 for 4Q.
Pieris Pharmaceuticals Inc (PIRS) is expected to report $-0.21 for 4Q.
Resources Connection (RGP) is expected to report $-0.03 for 3Q.
Retractable Technologies Inc (RVP) is expected to report for 4Q.
SELLAS Life Sciences Group Inc (SLS) is expected to report $0.00 for 4Q.
Salem Media Group Inc (SALM) is expected to report for 4Q.
Sonder Holdings Inc (SOND) is expected to report for 4Q.
Sonic Foundry Inc (SOFO) is expected to report $-0.50 for 1Q.
The Children's Place Inc (PLCE) is expected to report $0.25 for 4Q.
ThermoGenesis Holdings Inc (THMO) is expected to report for 4Q.
Trilogy Metals Inc (TMQ,TMQ.T) is expected to report for 1Q.
TuSimple Holdings Inc (TSPH) is expected to report for 4Q.
Urban One Inc - Class A (UONE,UONEK) is expected to report for 4Q.
View Inc (VIEW) is expected to report for 4Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
AdTheorent Holding Cut to Market Perform From Outperform by Noble Capital Markets
AN2 Therapeutics Raised to Market Outperform From Market Perform by JMP Securities
Array Technologies Raised to Overweight From Equal-Weight by Barclays
Biomea Fusion Cut to Neutral From Overweight by JP Morgan
Blackstone Cut to Neutral From Buy by UBS
Blue Owl Capital Raised to Buy From Neutral by UBS
Century Communities Cut to Underperform From Neutral by Wedbush
Clorox Cut to Neutral From Buy by Citigroup
DR Horton Cut to Underperform From Neutral by Wedbush
Endeavor Group Holdings Cut to Neutral From Buy by Seaport Global
Estee Lauder Raised to Buy From Neutral by Citigroup
FIGS Cut to Underperform From Neutral by B of A Securities
Generac Raised to Positive From Mixed by OTR Global
Home Depot Raised to Outperform From Neutral by Zelman & Assoc
Humana Cut to Neutral From Buy by B of A Securities
Lennar Cut to Underperform From Neutral by Wedbush
LGI Homes Cut to Underperform From Neutral by Wedbush
Lowe's Cut to Neutral From Outperform by Zelman & Assoc
McCormick & Co Raised to Buy From Hold by Argus Research
Meritage Cut to Underperform From Neutral by Wedbush
Microvast Holdings Cut to Neutral From Buy by Janney Montgomery Scott
Moody's Raised to Overweight From Equal-Weight by Barclays
NEXTracker Cut to Equal-Weight From Overweight by Barclays
OneSpan Cut to Neutral From Buy by Sidoti & Co.
Petco Health & Wellness Cut to Underperform From Buy by B of A Securities
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
04-03-24 0621ET
