Morning briefing in North America: Single Stock Futures -2-

It involved a 2011 investor lawsuit alleging that Goldman artificially inflated its share price before, during, and after the 2007-09 financial crisis. The lawsuit said the company falsely alleged that it adhered to ethical rules despite having undisclosed conflicts of interest in the packaging and sale of mortgage-backed securities.


The economy is showing continued progress, Powell says

WASHINGTON Federal Reserve Chairman Jerome Powell said Monday that employment growth should pick up in the coming months and temporary inflationary pressures should ease as the economy continues to recover from the effects of the pandemic.

“The economy has improved sustainably,” Powell said in a testimony prepared for Tuesday on Capitol Hill, referring to advances in vaccinations and extensive stimulus measures by Congress and the Fed.


Rising inflation looks less severe when compared to pre-pandemic comparisons

With consumers struggling with prices significantly higher than they were a year ago, the Federal Reserve has maintained its stance that high inflation, the rise in the prices consumers pay for goods and services, will not last very long.

The Fed has adjusted its outlook and now expects to hike rates earlier than previously expected by the end of 2023, noting progress in economic activity and employment.


Factory wage increases lag behind fast food growth

Pay for factory jobs has grown so slowly in the US that manufacturers are struggling to compete with fast food restaurants.

Take Western Michigan, home to many office furniture and auto parts factories and a growing tourism industry. Restaurants and hotels along Lake Michigan were quickly shut down as people who remained fairly stationary during the pandemic start traveling again. The shift is making it harder for factories to fill their production lines, and the additional demand has increased both the number of job vacancies and the rate at which workers are leaving their jobs.


Fed’s Williams is unwilling to cut aid, but other officials are talking about tapering

Federal Reserve Bank of New York chief John Williams said he was unwilling for the Federal Reserve to withdraw the support it is giving to the economy amid uncertainty about the recovery from the pandemic.

“It is clear that the economy is improving rapidly and the medium-term prospects are very good,” said Williams on Monday in a virtual appearance. “But the dates and conditions aren’t advanced enough for them [Federal Open Market Committee] to change its monetary policy stance and strongly support the economic recovery, “he said.


Bitcoin price continues decline after China intensifies crypto crackdown

The price of Bitcoin and other cryptocurrencies slid on Monday after China’s central bank ordered the country’s largest banks and payment processors to take a more active role in curbing the cryptocurrency trade and related activities.

The People’s Bank of China said Monday it had summoned representatives from several institutions – including state commercial banks and Ant Group Co.’s Alipay – asking them to “strictly enforce” the latest notices and guidelines from authorities to curb Bitcoin-related risks. and fundraising campaigns for cryptocurrencies. It was the latest sign of Beijing stepping up its crackdown on unregulated virtual currencies.


SEC wants more climate disclosures. Corporations prepare for a fight.

WASHINGTON – The Securities and Exchange Commission is preparing to ask publicly traded companies to disclose more information about how they are responding to threats related to climate change – and companies are preparing to fight.

The SEC’s new chairman, Gary Gensler, appointed by the Biden administration, said climate-related disclosure is a top priority, and President Biden met with Mr. Gensler, Treasury Secretary Janet Yellen, and other senior financial regulators on Monday to discuss that Discuss topic. The SEC has already asked for industry input, many of which arrived last week, for a rule proposal that could be released by October.


The copper price mountain is crumbling

Green energy plus inflation, infrastructure and easy money must equal a copper price rally – at least that’s what commodity investors seem to think, who have contributed to copper prices almost doubling since the end of 2019.

In the past week that optimism has subsided. The Federal Reserve, keeping an eye on persistent supply chain and labor market bottlenecks, has begun to send less cautious signals. And in view of the skyrocketing raw material costs, China has decided to bring some of its state copper reserves onto the market. This double blow has lowered the copper price by around 8% since mid-June.


JPMorgan invests in mortgage clearinghouse

JPMorgan Chase & Co. is stepping up efforts to revive a type of mortgage that was largely extinct after the last financial crisis.

The bank is reinvesting in an electronic clearing house for “private label” mortgages, which are packaged and sold to investors with no guarantee from a government-sponsored company like Fannie Mae. The market grew during this year’s hot housing market.


New York voters decide on the next mayor

New Yorkers will go to the polls on Tuesday to determine the next New York City Mayor and winners in dozens of other primary races, but many competitions may not be called for weeks.

The democratic mayoral election includes 13 candidates. The winner is likely to run into the general election in the fall, as the Democrats outperform Republicans in the city by about 6 to 1. Two candidates run for the Republican mayoral election.


Trump’s election pressures caused senior judicial officials to consider his resignation

John Demers, director of national security at the Department of Justice, said the only time he considered resigning in his three-year tenure was when the agency came under pressure from then-President Donald Trump into making unsubstantiated allegations of election fraud follow.

In early January, Mr Trump threatened to fire the acting attorney general for the coveted election investigation, and Mr Demers recalled Monday trying to figure out who would be signing foreign intelligence surveillance requests and doing other agency business if he resigned in protest along with other senior officials.


Report shows Medicaid enrollments increased during the Covid-19 pandemic

More than 80 million people – a record number – have health coverage through Medicaid and the children’s health insurance program as enrollments rose due to Covid-19, according to new data released Monday by the Centers for Medicare and Medicaid Services.

Between February 2020 and January 2021, nearly 9.9 million people participated in the two programs – an increase of 13.9%, the data shows. And more than 38.3 million children, or nearly half of all Medicaid and CHIP enrollments, participated in both programs.


Write to [email protected]



None planned

Economic indicators:

None planned

Stocks to watch:

MindBeacon Holdings Appoints Dan Clark as CEO; Sam Duboc becomes chairman of the board

Nutrien increases 1H View To Adj EPS $ 2.30 -Adj EPS $ 2.50

Parkland Announces BC’s “Ultra-Fast” EV Charging Network; Network of around 25 locations expected to open in 2022 Open

Telus to Offer $ 750M for 2.85% Senior Unsecured Sustainability Related Notes with a term of 10 years; The offering is expected to close on June 28; Net proceeds to repay debts, other general corporate purposes


Expected major events for Tuesday

05:00 / JPN: May steel production

5:30 am / JPN: Tokyo area department store sales in May

05: 30 / JPN: May Nationwide department store sales

06:00 / UK: May Public Sector Finances

06:00 / JPN: May revised machine tool orders

08:00 / ITA: Apr. Industrial sales & orders

08:59 / JPN: April thesis survey – income, employment and hours worked

10:00 / UK: June CBI Industry Trends Survey

11:45 am / USA: Weekly sales index for retail chains

12:30 pm / USA: 1Q State quarterly personal income

12:55 / USA: 06/19 Johnson Redbook Retail Sales Index

14:00 / USA: Sale of existing homes in May

14:00 / USA: Jun Richmond Fed Business Survey

17:00 / US: May money holdings measures

20:30 / USA: June 18. API Weekly Statistical Bulletin

23:01 / UK: June REC JobsOutlook survey

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


Expected result for Tuesday

BQE Water Inc (BQE.V) is expected to report for the first quarter.

Cognite Software Ltd (CGNT) is expected to report for the first quarter.

Cyanotech Corp (CYAN) is expected to report for the fourth quarter.

FTI Consulting (FCN) is expected to report $ 1.60 for the fourth quarter.

Korn Ferry (KFY) is expected to report $ 0.97 for the fourth quarter.

Plug Power (PLUG) is expected to report $ 0.07 for the first quarter.

TX Holdings Inc (TXHG) is expected to report for the 2nd quarter.

Supported by Kantar Media and Dow Jones.



Apache Corp is raised by Bernstein to outperform the market

Barclays’ Arcturus Therapeutics reduced to underweight

CAI International Cut to Market Performance by Outperform by William Blair

Cimarex is raised by B of A securities to buy neutral

CNX Resources is reduced from B of A securities to underperformance from neutral

Devon Energy raised to outperform the market by Bernstein

Eastman Chemical is promoted by Scotiabank to outperform the sector relative to sector performance

Enphase Energy saving from overweight to equal weight through Capital One

Kosmos Energy is raised by Bernstein to outperform the market

Liberty Oilfield Services is upgraded from underperform to neutral by B of A Securities

Marathon Oil raised from underperformance of B-of-A securities to neutral

MarineMax is being raised by B. Riley Securities to buy Neutral

Pioneer Natural has outperformed itself by amber

Range resources are reduced by B of A securities to an underperformance of neutral

Sykes Enterprises ranked by Barrington Research on market performance

Sykes Enterprises is owned by Baird. reduced from outperform to neutral

(FOLLOW MORE) Dow Jones Newswires

June 22, 2021 6:07 AM ET (10:07 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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