Morning North American Briefing: Powell’s -2-

China’s industrial profit fell in the first seven months of the year, reversing a year-on-year increase in the first half as sporadic Covid-19 outbreaks and inclement weather weighed on the world’s second largest economy.

Industrial profit fell 1.1% from a year earlier in the January-July period, offsetting a 1% increase in the first half of the year, the National Bureau of Statistics said on Saturday. .

Tether says audit still months away as crypto market falters

This year’s fall in digital assets is putting pressure on crypto companies to show investors that their money is safe. So far they haven’t delivered.

Many crypto companies lack the basic financial safeguards that help protect investors in traditional banks. Companies often don’t publish financial statements or ask anyone to audit their books. Even though they are audited, there are no agreed-upon accounting standards for digital assets.

US warships cross the Taiwan Strait for the first time since Nancy Pelosi’s visit

HONG KONG — Two U.S. warships passed through the Taiwan Strait, U.S. and Taiwanese defense officials said Sunday, the first such activity made public since a visit by U.S. House of Representatives Speaker Nancy Pelosi , in Taiwan in early August.

The trip “demonstrates the United States’ commitment to a free and open Indo-Pacific,” the US Navy’s 7th Fleet said. “The U.S. military flies, sails, and operates wherever international law permits.”

Republicans still favor regaining control of the House, but the outlook is tightening

Republicans remain the favorites to take control of the House of Representatives in the midterm elections, but the Democrats, who for more than a year have prepared for heavy losses, end the summer in a stronger position. than where they started.

Public polls and recent election results have Democrats, nonpartisan election watchers and some Republicans expecting a more competitive battle this fall. Republicans only need a handful of seats to take control of the House, which Democrats currently control 220-211 with four vacancies.

Progressives applaud Biden’s plan to ease student loan burden amid setback

WASHINGTON — Progressive Democrats on Sunday sought to bolster support for President Biden’s student debt relief plan after critics called it unfair, potentially inflationary and unlikely to address the problem of soaring costs of university education.

Mr. Biden’s plan to reduce or eliminate student loan debt for up to 43 million people has proved divisive, which could cloud Democrats’ prospects for the midterm elections just as the party’s hopes are brightened. Some moderate economists and Democrats have joined Republicans in attacking the plan, which could cost $605 billion over a decade, according to Penn Wharton’s budget model.

Latest Covid boosters set to roll out before human testing completes

The Food and Drug Administration is expected to authorize new Covid-19 booster shots this week without a core part of its normal decision-making process: data from a study showing whether the shots were safe and worked in humans.

The injections, modified to target the latest versions of the Omicron variant, will not be finished testing in humans when the FDA makes its decisions.

Violent clashes in Libya reignite fears of civil war

Clashes in the Libyan capital have killed more than two dozen people over the weekend, the deadliest fighting the war-torn country has seen in more than two years as rival political factions vie for control of the oil-rich nation.

According to the Ministry of Health in Tripoli, 32 people were killed and 159 injured. Gunfire from armed groups damaged several government and residential buildings.

War in Ukraine gives North Korea reason to get closer to Russia

Russia’s invasion of Ukraine in SEOUL created an opportunity for North Korea, which strengthened its ties with Moscow and became one of its most vocal supporters.

Pyongyang wants to send workers to the Russian-controlled regions of eastern Ukraine – Donetsk and Lugansk – providing the Kim regime with a much-needed source of overseas income. Russian President Vladimir Putin has promised to supply his allies with cutting-edge weapons and military equipment, just as North Korea is seeking new assets like hypersonic missiles. Moscow can also boost its cross-border trade in food and aid and use its seat on the United Nations Security Council to block any tougher sanctions against North Korea.

Russia to step up stalled assault on Ukraine

KYIV, Ukraine-Russia is set to significantly strengthen its forces in Ukraine as its campaign to secure territory in the east and south of the country comes to a halt ahead of planned plebiscites on Russian annexation.

A series of volunteer battalions formed in recent weeks across Russia are preparing to deploy to Ukraine, military officials and analysts say, including a major new formation of ground forces called the 3rd Army Corps intended to bolster a new offensive in eastern Ukraine and reinforce troops holding back a Ukrainian counter-offensive in the south.

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None planned

Economic indicators (ET):

0830 Jul Estimates of Production of Principal Field Crops

Major events expected for Monday

05:00/JPN: June Trade Terms Index – Revision

10:00/FRA: Quarterly National Accounts of the OECD in the 2nd quarter: GDP growth

12:30 p.m./CAN: Jul Jul estimates of production of major field crops

2:30 p.m./US: August Texas Manufacturing Outlook Survey

11:01 p.m. / United Kingdom: CBI survey on the services sector

11:30 p.m./JPN: July Labor Force Survey

11:50 p.m./JPN: August preliminary trade statistics for the first 10 days of the month

All times in GMT. Powered by Onclusive and Dow Jones.

Earnings expected for Monday

Akoustis Technologies Inc (AKTS) is expected to return -$0.21 for Q4.

BitNile Holdings Inc (NILE) is expected to report for Q2.

Bridgford Foods Corp (BRID) is expected to report for Q3.

Catalent Inc (CTLT) is expected to return $0.95 for Q4.

DXI Capital Corp (DXI.HV) is expected to report for 2Q.

Dye & Durham Ltd (DND.T) is expected to report for Q4.

FedNat Holding Co (FNHC) is expected to return -$0.01 for 2Q.

Friedman Industries (FRD) is expected to report for the first quarter.

Heico Corp – A stock (HEI, HEIA) is expected to earn $0.65 for Q3.

Ituran Location (ITRN,ITRN-TV) is expected to report for Q2.

NAPCO Security Technologies Inc (NSSC) is expected to earn $0.11 for Q4.

Niko Resources (NKO-T,NKRSF) is expected to report for the first quarter.

Prospect Capital Corp (PSEC) is expected to return $0.18 for 4Q.

SelectQuote Inc (SLQT) is expected to report for Q4.

Smart Share Global Ltd – ADR (EM) is expected to report for 2Q.

TAG Oil (TAO.V,TAOIF) is expected to report for the first quarter.

Vinco Ventures Inc (BBIG) is expected to report for Q2.

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Centene cut to equal weight overweight by Wells Fargo

FactSet Research raised to buy on hold by Deutsche Bank

First solar raised to buy from Neutral by B of A Securities

Hibbett raised to buy from Neutral by Seaport Global

Iridex Cut to Hold From Buy by Stifel

NeoGenomics cut to fit from Buy by Benchmark

Zoom Video Communications Cut to Hold From Buy by Argus Research

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswire

08-29-22 0459ET

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