North American Morning Briefing: Stock Futures -2- – Morningstar

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The International Sustainability Standards Board voted Tuesday to give companies an extra year to disclose sustainability metrics unrelated to climate issues to investors under its soon-to-be-finalized standards.

The additional time is meant to ease the regulatory burden on companies related to the measures, which many national regulators are expected to adopt. Movement toward a global reporting standard is developing after complaints from companies about facing a patchwork of competing sustainability disclosure rules and requests from investors.


Hedge Fund Hestia Seeks Leadership Overhaul at Pitney Bowes

Hestia Capital Management LLC is calling for shipping-services company Pitney Bowes Inc. to replace its longtime chief executive and reset the company’s finances before reviewing strategic alternatives for its e-commerce business.

The hedge fund on Tuesday said it is nominating Lance Rosenzweig, who Hestia said has experience in turning around underperforming companies, to replace Marc Lautenbach, president and CEO of Pitney Bowes since December 2012.


Deposit Outflows Shine Light on Fed Program That Pays Money-Market Funds

Banks are under pressure from depositors’ embrace of money-market funds, pushing a popular Federal Reserve-sponsored financing program into the spotlight.

Money-market fund assets are increasing at a record clip. Much of that cash is making its way to the Fed’s overnight reverse repurchase facility, which borrows from money funds and other firms in exchange for securities such as Treasurys and then returns the money the next day.


Pro Take: What Is That Job Ad Really Saying? Fed Paper Looks at Ageism in Tight Labor Market

America’s potential workers are aging. The government says that by 2031 there will be an estimated 4.8 million more men and women who are at least 65 years old in the U.S. workforce, with the growth rate of workers in that age group far exceeding all others.

But many companies don’t want to hire older workers, and some may subtly communicate through their wording in online help-wanted ads that older workers ought not apply.


UK Regulator Launches Cloud Market Investigation Amid Concerns on Practices of Amazon, Microsoft

The U.K.’s Office of Communications said Wednesday that it is proposing a cloud market investigation as a study by the regulator has uncovered practices and features that could limit competition, and that it is particularly concerned about the practices of Amazon and Microsoft because of their dominant market position.

The regulator said competition could deteriorate further in a critical digital market for the U.K. economy if left unaddressed. High fees for transferring data out, committed spend discounts and technical restrictions are making it hard for business customers to switch cloud provider or use multiple providers, it said.


Trump’s Arrest Is Bad for Stocks. 1 Move to Make Now.

The arrest of former President Donald Trump poses a major risk for the stock market.

The midsummer deadline for Congress to raise the debt ceiling could morph into a Republican attack on profligate Democratic spending, injecting extraordinary volatility into the global financial system. That could turn a prosaic vote into a battle royale over the nation’s extraordinary debt and tax-and-spending ways.


New Zealand Shocks With Big Rate Rise as Some Central Banks Pause

SYDNEY-New Zealand’s central bank announced a further sharp rise in interest rates despite recent indications that activity in the agriculture-rich economy is slowing and could be on the cusp of a recession.

The official cash rate was raised to 5.25%, from 4.75%, the Reserve Bank of New Zealand said after its policy meeting on Wednesday. Economists had expected a smaller increase to 5.00%.


U.S. Readies ‘Wrongfully Detained’ Label for Reporter Held in Russia

The State Department is preparing to designate as “wrongfully detained” a Wall Street Journal reporter who was arrested by Russian security services last week during a reporting trip and accused of espionage, a designation that would rev up the U.S. government’s efforts to win his release.

With the official designation, supervision of Evan Gershkovich’s case would shift to a State Department section known as the Office of the Special Presidential Envoy for Hostage Affairs, which is focused on negotiating for the release of hostages and other Americans classified as wrongfully detained in foreign countries. The designation is expected as soon as this week, according to people familiar with the matter.


Donald Trump Faces 34 Felony Charges in Hush-Money Case

Donald Trump orchestrated a scheme to bolster his 2016 presidential campaign by paying hush money to suppress potentially damaging sexual allegations, Manhattan prosecutors alleged in charging the former president with 34 felony counts of falsifying business records.

A stone-faced Mr. Trump pleaded not guilty to the charges during an hourlong court appearance Tuesday in New York. He surrendered and was fingerprinted before his arraignment, where he sat between his lawyers with his hands clasped, briefly glaring at photographers. Manhattan District Attorney Alvin Bragg, who brought the charges, sat in court behind the team of prosecutors handling the case.


France’s Emmanuel Macron to Press Xi Jinping on China’s Support of Russia

PARIS-French President Emmanuel Macron is expected to press Chinese leader Xi Jinping during a trip to China this week to limit support for Russia in its war against Ukraine, according to French officials, amid growing Western concerns over Beijing’s deepening economic and political ties with Moscow.

Mr. Macron arrived in China on Wednesday, a day before his meeting with Mr. Xi in a bid to dissuade him from throwing his full weight behind Russia’s war campaign, French officials said. China is Russia’s most significant partner and an increasingly important economic lifeline as it faces Western sanctions.


Tensions Rise After Cross-Border Fire Between Gaza Militants, Israel

JERUSALEM-Militants in Gaza fired rockets and Israel responded with airstrikes early Wednesday following violent clashes at Jerusalem’s most sensitive holy site, raising fears of a wider conflict.

Most of the 16 rockets fired from the Palestinian territory fell in open areas or were shot down by Israeli air defense, according to Israeli authorities. One of the rockets struck a factory in the southern city of Sderot, they said, but no casualties were reported. Air-raid sirens rang out in Israeli cities near the Gaza border at around 3 a.m. local time Wednesday, rushing residents in the area to bomb shelters.


Russia’s Aircraft Need Maintenance They Can No Longer Get

Russia has limited access to parts, software and technical skills needed to carry out critical maintenance due on hundreds of commercial jets, according to a Wall Street Journal analysis, raising safety concerns among industry executives and regulators.

In the days after Russia’s February 2022 invasion of Ukraine, many Western countries closed airspace to Russian jets. The U.S. and Europe also slapped the country with a series of sanctions and export controls that have blocked parts, services and other technology from being provided to the country’s fleet of commercial airliners.


Taiwan’s President Quietly Met With U.S. Senators Ahead of Kevin McCarthy Sit-Down

A bipartisan group of senators quietly met with Taiwan’s president in New York last week, expressing support for the island’s democracy and touting legislation that would impose stiff economic and financial sanctions against China if it invaded Taiwan.

The meeting with Republican Sens. Dan Sullivan of Alaska, Joni Ernst of Iowa and Democratic Sen. Mark Kelly of Arizona was disclosed just as Taiwanese President Tsai Ing-wen and the Biden administration are heading into the most pivotal event in her closely watched travels through the U.S.




North West 4Q

Roots 4Q

Trilogy Metals 1Q

Economic Calendar (ET):

0815 Mar Official International Reserves

0830 Feb International merchandise trade

Stocks to Watch:

D2L 4Q Loss $6.19B; 4Q Rev $42.68B; Sees 2024 Rev $180M-$182M; Sees 2024 Adjusted EBITDA of $4M-$6M; Sees 2024 Subscription and Support Revenue of $159M-$161M

European Residential REIT Announces Retirement of Chair and Appointment of New Trustee; Michael Stein Has Decided to Step Dn From the Bd of Trustees; Dr. Gina Parvaneh Cody Named Chair of Bd of Trustees; Gervais Levasseur Has Joined Bd of Trustees as a Nominee of CAPREIT


Expected Major Events for Wednesday

00:30/JPN: Mar Japan Services PMI

06:00/RUS: Mar Russian Services PMI

06:00/GER: Feb Manufacturing orders

06:00/GER: Feb Manufacturing turnover

06:45/FRA: Feb Industrial production index

07:45/ITA: Mar Italy Services PMI

07:50/FRA: Mar France Services PMI

07:55/GER: Mar Germany Services PMI

08:00/ITA: 4Q General Govt Quarterly Accounts

08:00/UK: Mar UK monthly car registrations figures

08:00/GER: Ifo Joint Economic Forecast of German economic research institutes

08:30/UK: Mar UK Official Reserves

08:30/UK: Mar S&P Global / CIPS UK Services PMI

08:30/UK: Mar Narrow money (Notes & Coin) and reserve balances

09:00/ITA: Feb Retail Sales

11:00/US: 03/31 MBA Weekly Mortgage Applications Survey

12:15/US: Mar ADP National Employment Report

12:15/CAN: Mar Official International Reserves

12:30/CAN: Feb International merchandise trade

12:30/US: Feb U.S. International Trade in Goods & Services

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: 03/31 EIA Weekly Petroleum Status Report

23:01/UK: Mar BRC-Sensormatic IQ Footfall Monitor

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Expected Earnings for Wednesday

(MORE TO FOLLOW) Dow Jones Newswires

April 05, 2023 06:35 ET (10:35 GMT)

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