In its annual report on the global economy, the central bank for central banks warned that rising debt levels exposed governments to the risk of a crisis similar to that which roiled the U.K. in 2022, when investors suddenly shied away from government bonds, driving borrowing costs up sharply, weakening the currency and sending equity markets into a tailspin.
China's Manufacturing Sector Stays in Contraction for Second Straight Month
China's manufacturing sector stayed in contraction for a second consecutive month in June, underscoring the difficulties the world's second largest economy faced after Beijing's efforts to resuscitate its property sector.
The manufacturing purchasing managers index remained unchanged at 49.5 in June, extending its contraction streak to a second month in a row, according to data released Sunday by the National Bureau of Statistics.
Supreme Court Set to Decide Trump's Bid for Immunity
WASHINGTON-The Supreme Court is set to decide Monday whether Donald Trump must stand trial on charges he tried to subvert the 2020 election he lost to President Biden, a question fraught with political, legal and historic significance unlike any the justices have before confronted.
Coming days after a blustering Trump confronted a sometimes addled Biden at a candidate debate many considered a watershed of the 2024 campaign, Monday's decision could again reset the race, potentially consigning the presumed Republican nominee to spend weeks before Election Day in a federal courthouse-or leaving Trump's fate to the Electoral College.
Trump's Top Fan in Europe Grasps a Political Megaphone With EU Presidency
BRUSSELS-Viktor Orban wants to make Europe great again-or at least give it a Trumpian gloss.
The Hungarian Prime Minister, an outspoken fan of former President Donald Trump and an icon of European right-wing nationalism, adopted the motto-abbreviated as MEGA-for his country's six months in the rotating presidency of the European Union, starting Monday.
Top Democrats Urge Party to Stand Behind Biden
WASHINGTON-Top Democratic leaders and donors urged the party on Sunday to stick with President Biden as their nominee, aiming to quell calls for him to step aside as new polling showed voters wary about his ability to lead after a shaky debate performance last week.
The public show of support for Biden on Sunday contrasted sharply with private worries among Democratic lawmakers and activists who remain concerned about the president's ability to defeat former President Donald Trump and his ability to serve at age 81. Just over four months from Election Day, Democrats are acknowledging Biden's difficulties while also struggling to formulate any sort of plausible backup plan.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
None scheduled
Economic Calendar:
Canada Day. Financial markets closed
Stocks to Watch:
WestJet Confirms End to AMFA Strike; WestJet, Aircraft Mechanics Fraternal Association Resumed Talks Sunday; WestJet to Begin Work to Restore Operations; WestJet Had to Park 130 Aircraft at 13 Airports Across Canada Due to Strike; WestJet: Will Take Time to Return Network to Normal
Expected Major Events for Monday
00:30/JPN: Jun Japan Manufacturing PMI
05:00/JPN: Jun Consumer Confidence Survey
05:00/JPN: Jun Auto sales
06:00/UK: Jun Nationwide House Price Index
06:00/RUS: Jun Russian Manufacturing PMI
07:45/ITA: Jun Italy Manufacturing PMI
07:50/FRA: Jun France Manufacturing PMI
07:55/GER: Jun Germany Manufacturing PMI
08:00/GER: Jun Bavaria CPI
08:00/GER: Jun North Rhine Westphalia CPI
08:00/GER: Jun Saxony CPI
08:00/GER: Jun Brandenburg CPI
08:00/GER: Jun Hesse CPI
08:00/GER: Jun Baden-Wuerttemberg CPI
08:30/UK: May Monetary & Financial Statistics
08:30/UK: May Bank of England effective interest rates
08:30/UK: May Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit
08:30/UK: Jun S&P Global UK Manufacturing PMI
12:00/GER: Jun Provisional CPI
13:45/US: Jun US Manufacturing PMI
14:00/US: Jun ISM Report On Business Manufacturing PMI
14:00/US: May Construction Spending - Construction Put in Place
15:00/US: Jun Global Manufacturing PMI
23:01/UK: Jun Shop Price Index
23:50/JPN: Jun Monetary Base
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Monday
3D Systems Corp (DDD) is expected to report $-0.11 for 1Q.
Air T Inc (AIRT) is expected to report for 4Q.
Avalon Advanced Materials Inc (AVL.T) is expected to report for 3Q.
Ayala Pharmaceuticals Inc (ADXS) is expected to report $-1.95 for 1Q.
California First Leasing Corp (CFNB) is expected to report for 3Q.
Cineverse Corp (CNVS) is expected to report for 4Q.
Elite Pharmaceuticals Inc (ELTP) is expected to report for 4Q.
Nicholas Financial Inc (NICK) is expected to report for 4Q.
Pioneer Power Solutions (PPSI) is expected to report $0.02 for 1Q.
Prairie Operating Co (PROP) is expected to report for 1Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Acuity Brands Cut to Equal-Weight From Overweight by Wells Fargo
Alphabet Cut to Neutral From Buy by Rosenblatt
American Fincl Group Cut to Neutral From Buy by Citigroup
Charles River Labs Cut to Hold From Buy by Argus Research
Cincinnati Fincl Raised to Buy From Neutral by Citigroup
Digital Realty Raised to Overweight From Neutral by JP Morgan
Equity Residential Raised to Overweight From Neutral by Piper Sandler
Guardant Health Raised to Buy From Neutral by Guggenheim
Hartford Financial Cut to Neutral From Buy by Citigroup
Infinera Cut to Hold From Buy by Needham
International Paper Raised to Buy From Neutral by Seaport Global
Nike Cut to Equal-Weight From Overweight by Barclays
Nike Cut to Equal-Weight From Overweight by Morgan Stanley
Nike Cut to Hold From Buy by Stifel
Nike Cut to Market Perform From Outperform by Raymond James
Nike Cut to Neutral From Overweight by JP Morgan
Rocket Pharmaceuticals Shares Slide After FDA Rejects Kresladi
Travelers Cut to Market Perform From Outperform by William Blair
Travelers Cut to Sell From Neutral by Citigroup
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
07-01-24 0615ET
