BRICS summit | Raimondo to China Aug. 27-30 | Panama Canal |— Equities: Asian and European stock markets were mixed in overnight trading. U.S. stock indexes are pointed to higher opening. In Asia, Japan +0.9%. Hong Kong +0.9%. China +0.9%. India flat. In Europe, at midday, London +0.7%. Paris +1.2%. Frankfurt +1.1%.
— The most recent employment survey conducted by the New York Federal Reserve indicates that American workers are seeking higher salaries than ever before when considering new job opportunities. This trend suggests that the labor market remains robust and that inflation might persist at levels higher than desired by the Federal Reserve. This is because wages are recognized as a key factor contributing to elevated prices.
Of note: Turkish diplomatic sources are being quoted by the state news agency Anadolu as saying that Turkish Foreign Minister Hakan Fidan will be in Ukraine Friday, likely an effort to continue the Turkish push for there to be some kind of agreement to restart the Black Sea Grain Initiative. Meanwhile, Russia is on the attack in northeastern Ukraine as it seeks to take back territory that Kyiv recaptured last fall and to divert Ukrainian forces from their counteroffensive in the south and east.
— S&P joins Moody’s in cutting U.S. banks. After Moody's Investors Service recently downgraded ratings for several U.S. banks, S&P Global Ratings is now following suit, downgrading and offering a gloomy outlook for additional banks. S&P's actions are prompted by a similar set of challenges that are creating difficulties for these financial institutions.
— Canada is set to challenge the U.S.' imposition of import duties on softwood lumber products from Canada. The Canadian government has initiated a process to start a judicial review of the U.S. decision to maintain these duties. Mary Ng, the trade minister of Canada, stated that notices of intent for a judicial review were filed regarding the recent US decision to uphold these "unwarranted duties" on Canadian softwood lumber products.