North American Morning Briefing: Market Rebounds But Earnings, Elections Loom -2-

The U.S. is backing a quick resumption of Russian natural-gas sales to Europe via pipelines running through Moscow's wartime enemy-Ukraine-as part of negotiations aimed at securing an energy ceasefire ahead of the coming winter, according to U.S., European and Ukrainian officials.

The idea, broached by U.S. envoys Jared Kushner and Steve Witkoff during trips to Moscow and Kyiv in September, would involve selling Russian gas via a U.S. intermediary to circumvent European sanctions-and could create a lucrative opportunity for American investors, people who attended the discussions said.

Panic and Anger Spread as Europe's Great Pension Covenant Unravels

PARIS-For decades, Europeans have been happy to surrender around half of their pay to the state. In exchange, they could expect to retire in their 60s on a relatively comfortable, state-funded pension.

No longer. Stretched public finances and a rapidly aging population are threatening this covenant, stoking fear and anger across the continent over the future of a cradle-to-grave welfare state voters had long taken for granted.

Nine Killed in Florida Jet Crash

A business jet crashed in Florida on Sunday, killing all nine people on board, authorities said.

Transportation Secretary Sean Duffy said the people were killed when a Learjet 60 crashed near Cresthaven, Fla., at around 12:50 p.m. local time. The plane departed from Austin, Texas, and was heading to North Eleuthera Airport in the Bahamas, the Federal Aviation Administration said.

Democratic Infighting Flares as Election Accelerates Battle for Party's Future

Democrats have a chance to retake the Senate-a proposition that seemed far-fetched earlier this year. But instead of unifying ahead of Election Day, the party is already engaged in infighting and finger-pointing.

Allies of the party's leaders privately say that an insurgent left-wing has unnecessarily sucked time and money into races that should have been easier for Democrats, to the detriment of other candidates. Progressives say the party's establishment isn't doing everything possible to help them win, according to people familiar with the conversations.

Write to clare.kinloch@wsj.com

TODAY IN CANADA Earnings:

5N Plus Capital Power Ero Copper Gibson Energy I-80 Gold Corp Topaz Energy Toromont Industries Wajax Corp

Economic Indicators (ET):

0930 Oct Canada Manufacturing PMI

Prince Edward Island municipal elections

Stocks to Watch:

BMO Completes Acquisition Of Euroz Hartleys Capital Markets Business, Strengthening Its Leading Global Metals And Mining Franchise

Capstone Copper Price Target Cut 6.7% to A$14.00/Share by Barrenjoey

Gold Fields Secures Environmental Approval for Windfall Project in Canada; Permit Provides Authorization to Proceed to Construction, Project Development

Golden Horse Minerals Initiated with A$0.75/Share Price Target by BMO Capital Markets; Initiated at Outperform (Speculative) by BMO Capital Markets

LNG Canada: Blackstone, Leading Canadian Institutional Investors Announce $3.1B Investment in Mitsubishi Corp.'s Interest in LNG Canada; Blackstone Investor Group to Acquire 49.9% Noncontrolling Interest; Mitsubishi Corp. to Remain Controlling Partner, Retain Full Share of LNG Offtake

Other News:

EU, Canada Leaders Set Out Path to 'Associate Membership' Arrangement

Expected Major Events for Monday 00:30/JPN: Oct Japan Manufacturing PMI

05:00/JPN: Oct Auto sales

06:00/RUS: Oct Russian Manufacturing PMI

07:00/GER: Sep Retail Trade

08:45/ITA: Oct Italy Manufacturing PMI

08:50/FRA: Oct France Manufacturing PMI

08:55/GER: Oct Germany Manufacturing PMI

09:30/UK: Oct S&P Global UK Manufacturing PMI

14:30/CAN: Oct Canada Manufacturing PMI

14:45/US: Oct US Manufacturing PMI

15:00/US: Oct ISM Report On Business Manufacturing PMI

15:00/US: Sep Construction Spending - Construction Put in Place

16:00/US: Oct Global Manufacturing PMI

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Expected Earnings for Monday ASA Gold & Precious Metals Ltd (ASA) is expected to report for 3Q.

Acadia Realty Trust (AKR) is expected to report $0.06 for 3Q.

Aehr Test Systems (AEHR) is expected to report for 1Q.

Affiliated Managers Group Inc (AMG) is expected to report $7.24 for 3Q.

Alexander's Inc (ALX) is expected to report for 3Q.

Almonty Industries Inc (ALM) is expected to report for 3Q.

Axsome Therapeutics Inc (AXSM) is expected to report $-0.63 for 3Q.

Beam Therapeutics Inc (BEAM) is expected to report $-1.15 for 3Q.

BioMarin Pharmaceutical Inc (BMRN,BMRN-EB) is expected to report $-0.60 for 3Q.

CNA Financial Corp (CNA) is expected to report $1.13 for 3Q.

Camping World Holdings Inc (CWH) is expected to report $0.12 for 3Q.

Capital Power Corp (CPX.T) is expected to report $0.51 for 3Q.

Choice Hotels International Inc (CHH) is expected to report $2.06 for 3Q.

Cipher Digital Inc (CIFR) is expected to report $-0.25 for 3Q.

Cogent Biosciences Inc (COGT) is expected to report $-0.54 for 3Q.

Entergy Corp (ETR) is expected to report $1.73 for 3Q.

Fox Corp - Class A (FOX,FOXA) is expected to report $2.01 for 1Q.

Healthpeak Properties Inc (DOC) is expected to report $0.06 for 3Q.

IDEXX Laboratories Inc (IDXX) is expected to report $3.73 for 3Q.

Information Services Group Inc (III) is expected to report $0.06 for 3Q.

Karyopharm Therapeutics Inc (KPTI) is expected to report for 3Q.

Kontoor Brands Inc (KTB) is expected to report $1.34 for 3Q.

Krystal Biotech Inc (KRYS) is expected to report $1.74 for 3Q.

Lightbridge Corp (LTBR) is expected to report for 3Q.

Liquidia Corp (LQDA) is expected to report $0.98 for 3Q.

Loews Corp (L) is expected to report $0.72 for 3Q.

MSA Safety Inc (MSA) is expected to report $1.97 for 3Q.

Marriott International Inc (MAR) is expected to report $2.83 for 3Q.

NAPCO Security Technologies Inc (NSSC) is expected to report $0.36 for 1Q.

Progressive Corp (PGR) is expected to report $4.04 for 3Q.

Public Service Enterprise Group Inc (PEG) is expected to report $1.19 for 3Q.

Pyxis Oncology Inc (PYXS) is expected to report $-0.29 for 3Q.

Resolute Holdings Management (RHLD) is expected to report for 3Q.

Seaport Therapeutics Inc (SPTX) is expected to report for 3Q.

Sonoma Pharmaceuticals Inc (SNOA) is expected to report for 2Q.

Summit Therapeutics Inc (SMMT) is expected to report $-0.28 for 3Q.

TG Therapeutics Inc (TGTX) is expected to report $0.37 for 3Q.

Tempus AI Inc (TEM) is expected to report for 3Q.

Tetra Technologies Inc (TTI) is expected to report $0.04 for 3Q.

The Estee Lauder Companies Inc - A Share (EL) is expected to report $0.43 for 1Q.

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ANALYST RATINGS ACTIONS Acumen Pharmaceuticals Cut to Neutral From Buy by Citigroup Alignment Healthcare Cut to Sector Weight From Overweight by Keybanc Alnylam Pharmaceuticals Cut to Market Perform From Outperform by Bernstein Alnylam Pharmaceuticals Cut to Outperform From Strong Buy by Raymond James Baker Hughes Raised to Hold From Sell by Freedom Broker Bicara Therapeutics Cut to Sell From Neutral by Goldman Sachs Boston Scientific Cut to Hold From Buy by TD Cowen Bright Horizons Family Cut to Neutral From Outperform by Baird Coursera Cut to Neutral From Overweight by JP Morgan Coursera Cut to Sector Weight From Overweight by Keybanc Enact Holdings Cut to Underperform From Buy by B of A Securities First Industrial Cut to Neutral From Overweight by JP Morgan First Solar Cut to Hold From Buy by GLJ Research Floor & Decor Holdings Cut to Market Perform From Outperform by Telsey Advisory Group GE Vernova Raised to Buy From Hold by HSBC Hershey Cut to Hold From Buy by TD Cowen Honeywell Aerospace Cut to Market Perform From Outperform by BMO Capital Hope Bancorp Cut to Neutral From Buy by DA Davidson Incyte Raised to Outperform From Perform by Oppenheimer Intel Cut to Neutral From Buy by B of A Securities Intel Cut to Hold From Buy by Freedom Broker Intel Raised to Outperform From Neutral by KGI Securities Intel Cut to Neutral From Buy by Roth Capital Intel Cut to Neutral From Buy by Seaport Global Maplebear Cut to Equal-Weight From Overweight by Barclays Maplebear Cut to Market Perform From Outperform by Bernstein Maplebear Cut to Neutral From Overweight by Cantor Fitzgerald Maplebear Cut to Market Perform From Market Outperform by Citizens Maplebear Cut to Hold From Buy by Needham Medallion Financial Cut to Neutral From Buy by Ladenburg Thalmann Medical Properties Trust Cut to Underperform From Sector Perform by RBC Capital Mondelez Raised to Buy From Hold by Freedom Broker Monolithic Power Raised to Buy From Neutral by Rosenblatt NMI Holdings Cut to Neutral From Buy by B of A Securities Norwegian Cruise Line Raised to Buy From Hold by Freedom Broker Nucor Raised to Buy From Hold by Freedom Broker Paccar Raised to Buy From Hold by Freedom Broker Phillips 66 Raised to Hold From Sell by Freedom Broker Reddit Cut to Market Perform From Market Outperform by Citizens Reddit Cut to Sector Weight From Overweight by Keybanc Rivian Automotive Raised to Buy From Hold by Jefferies RPC Inc Cut to Sell From Hold by Freedom Broker Stryker Cut to Hold From Buy by Canaccord Genuity Worksport Cut to Hold From Buy by Maxim Group

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

(END) Dow Jones Newswires

November 02, 2026 06:17 ET (11:17 GMT)

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