The SENSEX Index Closes 1.13% Higher

In a much-needed respite, the benchmark indices ended the day on a strong footing as positive global cues uplifted the sentiment. The Nifty and Sensex ended a losing streak of three days on the bourses, helped by a positive day at trading in Japanese and US markets following recent comments by Federal Reserve officials that eased US recession worries.

At close, the Sensex was up 1.11 percent at 79,468 while the Nifty gained 1.27 percent at 24,297. About 2,685 shares advanced, 713 shares declined, and 71 shares were unchanged.

"After the twin jolts from US recession fears and the unwinding of the Yen carry trade, stock markets globally are slowly limping back to stability. The message from the Bank of Japan that 'rates will not be hiked when markets are unstable' will help in stabilising the Yen and prevent further massive unwinding of the Yen carry trade," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

India VIX, also known for assessing market anxiety, eased nearly 14 percent to be just above 16.

"Even though FIIs were big sellers in India in the cash market during the last three days, their selling is being matched by DII buying. This countervailing investment by DIIs can impart resilience to the market. It appears that the exuberance of retail investors has taken a knock after the crash in the broader market," he added.

The broader market, which constitutes the mid and smallcap index, ended the day on a bullish note. They both rose over nearly three percent each, outpacing the Nifty's gain for the day. The broader market has outperformed the headline indices by a comfortable margin since the start of the year. Vijayakumar added that market valuations continue to remain elevated and at this juncture, investors should prioritise large investments over the mid and small caps.

All the sectors ended in the green with the top gainer being the Nifty Metal index. Gains in Vedanta, Tata Steel, Adani Enterprises, and Hindalco kept the sector buzzing. Nifty Energy was also the bright spark that backed a rally in ONGC, Coal India and Power Grid. While these were up, the Nifty Bank was the worst performer, rising below a percent.

The biggest Nifty gainers included Coal India, Adani Ports, Power Grid Corp, Cipla and HCL Technologies, while losers were IndusInd Bank, Eicher Motors, Britannia, Tech Mahindra and Asian Paints.

"For now the focus is on the ongoing RBI policy, which is likely to hold the rate and positive economic outlook," Vinod Nair, Head of Research at Geojit Financial Services said.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

OPENING CALL

Stock futures and bond yields rose on Wednesday as the economic growth scare that contributed to a severe bout of stock market risk-aversion-and a rush into haven sovereign debt at the start of the week-continued to fade.

"The relatively orderly improvement in equity markets saw fixed income retreat...as markets inevitably dialed back on Fed cut expectations," Deutsche Bank said.

AJ Bell said there remains an air of tension around financial markets despite a continued global recovery in stocks.

It said there are warnings that some carry trades still need to be unwound, but that markets will have felt some measure of calm after the Bank of Japan signaled there was no current plan to increase interest rates.

Premarket Movers

Airbnb warned about signs of a demand slowdown in the U.S. and shorter booking lead times globally. Its stock dropped around 16%.

Amgen said it was doubling down on efforts to take on weight-loss kingpins Eli Lilly and Novo Nordisk. Its stock slipped in offhours trading after its profit missed expectations.

Instacart posted double-digit revenue growth, topping Wall Street expectations. Its share rose over 8% premarket.

Reddit posted higher revenue and narrowed its quarterly loss, beating Wall Street expectations. Its shares fall around 2%, however.

Super Micro Computer more than doubled its quarterly revenue, but earnings came in below forecasts. Shares dropped over 10% premarket.

Postmarket Movers

Lumen Technologies raised its free-cash-flow projection and said its future earnings will benefit from its ability to support artificial-intelligence initiatives. Shares rose 36%.

Rivian posted a wider quarterly loss as the company continues to lose money on every vehicle it sells. Shares fell 7%.

Trex cut its revenue outlook for the year as weaker sales of its entry-level decking product weighed on results in the second quarter. Shares fell 15%.

Watch For:

EIA Weekly Petroleum Status Report; earnings from CVS Health, Disney

Today's Headlines/Must Reads:

-Big Food Would Benefit from Private Ownership

-'Top Gun Democrat' Tim Walz Cultivated Centrist Record in Washington

-AI Is Coming for India's Famous Tech Hub

-Delta's Reputation on the Line as It Haggles With Fliers Over Meltdown

MARKET WRAPS

Forex:

EUR/USD could soon rise above 1.10, from 1.0914 currently, as the market is unlikely to trim its Federal Reserve interest-rate cut expectations much further, but the same cannot be said for European Central Bank pricing, ING said.

The euro overnight index swap curve currently prices in 69 basis points of ECB rate cuts but this is largely a spillover from Fed pricing as the latest eurozone inflation data showed risks that the ECB may skip a cut in September, ING added.

"Risks are undoubtedly skewed to [50 basis points of rate cuts] as opposed to 75bp by the ECB in the three meetings until year-end."

The dollar continued to recover from Monday's selloff.

"The risks for the U.S. economy have of course increased with the July labor market report, as have the risks for possible faster and stronger interest-rate cuts by the Fed, should the future data situation support this," Commerzbank said.

However, the "crisis mode" seen in markets on Monday was inappropriate and investors now seem to realize this with a little more distance, Commerzbank added.

Bonds:

The risk-off sentiment has slowly started to fizzle out as risk assets move further away from the lows reached at the start of the week, Commerzbank Research said.

Amid an essentially empty data calendar in the eurozone, Bunds, as well as yield spreads, will probably remain highly directional to equity markets or the yen, Commerzbank added.

Meantime, Treasury yields extended Tuesday's gains, with a $42 billion auction of new 10-year notes due, Deutsche Bank Research said.

The auction will mark "a possible test of investor appetite after the recent volatility," it added.

ING said the 10-year Treasury yield close to 3.9% is consistent with a scenario whereby recession risk is mounting and the Federal Reserve is ready to cut interest rates, but over a longer horizon it should eventually settle higher.

"History shows that a 10-year equilibrium yield of 4.5% or even higher is not far-fetched and going forward there are plenty of reasons to believe U.S. inflation will average above 2%."

In that context, next week's U.S. CPI inflation data will be key to the direction of bond yields, ING said.

Energy:

Oil prices edged higher in volatile trade on reports of a surprise build in U.S. inventories and disappointing import data from China.

In China, daily crude oil imports fell 3% on year in July on weaker demand and unattractive refining margins keeping the utilization rate lower.

Metals:

Gold futures were broadly flat and Pepperstone said that with calmer heads now prevailing, there are increased flows into gold exchange traded funds and gold buyers supporting the moving average, though there is a clear hesitancy to push the price further.

Base metals continued to fall back on fears of slowing demand after Friday's poor U.S. economic data.

TODAY'S TOP HEADLINES

Novo Nordisk Stock Slumps After Earnings Miss

Novo Nordisk shares fell in morning trading after the Danish pharmaceutical giant, known for its blockbuster drugs Ozempic and Wegovy, reported disappointing second-quarter earnings.

Novo reported an operating profit of 25.9 billion Danish crowns ($3.8 billion), missing expectations of 31.8 billion Danish crowns, according to FactSet. Earnings were 4.5 Danish crowns a share, below the 4.9 crowns a share expected by analysts.

Tesla Recalling 1.68 Million Cars in China Over Hood Problem

Tesla is recalling 1.68 million cars in China to fix the same hood problem that recently affected models in the U.S.

The U.S. electric-vehicle maker will issue an over-the-air software update to correct the problem, which affects imported S and X models and 3 and Y models made in China from late 2020 to mid-2024, China's State Administration for Market Regulation said late Tuesday.

Nvidia Stock Rising Again. Why Super Micro AI Chip Comments Are Helping.

Nvidia was edging up early Wednesday, after one of the chip maker's partners said a reported delay in next-generation processor shipments shouldn't be a major issue.

Nvidia shares were up 1.4% at $105.71 in premarket trading. The stock closed up 3.8% on Tuesday.

SoftBank Plans $3.5 Billion Buyback After Surprise Quarterly Loss

TOKYO-Japanese technology investor SoftBank Group said it plans to buy back up to about $3.5 billion of its shares-an encouraging sign for the Tokyo stock market, which recently suffered its worst day in decades.

SoftBank Group said Wednesday that it will buy back up to 6.8% of shares available, valued at up to 500 billion yen, or $3.46 billion, over the next 12 months.

The Stock Market Is in Summer Mode. Low Trading Volumes Could Lead to More Pain.

The Japanese yen. Earnings. Recession worries. All played a part in Monday's meltdown. But something that isn't being talked about enough as a co-conspirator: low trading volume.

History suggests the number of shares changing hands could exacerbate the market's ups and downs-for weeks to come.

China Export Growth Slows But Recovery Seems Intact

China's trade figures for July were a mixed bag, with exports slowing unexpectedly but imports growing at a faster-than-expected clip, signaling some improvement in domestic demand.

Outbound shipments rose 7.0% from a year earlier in July, down from June's 8.6% increase, said the General Administration of Customs on Wednesday.

Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

Ag Growth Intl 2Q

Air Canada 2Q

Aurora Cannabis 1Q

Bird Construction 2Q

Brookfield Asst Management 2Q

CAE 1Q

Calian Group 3Q

Comp Modelling 1Q

Copperleaf Tech 2Q

Coveo Solutions 1Q

Curaleaf Holdings 2Q

DATA Communication 2Q

ECN Capital 2Q

Enerflex 2Q

Equinox Gold 2Q

Fiera Capital 2Q

Fortuna Mining 2Q

GDI Integratedd 2Q

i-80 Gold 2Q

IGM Financial 2Q

Info Services 2Q

Innergex Renewable 2Q

InPlay Oil 2Q

Kits Eyecare 2Q

Linamar 2Q

Manulife Financial 2Q

Medexus Pharma 1Q

NexGen Energy 2Q

Nutrien 2Q

Osisko Mining 2Q

Pan Amer Silver 2Q

Pason Systems 2Q

Pollard Banknote 2Q

Propel Hldgs 2Q

Shopify 2Q

SilverCrest Metals 2Q

Stantec 2Q

Stelco Hldgs 2Q

Stella-Jones 2Q

SunOpta 2Q

Thinkific Labs 2Q

Torex Gold 2Q

VerticalScope 2Q

Vox Royalty 2Q

Economic Calendar (ET):

1000 Jul Ivey Purchasing Managers Index

1330 Bank of Canada Summary of Monetary Policy Deliberations

Stocks to Watch:

American Hotel Income Properties 2Q FFO 12c/Unit; 2Q Rev $73.6M

IA Financial 2Q Adj EPS C$2.75; Net C$206M; EPS C$2.12

K-Bro Linen 2Q Net C$4.54M; EPS C$0.43; Rev C$93.5M

Kneat Com 2Q Loss/Shr C$0.04; Rev C$11.7M

Labrador Iron Ore 2Q EPS C$0.78; Rev C$53.1M

Magellan Aerospace 2Q EPS C$0.13; Rev C$242.9M

Maxim Power 2Q EPS C$0.02; Rev C$17M

Melcor Developments 2Q EPS C$0.76; 2Q Rev C$69.7M

Orezone Gold 2Q EPS 2c; Rev $58.3M; Adj EPS 1c

Osisko Gold Royalties 2Q Loss/Shr C$0.11; Rev C$46.2M; Names Wendy Louie to Board; Lowers 2024 Gold Equivalent Ounces Delivery Guidance to 77,000-83,000 From 82,000-92,000

PHX Energy 2Q Rev C$154.2M, Down 1% on Year; Strong Canadian Segment Rev Partially Offset Impact of Lower US Rig Count; 2Q EPS C$0.26; Slightly More Cautious on Outlook for US Division as Rig Count Continues to Soften; Sees Canadian Division Continuing to Generate Strong Results

Stingray 1Q EPS C$0.11; Rev C$89.1M; Adj EPS C$0.20

Expected Major Events for Wednesday

05:00/JPN: Jun Indexes of Business Conditions - Preliminary Release

06:00/GER: Jun Foreign Trade

06:00/GER: Jun Industrial Production Index

06:00/UK: Jul Halifax House Price Index

06:45/FRA: Jun Foreign trade

06:45/FRA: Jun Balance of payments 08:30/UK: Jul Narrow money (Notes & Coin) and reserve balances

11:00/US: MBA Weekly Mortgage Applications Survey

14:00/CAN: Jul Ivey Purchasing Managers Index

14:00/US: Jul Online Help Wanted Index

14:30/US: 08/02 EIA Weekly Petroleum Status Report

19:00/US: Jun Consumer Credit

23:01/UK: Jul KPMG and REC UK Report on Jobs

23:01/UK: Jul RICS Residential Market Survey

23:50/JPN: Jul Bank Lending

23:50/JPN: Jun Balance of Payments

23:50/JPN: Jul International Transactions in Securities

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Wednesday

Astec Industries Inc (ASTE) is expected to report $0.48 for 2Q.

Avista Corp (AVA) is expected to report $0.30 for 2Q.

BlackRock TCP Capital Corp (TCPC) is expected to report $0.43 for 2Q.

CVS Health Corp (CVS) is expected to report $1.38 for 2Q.

Chimera Investment Corp (CIM) is expected to report for 2Q.

Climb Global Solutions Inc (CLMB) is expected to report $0.48 for 2Q.

Conduent Inc (CNDT) is expected to report $1.15 for 2Q.

DNOW Inc (DNOW) is expected to report $0.26 for 2Q.

Dine Brands Global Inc (DIN) is expected to report $1.50 for 2Q.

Dynatrace Inc (DT) is expected to report $0.13 for 1Q.

Editas Medicine Inc (EDIT) is expected to report $-0.69 for 2Q.

Emerald Holding Inc (EEX) is expected to report $-0.17 for 2Q.

Emerson Electric Co (EMR) is expected to report $0.93 for 3Q.

Enovis Corp (ENOV) is expected to report $0.53 for 2Q.

Extreme Networks Inc (EXTR) is expected to report $0.03 for 4Q.

EyePoint Pharmaceuticals Inc (EYPT) is expected to report $-0.59 for 2Q.

Global Payments Inc (GPN) is expected to report $1.37 for 2Q.

GlycoMimetics Inc (GLYC) is expected to report $-0.19 for 2Q.

Griffon Corp (GFF) is expected to report $1.23 for 3Q.

Hilton Worldwide Holdings Inc (HLT) is expected to report $1.80 for 2Q.

International Money Express Inc (IMXI) is expected to report $0.45 for 2Q.

Intra-Cellular Therapies Inc (ITCI) is expected to report $-0.19 for 2Q.

Kennametal Inc (KMT) is expected to report $0.46 for 4Q.

Louisiana-Pacific Corp (LPX) is expected to report $2.03 for 2Q.

Manitex International Inc (MNTX) is expected to report $0.08 for 2Q.

Marcus & Millichap Inc (MMI) is expected to report $-0.15 for 2Q.

Mastech Digital Inc (MHH) is expected to report $-0.01 for 2Q.

NiSource Inc (NI) is expected to report $0.16 for 2Q.

R1 RCM Inc (RCM) is expected to report $-0.04 for 2Q.

RXO Inc (RXO) is expected to report $-0.01 for 2Q.

Rockwell Automation Inc (ROK) is expected to report $2.03 for 3Q.

Shenandoah Telecommunications Co (SHEN) is expected to report $0.01 for 2Q.

Shopify Inc (SHOP,SHOP.T) is expected to report $0.15 for 2Q.

Solo Brands Inc (DTC) is expected to report $0.03 for 2Q.

SpringWorks Therapeutics Inc (SWTX) is expected to report $-1.12 for 2Q.

Sunoco LP (SUN) is expected to report $1.75 for 2Q.

Sunstone Hotel Investors Inc (SHO) is expected to report $0.10 for 2Q.

TEGNA Inc (TGNA) is expected to report $0.49 for 2Q.

Triumph Group Inc (TGI) is expected to report $-0.06 for 1Q.

Zimmer Biomet Holdings Inc (ZBH) is expected to report $1.24 for 2Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Akoya Biosciences Cut to Equal-Weight From Overweight by Morgan Stanley

Akoya Biosciences Cut to Neutral From Buy by BTIG

Akoya Biosciences Cut to Neutral From Overweight by JP Morgan

American Electric Power Cut to Underperform From Neutral by B of A Securities

Apollo Global Management Raised to Buy From Neutral by B of A Securities

Axsome Therapeutics Raised to Buy From Neutral by B of A Securities

Builders FirstSource Raised to Outperform From Neutral by Baird

Carlyle Group Cut to Neutral From Overweight by JP Morgan

Chegg Raised to Neutral From Sell by Goldman Sachs

Cognition Therapeutics Cut to Neutral From Buy by B. Riley Securities

Cracker Barrel Cut to Hold From Buy by Argus Research

CrowdStrike Holdings Raised to Overweight From Neutral by Piper Sandler

Eastern Bankshares Raised to Neutral From Underweight by JP Morgan

Krystal Biotech Cut to Neutral From Buy by Citigroup

Lucid Group Raised to Neutral From Underweight by Cantor Fitzgerald

Lumen Technologies Raised to Neutral From Sell by Citigroup

Moderna Raised to Hold From Sell by Deutsche Bank

National CineMedia Raised to Outperform From Market Perform by Barrington Research

National CineMedia Shares Hit 52-Week High After 2Q Revenue Beats Estimates

Nvidia Raised to Buy From Neutral by New Street Research

Offerpad Raised to Market Perform From Underperform by Keefe, Bruyette & Woods

Playstudios Cut to Hold From Buy by Benchmark

Playstudios Cut to Hold From Buy by Craig-Hallum

Sonic Auto Raised to Overweight From Neutral by JP Morgan

Spero Therapeutics Raised to Buy From Hold by TD Cowen

Teradata Cut to Market Perform From Market Outperform by JMP Securities

Thoughtworks Cut to Neutral From Outperform by Baird

Thoughtworks Cut to Neutral From Overweight by JP Morgan

Vista Outdoor Cut to Hold From Buy by Aegis Capital

Yum China Holdings Raised to Outperform From Underperform by Macquarie

ZoomInfo Technologies Cut to Market Perform From Outperform by Raymond James

ZoomInfo Technologies Cut to Neutral From Buy by DA Davidson

ZoomInfo Technologies Cut to Sector Weight From Overweight by Keybanc

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

OPENING CALL

Stock futures and bond yields rose on Wednesday as the economic growth scare that contributed to a severe bout of stock market risk-aversion-and a rush into haven sovereign debt at the start of the week-continued to fade.

"The relatively orderly improvement in equity markets saw fixed income retreat...as markets inevitably dialed back on Fed cut expectations," Deutsche Bank said.

AJ Bell said there remains an air of tension around financial markets despite a continued global recovery in stocks.

It said there are warnings that some carry trades still need to be unwound, but that markets will have felt some measure of calm after the Bank of Japan signaled there was no current plan to increase interest rates.

Premarket Movers

Airbnb warned about signs of a demand slowdown in the U.S. and shorter booking lead times globally. Its stock dropped around 16%.

Amgen said it was doubling down on efforts to take on weight-loss kingpins Eli Lilly and Novo Nordisk. Its stock slipped in offhours trading after its profit missed expectations.

Instacart posted double-digit revenue growth, topping Wall Street expectations. Its share rose over 8% premarket.

Reddit posted higher revenue and narrowed its quarterly loss, beating Wall Street expectations. Its shares fall around 2%, however.

Super Micro Computer more than doubled its quarterly revenue, but earnings came in below forecasts. Shares dropped over 10% premarket.

Postmarket Movers

Lumen Technologies raised its free-cash-flow projection and said its future earnings will benefit from its ability to support artificial-intelligence initiatives. Shares rose 36%.

Rivian posted a wider quarterly loss as the company continues to lose money on every vehicle it sells. Shares fell 7%.

Trex cut its revenue outlook for the year as weaker sales of its entry-level decking product weighed on results in the second quarter. Shares fell 15%.

Watch For:

EIA Weekly Petroleum Status Report; earnings from CVS Health, Disney

Today's Headlines/Must Reads:

-Big Food Would Benefit from Private Ownership

-'Top Gun Democrat' Tim Walz Cultivated Centrist Record in Washington

-AI Is Coming for India's Famous Tech Hub

-Delta's Reputation on the Line as It Haggles With Fliers Over Meltdown

MARKET WRAPS

Forex:

EUR/USD could soon rise above 1.10, from 1.0914 currently, as the market is unlikely to trim its Federal Reserve interest-rate cut expectations much further, but the same cannot be said for European Central Bank pricing, ING said.

The euro overnight index swap curve currently prices in 69 basis points of ECB rate cuts but this is largely a spillover from Fed pricing as the latest eurozone inflation data showed risks that the ECB may skip a cut in September, ING added.

"Risks are undoubtedly skewed to [50 basis points of rate cuts] as opposed to 75bp by the ECB in the three meetings until year-end."

The dollar continued to recover from Monday's selloff.

"The risks for the U.S. economy have of course increased with the July labor market report, as have the risks for possible faster and stronger interest-rate cuts by the Fed, should the future data situation support this," Commerzbank said.

However, the "crisis mode" seen in markets on Monday was inappropriate and investors now seem to realize this with a little more distance, Commerzbank added.

Bonds:

The risk-off sentiment has slowly started to fizzle out as risk assets move further away from the lows reached at the start of the week, Commerzbank Research said.

Amid an essentially empty data calendar in the eurozone, Bunds, as well as yield spreads, will probably remain highly directional to equity markets or the yen, Commerzbank added.

Meantime, Treasury yields extended Tuesday's gains, with a $42 billion auction of new 10-year notes due, Deutsche Bank Research said.

The auction will mark "a possible test of investor appetite after the recent volatility," it added.

ING said the 10-year Treasury yield close to 3.9% is consistent with a scenario whereby recession risk is mounting and the Federal Reserve is ready to cut interest rates, but over a longer horizon it should eventually settle higher.

"History shows that a 10-year equilibrium yield of 4.5% or even higher is not far-fetched and going forward there are plenty of reasons to believe U.S. inflation will average above 2%."

In that context, next week's U.S. CPI inflation data will be key to the direction of bond yields, ING said.

Energy:

Oil prices edged higher in volatile trade on reports of a surprise build in U.S. inventories and disappointing import data from China.

In China, daily crude oil imports fell 3% on year in July on weaker demand and unattractive refining margins keeping the utilization rate lower.

Metals:

Gold futures were broadly flat and Pepperstone said that with calmer heads now prevailing, there are increased flows into gold exchange traded funds and gold buyers supporting the moving average, though there is a clear hesitancy to push the price further.

Base metals continued to fall back on fears of slowing demand after Friday's poor U.S. economic data.

TODAY'S TOP HEADLINES

Novo Nordisk Stock Slumps After Earnings Miss

Novo Nordisk shares fell in morning trading after the Danish pharmaceutical giant, known for its blockbuster drugs Ozempic and Wegovy, reported disappointing second-quarter earnings.

Novo reported an operating profit of 25.9 billion Danish crowns ($3.8 billion), missing expectations of 31.8 billion Danish crowns, according to FactSet. Earnings were 4.5 Danish crowns a share, below the 4.9 crowns a share expected by analysts.

Tesla Recalling 1.68 Million Cars in China Over Hood Problem

Tesla is recalling 1.68 million cars in China to fix the same hood problem that recently affected models in the U.S.

The U.S. electric-vehicle maker will issue an over-the-air software update to correct the problem, which affects imported S and X models and 3 and Y models made in China from late 2020 to mid-2024, China's State Administration for Market Regulation said late Tuesday.

Nvidia Stock Rising Again. Why Super Micro AI Chip Comments Are Helping.

Nvidia was edging up early Wednesday, after one of the chip maker's partners said a reported delay in next-generation processor shipments shouldn't be a major issue.

Nvidia shares were up 1.4% at $105.71 in premarket trading. The stock closed up 3.8% on Tuesday.

SoftBank Plans $3.5 Billion Buyback After Surprise Quarterly Loss

TOKYO-Japanese technology investor SoftBank Group said it plans to buy back up to about $3.5 billion of its shares-an encouraging sign for the Tokyo stock market, which recently suffered its worst day in decades.

SoftBank Group said Wednesday that it will buy back up to 6.8% of shares available, valued at up to 500 billion yen, or $3.46 billion, over the next 12 months.

The Stock Market Is in Summer Mode. Low Trading Volumes Could Lead to More Pain.

The Japanese yen. Earnings. Recession worries. All played a part in Monday's meltdown. But something that isn't being talked about enough as a co-conspirator: low trading volume.

History suggests the number of shares changing hands could exacerbate the market's ups and downs-for weeks to come.

China Export Growth Slows But Recovery Seems Intact

China's trade figures for July were a mixed bag, with exports slowing unexpectedly but imports growing at a faster-than-expected clip, signaling some improvement in domestic demand.

Outbound shipments rose 7.0% from a year earlier in July, down from June's 8.6% increase, said the General Administration of Customs on Wednesday.

Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

Ag Growth Intl 2Q

Air Canada 2Q

Aurora Cannabis 1Q

Bird Construction 2Q

Brookfield Asst Management 2Q

CAE 1Q

Calian Group 3Q

Comp Modelling 1Q

Copperleaf Tech 2Q

Coveo Solutions 1Q

Curaleaf Holdings 2Q

DATA Communication 2Q

ECN Capital 2Q

Enerflex 2Q

Equinox Gold 2Q

Fiera Capital 2Q

Fortuna Mining 2Q

GDI Integratedd 2Q

i-80 Gold 2Q

IGM Financial 2Q

Info Services 2Q

Innergex Renewable 2Q

InPlay Oil 2Q

Kits Eyecare 2Q

Linamar 2Q

Manulife Financial 2Q

Medexus Pharma 1Q

NexGen Energy 2Q

Nutrien 2Q

Osisko Mining 2Q

Pan Amer Silver 2Q

Pason Systems 2Q

Pollard Banknote 2Q

Propel Hldgs 2Q

Shopify 2Q

SilverCrest Metals 2Q

Stantec 2Q

Stelco Hldgs 2Q

Stella-Jones 2Q

SunOpta 2Q

Thinkific Labs 2Q

Torex Gold 2Q

VerticalScope 2Q

Vox Royalty 2Q

Economic Calendar (ET):

1000 Jul Ivey Purchasing Managers Index

1330 Bank of Canada Summary of Monetary Policy Deliberations

Stocks to Watch:

American Hotel Income Properties 2Q FFO 12c/Unit; 2Q Rev $73.6M

IA Financial 2Q Adj EPS C$2.75; Net C$206M; EPS C$2.12

K-Bro Linen 2Q Net C$4.54M; EPS C$0.43; Rev C$93.5M

Kneat Com 2Q Loss/Shr C$0.04; Rev C$11.7M

Labrador Iron Ore 2Q EPS C$0.78; Rev C$53.1M

Magellan Aerospace 2Q EPS C$0.13; Rev C$242.9M

Maxim Power 2Q EPS C$0.02; Rev C$17M

Melcor Developments 2Q EPS C$0.76; 2Q Rev C$69.7M

Orezone Gold 2Q EPS 2c; Rev $58.3M; Adj EPS 1c

Osisko Gold Royalties 2Q Loss/Shr C$0.11; Rev C$46.2M; Names Wendy Louie to Board; Lowers 2024 Gold Equivalent Ounces Delivery Guidance to 77,000-83,000 From 82,000-92,000

PHX Energy 2Q Rev C$154.2M, Down 1% on Year; Strong Canadian Segment Rev Partially Offset Impact of Lower US Rig Count; 2Q EPS C$0.26; Slightly More Cautious on Outlook for US Division as Rig Count Continues to Soften; Sees Canadian Division Continuing to Generate Strong Results

Stingray 1Q EPS C$0.11; Rev C$89.1M; Adj EPS C$0.20

Expected Major Events for Wednesday

05:00/JPN: Jun Indexes of Business Conditions - Preliminary Release

06:00/GER: Jun Foreign Trade

06:00/GER: Jun Industrial Production Index

06:00/UK: Jul Halifax House Price Index

06:45/FRA: Jun Foreign trade

06:45/FRA: Jun Balance of payments 08:30/UK: Jul Narrow money (Notes & Coin) and reserve balances

11:00/US: MBA Weekly Mortgage Applications Survey

14:00/CAN: Jul Ivey Purchasing Managers Index

14:00/US: Jul Online Help Wanted Index

14:30/US: 08/02 EIA Weekly Petroleum Status Report

19:00/US: Jun Consumer Credit

23:01/UK: Jul KPMG and REC UK Report on Jobs

23:01/UK: Jul RICS Residential Market Survey

23:50/JPN: Jul Bank Lending

23:50/JPN: Jun Balance of Payments

23:50/JPN: Jul International Transactions in Securities

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Wednesday

Astec Industries Inc (ASTE) is expected to report $0.48 for 2Q.

Avista Corp (AVA) is expected to report $0.30 for 2Q.

BlackRock TCP Capital Corp (TCPC) is expected to report $0.43 for 2Q.

CVS Health Corp (CVS) is expected to report $1.38 for 2Q.

Chimera Investment Corp (CIM) is expected to report for 2Q.

Climb Global Solutions Inc (CLMB) is expected to report $0.48 for 2Q.

Conduent Inc (CNDT) is expected to report $1.15 for 2Q.

DNOW Inc (DNOW) is expected to report $0.26 for 2Q.

Dine Brands Global Inc (DIN) is expected to report $1.50 for 2Q.

Dynatrace Inc (DT) is expected to report $0.13 for 1Q.

Editas Medicine Inc (EDIT) is expected to report $-0.69 for 2Q.

Emerald Holding Inc (EEX) is expected to report $-0.17 for 2Q.

Emerson Electric Co (EMR) is expected to report $0.93 for 3Q.

Enovis Corp (ENOV) is expected to report $0.53 for 2Q.

Extreme Networks Inc (EXTR) is expected to report $0.03 for 4Q.

EyePoint Pharmaceuticals Inc (EYPT) is expected to report $-0.59 for 2Q.

Global Payments Inc (GPN) is expected to report $1.37 for 2Q.

GlycoMimetics Inc (GLYC) is expected to report $-0.19 for 2Q.

Griffon Corp (GFF) is expected to report $1.23 for 3Q.

Hilton Worldwide Holdings Inc (HLT) is expected to report $1.80 for 2Q.

International Money Express Inc (IMXI) is expected to report $0.45 for 2Q.

Intra-Cellular Therapies Inc (ITCI) is expected to report $-0.19 for 2Q.

Kennametal Inc (KMT) is expected to report $0.46 for 4Q.

Louisiana-Pacific Corp (LPX) is expected to report $2.03 for 2Q.

Manitex International Inc (MNTX) is expected to report $0.08 for 2Q.

Marcus & Millichap Inc (MMI) is expected to report $-0.15 for 2Q.

Mastech Digital Inc (MHH) is expected to report $-0.01 for 2Q.

NiSource Inc (NI) is expected to report $0.16 for 2Q.

R1 RCM Inc (RCM) is expected to report $-0.04 for 2Q.

RXO Inc (RXO) is expected to report $-0.01 for 2Q.

Rockwell Automation Inc (ROK) is expected to report $2.03 for 3Q.

Shenandoah Telecommunications Co (SHEN) is expected to report $0.01 for 2Q.

Shopify Inc (SHOP,SHOP.T) is expected to report $0.15 for 2Q.

Solo Brands Inc (DTC) is expected to report $0.03 for 2Q.

SpringWorks Therapeutics Inc (SWTX) is expected to report $-1.12 for 2Q.

Sunoco LP (SUN) is expected to report $1.75 for 2Q.

Sunstone Hotel Investors Inc (SHO) is expected to report $0.10 for 2Q.

TEGNA Inc (TGNA) is expected to report $0.49 for 2Q.

Triumph Group Inc (TGI) is expected to report $-0.06 for 1Q.

Zimmer Biomet Holdings Inc (ZBH) is expected to report $1.24 for 2Q.

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ANALYST RATINGS ACTIONS

Akoya Biosciences Cut to Equal-Weight From Overweight by Morgan Stanley

Akoya Biosciences Cut to Neutral From Buy by BTIG

Akoya Biosciences Cut to Neutral From Overweight by JP Morgan

American Electric Power Cut to Underperform From Neutral by B of A Securities

Apollo Global Management Raised to Buy From Neutral by B of A Securities

Axsome Therapeutics Raised to Buy From Neutral by B of A Securities

Builders FirstSource Raised to Outperform From Neutral by Baird

Carlyle Group Cut to Neutral From Overweight by JP Morgan

Chegg Raised to Neutral From Sell by Goldman Sachs

Cognition Therapeutics Cut to Neutral From Buy by B. Riley Securities

Cracker Barrel Cut to Hold From Buy by Argus Research

CrowdStrike Holdings Raised to Overweight From Neutral by Piper Sandler

Eastern Bankshares Raised to Neutral From Underweight by JP Morgan

Krystal Biotech Cut to Neutral From Buy by Citigroup

Lucid Group Raised to Neutral From Underweight by Cantor Fitzgerald

Lumen Technologies Raised to Neutral From Sell by Citigroup

Moderna Raised to Hold From Sell by Deutsche Bank

National CineMedia Raised to Outperform From Market Perform by Barrington Research

National CineMedia Shares Hit 52-Week High After 2Q Revenue Beats Estimates

Nvidia Raised to Buy From Neutral by New Street Research

Offerpad Raised to Market Perform From Underperform by Keefe, Bruyette & Woods

Playstudios Cut to Hold From Buy by Benchmark

Playstudios Cut to Hold From Buy by Craig-Hallum

Sonic Auto Raised to Overweight From Neutral by JP Morgan

Spero Therapeutics Raised to Buy From Hold by TD Cowen

Teradata Cut to Market Perform From Market Outperform by JMP Securities

Thoughtworks Cut to Neutral From Outperform by Baird

Thoughtworks Cut to Neutral From Overweight by JP Morgan

Vista Outdoor Cut to Hold From Buy by Aegis Capital

Yum China Holdings Raised to Outperform From Underperform by Macquarie

ZoomInfo Technologies Cut to Market Perform From Outperform by Raymond James

ZoomInfo Technologies Cut to Neutral From Buy by DA Davidson

ZoomInfo Technologies Cut to Sector Weight From Overweight by Keybanc

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

The Indian benchmark indices snapped three-day losing streak on August 7 and ended higher with Nifty closing near the key 24,300 level, led by buying across the sectors and ahead of RBI policy outcome tomorrow.

At close, the Sensex was up 874.94 points or 1.11 percent at 79,468.01, and the Nifty was up 305 points or 1.27 percent at 24,297.50.

Also Read - RBI may keep stance unchanged on Thursday but prepare markets for a change

The market opened higher amid positive global cues but as the day progressed, it witnessed some profit booking at the higher levels but ended on a strong note.

Biggest Nifty gainers included Coal India, Adani Ports, Power Grid Corp, Cipla and Wipro, while losers were IndusInd Bank, Eicher Motors, Britannia, Tech Mahindra and Titan Company.

All the sectoral indices ended in the green with metal, healthcare, media, power, telecom, oil & gas, capital goods up 2-3 percent.BSE Midcap index and Smallcap indices closed 2 percent higher each.

The Indian benchmark indices snapped three-day losing streak on August 7 and ended higher with Nifty closing near the key 24,300 level, led by buying across the sectors and ahead of RBI policy outcome tomorrow.

At close, the Sensex was up 874.94 points or 1.11 percent at 79,468.01, and the Nifty was up 305 points or 1.27 percent at 24,297.50.

Also Read - RBI may keep stance unchanged on Thursday but prepare markets for a change

The market opened higher amid positive global cues but as the day progressed, it witnessed some profit booking at the higher levels but ended on a strong note.

Biggest Nifty gainers included Coal India, Adani Ports, Power Grid Corp, Cipla and Wipro, while losers were IndusInd Bank, Eicher Motors, Britannia, Tech Mahindra and Titan Company.

All the sectoral indices ended in the green with metal, healthcare, media, power, telecom, oil & gas, capital goods up 2-3 percent.BSE Midcap index and Smallcap indices closed 2 percent higher each.