North American Morning Briefing : Stock Futures Edge Up as Investors Await PCE Data -2-

The head of the most prominent anti-Hamas militia backed by Israel in Gaza has been killed, removing a key figure in a policy to build up armed alternatives to the militant group.

Yasser Abu Shabab, the young leader of a militia called the Popular Force, which holds sway in a small slice of territory in the southern Gaza city of Rafah, was shot and killed while intervening in a Palestinian clan dispute, his militia said late Thursday.

A Sprawling Fraud Scandal Puts Minnesota's Somali Community in the Spotlight

Massive fraud blamed on dozens of Minnesota residents of Somali descent has jumped to national attention, with House Republicans launching an investigation into how pervasive corruption in the state's social-services system was allowed to fester under Democratic Gov. Tim Walz's administration.

The probe by the GOP-led House Oversight Committee deepens scrutiny of the scandal in Minnesota, where federal prosecutors say the fraud exceeded $1 billion and that dozens of people bilked taxpayers by setting up scam social-services companies. Close to 60 defendants have been convicted, and federal prosecutors last week charged the 78th person in a prong of the cases that authorities called "the largest Covid-19 fraud scheme in the country."

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TODAY IN CANADA

Earnings:

Laurentn Bank of Canada 4Q

Economic Indicators (ET):

0830 Nov Labour Force Survey Avg Hourly Wages, Y/Y, Full-Time Jobs, M/M, Jobless Rate, Labor Force, M/M, Net Jobs, M/M, Participation Rate, Part-Time Jobs, M/M

Stocks to Watch:

Optiva Receives Final Order Approving Arrangement With Qvantel

Telus Announces Pricing of US$ and CAD$ Junior Subordinated Notes Offerings; Priced Offering of US$1.5B Aggregate Principal Amount of Fixed-To-Fixed Rate Junior Subordinated Notes in Two Series; US$800M Fixed-To-Fixed Rate Junior Subordinated Notes, Series C Due Jun. 9, 2056 to Bear Initial Interest Rate of 6.375%; US$700M Fixed-To-Fixed Rate Junior Subordinated Notes, Series D Due Jun. 9, 2056 to Bear Initial Interest Rate of 6.625%; Also Priced C$800M Aggregate Principal Amount of Fixed-To-Fixed Rate Junior Subordinated Notes in Two Series; C$400M Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due Jun. 9, 2056 to Initially Bear Interest of 5.375%; C$400M Fixed-to-Fixed Rate Junior Subordinated Notes Due Jun. 9, 2056 to Initially Bear Interest of 5.875%

West Fraser Timber to Reduce Oriented Strand Board Capacity; Will Indefinitely Curtail Oriented Strand Bd Mill in High Level, Alberta; Will Offer Affected Employees at the Site Work Opportunities at Other Co Ops; Idling of One Production Lines at Cordele, Georgia OSB Facility Since Late 2023 Will Continue Indefinitely

Expected Major Events for Friday

00:01/UK: Nov BRC-Sensormatic IQ Footfall Monitor

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

07:00/GER: Oct Manufacturing orders

07:00/GER: Oct Manufacturing turnover

07:00/UK: Nov Halifax House Price Index

07:45/FRA: Oct Industrial production index

07:45/FRA: Oct Foreign trade

07:45/FRA: Oct Balance of payments

09:00/ITA: Oct Retail Sales

09:30/UK: 3Q Bank of England external business statistics

13:30/CAN: Nov Labour Force Survey

15:00/US: Sep Personal Income and Outlays

15:00/US: Dec University of Michigan Survey of Consumers - preliminary

20:00/US: Oct Consumer Credit

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Expected Earnings for Friday

Bio-Path Holdings Inc (BPTH) is expected to report for 3Q.

Brand House Collective Inc (TBHC) is expected to report $-0.46 for 3Q.

Laurentian Bank of Canada (LB.T,LRCDF) is expected to report $0.76 for 4Q.

Sonder Holdings Inc (SONDQ) is expected to report for 3Q.

Spire Global Inc (SPIR) is expected to report $-0.46 for 3Q.

Victoria's Secret & Co (VSCO) is expected to report $-0.60 for 3Q.

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ANALYST RATINGS ACTIONS

AvalonBay Cut to Neutral From Buy by Colliers Securities

Black Diamond Theraptcs Cut to Neutral From Buy by Guggenheim

Brandywine Realty Cut to Sector Weight From Overweight by Keybanc

Bread Financial Cut to Underweight From Neutral by JP Morgan

BXP Raised to Overweight From Sector Weight by Keybanc

Century Communities Cut to Underweight From Neutral by JP Morgan

Curbline Properties Raised to Overweight From Sector Weight by Keybanc

EastGroup Cut to Neutral From Outperform by Mizuho

EastGroup Raised to Overweight From Sector Weight by Keybanc

Global Water Resources Raised to Buy From Hold by Freedom Capital Markets

Independence Realty Trust Cut to Neutral From Buy by Colliers Securities

Kilroy Realty Cut to Sector Weight From Overweight by Keybanc

Lennar Cut to Underweight From Neutral by JP Morgan

LXP Industrial Trust Cut to Sector Weight From Overweight by Keybanc

PayPal Holdings Cut to Neutral From Overweight by JP Morgan

Portland General Electric Cut to Sell From Neutral by Ladenburg Thalmann

Regency Centers Cut to Sector Weight From Overweight by Keybanc

Snowflake Slides on Growth Deceleration in 3Q

Toast Raised to Overweight From Neutral by JP Morgan

Toll Brothers Raised to Overweight From Neutral by JP Morgan

UMH Properties Raised to Buy From Neutral by Colliers Securities

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

(END) Dow Jones Newswires

12-05-25 0611ET