The Manila-based multilateral bank said Thursday that although the impact of Covid-19 is waning in most of the region-with the notable exception of China-the economic fallout from Russia's invasion of Ukraine has increased. It projects 2022 gross domestic product growth of 4.6% versus 5.2% predicted in April. It trimmed its forecast for 2023 to 5.2% from 5.3%. Developing Asia comprises 46 ADB members, including China, South Korea and India. It excludes Japan, Australia and New Zealand.

South Korea Plans Corporate-Tax Cut to Revive Flagging Economy

South Korea's new conservative government plans to cut corporate taxes in a bid to boost business investment, create jobs and spur economic growth.

The maximum corporate tax rate will be lowered to 22% from 25% under a new bill, the Ministry of Economy and Finance said in a statement Thursday.

U.S. Military Concerned About Possible Trip to Taiwan by Nancy Pelosi, Biden Says

WASHINGTON-President Biden said the U.S. military has concerns about House Speaker Nancy Pelosi possibly visiting Taiwan, following a report that she is making the trip next month.

"I think that the military thinks it's not a good idea right now," Mr. Biden told reporters Wednesday following a trip to Massachusetts. "But I don't know what the status of it is."

U.S. to Escalate Pressure on Nicaragua With a Limit on Sugar Imports

WASHINGTON-The Biden administration is planning to drop Nicaragua from the list of countries eligible for low-tariff shipments of sugar into the U.S., stepping up pressure on the government of President Daniel Ortega, an authoritarian leader with close ties to Russian President Vladimir Putin.

The step comes as part of the U.S.'s schedule for sugar import quotas for the fiscal year starting October, to be unveiled by the U.S. Trade Representative's office by Thursday. The list excluding Nicaragua was viewed by The Wall Street Journal.

Biden Calls Climate 'an Emergency' as He Prepares Executive Actions

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

0830 Jun New Housing Price Index

Link Administration Agrees to New Dye & Durham Takeover Proposal

Australia's Link Administration has agreed to an increased takeover offer from Dye & Durham of A$4.81 ($3.31) a share. It said its board unanimously recommended that shareholders vote in favor of the new proposal.

Link earlier in the month rejected a takeover proposal from Dye & Durham for A$4.30 a share, but said it would continue to negotiate with the Canadian cloud software company.

Expected Major Events for Thursday

06:00/JPN: Jun Revised Machine Tool Orders

06:00/UK: Jun Public sector finances

06:45/FRA: Jul Monthly business survey (goods-producing industries)

08:59/JPN: Japan Monetary Policy Meeting decision

12:30/US: Jul Philadelphia Fed Business Outlook Survey

12:30/CAN: Jun New Housing Price Index

12:30/US: 07/16 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: U.S. Weekly Export Sales

14:30/US: 07/15 EIA Weekly Natural Gas Storage Report

20:30/US: Federal Discount Window Borrowings

20:30/US: Foreign Central Bank Holdings

23:01/UK: Jul UK Consumer Confidence Survey

23:30/JPN: Jun CPI (Nation), CPI ex-food (Nation)

All times in GMT. Powered by Onclusive and Dow Jones.

AAR Corp (AIR) is expected to report $0.79 for 4Q.

AT&T Inc (T) is expected to report $0.52 for 2Q.

Alaska Air Group Inc (ALK) is expected to report $1.97 for 2Q.

Atlantic Union Bankshares Corp (AUB) is expected to report for 2Q.

AutoNation (AN) is expected to report $6.12 for 2Q.

BankUnited (BKU) is expected to report $0.91 for 2Q.

Carter Bankshares Inc (CARE) is expected to report for 2Q.

City Holding Co (CHCO) is expected to report $1.32 for 2Q.

D.R. Horton (DHI) is expected to report $4.50 for 3Q.

Danaher Corp (DHR) is expected to report $1.99 for 2Q.

Domino's Pizza Inc (DPZ) is expected to report $2.92 for 2Q.

Dover Corp (DOV) is expected to report $1.87 for 2Q.

Dow Inc (DOW) is expected to report $2.05 for 2Q.

East West Bancorp (EWBC) is expected to report $1.70 for 2Q.

Fifth Third Bancorp (FITB) is expected to report $0.87 for 2Q.

Freeport-McMoRan Inc (FCX) is expected to report $0.72 for 2Q.

Gatx Corp (GATX) is expected to report $1.15 for 2Q.

Herc Holdings Inc (HRI) is expected to report $2.55 for 2Q.

Heritage Financial Corp (HFWA) is expected to report $0.45 for 2Q.

Home BancShares Inc (HOMB) is expected to report $0.22 for 2Q.

Insteel Industries (IIIN) is expected to report $2.10 for 3Q.

Interpublic Group of Cos (IPG) is expected to report $0.55 for 2Q.

KeyCorp (KEY) is expected to report $0.53 for 2Q.

Marsh & McLennan (MMC) is expected to report $1.86 for 2Q.

Mullen Group (MLLGF,MTL.T) is expected to report $0.24 for 2Q.

National Energy Services Reunited Corp (NESR) is expected to report $0.11 for 1Q.

Nucor Corp (NUE) is expected to report $8.47 for 2Q.

Philip Morris International (PM) is expected to report $1.25 for 2Q.

Quest Diagnostics (DGX) is expected to report $2.13 for 2Q.

S&T Bancorp Inc (STBA) is expected to report $0.66 for 2Q.

Sandy Spring Bancorp Inc (SASR) is expected to report $0.94 for 2Q.

Sonoco Products (SON) is expected to report $1.28 for 2Q.

Synovus Financial (SNV) is expected to report $1.09 for 2Q.

Texas Capital Bancshares Inc (TCBI) is expected to report $0.71 for 2Q.

The Travelers Companies (TRV) is expected to report $2.03 for 2Q.

Tractor Supply Company (TSCO) is expected to report $3.50 for 2Q.

Tri Pointe Homes Inc (TPH) is expected to report $1.20 for 2Q.

Union Pacific (UNP) is expected to report $2.92 for 2Q.

WNS (Holdings) Ltd - ADR (WNS) is expected to report $0.55 for 1Q.

Webster Financial Corporation (WBS) is expected to report $1.08 for 2Q.

Powered by Onclusive and Dow Jones.

Albemarle Raised to Sector Weight From Underweight by Keybanc

Ally Financial Inc Cut to In-Line From Outperform by Evercore ISI Group

Alphabet Cut to Neutral From Outperform by Exane BNP Paribas

Atara Biotherapeutics Cut to Sell From Neutral by Citigroup

Axalta Coating Systems Raised to Overweight From Sector Weight by Keybanc

Berry Global Group Raised to Outperform From Neutral by Credit Suisse

Chevron Raised to Buy From Hold by HSBC

Cummins Cut to Market Perform From Outperform by Bernstein

DT Midstream Raised to Overweight From Equal-Weight by Barclays

Eagle Materials Cut to Neutral From Overweight by JP Morgan

Equity Residential Cut to Underweight From Neutral by Piper Sandler

ExlService Cut to Sell From Neutral by Citigroup

F5 Cut to Neutral From Buy by B of A Securities

FMC Corporation Raised to Overweight From Sector Weight by Keybanc

Forestar Group Cut to Neutral From Buy by BTIG

Hologic Cut to Neutral From Buy by B of A Securities

Juniper Networks Cut to Underperform From Buy by B of A Securities

Netflix Raised to Buy From Hold by Stifel

Sealed Air Cut to Neutral From Outperform by Credit Suisse

Vital Farms Raised to Overweight From Equal-Weight by Morgan Stanley

WEC Energy Group Cut to Underperform From Neutral by Credit Suisse

Weyerhaeuser Cut to Hold From Buy by Argus Research

Xylem Raised to Buy From Hold by Stifel

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

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

© Copyright 2022 Morningstar, Inc. All rights reserved. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Terms and Conditions Privacy Center Disclosures Member User Agreement Corrections Cookies Accessibility