The three months from October to December capped a year of economic slowdown after a rapid rebound from the pandemic fueled meteoric growth in 2021. Consumers spent at a slower pace last year, employers slashed their hiring and the housing market weakened.
Gold prices supported by rally as investors come on board
Gold starts the year with gains.
Gold buying by everyone from central banks to institutions and ordinary investors has driven the precious metal higher in 12 of the past 16 sessions, according to Dow Jones Market Data.
Diesel prices are headed higher. This is the new European ban on Russian oil.
The European Union will ban imports of Russian petroleum products early next month, in a bid to further punish Russia for its invasion of Ukraine, but this could lead to tighter global supplies and higher prices by products such as diesel.
The ban on Russian oil products is likely to have a bigger impact than the EU ban on Russian maritime oil and the Group of Seven price caps on Russian oil, says Tom Kloza, global head of energy analysis at the Oil Price Information Service, or OPIS, a Dow Jones company.
Tourism in China returns to pre-pandemic levels
China’s tourism sector has returned to pre-pandemic levels with travelers venturing out during the Lunar New Year holiday after tough Covid-19 restrictions were lifted, industry data shows.
Hotel, B&B hotel and tourist ticket bookings during the first four days of the Chinese Lunar New Year from Wednesday surpassed bookings for the same period in 2019, before the pandemic, Trip.com said, an online travel agency.
Congress jockeys over who will lead Biden investigations, discoveries of classified Pence documents
WASHINGTON-The discoveries of classified documents among the personal possessions of two presidents and a vice president have created a traffic jam on Capitol Hill, as committees scramble to investigate the matter and possibly pass legislation to address it.
Former Vice President Mike Pence on Tuesday became the latest former leader discovered to have classified documents at his private home. Attorney General Merrick Garland has already brought in a special counsel to investigate the handling of classified documents at former President Donald Trump’s resort and residence at Mar-a-Lago in Florida. Mr. Garland has appointed a separate special counsel to look into how the classified documents ended up at President Biden’s home and former office.
Ukraine under new missile barrage as Russia warns West of tank promises
KYIV, Ukraine – Explosions rocked Ukraine’s capital on Thursday after Russia launched a new barrage of missiles at targets across the country, as officials in Moscow warned of the consequences of Western pledges to send dozens of combat tanks in Ukraine.
Anti-aircraft sirens sounded across Ukraine during the morning rush hour, with authorities urging residents to take shelter underground. In Kyiv, Mayor Vitali Klitschko said at least one person died and two were injured when a rocket hit the city’s Golosiivsky district, parts of which were engulfed in black smoke after the blast.
George Santos faces new questions over six-figure campaign loans
Revisions to financial reports filed by Rep. George Santos’ (R., NY) campaign on the source of hundreds of thousands of dollars in loans add to questions about the embattled freshman congressman’s finances.
Mr. Santos, 34, is already facing formal complaints related to campaign finance issues as well as investigations into lies he told during his campaign about his education, work history and of his ancestry. The latest questions about the GOP lawmaker stem from a series of amended documents filed Tuesday with the Federal Election Commission.
Email [email protected] TODAY IN CANADA
Earnings:
GURU 4Q Organic Energy
Economic Calendar (ET):
0830 Nov Salaried employment, earnings and hours
Stocks to Watch
Celestica 4Q EPS 35c; $42.4 million net; Rev $2.04 billion; WO EPS 56c; Back 2023 Rev
Fission Uranium Announces Winter Program to Advance PLS Property; Stakes a new uranium property in the Western Athabasca Basin
Major events expected for Thursday
00:01/UK: Monthly figures for UK car manufacturing in December
06:00/JPN: Machine tool orders revised in December
09:00/ITA: Survey of business confidence in January
09:00/ITA: January consumer confidence survey
11:00 a.m. / United Kingdom: Jan CBI survey on distribution jobs
13:00/RUS: Weekly International Reserves
1:30 p.m./US: Dec. CFNAI Chicago Fed National Activity Index
1:30 p.m. / United States: report on leading economic indicators for December
1:30 p.m. / United States: December advance report on durable goods
1:30 p.m./CAN: November Employment, earnings and working hours
1:30 p.m. / United States: advance estimate of GDP in the 4th quarter
1:30 p.m./US: 01/21 Weekly Unemployment Insurance Claims Report – Initial Claims
1:30 p.m./US: Weekly US export sales
3:00 p.m./US: New Home Sales in December
3:30 p.m./US:01/20 EIA Weekly Natural Gas Storage Report
4:00 p.m./US: Federal Reserve Bank of Kansas City January Survey of Tenth District Manufacturing
9:30 p.m. / United States: Holdings of foreign central banks
9:30 p.m./US: Federal Discount Window Borrowings
23:30/JPN: Jan CPI (Tokyo), CPI ex-Food (Tokyo)
11:50 p.m./JPN: Provisional January trade statistics for the first 10 days of the month
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Earnings expected for Thursday
Alaska Air Group Inc (ALK) is expected to report for the 4th quarter.
American Airlines Group Inc (AAL) is expected to earn $0.57 for the 4th quarter.
Applied Industrial Technologies Inc (AIT) is expected to return $1.68 for 2Q.
Archer Daniels Midland (ADM) is expected to earn $1.59 for Q4.
Berkshire Hills Bancorp (BHLB) is expected to earn $0.62 for Q4.
Bread Financial Holdings Inc (BFH) is expected to return -$2.83 for 4Q.
CNX Resources Corp (CNX) is expected to return $0.52 for the 4th quarter.
Comcast Corp (CMCSA) is expected to return $0.72 for the 4th quarter.
Cullen/Frost Bankers (CFR) is expected to return $2.76 for Q4.
Dow Inc (DOW) is expected to report for the 4th quarter.
Eagle Materials Inc (EXP) is expected to earn $3.22 for Q3.
East West Bancorp (EWBC) is expected to report for Q4.
First Citizens Bancshares Inc. Cl A (FCNCA, FCNCB) is expected to earn $21.13 for Q4.
First Financial Northwest Inc (FFNW) is expected to earn $0.38 for Q4.
First Merchants Corp (FRME) is expected to report for Q4.
Heartland Express (HTLD) is expected to earn $0.30 for Q4.
Heritage Financial Corp (HFWA) is expected to report for the 4th quarter.
Independent Bank MI (IBCP) is expected to return $0.76 for Q4.
Lakeland Bancorp (LBAI) is expected to return $0.49 for Q4.
Marsh & McLennan (MMC) is expected to return $1.37 for Q4.
Mastercard Inc (MA) is expected to earn $2.59 for Q4.
McCormick & Co (MKC) is expected to return $0.87 for Q4.
Murphy Oil (MUR) is expected to earn $1.29 for Q4.
NeuroMetrix Inc (NURO) is expected to report for Q4.
Northrop Grumman Corp (NOC) is expected to return $6.57 for the 4th quarter.
Nucor Corp (NUE) is expected to return $5.56 for the 4th quarter.
Pacific Premier Bancorp Inc (PPBI) is expected to return $0.78 for the 4th quarter.
S&T Bancorp Inc (STBA) is expected to report for Q4.
Sandy Spring Bancorp Inc (SASR) is expected to return $0.91 for Q4.
Sherwin-Williams Co (SHW) is expected to earn $1.70 for Q4.
Southwest Airlines Co (LUV) is expected to earn $0.75 for Q4.
Summit Financial Group Inc (SMMF) is expected to earn $1.19 for Q4.
Tractor Supply Company (TSCO) is expected to report $2.36 for Q4.
Valero Energy Corp (VLO) is expected to return $6.88 for the 4th quarter.
Valley National Bancorp (VLY) is expected to earn $0.36 for Q4.
Webster Financial Corporation (WBS) is expected to report $1.59 for Q4.
West Bancorporation Inc (WTBA) is expected to earn $0.58 for Q4.
World Acceptance (WRLD) is expected to return $0.64 for Q3.
Xcel Energy Inc (XEL) is expected to return $0.68 for 4Q.
Xerox Holdings Corp (XRX) is expected to report for Q4.
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ANALYST RATINGS ACTIONS
Airbnb cut to underperform since put on hold by Gordon Haskett
Block Cut to Perform from Outperform by Oppenheimer
Bloomin’ Brands Cut to Market Perform From Overperform by BMO Capital
Reservation of cut holdings to keep from purchase by Gordon Haskett
Cheesecake Factory cut to sell from neutral by UBS
Crescent Energy cut to underperform versus neutral by B of A Securities
DR Horton cut to neutral from outperformance by Wedbush
Enphase Energy goes neutral due to overweight by Piper Sandler
Fisker reduced to underweight of equal weight by Morgan Stanley
Fox Corp. raised to buy Hold by Loop Capital
Graphite Bio Cut to Neutral From Buy by BTIG
Hannon Armstrong raised to neutral after underperformance by B of A Securities
Horace Mann educators cut to neutral because of overweight by Piper Sandler
Illumina Cut to Hold from Buy by Argus Research
Microsoft cuts market performance from outperformance by BMO Capital
News Corp raised to buy on hold by Loop Capital
Philip Morris raised to buy at Neutral by Goldman Sachs
SBA Communications switched to Peer Perform from Underperform by Wolfe Research
SmartFinancial reduced to neutral after purchase by Janney Montgomery Scott
SmartFinancial Cut to Neutral from Overweight by Piper Sandler
Sterling Check reduced to sector weight from overweight by Keybanc
SunPower reduced to underweight of equal weight by Barclays
Sunrun cut to equal weight from overweight by Barclays
Trustco Bank goes from neutral to underweight by Piper Sandler
Zions Bancorp goes from neutral to underweight by JP Morgan
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswire
January 26, 2023 06:20 ET (11:20 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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