The January CPI reading from the Bureau of Labor Statistics, which tracks changes in the prices paid by consumers for goods and services, is expected to show a 6.2% rise from a year earlier, slowing from a 6.5% year-over-year rise seen in the previous month, according to a survey of economists by Dow Jones. The core price measure that strips out volatile food and fuel costs, is expected to rise 0.4% from December, or 5.5% year over year.
Investors Pour Into Chinese Stock Funds in Reopening Bet
Global investors are pouring money into funds that track Chinese stocks, betting that the long-awaited reopening of the world's second-largest economy will keep powering markets higher.
Investors have added more than $2 billion on a net basis this year to U.S.-based mutual and exchange-traded funds that buy Chinese equities, according to data from Refinitiv Lipper. That reflects five consecutive weeks of inflows and marks a reversal from the second half of last year when they pulled almost $1 billion. It also coincides with an exodus from U.S.-focused stock funds.
UK Unemployment Rate Stabilized in 4Q as Wage Growth Gained Pace
The U.K.'s jobless rate held at low levels in the last three months of 2022 while pay growth accelerated further, signaling that the labor market remained tight at year-end despite weakening economic growth.
The U.K. unemployment rate stood at 3.7% in the fourth quarter, unchanged from the rate recorded in the three months through November, according to data from the Office for National Statistics released Tuesday.
China's Spy Balloon Could Bring Down Investors. Here's How.
With every new unidentified airborne object the military shoots down, the backdrop for U.S.-China relations deteriorates and efforts in Washington aimed at restricting China gain new energy. How far Congress and the administration go will dictate how big the impact will be on investor portfolios.
The U.S. shot down a Chinese surveillance balloon over the coast of South Carolina on Feb. 4 and three other unidentified airborne objects over North America last weekend. In response, the U.S. blacklisted six Chinese government-owned defense and contracting firms that the U.S. said were involved in Beijing's surveillance balloon program.
Lael Brainard Set to Lead White House National Economic Council
President Biden is set to name Federal Reserve Vice Chair Lael Brainard to serve as his economic-policy coordinator at a difficult time when the U.S. economy faces headwinds from high inflation, climbing interest rates and slowing growth, according to people familiar with the matter.
She will succeed Brian Deese as the director of the National Economic Council, which is responsible for advising the president on policy and personnel decisions and coordinating policy making across executive branch agencies. Mr. Deese is planning to step down this month.
Crypto Investors Brace for More Crackdowns From Regulators
The walls are closing in around crypto. Regulators hadn't taken action against many of the industry's biggest players, but are now cutting off access to products and services central to the digital-currency business.
On Monday, New York regulators shut down new issuance of the world's third-largest stablecoin, BUSD, prompting investors to flee the coin and raising worries about the future of crypto exchange giant Binance, which gives the coin the "B" in its name.
Kazuo Ueda Is Nominated to Lead the Bank of Japan
TOKYO-The Japanese government on Tuesday nominated Kazuo Ueda to become the next governor of the Bank of Japan, the first leadership change in a decade after Gov. Haruhiko Kuroda's aggressive monetary easing.
Mr. Ueda, 71, is a former University of Tokyo professor of economics and served on the BOJ's policy board from 1998 to 2005.
Japan's Economy Grows Slightly in Fourth Quarter
Japan's economy resumed modest growth in the October-December period thanks to a revival in tourism, but analysts said the slow pace of recovery suggested the country still needed monetary stimulus.
The world's third-largest economy after the U.S. and China grew 0.2% in the three months to December from the previous quarter and 0.6% on an annualized basis.
Chinese Balloon and Mystery Objects Raise Question of Who Controls 'Near Space'
The U.S. says the suspected Chinese spy balloon shot down Feb. 4 violated sovereign U.S. airspace. But when it crossed the U.S. at altitudes as high as 65,000 feet, the balloon floated into the murky zone aloft where no international consensus exists about which, if any, nation wields control.
U.S. allegations that China has operated a fleet of suspected spy balloons over 40 countries have renewed a debate over the governance of airspace above the altitudes traversed by commercial aircraft. And the balloon and other objects of unknown or undisclosed nature and purpose shot down from lower heights have focused attention on a nation's right to eliminate perceived threats at any height.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Absolute Software 2Q
Alithya 3Q
CAE 3Q
Calian 1Q
First Quantum Minerals 4Q
H2O Innovation 2Q
Hydro One 4Q
iA Fincl 4Q
NanoXplore 2Q
Restaurant Brands 4Q
Reunion Neuroscience 3Q
Suncor Energy 4Q
TC Energy 4Q
Toromont Indus 4Q
West Fraser Timber 4Q
Economic Calendar:
None scheduled
Stocks to Watch:
Algoma 3Q Rev C$567.8M; Loss/Shr C$0.64; Expect Calendar 2023 to Be More in Line With Our Historical Production Levels
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Dream Impact Trust 4Q Loss/Shr C$0.67
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VM Hotel Acquisition Seeks Approval to Extend Timeline to Complete Qualifying Acquisition to Sept 30 From March 31; VM Hotel Announced in Sept That It Intends to Acquire All of The Pyure Company's Shrs; Shareholders to Consider Extension at March 16 Meeting
Expected Major Events for Tuesday
04:30/JPN: Dec Revised Industrial Production
06:30/FRA: 4Q ILO Unemployment and Labour Market-related indicators
07:00/GER: Jan WPI
07:00/UK: Jan UK monthly unemployment figures
11:00/US: Jan NFIB Index of Small Business Optimism
11:00/FRA: Dec OECD Harmonised Unemployment Rates
13:30/US: Jan CPI
13:30/US: Jan Real Earnings
13:55/US: 02/11 Johnson Redbook Retail Sales Index
21:30/US: 02/10 API Weekly Statistical Bulletin
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
Armada Hoffler Properties (AHH) is expected to report for 4Q.
Brookfield Infrastructure Corp (BIPC) is expected to report for 4Q.
CAE Inc (CAE,CAE.T) is expected to report $0.22 for 3Q.
Ceres Global Ag (CRP.T) is expected to report for 2Q.
Charles Schwab (SCHW) is expected to report.
Cleveland-Cliffs Inc (CLF) is expected to report $-0.23 for 4Q.
Coca-Cola Co (KO) is expected to report $0.44 for 4Q.
Ecolab Inc (ECL) is expected to report for 4Q.
Entegris Inc (ENTG) is expected to report $0.16 for 4Q.
FTI Consulting (FCN) is expected to report $1.32 for 4Q.
Fannie Mae (FNMA) is expected to report $0.42 for 4Q.
Franklin Electric Co Inc (FELE) is expected to report for 4Q.
GCM Grosvenor Inc (GCMG) is expected to report for 4Q.
GEO Group Inc (GEO) is expected to report $0.26 for 4Q.
GameStop Corp (GME,GMEB) is expected to report.
Garrett Motion Inc (GTX) is expected to report for 4Q.
GlobalFoundries Inc (GFS) is expected to report for 4Q.
H2O Innovation is expected to report for 2Q.
Hawaiian Electric Industries (HE) is expected to report for 4Q.
Herc Holdings Inc (HRI) is expected to report for 4Q.
Howmet Aerospace Inc (HWM) is expected to report for 4Q.
Investors Title Co (ITIC) is expected to report for 4Q.
LCI Industries (LCII) is expected to report for 4Q.
Leidos Holdings Inc (LDOS) is expected to report $1.28 for 4Q.
Marriott International (MAR) is expected to report $1.80 for 4Q.
NetSol Technologies Inc (NTWK) is expected to report for 2Q.
Outlook Therapeutics Inc (OTLK) is expected to report $-0.05 for 1Q.
Peabody Energy Corp (BTU) is expected to report for 4Q.
PerkinElmer Inc (PKI) is expected to report $1.17 for 4Q.
Qualstar Corp (QBAK) is expected to report for 3Q.
Restaurant Brands International (QSR,QSR.T) is expected to report $0.97 for 4Q.
Safehold Inc (SAFE) is expected to report $0.40 for 4Q.
TC Energy Corp (TRP,TRP.T) is expected to report for 4Q.
Triton International Limited (TRTN) is expected to report for 4Q.
USA Compression Partners LP (USAC) is expected to report for 4Q.
Unitil Corp (UTL) is expected to report $0.99 for 4Q.
Urban Edge Properties (UE) is expected to report for 4Q.
WESCO International (WCC) is expected to report $3.75 for 4Q.
Zoetis Inc (ZTS) is expected to report for 4Q.
loanDepot Inc (LDI) is expected to report $-0.25 for 4Q.
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ANALYST RATINGS ACTIONS
Advance Auto Parts Cut to Neutral From Buy by Roth Capital
AllianceBernstein Holding Raised to Outperform From Neutral by Credit Suisse
Brightcove Raised to Buy From Neutral by Rosenblatt
Caterpillar Cut to Neutral From Outperform by Baird
CF Industries Cut to Sector Perform From Sector Outperform by Scotiabank
Church & Dwight Cut to Hold From Buy by Argus Research
Cleveland-Cliffs Raises Spot Market Base Prices for Certain Steel Products
Conifer Holdings Cut to Underweight From Neutral by Piper Sandler
Devolver Digital Raised to Hold From Sell by Shore Capital
eGain Cut to Hold From Buy by Craig-Hallum
Fastly Raised to Buy From Underperform by B of A Securities
Five Below Raised to Buy From Neutral by Roth Capital
Globus Medical Cut to Underperform From Buy by B of A Securities
Heritage Insurance Cut to Neutral From Overweight by Piper Sandler
Immunovant Raised to Buy From Neutral by Guggenheim
Kingstone Cut to Neutral From Overweight by Piper Sandler
Masco Raised to Hold From Sell by Deutsche Bank
(MORE TO FOLLOW) Dow Jones Newswires
02-14-23 0616ET
