The three months from October to December capped a year of economic cool-down from a rapid pandemic rebound that fueled red-hot growth in 2021. Last year, consumers spent at a slower pace, employers pulled back on hiring and the housing market weakened.
Gold Prices Buoyed by Rally as Investors Get on Board
Gold is starting the year with gains.
Gold purchases by everyone from central banks to institutions and ordinary investors have lifted the precious metal in 12 of the past 16 sessions, according to Dow Jones Market Data.
Diesel Prices Are Headed Higher. It's Europe's New Ban on Russian Oil.
The European Union will ban imports of Russian oil products early next month, in a move to further punish Russia for its invasion of Ukraine, but one that could lead to tighter global supplies and higher prices for products such as diesel.
The ban on Russian oil products is likely to have a bigger impact than the EU ban on Russian seaborne oil and the Group of Seven price cap on Russian oil, says Tom Kloza, global head of energy analysis at the Oil Price Information Service, or OPIS, a Dow Jones company.
China Tourism Returns to Prepandemic Levels
China's tourism sector has recovered to prepandemic levels with travelers venturing out during the Lunar New Year holidays after stringent Covid-19 restrictions were removed, industry data showed.
Bookings for hotels, B&B hotels and tourism tickets in the first four days of the Chinese Lunar New Year as of Wednesday have exceeded bookings for the same period in 2019, before the pandemic, said Trip.com, an online travel agency.
Congress Jockeys Over Who Will Lead Probes Into Biden, Pence Classified-Document Discoveries
WASHINGTON-The discoveries of classified documents among the personal possessions of two presidents and one vice president have created a traffic jam on Capitol Hill, as committees jockey to investigate the issue and potentially pass legislation to address it.
Former Vice President Mike Pence on Tuesday became the latest former leader discovered to have classified material at his private home. Attorney General Merrick Garland has already tapped a special counsel to look into the handling of classified documents at former President Donald Trump's Mar-a-Lago resort and residence in Florida. Mr. Garland assigned a separate special counsel to review how classified material wound up at President Biden's home and former office.
Ukraine Under New Missile Barrage as Russia Warns West About Tank Pledges
KYIV, Ukraine-Explosions rocked Ukraine's capital on Thursday after Russia launched a fresh barrage of missiles at targets across the country, as officials in Moscow warned of consequences for Western pledges to send dozens of battle tanks to Ukraine.
Air-raid sirens rang out across Ukraine during the morning rush hour, with officials urging residents to seek 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 following the blast.
George Santos Faces New Questions About Six-Figure Campaign Loans
Revisions to financial reports filed by the campaign of Rep. George Santos (R., N.Y.) about the source of hundreds of thousands of dollars in loans are adding to questions about the embattled freshman congressman's finances.
Mr. Santos, 34 years old, is already facing formal complaints related to campaign-finance matters as well as investigations into lies he told during his campaign about his education, work history and ancestry. The latest questions regarding the GOP lawmaker arose from a series of amended filings with the Federal Election Commission made Tuesday.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
GURU Organic Energy 4Q
Economic Calendar (ET):
0830 Nov Payroll employment, earnings & hours
Stocks to Watch
Celestica 4Q EPS 35c; Net $42.4M; Rev $2.04B; Adj EPS 56c; Backs 2023 Rev
Fission Uranium Announces Winter Program to Advance PLS Property; Stakes New Uranium Property in Western Athabasca Basin
Expected Major Events for Thursday
00:01/UK: Dec UK monthly automotive manufacturing figures
06:00/JPN: Dec Revised Machine Tool Orders
09:00/ITA: Jan Business Confidence Survey
09:00/ITA: Jan Consumer Confidence Survey
11:00/UK: Jan CBI Distributive Trades Survey
13:00/RUS: Weekly International Reserves
13:30/US: Dec CFNAI Chicago Fed National Activity Index
13:30/US: Dec Advance Economic Indicators Report
13:30/US: Dec Advance Report on Durable Goods
13:30/CAN: Nov Payroll employment, earnings & hours
13:30/US: 4Q Advance estimate GDP
13:30/US: 01/21 Unemployment Insurance Weekly Claims Report - Initial Claims
13:30/US: U.S. Weekly Export Sales
15:00/US: Dec New Residential Sales
15:30/US: 01/20 EIA Weekly Natural Gas Storage Report
16:00/US: Jan Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
21:30/US: Foreign Central Bank Holdings
21:30/US: Federal Discount Window Borrowings
23:30/JPN: Jan CPI (Tokyo), CPI ex-Food (Tokyo)
23:50/JPN: Jan Provisional Trade Statistics for 1st 10 days of Month
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Expected Earnings for Thursday
Alaska Air Group Inc (ALK) is expected to report for 4Q.
American Airlines Group Inc (AAL) is expected to report $0.57 for 4Q.
Applied Industrial Technologies Inc (AIT) is expected to report $1.68 for 2Q.
Archer Daniels Midland (ADM) is expected to report $1.59 for 4Q.
Berkshire Hills Bancorp (BHLB) is expected to report $0.62 for 4Q.
Bread Financial Holdings Inc (BFH) is expected to report $-2.83 for 4Q.
CNX Resources Corp (CNX) is expected to report $0.52 for 4Q.
Comcast Corp (CMCSA) is expected to report $0.72 for 4Q.
Cullen/Frost Bankers (CFR) is expected to report $2.76 for 4Q.
Dow Inc (DOW) is expected to report for 4Q.
Eagle Materials Inc (EXP) is expected to report $3.22 for 3Q.
East West Bancorp (EWBC) is expected to report for 4Q.
First Citizens Bancshares Inc. Cl A (FCNCA,FCNCB) is expected to report $21.13 for 4Q.
First Financial Northwest Inc (FFNW) is expected to report $0.38 for 4Q.
First Merchants Corp (FRME) is expected to report for 4Q.
Heartland Express (HTLD) is expected to report $0.30 for 4Q.
Heritage Financial Corp (HFWA) is expected to report for 4Q.
Independent Bank MI (IBCP) is expected to report $0.76 for 4Q.
Lakeland Bancorp (LBAI) is expected to report $0.49 for 4Q.
Marsh & McLennan (MMC) is expected to report $1.37 for 4Q.
Mastercard Inc (MA) is expected to report $2.59 for 4Q.
McCormick & Co (MKC) is expected to report $0.87 for 4Q.
Murphy Oil (MUR) is expected to report $1.29 for 4Q.
NeuroMetrix Inc (NURO) is expected to report for 4Q.
Northrop Grumman Corp (NOC) is expected to report $6.57 for 4Q.
Nucor Corp (NUE) is expected to report $5.56 for 4Q.
Pacific Premier Bancorp Inc (PPBI) is expected to report $0.78 for 4Q.
S&T Bancorp Inc (STBA) is expected to report for 4Q.
Sandy Spring Bancorp Inc (SASR) is expected to report $0.91 for 4Q.
Sherwin-Williams Co (SHW) is expected to report $1.70 for 4Q.
Southwest Airlines Co (LUV) is expected to report $0.75 for 4Q.
Summit Financial Group Inc (SMMF) is expected to report $1.19 for 4Q.
Tractor Supply Company (TSCO) is expected to report $2.36 for 4Q.
Valero Energy Corp (VLO) is expected to report $6.88 for 4Q.
Valley National Bancorp (VLY) is expected to report $0.36 for 4Q.
Webster Financial Corporation (WBS) is expected to report $1.59 for 4Q.
West Bancorporation Inc (WTBA) is expected to report $0.58 for 4Q.
World Acceptance (WRLD) is expected to report $0.64 for 3Q.
Xcel Energy Inc (XEL) is expected to report $0.68 for 4Q.
Xerox Holdings Corp (XRX) is expected to report for 4Q.
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ANALYST RATINGS ACTIONS
Airbnb Cut to Underperform From Hold by Gordon Haskett
Block Cut to Perform From Outperform by Oppenheimer
Bloomin' Brands Cut to Market Perform From Outperform by BMO Capital
Booking Holdings Cut to Hold From Buy by Gordon Haskett
Cheesecake Factory Cut to Sell From Neutral by UBS
Crescent Energy Cut to Underperform From Neutral by B of A Securities
DR Horton Cut to Neutral From Outperform by Wedbush
Enphase Energy Cut to Neutral From Overweight by Piper Sandler
Fisker Cut to Underweight From Equal-Weight by Morgan Stanley
Fox Corp. Raised to Buy From Hold by Loop Capital
Graphite Bio Cut to Neutral From Buy by BTIG
Hannon Armstrong Raised to Neutral From Underperform by B of A Securities
Horace Mann Educators Cut to Neutral From Overweight by Piper Sandler
Illumina Cut to Hold From Buy by Argus Research
Microsoft Cut to Market Perform From Outperform by BMO Capital
News Corp Raised to Buy From Hold by Loop Capital
Philip Morris Raised to Buy From Neutral by Goldman Sachs
SBA Communications Raised to Peer Perform From Underperform by Wolfe Research
SmartFinancial Cut to Neutral From Buy by Janney Montgomery Scott
SmartFinancial Cut to Neutral From Overweight by Piper Sandler
Sterling Check Cut to Sector Weight From Overweight by Keybanc
SunPower Cut to Underweight From Equal-Weight by Barclays
Sunrun Cut to Equal-Weight From Overweight by Barclays
Trustco Bank Cut to Underweight From Neutral by Piper Sandler
Zions Bancorp Cut to Underweight From Neutral by JP Morgan
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
01-26-23 0620ET