Cocoa was the best-performing commodity in 2024, outpacing even bitcoin, but that hasn't stopped farmers from abandoning the crop.

Farmers in the top cocoa-producing region of the world are reseeding their lands because of a mixture of bad weather, failed government policies-many of which were aimed at helping farmers-and a fast-moving virus that has ravaged their plants.


China Expands Consumer Subsidies to Boost Spending as Tariff Risk Looms

China is widening the scope of its consumer goods trade-in program this year, as Beijing intensifies efforts to convince cautious households to spend as rising external uncertainties threaten exports' ability to prop up economic growth.

The National Development and Reform Commission, China's top economic planner, said Wednesday that the government will include more products in its home appliance trade-in program in 2025, extending state subsidies to microwave ovens, water purifiers, dishwasher and rice cookers.


Los Angeles Wildfires Prompt Evacuations for Tens of Thousands

Rapidly expanding wildfires forced tens of thousands of residents to evacuate their Los Angeles homes on Tuesday and forecasters warned that a potentially life-threatening windstorm could accelerate them overnight.

Approximately 30,000 people were under evacuation orders, Los Angeles Fire Department Chief Kristin Crowley said at a press conference Tuesday night. The LAFD ordered residents in affluent Pacific Palisades to leave the area immediately as firefighters sought to slow the spread of a nearly 3,000-acre blaze.


Israel, Hezbollah Fighting Stretches a Cease-Fire Deal to the Limit

An Israel-Lebanon cease-fire that calmed months of cross-border bloodshed is being strained as the two sides accuse each other of violations and the U.S. races to make sure the deal holds.

Israel still has troops on the ground in Lebanon and has continued to regularly strike Hezbollah infrastructure and weapons depots. In a complaint to the United Nations Security Council, Lebanon accused Israel of some 800 land and air attacks since the cease-fire came into effect on Nov. 27.


Write to gareth.mcpherson@wsj.com

TODAY IN CANADA

Earnings:

Nothing major scheduled

Economic Indicators (ET):

Nothing major scheduled

Stocks to Watch:

CIBC Former President and CEO John Hunkin Passed Away Earlier This Week

Hut 8 Continues to Focus on High-Impact Projects in Both AI and Bitcoin Mining; Miner Shipments Expected to Begin in Jan, Marking Step in Driving Avg Fleet Efficiency Dn to 19.9 Joules/Terahash; 205 MW Vega Project Advancing on Track for 2Q Energization; Site Infrastructure Upgrades Continue to Advance on Schedule, Positioning to Launch Initial Fleet Upgrade in 1Q

Oaktree Capital Invests in Miami-Based Apollo Group, Which Provides Hospitality Management Services for Cruise Industry


Expected Major Events for Wednesday

05:00/JPN: Dec Consumer Confidence Survey

07:00/GER: Nov Retail Trade

07:00/GER: Nov Manufacturing orders

07:00/GER: Nov Manufacturing turnover

07:45/FRA: Dec Consumer confidence survey

07:45/FRA: Nov Foreign trade

07:45/FRA: Nov Balance of payments

12:00/US: 01/03 MBA Weekly Mortgage Applications Survey

13:15/US: Dec ADP National Employment Report

13:30/US: 01/04 Unemployment Insurance Weekly Claims Report - Initial Claims

15:00/US: Nov Monthly Wholesale Trade

15:30/US: 01/03 EIA Weekly Petroleum Status Report

17:00/US: 01/03 EIA Weekly Natural Gas Storage Report

20:00/US: Nov Consumer Credit

23:30/JPN: Nov Provisional Labour Survey - Earnings, Employment & Hours Worked

All times in GMT. Powered by Kantar Media and Dow Jones.


Expected Earnings for Wednesday

Acuity Brands Inc (AYI) is expected to report $3.32 for 1Q.

Albertsons Companies Inc (ACI) is expected to report $0.59 for 3Q.

AngioDynamics Inc (ANGO) is expected to report $-0.22 for 2Q.

Caldwell Partners International Inc (CWL.T) is expected to report for 1Q.

Costco Wholesale Corp (COST) is expected to report.

FRMO Corp (FRMO) is expected to report for 2Q.

Franklin Covey Co (FC) is expected to report $0.15 for 1Q.

Greenbrier Cos Inc (GBX) is expected to report $1.16 for 1Q.

Jefferies Financial Group Inc (JEF) is expected to report $0.97 for 4Q.

MSC Industrial Direct Co - A Share (MSM) is expected to report $0.74 for 1Q.

Penguin Solutions Inc (PENG) is expected to report $0.02 for 1Q.

PriceSmart Inc (PSMT) is expected to report $1.31 for 1Q.

Pure Cycle Corp (PCYO) is expected to report for 1Q.

Radius Recycling Inc (RDUS) is expected to report $0.58 for 1Q.

Saratoga Investment Corp (SAR) is expected to report $0.94 for 3Q.

Simply Good Foods (SMPL) is expected to report $0.40 for 1Q.

UniFirst Corp (UNF) is expected to report $2.09 for 1Q.

Powered by Kantar Media and Dow Jones.


ANALYST RATINGS ACTIONS

Acadia Healthcare Raised to Overweight From Sector Weight by Keybanc

Advanced Energy Raised to Buy From Hold by Needham

American States Water Cut to Underweight From Equal-Weight by Wells Fargo

American Water Works Raised to Equal-Weight From Underweight by Wells Fargo

Apple Cut to Sell From Neutral by MoffettNathanson

Bank of America Raised to Buy From Neutral by UBS

BioXcel Therapeutics Cut to Underperform From Buy by B of A Securities

Bloomin' Brands Cut to Equal-Weight From Overweight by Barclays

Bridge Investment Cut to Neutral From Overweight by JP Morgan

Calif Water Svc Grp Raised to Overweight From Equal-Weight by Wells Fargo

Cardinal Health Raised to Outperform From In-Line by Evercore ISI Group

Carvana Raised to Outperform From Sector Perform by RBC Capital

Cboe Global Markets Cut to Underweight From Neutral by JP Morgan

Central Garden & Pet Cut to Hold From Buy by Argus Research

Cleveland-Cliffs Raised to Buy From Sell by GLJ Research

Clorox Raised to Equal-Weight From Underweight by Wells Fargo

Correction to Hartford Financial Rating on Monday

Cousins Properties Raised to Neutral From Underperform by Mizuho

Datadog Cut to Hold From Buy by Truist Securities

Dentsply Sirona Cut to In-Line From Outperform by Evercore ISI Group

Digital Realty Raised to Buy From Neutral by UBS

Dine Brands Global Cut to Equal-Weight From Overweight by Barclays

Dine Brands Global Cut to Neutral From Buy by UBS

Disney Raised to Buy From Neutral by Redburn Atlantic

Dow Cut to Neutral From Overweight by Piper Sandler

Dutch Bros Raised to Overweight From Equal-Weight by Barclays

Erasca Raised to Buy From Neutral by B of A Securities

Essential Utilities Cut to Equal-Weight From Overweight by Wells Fargo

Excelerate Energy Cut to Underweight From Neutral by JP Morgan

Federated Hermes Cut to Neutral From Overweight by JP Morgan

Forge Global Holdings Cut to Underweight From Neutral by JP Morgan

Freeport-McMoRan Cut to Market Perform From Outperform by Bernstein

Inari Medical Cut to Equal-Weight From Overweight by Wells Fargo

Inari Medical Cut to Hold From Buy by Canaccord Genuity

Inari Medical Cut to Market Perform From Outperform by William Blair

Inari Medical Cut to Neutral From Outperform by Baird

Instil Bio Raised to Buy From Hold by Jefferies

Intl Flavors & Fragrances Raised to Buy From Hold by Argus Research

Kilroy Realty Cut to Neutral From Outperform by Mizuho

Kraft Heinz Cut to In-Line From Outperform by Evercore ISI Group

Laboratory Corp. Raised to Outperform From In-Line by Evercore ISI Group

LPL Financial Holdings Raised to Overweight From Neutral by JP Morgan

LTC Properties Raised to Market Outperform From Market Perform by JMP Securities

Mondelez Cut to Equal-Weight From Overweight by Wells Fargo

Old Dominion Freight Cut to Neutral From Positive by Susquehanna

P10 Raised to Overweight From Neutral by JP Morgan

Palo Alto Networks Cut to Sell From Neutral by Guggenheim

Principal Financial Raised to Overweight From Neutral by JP Morgan

Prosperity Bancshares Raised to Neutral From Underperform by B of A Securities

Quaker Houghton Cut to Neutral From Overweight by Piper Sandler

Raymond James Cut to Neutral From Overweight by JP Morgan

Ready Capital Cut to Neutral From Buy by B. Riley Securities

RingCentral Cut to Underweight From Equal-Weight by Wells Fargo

Robinhood Markets Raised to Neutral From Underweight by JP Morgan

Ross Stores Cut to Market Perform From Outperform by Bernstein

Royal Gold Raised to Buy From Hold by Jefferies

Sabra Healthcare REIT Raised to Market Outperform From Market Perform by JMP Securities

Saia Cut to Neutral From Positive by Susquehanna

Shake Shack Raised to Overweight From Equal-Weight by Barclays

Snowflake Raised to Overweight From Equal-Weight by Wells Fargo

Tesla Cut to Neutral From Buy by B of A Securities

Tyler Technologies Cut to Equal-Weight From Overweight by Wells Fargo

Ulta Beauty Raised to Neutral From Sell by B. Riley Securities

Unum Group Cut to Neutral From Overweight by JP Morgan

Victory Capital Cut to Neutral From Buy by B. Riley Securities

Vornado Raised to Outperform From Neutral by Mizuho

XPO Cut to Neutral From Positive by Susquehanna

Zoom Video Communications Raised to Equal-Weight From Underweight by Wells Fargo

ZoomInfo Technologies Cut to Equal-Weight From Overweight by Wells Fargo

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


(END) Dow Jones Newswires

01-08-25 0627ET