Other recent data has shown that rapid wage growth has begun to slow, putting less pressure on prices. The Fed has aggressively raised interest rates in the past year with the aim of tamping down on the economy to tame inflation. Central-bank officials are starting a two-day meeting Tuesday.
Private Equity Taps Insurers' Cash to Speed Up Growth
Investment firms that play on the cutting edge of finance are turning to one of the oldest businesses on Wall Street to turbocharge their growth: insurance.
Private-credit fund managers such as Blackstone Inc., Carlyle Group Inc. and Centerbridge Partners are increasingly forming partnerships with insurers, or buying them outright. Call it the merger of slow money and fast money.
IMF Upgrades Outlook for Global Economy as Inflation Eases and China Reopens
WASHINGTON-Resilient demand, easing inflation and China's reopening should allow the global economy to grow a bit faster than previously expected, the International Monetary Fund said.
In its latest World Economic Outlook, released Monday Washington time, the IMF sees the global economy growing 2.9% this year, up from its October projection of 2.7%. The IMF expects growth to accelerate to 3.1.% in 2024, still less than last year's 3.4%.
Further Hefty ECB Interest-Rate Rises Could Follow This Week's Increase - Talking Markets
Further significant interest-rate rises are likely to be on their way after the European Central Bank delivers what is widely expected to be a 50 basis-point increase on Thursday as policymakers focus on reducing high levels of inflation.
The ECB's deposit rate currently stands at 2.0%. A half-percentage-point increase this week would take it to 2.5%.
China's Services, Manufacturing Activity Rebounded Sharply in January
China's official gauges measuring services, manufacturing and construction activity all rebounded sharply in January as the nation recovered quickly from a surge in Covid infections in the wake of a sudden reopening at the end of last year.
China's nonmanufacturing PMI, which covers service and construction activity, rose to 54.4 in January, up sharply from 41.6 in December, the National Bureau of Statistics said Tuesday.
Stocks' and Bond Yields' 'Virtuous' Link May Be About to Break
When bond yields have risen recently, stocks have fallen. And vice-versa. That's bound to change as markets worry about economic growth.
Over the past year, the 10-year Treasury yield has climbed to just over 3.5% from just under 1.8%. In that time, the S&P 500 is down almost 9%, a loss that was worse a few months ago. The reason for these moves is that the Federal Reserve has been lifting interest rates to cool inflation by reducing demand for goods and services.
Gold in 2022 saw its strongest annual demand in more than a decade, report finds
Annual global gold demand last year reached its highest since 2011, buoyed in part by record demand for the precious metal in the fourth quarter and the strongest gold demand among central banks since 1967, according to a World Gold Council report released Tuesday.
Total global demand climbed 18% to 4,740.7 metric tons in 2022, excluding over-the-counter trading, according to the the Full Year 2022 Gold Demand Trends Report, which marked its 30th anniversary. OTC trading is done between dealers directly, without the oversight of an exchange.
Ukraine Fends Off Russian Assault in the East
KYIV, Ukraine-Ukraine on Tuesday said it had repelled multiple Russian attacks around Bakhmut, as Russian troops pushed to encircle the besieged city and Kyiv stepped up calls for advanced Western weapons.
Ukraine's armed forces, which produce a daily tally of Russian equipment and personnel taken out of action, said Tuesday morning they had killed 850 Russian soldiers in the previous 24 hours.
EU Prepares to Offer Clean Tech Tax Breaks to Compete With U.S. Green Subsidy Push
BRUSSELS-The European Union wants to make it easier for governments to dole out tax breaks and other aid to clean-tech companies, part of a push to counter generous U.S. subsidies that officials worry will draw investment away from Europe.
The European Commission, the bloc's executive body, is set to release a proposal on Wednesday outlining how the EU might relax bloc-wide rules that limit how member countries can subsidize businesses. The plan will also look to set aside money to help European governments with limited fiscal firepower compete for investment.
Blinken Set to Meet Palestinian Leader Abbas as Tensions Flare
RAMALLAH, West Bank-U.S. Secretary of State Antony Blinken will meet Palestinian Authority President Mahmoud Abbas on Tuesday to press for calm after a surge in violence in the West Bank and Jerusalem.
"We have a lot on our hands in this moment," Mr. Blinken said Tuesday morning before a meeting with Israeli Defense Minister Yoav Gallant.
U.S. Pushes for Military Sites in Philippines to Counter China
WASHINGTON-The U.S. is hoping to reach an agreement this week to open as many as four U.S. military sites at Philippine bases in Washington's latest push to expand its strategic footprint across the region to counter threats from China, U.S. officials said.
Defense Secretary Lloyd Austin is meeting later this week with recently elected Philippine President Ferdinand Marcos Jr. in Manila and hopes to secure the deal, which would rotate groups of U.S. forces to sites in the country, U.S. officials said.
Joe Biden to End Covid-19 Emergency Declarations on May 11, White House Says
President Biden will end a national emergency and public-health emergency declaration for Covid-19 on May 11, the White House said Monday, signaling a shift in the nation's approach to a pandemic that has claimed more than 1.1 million lives in the U.S.
The public-health emergency was first declared in January 2020, under the Trump administration, and has been renewed by 90 days every time it was due to expire. The national health emergency and the public-health emergency are now set to expire on March 1 and April 11, respectively, but the White House said the administration planned to extend the declarations to May 11 and then "end both emergencies on that date."
Australia's Nuclear Safety Agency Joins the Hunt for Missing Radioactive Capsule
ADELAIDE, Australia-Authorities intensified their search for a missing capsule containing radioactive material in Australia's far west, deploying car-mounted detection equipment for the first time as they began to retrace a truck's nearly 900-mile journey across the Outback.
The capsule, which is less than a third of an inch long and contains Cesium-137, is believed to have fallen from a truck somewhere between Rio Tinto PLC's Gudai-Darri mine and Perth, the capital of Western Australia. An initial search using hand-held radiation monitors failed to find the capsule, which was discovered to be missing on Jan. 25, prompting a public health alert.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Canadian Pacific Railway 4Q
Imperial Oil 4Q
Economic Calendar (ET):
0830 Nov GDP
Stocks to Watch:
High Tide 4Q Rev C$108.2M Vs. C$53.9M; FY Rev C$356.8M Vs. C$181.1M; 4Q Loss/Shr C$0.85 Vs. EPS C$0.09; FY Loss/Shr C$1.14 Vs. Loss C$0.84
----
Teck 2022 Annual Production of Zinc Concentrate Met Company Guidance; 2022 Copper, Refined Zinc, Steelmaking Coal Production Came in Slightly Below Low End of Guidance Ranges; Production Affected by Maintenance Activity, Weather, Plant Outage, Other Issues
Teck Guides for 2023 Copper Production of 390,000-445,000 Tonnes; Guides for 2023 Zinc Production of 645,000-685,000 Tonnes; Guides for 2023 Refined Zinc Production of 270,000-290,000 Tonnes; Guides for 2023 Steelmaking Coal Production of 24.0M-26.0M Tonnes; Continues to Face Inflationary Pressures, Which Have Increased Operating Costs; Inflationary Pressures Expected to Persist Through 2023; Expects Unit Costs for Principal Products to Rise in 2023 Vs 2022
Expected Major Events for Tuesday
04:30/JPN: Dec Preliminary Report on Petroleum Statistics
05:00/JPN: Jan Consumer Confidence Survey
05:00/JPN: Dec Housing Starts
05:00/JPN: Dec Construction Orders
06:30/FRA: Dec Household consumption expenditure in manufactured goods
06:30/FRA: 4Q GDP - first estimate
07:00/GER: Dec Foreign trade price indices
07:00/GER: Dec Retail Trade
07:45/FRA: Dec PPI
07:45/FRA: Jan Provisional CPI
08:55/GER: Jan Labour market statistics (incl unemployment)
09:00/ITA: Dec Unemployment
09:30/UK: 4Q Insolvency statistics
09:30/UK: Dec Bank of England effective interest rates
09:30/UK: Dec Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit
09:30/UK: Dec Monetary & Financial Statistics
10:00/ITA: 4Q GDP preliminary estimate
13:00/GER: Jan Provisional CPI
13:30/US: 4Q Employment Cost Index
13:30/CAN: Nov GDP
13:55/US: 01/28 Johnson Redbook Retail Sales Index
14:00/US: Nov U.S. Monthly House Price Index
14:00/US: Nov S&P CoreLogic Case-Shiller Indices
14:45/US: Jan Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
15:00/US: Jan Consumer Confidence Index
15:00/US: 4Q U.S. Housing Vacancies
20:00/US: Dec Agricultural Prices
21:30/US: 01/27 API Weekly Statistical Bulletin
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
A. O. Smith Corporation (AOS,X-SMCA) is expected to report $0.80 for 4Q.
Allegro MicroSystems Inc (ALGM) is expected to report for 3Q.
Camden National (CAC) is expected to report $1.08 for 4Q.
Caterpillar Inc (CAT) is expected to report $3.72 for 4Q.
CommVault (CVLT) is expected to report $0.26 for 3Q.
Corning Inc (GLW) is expected to report for 4Q.
Corvel (CRVL) is expected to report for 3Q.
Dover Corp (DOV) is expected to report for 4Q.
Entegris Inc (ENTG) is expected to report $0.16 for 4Q.
(MORE TO FOLLOW) Dow Jones Newswires
01-31-23 0636ET
