The bloc's return to modest growth coincides with a first-quarter pickup in China and a slowdown in the U.S. Taken together, these numbers suggest the global economy likely bounced back from a trough late last year, although headwinds from a restrictive monetary policy could put a lid on the revival.
BOJ Maintains Easing, Will Review Monetary Policy
TOKYO-The Bank of Japan said it will conduct a review of monetary policy but left its interest-rate targets unchanged with inflation expected to fall below 2% soon.
At the end of new governor Kazuo Ueda's first policy-setting meeting Friday, the BOJ decided to maintain its cap on the 10-year Japanese government-bond yield at 0.5% and kept short-term interest rates at minus 0.1%. Mr. Ueda succeeded Haruhiko Kuroda as BOJ governor in early April.
China Politburo Says Expanding Demand Is Crucial to Continuing Current Recovery
China's economy has performed better than expected so far this year, but ensuring that domestic demand continues to expand remains a critical question for the current recovery, the Communist Party's top policy-making body said Friday.
The Communist Party's Politburo called for fiscal policy to be strengthened and for monetary policy to be more targeted, which would work in tandem to help boost demand, according to a report by the state-run Xinhua News Agency.
China Ratchets Up Pressure on Foreign Companies
Chinese authorities have embarked on a campaign to bring foreign businesses to heel, just months after Beijing delivered an open-for-business message to global investors.
In recent weeks, Chinese authorities have questioned staff at consulting firm Bain & Co.'s Shanghai office in a surprise visit, launched a cybersecurity review of imports from chip maker Micron Technology Inc., detained an employee of Japanese drugmaker Astellas Pharma Inc. and raided the Beijing office of U.S. due-diligence company Mintz Group.
Chinese Warships and Planes Test Taiwan Defenses
HONG KONG-Dozens of Chinese military aircraft and navy vessels were detected around Taiwan early Friday, including one that flew around the island, the Ministry of National Defense said.
The 38 warplanes and six ships represented the biggest deployment since China sent 91 aircraft and a dozen vessels to greet Taiwan President Tsai Ing-wen the day after her return from a visit to the U.S. this month. China's Communist Party claims Taiwan, a self-ruling island, as part of its territory and had strongly protested Ms. Tsai's visit.
Democrats Reject Starting Talks on Debt Ceiling
WASHINGTON-Democrats continued to say that the nation's borrowing limit must be raised without conditions, waving away Republican demands to begin talks after the House passed a bill coupling an increase in the debt ceiling with sharp spending cuts.
House Speaker Kevin McCarthy (R., Calif.) said the legislation showed Republicans are unified on a plan and that President Biden now needs to come to the table. But the White House and top Democrats said they wouldn't budge on their stance that Congress should pass a "clean" debt ceiling with no conditions attached before moving on to any talks on fiscal policy.
Canada's Contentious Streaming Legislation Receives Final Approval
OTTAWA-Canadian legislation to compel digital platforms such as Alphabet Inc.'s YouTube and Bytedance Ltd.'s TikTok, along with streaming services like Netflix Inc., to prominently showcase Canadian programming to users in this country received final parliamentary approval on Thursday.
This clears the way for Canada's Liberal government to begin implementing one of the most ambitious pieces of developed-world regulation in the digital field, a task that analysts and former officials say could take years. YouTube, TikTok, Netflix and Walt Disney Co., which owns Disney+, opposed the legislation.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Cameco 1Q
Copper Mntn Mining 1Q
First Natl Fncl 1Q
Imperial Oil 1Q
Real Matters 2Q
TC Energy 1Q
Economic Calendar (ET):
0830 Feb GDP
Stocks to Watch:
Alimentation Couche-Tard to Acquire 112 Fuel & Convenience Store Sites From Mapco Express; Acquisition of Sites Contingent on Separate Deal to Sell Mapco and Remaining Locations to Third Party; Sites Mostly Located in Tennessee and Alabama, but Also in Kentucky, Georgia; to Finance Purchase With Available Cash and/or Existing Credit Facilities; Transaction Also Includes Surplus Property, Logistics Fleet; Expects to Close Deal in 2H; Didn't Provide Further Details
---
Agnico Eagle Mines 1Q EPS $3.86; 1Q Net $1.82B; 1Q Rev $1.51B
---
Eldorado Gold 1Q Rev $229.4M; 1Q Adj EPS 11c; 1Q EPS 12c; 1Q Net $21.3M
Eldorado Gold: Maintaining 2023 Annual Guidance of 475,000 -- 515,000 Ounces of Gold, 1Q Production Was in Line With 2023 Annual Guidance and Higher Production Is Expected in 2H of Year; 2023 Guidance for Avg Cash Operating Costs per Ounce Sold of $760 to $860 and AISC Per Ounce Sold of $1,190 to $1,290 Is Maintained
---
Exco Technologies 2Q EPS C$0.16; 2Q Net C$6.29M; 2Q Sales C$155.5M
---
Toromont 1Q EPS C$1.16; 1Q Rev C$1.06B
---
TWC Enterprises 1Q Loss $8.05M; 1Q Loss/Shr 33c
Expected Major Events for Friday
01:00/JPN: Mar Steel Imports & Exports Statistics
04:30/JPN: Mar Preliminary Report on Petroleum Statistics
05:00/JPN: Mar Housing Starts
05:00/JPN: Mar Construction Orders
05:30/GER: Apr North Rhine Westphalia CPI
05:30/FRA: Mar Household consumption expenditure in manufactured goods
05:30/FRA: 1Q GDP - first estimate
06:00/GER: Mar Foreign trade price indices
06:45/FRA: Mar Housing starts
06:45/FRA: Mar PPI
06:45/FRA: Apr Provisional CPI
07:55/GER: Apr Labour market statistics (incl unemployment)
08:00/GER: Apr Bavaria CPI
08:00/GER: Apr Hesse CPI
08:00/GER: Apr Baden-Wuerttemberg CPI
08:00/ITA: 1Q GDP preliminary estimate
08:00/GER: 1Q GDP - 1st release
08:00/GER: Apr Brandenburg CPI
08:30/UK: 1Q Insolvency statistics
08:59/JPN: Japan Monetary Policy Meeting decision
09:00/GER: Apr Saxony CPI
10:00/ITA: Feb Industrial turnover
12:00/GER: Apr Provisional CPI
12:30/US: Mar Personal Income and Outlays
12:30/US: 1Q Employment Cost Index
12:30/CAN: Feb GDP
13:45/US: Apr Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
14:00/US: Apr University of Michigan Survey of Consumers - final
19:00/US: Mar Agricultural Prices
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
ArcBest Corp (ARCB) is expected to report $1.90 for 1Q.
Ares Management Corp (ARES) is expected to report $0.90 for 1Q.
Avantor Inc (AVTR) is expected to report for 1Q.
Balchem Corp (BCPC) is expected to report $0.67 for 1Q.
Bloomin' Brands (BLMN) is expected to report $0.87 for 1Q.
Carter's Inc (CRI) is expected to report $0.46 for 1Q.
Chart Industries Inc (GTLS) is expected to report $0.02 for 1Q.
Charter Communications Inc (CHTR) is expected to report $7.76 for 1Q.
Chevron Corp (CVX) is expected to report $3.39 for 1Q.
Civeo Corp (CVEO) is expected to report for 1Q.
Civista Bancshares inc (CIVB) is expected to report $0.82 for 1Q.
Colgate-Palmolive Co (CL) is expected to report $0.67 for 1Q.
Commercial National Financial Corp (CNAF) is expected to report for 1Q.
Community West Bancshares (CWBC) is expected to report $0.30 for 1Q.
Copper Mountain (CMMC.T,CPPMF) is expected to report $-0.01 for 1Q.
Dana Incorporated (DAN) is expected to report $0.13 for 1Q.
Dime Community Bancshares Inc (DCOM) is expected to report for 1Q.
Exxon Mobil Corp (XOM) is expected to report $2.58 for 1Q.
First Hawaiian Inc (FHB) is expected to report $0.55 for 1Q.
Gentex Corp (GNTX) is expected to report $0.38 for 1Q.
Hartford Financial Services Group Inc (HIG) is expected to report $1.81 for 1Q.
IES Holdings Inc (IESC) is expected to report for 2Q.
Imperial Oil Ltd (IMO,IMO.T) is expected to report $1.98 for 1Q.
Moog Inc - Class A (MOGA,MOGB) is expected to report $1.42 for 2Q.
New York Community Bancorp (NYCB) is expected to report $0.18 for 1Q.
Newell Brands Inc (NWL) is expected to report $-0.06 for 1Q.
Oppenheimer Holdings (OPY) is expected to report for 1Q.
Portland General Electric (POR) is expected to report $0.79 for 1Q.
Real Matters is expected to report $-0.06 for 2Q.
Red River Bancshares Inc (RRBI) is expected to report for 1Q.
Sensient Technologies Corp (SXT) is expected to report $0.76 for 1Q.
Shenandoah Telecommunications Co (SHEN) is expected to report $-0.09 for 1Q.
TC Energy Corp (TRP,TRP.T) is expected to report for 1Q.
Tennant Co (TNC) is expected to report $0.69 for 1Q.
Three Valley Copper Corp (TVC.V) is expected to report for 4Q.
Twin Disc Inc (TWIN) is expected to report $0.43 for 3Q.
Virtus Investment Partners Inc (VRTS) is expected to report $2.08 for 1Q.
W P Carey Inc (WPC) is expected to report $1.32 for 1Q.
WisdomTree Inc (WT) is expected to report $0.05 for 1Q.
iRadimed Corp (IRMD) is expected to report $0.26 for 1Q.
Powered by Onclusive and Dow Jones.
ANALYST RATINGS ACTIONS
2U Raised to Overweight From Neutral by Cantor Fitzgerald
Albany International Raised to Buy From Hold by Truist Securities
ASGN Cut to Underperform From Buy by B of A Securities
Aspen Technology Cut to Market Perform From Outperform by William Blair
Electronic Arts Cut to Market Perform From Outperform by BMO Capital
Elevance Health Raised to Overweight From Equal-Weight by Morgan Stanley
Manpower Cut to Hold From Buy by Argus Research
Meta Platforms Raised to Overweight From Neutral by Huber Research
Progressive Cut to Market Perform From Outperform by BMO Capital
Reliance Worldwide Upgraded to Neutral from Sell by Citi
Silgan Holdings Raised to Buy From Neutral by Citigroup
Vornado Cut to Underweight From Neutral by Piper Sandler
(MORE TO FOLLOW) Dow Jones Newswires
04-28-23 0617ET
