China Foreign Exchange Reserves Rose as Dollar Weakened in January
China's foreign-exchange reserves rose in January, official data showed Tuesday, amid a weakening U.S. dollar.
The reserves rose by $56.8 billion from a month earlier to $3.184 trillion, said the State Administration of Foreign Exchange. The rise was wider than the $26 billion increase expected by economists polled by The Wall Street Journal.
U.S. Air Defenses Failed to Spot Earlier Chinese Balloon Intrusions, General Says
WASHINGTON-The military command in charge of U.S. air defenses failed to detect suspected Chinese surveillance balloons before the recent intrusion and learned about them later from intelligence agencies, the general overseeing the command said Monday, acknowledging a gap in defenses.
Gen. Glen VanHerck, commander of Northern Command and North American Aerospace Defense Command, contrasted those previous lapses in detecting balloons with the airship the military tracked and shot down Saturday. He described a surveillance gap and said the U.S. is trying to determine why the earlier flights went undetected.
Kevin McCarthy Targets Elimination of Budget Deficits in Debt-Ceiling Talks
WASHINGTON-House Speaker Kevin McCarthy said Republicans would seek to eliminate the annual budget deficit in talks with Democrats over raising the debt limit, a demand that would likely require deep cuts to federal spending.
Since they took control of the House last month, Republicans have been arguing that Congress should cut spending in exchange for GOP support for raising the debt limit, now at about $31.4 trillion. In an address Monday ahead of President Biden's State of the Union address on Tuesday, Mr. McCarthy (R., Calif.) laid out the size of the cuts Republicans are seeking.
Biden to Urge Quadrupling New 1% Tax on Stock Buybacks
WASHINGTON-President Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, which the White House said would encourage companies to invest in their growth instead of boosting shareholders.
Mr. Biden will discuss the proposed change during his State of the Union speech on Tuesday, the White House said in a preview of the address, in which the president will also tout economic progress since the early days of the Covid-19 pandemic. The plan to boost the buyback tax might struggle to advance through the divided Congress, where Republicans control the House.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Cineplex 4Q
FirstSvc 4Q
Intact Fincl 4Q
Intl Petroleum 4Q
Medicenna Theraptics 3Q
Stingray 3Q
WildBrain 2Q
Economic Calendar (ET):
0830 Dec Stocks of Canadian grain at Dec 31
0830 Dec International merchandise trade
1245 BOC Governor Macklem speech at CFA Society Quebec event
Stocks to Watch:
Finning 4Q Rev C$2.7B; 4Q Net C$136M; 4Q Adj EPS C$0.89; Expect a Strengthening Copper Price to Support Positive Mining Outlook in Chile in 2023
---
NioCorp's Rare Earth Demonstration Plant Showing Strong Rare Earth Recovery Results, in Line With Expectations;
Rare Earths Produced a Solid That Contains 6% Praseodymium Oxide, 25% Neodymium Oxide, 0.35% Terbium Oxide and 1.6% Dysprosium Oxide;
Based on Results, and Subject to Additional Demonstration Testing, L3's Process Engineering Team Have Determined That Overall Recoveries for Four Magnetic Rare Earths Are Likely to Be Greater Than 92% and Meet Commercial Purity Specifications
---
Osisko Green Acquisition Announces Proposed Extension to Consummate a Qualifying Acquisition; Seeks Extension to Sept. 8 From March 8;
Schedules Feb. 28 Stockholder Meeting; 'Believes That It Has Identified a Number of Promising Targets' for a Deal
---
TMX Group 4Q EPS C$1.83; 4Q Rev C$274.1M; 4Q Adj EPS C$1.74; Increases Dividend By 5% To $0.87 Per Common Share
Expected Major Events for Tuesday
00:01/UK: Jan BRC-KPMG Retail Sales Monitor
05:00/JPN: Dec Indexes of Business Conditions - Preliminary Release
07:00/UK: Jan Halifax House Price Index
07:00/GER: Dec Industrial Production Index
07:45/FRA: Dec Foreign trade
07:45/FRA: Dec Balance of payments
08:59/JPN: Dec Provisional Labour Survey - Earnings, Employment & Hours Worked
11:00/FRA: Dec OECD CPI
13:30/CAN: Dec Stocks of Canadian grain at Dec 31
13:30/CAN: Dec International merchandise trade
13:30/US: Dec U.S. International Trade in Goods & Services
13:55/US: 02/04 Johnson Redbook Retail Sales Index
15:00/US: Feb IBD/TIPP Economic Optimism Index
20:00/US: Dec Consumer Credit
21:30/US: 02/03 API Weekly Statistical Bulletin
23:50/JPN: Jan Bank Lending
23:50/JPN: Jan International Transactions in Securities
23:50/JPN: Dec Balance of Payments
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
AGCO Corp (AGCO) is expected to report $3.88 for 4Q.
Akoustis Technologies Inc (AKTS) is expected to report $-0.27 for 2Q.
Aramark Corp (ARMK) is expected to report $0.36 for 1Q.
BrightView Holdings Inc (BV) is expected to report $-0.23 for 1Q.
CONSOL Energy Inc (CEIX) is expected to report for 4Q.
CTS Corp (CTS) is expected to report $0.54 for 4Q.
Carlyle Group Inc (CG) is expected to report for 4Q.
Carrier Global Corp (CARR) is expected to report for 4Q.
Catalent Inc (CTLT) is expected to report $0.49 for 2Q.
Centene Corp (CNC) is expected to report $0.66 for 4Q.
Civista Bancshares inc (CIVB) is expected to report for 4Q.
Deciphera Pharmaceuticals Inc (DCPH) is expected to report $-0.58 for 4Q.
DuPont de Nemours Inc (DD) is expected to report for 4Q.
FTI Consulting (FCN) is expected to report $1.32 for 4Q.
Fiserv Inc (FISV) is expected to report $1.19 for 4Q.
GameStop Corp (GME,GMEB) is expected to report.
Gartner (IT) is expected to report for 4Q.
Haemonetics Corp (HAE) is expected to report for 3Q.
Hain Celestial Group Inc (HAIN) is expected to report $0.13 for 2Q.
Hamilton Lane Inc (HLNE) is expected to report $0.86 for 3Q.
Incyte Corp (INCY) is expected to report $0.31 for 4Q.
Jacobs Solutions Inc (J) is expected to report for 1Q.
KKR & Co Inc (KKR) is expected to report $0.75 for 4Q.
Karyopharm Therapeutics Inc (KPTI) is expected to report for 4Q.
Madison Square Garden Sports Corp (MSGS) is expected to report $1.30 for 2Q.
Malibu Boats Inc - Class A (MBUU) is expected to report $1.59 for 2Q.
Malvern Bancorp Inc (MLVF) is expected to report $0.23 for 1Q.
Mueller Industries (MLI) is expected to report for 4Q.
Oaktree Specialty Lending Corp (OCSL) is expected to report for 1Q.
OneMain Holdings Inc (OMF) is expected to report for 4Q.
PJT Partners Inc (PJT) is expected to report for 4Q.
Premier Inc (PINC) is expected to report $0.50 for 2Q.
Qualstar Corp (QBAK) is expected to report for 3Q.
ScanSource (SCSC) is expected to report $0.89 for 2Q.
SelectQuote Inc (SLQT) is expected to report for 2Q.
Spirit AeroSystems Holdings Inc (SPR) is expected to report $-0.13 for 4Q.
Transdigm Group Inc (TDG) is expected to report $3.07 for 1Q.
Valvoline Inc (VVV) is expected to report $0.23 for 1Q.
Xylem Inc (XYL) is expected to report for 4Q.
loanDepot Inc (LDI) is expected to report $-0.25 for 4Q.
Powered by Onclusive and Dow Jones.
ANALYST RATINGS ACTIONS
AGNC Investment Cut to Hold From Buy by Argus Research
Antero Resources Cut to Market Perform From Strong Buy by Raymond James
Black Stone Minerals Cut to Outperform From Strong Buy by Raymond James
Celsius Holdings Raised to Outperform From Neutral by Wedbush
Chegg Cut to Sector Weight From Overweight by Keybanc
Church & Dwight Raised to Neutral From Underweight by Atlantic Equities
Clarivate Cut to Equal-Weight From Overweight by Morgan Stanley
Corsair Gaming Cut to Neutral From Outperform by Wedbush
Coterra Energy Cut to Market Perform From Outperform by Raymond James
Edwards Lifesciences Cut to Market Perform From Outperform by Raymond James
Essential Utilities Raised to Buy From Neutral by UBS
Hayward Holdings Cut to Hold From Buy by Stifel
IBM Cut to Hold From Buy by Edward Jones
Insight Enterprises Cut to Neutral From Buy by Sidoti & Co.
Landstar Raised to Outperform From Market Perform by Raymond James
Lockheed Martin Raised to Outperform From Underperform by Credit Suisse
Lyft Cut to Hold From Buy by Gordon Haskett
National Fuel Gas Cut to Market Perform From Outperform by Raymond James
PennyMac Mtg Invt Tr Cut to Neutral From Overweight by Piper Sandler
Personalis Raised to Buy From Hold by Needham
Pool Corp Cut to Hold From Buy by Stifel
Rent-A-Center Cut to Hold From Buy by Loop Capital
RH Cut to Market Perform From Outperform by Telsey Advisory Group
Seagen Cut to Market Perform From Outperform by SVB Leerink
SLR Investment Cut to Neutral From Buy by Compass Point
Spire Inc Cut to Hold From Buy by Stifel
Staar Surgical Cut to Neutral From Buy by BTIG
SW Energy Cut to Market Perform From Outperform by Raymond James
T-Mobile US Cut to Market Perform From Outperform by MoffettNathanson
Tyson Foods Cut to Neutral From Buy by Goldman Sachs
Winnebago Cut to Neutral From Buy by Northcoast Research
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
02-07-23 0612ET
