WASHINGTON-A House committee on Tuesday took up legislation that would effectively ban TikTok in the U.S., but postponed a vote on the measure until Wednesday.
The bill would effectively block U.S. interactions with the popular Chinese-owned video-sharing app.
China's Economy Seen Emerging From Zero-Covid Shadow
HONG KONG-Economic activity in China expanded sharply for a second straight month, in an early sign the country may be shaking off the impact of pandemic curbs sooner than expected.
A gauge of manufacturing rose at the fastest pace in more than a decade in February, while export orders expanded for the first time in almost two years, the National Bureau of Statistics said Wednesday. Services and construction activity also expanded further, the purchasing managers index report showed.
Long-Robust U.S. Labor Market Shows Signs of Cooling
Demand for U.S. workers shows signs of slowing, a long-anticipated development that is showing up in private-sector job postings even while official government reports indicate the labor market keeps running hot.
ZipRecruiter Inc. and Recruit Holdings Co., two large online recruiting companies, say their data show the number of job postings is declining more than Labor Department reports of job openings. Investors recently hammered shares of those companies after disappointing earnings reports.
Treasury Official Travels to Beijing Despite U.S.-China Tensions
A senior Treasury Department official recently traveled to Beijing, according to people familiar with the matter, in a sign of continued diplomacy despite recent tensions between the U.S. and China.
Robert Kaproth, a deputy assistant secretary focused on Asia, met last week with Chinese counterparts for technical, staff-level discussions on macroeconomic and financial issues, the people said.
ECB rate pressures grow ahead of eurozone inflation data
Markets now think the European Central Bank will have to raise interest rates to a record high 4% if it is to make headway in crushing inflation that has been running at more than four times its 2% target.
It's a treacherous trajectory along which other important central banks like the Federal Reserve are also travelling, as they strive to combat the most intense price pressures in decades by slowing but not crashing their economies.
Where Are Rates Headed? Bet on Higher for Longer -Here and Everywhere.
Higher-than-expected consumer prices and a strong jobs report have rekindled concerns the Federal Reserve may lift interest rates to higher levels than previously forecast to keep soaring inflation under control.
Those worries extend beyond the U.S., as the moves could squeeze other global economies and push central banks around the world on a similar path.
Past U.S. Industrial Policy Offers Lessons, Risks for Chips Program
Tuesday's rollout of the federal $53 billion semiconductor subsidy program dubbed Chips marks a historic embrace by the U.S. of "industrial policy"-the explicit use of government resources to foster favored sectors.
There is a reason such forays have been rare in Washington. Governments seldom know better than markets which technologies will succeed, and often burden the effort with objectives having nothing to do with helping the targeted industry thrive.
FBI Director Says Covid Pandemic Likely Caused by Chinese Lab Leak
WASHINGTON-FBI Director Christopher Wray said Tuesday that the Covid pandemic was probably the result of a laboratory leak in China, providing the first public confirmation of the bureau's classified judgment of how the virus that led to the deaths of nearly seven million people worldwide first emerged.
"The FBI has for quite some time now assessed that the origins of the pandemic are most likely a potential lab incident in Wuhan," Mr. Wray told Fox News. "Here you are talking about a potential leak from a Chinese government-controlled lab."
Lawmakers Seek More Information on Biden, Trump Classified Documents Following Briefing
WASHINGTON-Top lawmakers on the Senate Intelligence Committee said they would continue to press for information about the classified documents that ended up in the personal possession of two presidents, after a Tuesday briefing from U.S. officials "left much to be desired."
The meeting with officials from the Justice Department, Federal Bureau of Investigation and intelligence community "helped shed some light on these issues," Chairman Mark Warner (D., Va.) and Sen. Marco Rubio (R., Fla.), the panel's vice chairman, said in a statement, adding that they would "continue to press for full answers to our questions."
Chicago Mayor Lori Lightfoot Fails in Re-Election Bid
CHICAGO-Mayor Lori Lightfoot lost her re-election bid by failing to garner enough votes to make a runoff election, a stunning fall for a candidate who had won all 50 of the city's wards four years ago but had sparred with a powerful teachers union and been under fire for her response to rising crime.
The Associated Press declared Tuesday night that Paul Vallas, a more moderate Democrat who had won the support of the city's police union, and Brandon Johnson, a liberal teachers union organizer, secured the two spots in April's runoff election.
House Passes Bill Taking Aim at ESG Investments
The House passed a Republican-led bill Tuesday disapproving of a new Biden administration regulation that would allow retirement-plan managers to consider climate change and other factors when they make investment decisions.
The legislation to overturn the regulation on environmental, social and governance guidelines, or ESG, passed 216-204. One Democrat joined with Republicans in support of the measure, which was introduced by Rep. Andrew Barr (R. Ky.).
House Committee Lays Out Case for China Threat
WASHINGTON-A new House committee focused on China held its first hearing Tuesday, sketching out the threat it says Beijing poses to U.S. interests and values and calling for a concerted U.S. government response.
"We may call this a 'strategic competition,'" said Rep. Mike Gallagher (R., Wis.) chairman of the Select Committee on the Chinese Communist Party, opening the hearing. "But this is not a polite tennis match. This is an existential struggle over what life will look like in the 21st century, and the most fundamental freedoms are at stake."
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Altius Renew. Royalts 4Q
AutoCanada 4Q
Capital Power 4Q
Descartes Sys 4Q
DRI Hlthcare Trust 4Q
ECN Capital 4Q
Enerflex 4Q
GDI Integrated Facility 4Q
Kinaxis 4Q
Natnal Bank of Canada 1Q
NFI Grp 4Q
Q4 Inc 4Q
Royal Bank of Canada 1Q
STEP Energy 4Q
SunOpta 4Q
TECSYS 3Q
Economic Calendar (ET):
0930 Feb Canada Manufacturing PMI
Stocks to Watch:
Alkaline Water 3Q Loss/Shr 3c; Received Nasdaq Notice on Late Filing, Since Remedied; 3Q Rev $15.9M
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American Hotel Income Properties REIT 2022 Loss/Shr 46c; 2022 Rev $281.4M
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Canfor Corp 4Q Loss/Shr C$1.70; 4Q Adj Loss/Shr C$1.04; 4Q Loss C$207.9M; 4Q Sales C$1.37B
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Canfor Pulp Products 4Q Loss/Shr C$1.07; 4Q Loss C$69.8M; 4Q Sales C$268.1M >CFX.T
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First National Financial 4Q Rev C$414.8M
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PHX Energy Services 4Q EPS C$0.39; 4Q Rev C$157.8M
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Trisura Group 4Q Adj EPS 51c
Expected Major Events for Wednesday
00:01/UK: Feb Shop Price Index
00:01/UK: Feb CBI Growth Indicator Survey
00:30/JPN: Feb Japan Manufacturing PMI
05:00/JPN: Feb Auto sales
06:00/RUS: Feb Russian Manufacturing PMI
06:30/GER: Feb North Rhine Westphalia CPI
07:00/UK: Feb Nationwide House Price Index
07:45/FRA: Jan Housing starts
08:45/ITA: Feb Italy Manufacturing PMI
08:50/FRA: Feb France Manufacturing PMI
08:55/GER: Feb Germany Manufacturing PMI
08:55/GER: Feb Labour market statistics (incl unemployment)
09:00/GER: Feb Bavaria CPI
09:00/GER: Feb Brandenburg CPI
09:00/GER: Feb Hesse CPI
09:00/GER: Feb Baden-Wuerttemberg CPI
09:30/UK: Jan Monetary & Financial Statistics
09:30/UK: Jan Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit
09:30/UK: Jan Bank of England effective interest rates
09:30/UK: Feb S&P Global / CIPS UK Manufacturing PMI
09:30/UK: Feb Narrow money (Notes & Coin) and reserve balances
10:00/GER: Feb Saxony CPI
10:00/ITA: Annual GDP yearly data
10:00/ITA: Annual General Govt Debt
12:00/US: 02/24 MBA Weekly Mortgage Applications Survey
13:00/GER: Feb Provisional CPI
14:30/CAN: Feb Canada Manufacturing PMI
14:45/US: Feb US Manufacturing PMI
15:00/US: Feb ISM Report On Business Manufacturing PMI
15:00/US: Jan Construction Spending - Construction Put in Place
15:30/US: 02/24 EIA Weekly Petroleum Status Report
16:00/US: Feb Global Manufacturing PMI
21:00/US: Feb Domestic Auto Industry Sales
23:50/JPN: 4Q Quarterly Financial Statements Statistics of Corporations
23:50/JPN: Feb Monetary Base
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
1stdibs.com Inc (DIBS) is expected to report for 4Q.
A&W Revenue Royalties Income Fund (AW.UN.T,AWRRF) is expected to report for 4Q.
ACI Worldwide Inc (ACIW) is expected to report $0.91 for 4Q.
Acushnet Holdings Corp (GOLF) is expected to report $-0.03 for 4Q.
Altra Industrial Motion Corp (AIMC) is expected to report $0.60 for 4Q.
Amicus Therapeutics Inc (FOLD) is expected to report $-0.12 for 4Q.
Astec Industries (ASTE) is expected to report $0.33 for 4Q.
California Water Service Group (CWT) is expected to report $0.21 for 4Q.
Capital Power Corp (CPX.T) is expected to report $0.51 for 4Q.
Clean Harbors Inc (CLH) is expected to report $1.34 for 4Q.
Clovis Oncology Inc (CLVSQ) is expected to report $-1.72 for 4Q.
Everi Holdings Inc (EVRI) is expected to report $0.24 for 4Q.
Federal Signal (FSS) is expected to report $0.56 for 4Q.
(MORE TO FOLLOW) Dow Jones Newswires
03-01-23 0616ET
