WASHINGTON-Senate Democrats put the party's marquee economic package on ice, shifting their attention to passing elections legislation as they consider how to overhaul the roughly $2 trillion education, healthcare and climate bill.

Sen. Joe Manchin (D., W.Va.), whose support Democrats need to advance the bill in the 50-50 Senate, last month said he was opposed to the package, scuttling Democrats' hopes of quickly passing the centerpiece of President Biden's legislative agenda. Mr. Manchin is pushing for the party to restructure the bill, which would provide funding for initiatives including healthcare subsidies, child care subsidies and housing.

As China Tensions Smoulder, Japan and Australia Move to Sign Defense Treaty

Japan and Australia plan to sign a treaty on Thursday that will allow their militaries to work more closely together, in the latest example of U.S. allies strengthening ties to counter the rising threat from China.

The treaty signing is a centerpiece of a virtual summit between Japan's Prime Minister Fumio Kishida and his Australian counterpart, Scott Morrison.

Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

None scheduled

Economic Indicators (ET):

0830 Nov Building Permits

0830 Nov New Housing Price Index

Expected Major Events for Wednesday

05:00/JPN: Dec Auto sales

05:00/JPN: Dec Consumer Confidence Survey

07:45/FRA: Dec Consumer confidence survey

08:45/ITA: Dec Italy Services PMI

08:50/FRA: Dec France Services PMI

08:55/GER: Dec Germany Services PMI

09:30/UK: 2Q Postcode Lending statistics

10:00/ITA: Dec Provisional CPI

10:00/ITA: Dec Cities CPI

12:00/US: 12/24 MBA Weekly Mortgage Applications Survey

12:00/US: 12/31 MBA Weekly Mortgage Applications Survey

13:15/US: Dec ADP National Employment Report

13:30/CAN: Nov New Housing Price Index

13:30/CAN: Nov Building permits

14:45/US: Dec US Services PMI

15:30/US: 12/31 EIA Weekly Petroleum Status Report

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

Expected Earnings for Wednesday

CHS Inc (CHSCP) is expected to report for 1Q.

Costco Wholesale Corp (COST) is expected to report.

Ford Motor Company (F) is expected to report for 4Q.

Landec (LNDC) is expected to report $-0.08 for 2Q.

RPM International Inc (RPM) is expected to report $0.81 for 2Q.

Resources Connection (RGP) is expected to report $0.34 for 2Q.

Richardson Electronics (RELL) is expected to report for 2Q.

Saratoga Investment (SAR) is expected to report $0.54 for 3Q.

Simply Good Foods (SMPL) is expected to report $0.33 for 1Q.

UniFirst Corp (UNF) is expected to report $1.75 for 1Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Unity Biotechnology Raised to Buy From Neutral by Roth Capital

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

(END) Dow Jones Newswires

01-05-22 0550ET