Exports rose 8.5% in April from a year earlier, China's General Administration of Customs said Tuesday, faster than the 6% pace expected by economists polled by The Wall Street Journal but weaker than the 14.8% year-over-year jump recorded in March.
Biden, GOP Lawmakers Not Budging as Debt-Ceiling Meeting Convenes
WASHINGTON-President Biden is set to host a high-stakes meeting with House Speaker Kevin McCarthy and other congressional leaders Tuesday, kicking off what could be weeks of discussions aimed at averting the first-ever default by the federal government.
House Republicans have demanded deep spending cuts in exchange for raising the debt ceiling and criticized Mr. Biden for not starting talks earlier. But Mr. Biden and Democrats in Congress maintain that the federal borrowing limit should be raised without preconditions and have called the GOP stance irresponsible. Neither side has presented a path forward that could win enough support to pass both chambers of Congress.
The Most Valuable U.S. Power Company Is Making a Huge Bet on Hydrogen
NextEra Energy grew into a clean-energy powerhouse by investing early in wind and solar farms. Now, it is staking its growth on hydrogen, a much-hyped energy source whose economics are unproven.
The new strategy is a huge bet for the Florida-based business, which has become the most valuable power company in the U.S., in part because it outperformed its financial targets: Its 2022 profit was up roughly 70% from a decade ago. Over the past two decades, NextEra's market capitalization has soared to more than $150 billion from roughly $11 billion.
ChatGPT Is Causing a Stock-Market Ruckus
The rise of artificial intelligence is taking the tech world by storm. The technology is also making waves on Wall Street.
It is early days for so-called generative AI, a form of artificial intelligence that can conjure original ideas in the form of text, video or other media. But the tool has caused a stir in companies, schools, governments and the general public for its ability to process massive amounts of information and generate sophisticated content in response to prompts from users.
China Finally Has a Rival as the World's Factory Floor
Western companies are desperately looking for a backup to China as the world's factory floor, a strategy widely termed "China plus one."
India is making a concerted push to be the plus one.
Yield Curve Control Will End if Stable 2% Inflation Reached, BOJ Gov. Says
TOKYO-Bank of Japan Gov. Kazuo Ueda said Tuesday the central bank would start unwinding its monetary easing once the nation sees sustainable and stable 2% inflation.
"If the bank reaches a view that 2% inflation can be achieved in a sustainable and stable manner, the bank will end [its yield curve control policy] and start shrinking its balance sheet," Mr. Ueda said to a parliamentary committee.
U.S. Exchanges List More Than a Dozen Cryptos the SEC Says Are Illegal to Sell
The Securities and Exchange Commission has been waging a campaign to regulate cryptocurrencies since 2017, arguing it has the authority to oversee many digital coins and the platforms that trade them.
The SEC can only regulate digital coins that are classified as securities, a category that includes assets such as stocks and bonds. SEC Chair Gary Gensler has said most crypto tokens fall within that category. That means many were distributed illegally, because securities can only be sold to the public if they are registered with the SEC and the issuers provide financial and risk disclosures.
Putin Condemns Western Support for Ukraine as Russia's Battlefield Losses Mount
Russian President Vladimir Putin fired a rhetorical broadside at Washington and the West on Tuesday, condemning allied military support for Ukraine as Moscow faces mounting battlefield losses more than a year after invading its smaller neighbor.
Speaking to a crowd on Moscow's Red Square at the country's annual Victory Day parade commemorating the defeat of Nazi Germany in World War II, Mr. Putin declared: "An actual war has once again been unleashed against our Motherland," saying the West sought Russia's "disintegration and destruction."
Chicago, New York Scramble To House Migrants as Border Restrictions End
With a major pandemic-related restriction on immigration set to expire later this week, some cities struggling to house migrants sent north from the southern border are trying to figure out where to put the next wave.
Busloads of migrants, mostly from Texas, began arriving in cities hundreds of miles from the border last year, and officials have been scrambling to provide housing and services for the new arrivals in Chicago, New York and Washington, D.C.
China Expels Canadian Diplomat in Retaliatory Move
BEIJING-China said Tuesday it would expel a Canadian diplomat in Shanghai and warned of further potential retaliation in response to Ottawa's expulsion of a Chinese diplomat who allegedly targeted the Hong-Kong based family members of a Canadian lawmaker.
The action is the latest salvo in turbulent relations between the two countries, once strong partners in trade whose ties have substantially been eroded by geopolitics.
China Signals Spying Fears Amid Probe of Consulting Firms
China signaled through state-run media that its national security agencies are engaged in a nationwide investigation into whether the due-diligence industry that has grown up to serve Western businesses in the country has been used for foreign espionage.
State broadcaster China Central Television and other official news outlets said that amid Western pressure on China, profit-oriented consulting firms sometimes have a weak awareness of the country's national security concerns, and had frequently operated at the edge of legality to gather information in sensitive sectors of the military, the defense industry, the economy and finance. CCTV said some consultants in China have caused harm to national security, ultimately becoming accomplices to the West in "spying, buying and extorting state secrets and intelligence."
Chile Elects Right-Wing Council to Draft New Constitution
Chilean stocks gained on Monday after voters elected a right-wing council that is expected to draft a constitution that will maintain the country's market-based economic model.
The results were a major blow to leftist President Gabriel Boric by voters scared off by an earlier left-wing constituent assembly that proposed a sweeping overhaul to Chile's political and economic system. Mr. Boric's popularity has also declined over his government's handling of crime, immigration and a weak economy. Chile's economy is expected to contract 1% this year, the only South American nation projected to post an economic decline, according to the International Monetary Fund.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings - 1Q unless stated otherwise:
AirBoss of America
Alaris Equity
Aura Minerals
B2Gold
Bird Construction
Boat Rocker Media
Calfrac Well
Chorus Aviation
Conifex Timber
Converge Tech
Cronos Grp
Dexterra Grp
Dialogue Health Tech
E Automotive
Element Fleet
Exchange Income
Freehold Royalties
Galaxy Digital
George Weston
goeasy
Great-West Lifeco
i-80 Gold
Innergex Renewable
Keyera
Kinross Gold
Lion Electric
Northland Power
Ovintiv
Pet Valu
Polaris Renewable
Propel Hldgs
SNC-Lavalin
Superior Plus
Timbercreek
Triple Flag
WildBrain 3Q
Economic Calendar (ET):
0830 Mar Stocks of Canadian grain at March 31
Stocks to Watch:
Cenovus Energy: Approximately 85,000 Barrels of Oil Equivalent Per Day of Production Has Been Impacted in Rainbow Lake, Kaybob-Edson, Elmworth-Wapiti and Clearwater Operating Areas Due to Fires; Cenovus Isn't Aware of Any Significant Damage to Date; Cenovus Maintaining 2023 Production Guidance Range and Will Continue to Assess the Duration of the Production Impact
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CN Announces Announces Public Debt Offering of C$550M 4.15% Notes Due 2030, C$400M 4.40% Notes Due 2033, and C$800M 4.70% Notes Due 2053; Expects to Close the Offering on May 10 Subject to Customary Closing Conditions; Plans to Use the Net Proceeds From the Offering for General Corporate Purposes
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Hudbay Minerals 1Q EPS $0.02; 1Q Net $5.46M; 1Q Rev $295.2M
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i-80 Gold 1Q Rev $4.55M
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Imperial Announces Normal Course Issuer Bid
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Suncor 1Q Net C$2.052B; Full-Year Production Range for E&P Has Been Updated From 65,000 Bbls/d-75,000 Bbls/d to 50,000 Bbls/d-60,000 Bbls/d; No Change to Total Production Range, Reflecting Delay of Terra Nova Return to Production and Timing of the U.K. Divestiture
Expected Major Events for Tuesday
02:00/JPN: Apr Imported Vehicle Sales
06:00/UK: Apr Halifax House Price Index
06:45/FRA: Mar Foreign trade
06:45/FRA: Mar Balance of payments
08:59/JPN: Mar Provisional Labour Survey - Earnings, Employment & Hours Worked
10:00/US: Apr NFIB Index of Small Business Optimism
12:30/CAN: Mar Stocks of Canadian grain at March 31
12:55/US: 05/06 Johnson Redbook Retail Sales Index
14:00/US: May IBD/TIPP Economic Optimism Index
20:30/US: 05/05 API Weekly Statistical Bulletin
23:01/UK: Apr KPMG and REC UK Report on Jobs
23:50/JPN: Apr International Reserves / Foreign Currency
23:50/JPN: Apr Provisional Trade Statistics for 1st 20 days of Month
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
22nd Century Group Inc (XXII) is expected to report $-0.08 for 1Q.
AMC Networks Inc (AMCX) is expected to report $1.11 for 1Q.
Air Products & Chemicals Inc (APD) is expected to report $2.66 for 2Q.
Apollo Global Management Inc (APO) is expected to report for 1Q.
Armada Hoffler Properties (AHH) is expected to report for 1Q.
Arrow Financial (AROW) is expected to report $0.66 for 1Q.
Atkore Inc (ATKR) is expected to report $3.83 for 2Q.
(MORE TO FOLLOW) Dow Jones Newswires
05-09-23 0617ET
