The proposal would set a limit on month-ahead prices on the European Union's main trading hub and was put forward last month by the bloc's executive body, the European Commission. It was widely criticized by EU countries on both sides of the debate, with some warning of unintended consequences and others saying the proposed cap was too high to be effective.
China Says It Has Taken U.S. Semiconductor Rules to WTO
China's Ministry of Commerce said Monday it had filed a complaint against the U.S. at the World Trade Organization in response to new controls from Washington on semiconductor trade with China, describing the action as a response to trade protectionism.
Beijing will use the WTO's dispute settlement mechanism to challenge U.S. export controls on products such as chips to China to defend its rights and interests, its Ministry of Commerce said in a statement posted to its website. The ministry said it was responding to a media question in making the announcement.
Bank of Canada Gov. Macklem: Higher Rates Working to Slow Demand
OTTAWA-Bank of Canada Gov. Tiff Macklem said Monday that higher interest rates are working to slow demand, and expects clear evidence of markedly slower inflation to emerge next spring.
"We are watching very closely to see how the economy is responding to higher interest rates," said Mr. Macklem, according to remarks delivered in Vancouver, British Columbia. The central bank last week raised its benchmark interest rate by a half-percentage point, to 4.25%, and signaled it might be at or near the end of its rapid rate-rising campaign.
Europe Strikes Deal to Tax Imports Based on Greenhouse-Gas Emissions
PARIS-The European Union reached an agreement to impose a tax on imports based on the greenhouse gases emitted to make them, inserting climate-change regulation for the first time into the rules of global trade.
The agreement on Tuesday morning between European national governments and the European Parliament ends more than a year of negotiations on the details of the plan. It is expected to be adopted formally by the EU in the coming weeks as part of a sweeping package of legislation that would step up the bloc's efforts to limit global warming.
EU to Advance Its Data-Flow Deal After U.S. Makes Surveillance Changes
BRUSSELS-The European Union expects to take a significant step toward finalizing a deal with the U.S. that would allow personal information about Europeans to be stored legally on U.S. soil, reducing the threat of regulatory action against thousands of companies that routinely transmit such information.
The European Commission, the EU's executive arm, is set on Tuesday to publish a draft approval of the preliminary deal it struck in March with the U.S. government. The agreement would re-establish a framework that makes it easy for businesses to transfer such information again following the invalidation of a previous agreement by an EU court in 2020.
Explosions Strike Key Bridge in Russian-Occupied Melitopol
Explosions damaged a bridge used by Russian forces to transport military hardware to the front lines in eastern Ukraine overnight, as Ukrainian officials hinted at a capability to strike deep in territory occupied by the Kremlin's forces.
Ivan Fedorov, the exiled Ukrainian mayor of the city of Melitopol, said a bridge linking the city to the nearby village of Kostiantynivka had been attacked.
As Iranian Teens Lead Protests, Scores Are Killed or Imprisoned
Sarina Esmailzadeh, a 16-year-old Iranian, once documented sunny outings at her shopping mall in Karaj, an industrial town near Tehran, on her YouTube channel. She often used Western imagery in her videos, including clips from popular American TV shows, singing to pop music or sporting a T-shirt of her favorite soccer team, Borussia Dortmund in Germany.
"We're not like the previous generation 20 years ago who didn't know what life was like outside Iran," she said in a YouTube video posted shortly after the death of 22-year-old Mahsa Amini in September touched off protests nationwide. "We ask ourselves, why aren't we having fun like the young people in New York and Los Angeles?"
Hong Kong Scraps Covid-19 Entry Restrictions in Latest Reopening Move
HONG KONG-Hong Kong is ending some of its last pandemic restrictions on people arriving in the city, in a further rolling back of virus controls as China rapidly unwinds its zero-Covid policy.
Hong Kong leader John Lee said the city would drop a rule banning arrivals from entering bars, restaurants and other establishments for three days after entry-curbs that have frustrated many travelers and hurt tourism, despite the relaxation of other restrictions earlier this year.
Sen. Chuck Schumer Proposes Extending Shutdown Deadline by One Week as Spending Talks Continue
WASHINGTON-Senate Majority Leader Chuck Schumer (D., N.Y.) said that Congress needed more time to reach a deal on funding the government for the remainder of fiscal 2023, proposing a one-week spending bill to give negotiators room to complete an agreement.
The government will partially shut down starting Saturday if Congress doesn't act to extend funding. Government departments are funded through a so-called continuing resolution, or a CR, that runs through Dec. 16.
Supporters of Defeated Brazilian President Bolsonaro Clash With Police
SAO PAULO-Supporters of Brazilian President Jair Bolsonaro burned buses, clashed with police and tried to force their way into the Federal Police headquarters in the capital, Brasília, on Monday night after one of their own was detained.
Brazilian television and social media showed images of Bolsonaro supporters trying to push a bus off a viaduct and setting fire to cars. The police responded with tear gas. It is unclear how many people have been arrested, if any, or if anyone was injured in the protests near hotels and government buildings.
U.S. to Announce Nuclear-Fusion Energy Breakthrough
The U.S. Department of Energy said it would announce on Tuesday a breakthrough in ongoing research on nuclear fusion, long heralded for its potential as a source of clean, essentially limitless energy.
The announcement is scheduled for 10 a.m. Eastern time at the department's Washington, D.C., headquarters.
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Earnings:
Fire & Flower 4Q
Transcontinental 4Q
Economic Calendar:
0830 Oct New motor vehicle sales
Expected Major Events for Tuesday
06:30/FRA: 3Q Job creation
07:00/GER: Nov CPI
07:00/UK: Nov UK monthly unemployment figures
09:00/ITA: Oct Industrial Production
09:30/UK: 3Q Mortgage Lenders and Administrators Return (MLAR) statistics
10:00/GER: Dec ZEW Indicator of Economic Sentiment
11:00/US: Nov NFIB Index of Small Business Optimism
11:00/FRA: 3Q OECD Quarterly National Accounts G20 GDP growth
13:30/US: Nov CPI
13:30/US: Nov Real Earnings
13:30/CAN: Oct New motor vehicle sales
13:55/US: 12/10 Johnson Redbook Retail Sales Index
15:00/US: Dec IBD/TIPP Economic Optimism Index
16:59/GER: Oct Balance of Payments
21:30/US: 12/09 API Weekly Statistical Bulletin
23:50/JPN: Oct Orders Received for Machinery
23:50/JPN: 4Q Tankan Survey of Enterprises in Japan
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
ABM Industries (ABM) is expected to report $0.60 for 4Q.
Aberdeen International (AAB.T,AABVF) is expected to report for 3Q.
Alico (ALCO) is expected to report $-0.25 for 4Q.
AltiGen Communications (ATGN) is expected to report for 4Q.
Aspen Group Inc (ASPU) is expected to report $-0.07 for 2Q.
California First Leasing Corp (CFNB) is expected to report for 1Q.
Cenntro Electric Group Ltd (CENN) is expected to report for 3Q.
Core & Main Inc (CNM) is expected to report for 3Q.
Crossroads Impact Corp (CRSS) is expected to report for 4Q.
Eli Lilly & Co (LLY) is expected to report.
Emcore (EMKR) is expected to report $-0.20 for 4Q.
FTI Consulting (FCN) is expected to report $1.32 for 4Q.
HEXO Corp (HEXO,HEXO.T) is expected to report for 1Q.
Kaspien Holdings Inc (KSPN) is expected to report for 3Q.
MIND Technology Inc (MIND) is expected to report for 3Q.
Orvana Minerals (ORV.T,ORVMF) is expected to report for 4Q.
PHX Minerals Inc (PHX) is expected to report for 4Q.
Photronics (PLAB) is expected to report $0.48 for 4Q.
Qualstar Corp (QBAK) is expected to report for 3Q.
Smart Share Global Ltd - ADR (EM) is expected to report for 3Q.
Starcore International Mines is expected to report for 2Q.
Transcontinental Inc - Class A (TCL.A.T,TCL.B.T,TCLAF) is expected to report for 4Q.
U.S. Gold Corp (USAU) is expected to report for 2Q.
Vince Holding Corp (VNCE) is expected to report for 3Q.
Wall Financial is expected to report for 3Q.
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ANALYST RATINGS ACTIONS
Acadia Healthcare Raised to Buy From Hold by Loop Capital
Allogene Therapeutics Cut to Underperform From Buy by B of A Securities
Baxter International Cut to Neutral From Buy by Citigroup
Becton Dickinson Raised to Neutral From Sell by Citigroup
Best Buy Raised to Neutral From Sell by Goldman Sachs
Bio-Techne Raised to Buy From Neutral by Citigroup
Box Raised to Overweight From Neutral by JP Morgan
Boyd Gaming Cut to Market Perform From Market Outperform by JMP Securities
Brinker International Cut to Sell From Neutral by Goldman Sachs
Cheesecake Factory Cut to Sell From Neutral by Goldman Sachs
Coterra Energy Cut to Hold From Buy by Truist Securities
Coupa Software Cut to Market Perform From Outperform by William Blair
Crane Co Raised to Overweight From Equal-Weight by Morgan Stanley
Curtiss-Wright Cut to Equal-Weight From Overweight by Morgan Stanley
DraftKings Cut to Neutral From Buy by Roth Capital
Gap Inc Raised to Buy From Neutral by Goldman Sachs
(MORE TO FOLLOW) Dow Jones Newswires
12-13-22 0619ET
