Silver has sharply outpaced gold's gains in the past three months, and its classification as both an industrial and precious metal may lead it on a path to even higher prices.
From Oct. 31 to Jan. 31, Comex silver futures climbed nearly 25%, outpacing gold's almost 19% climb, a "statistically unusual amount that shows the precious metals market is bullish on global economic growth in 2023," wrote Nicholas Colas, co-founder of DataTrek Research, in a Jan. 25 report.
Rising Jet-Fuel Costs Threaten to Send Airfares Higher
Airfares have eased from last year's highs. Now a resurgence in jet-fuel prices is threatening to push them higher again.
Prices for the kerosene-based product have been climbing since December, propelled by diminished supplies after winter storms shut down refineries. Swelling demand has also pushed up prices, as millions of Chinese travelers took to the skies to celebrate the Lunar New Year and newfound freedom from Covid restrictions.
Short on Cash, More Americans Tap 401(k) Savings for Emergencies
Squeezed by higher prices and short on cash, more Americans are tapping their 401(k)s for financial emergencies.
A record 2.8% of the five million people in 401(k) plans run by Vanguard Group tapped their retirement savings in 2022 to cope with hardships such as medical bills, eviction or foreclosure, the company said. That is up from 2.1% in 2021 and a prepandemic average of about 2%.
North Korea Accuses U.S. of Raising Tensions
SEOUL-North Korea said the U.S. had pushed tensions on the Korean Peninsula to an "extreme red line," responding to recent promises by U.S. Defense Secretary Lloyd Austin to expand joint military drills with South Korea and enhance nuclear deterrence.
North Korea said it isn't interested in any contact or dialogue with the U.S. as long as Washington pursues what Pyongyang describes as a hostile and confrontational policy. The U.S. actions threatened to turn the Korean Peninsula into a "huge war arsenal," Pyongyang's Foreign Ministry said Thursday, adding that it would respond to military moves by the U.S. with "overwhelming nuclear force."
Russia Claims Gains in Battle for Bakhmut
KYIV, Ukraine-Russian forces claimed new advances in their effort to encircle the eastern Ukrainian city of Bakhmut, while European leaders arrived in Kyiv to discuss further military aid.
Yevgeny Prigozhin, leader of Wagner Group, a Russian paramilitary organization that is leading the assault in Ukraine's east, said Wednesday that his forces had seized the village of Sacco and Vanzetti, north of Bakhmut. Rybar, a Telegram channel linked to the Kremlin, said Thursday that Wagner was claiming territory on the contested east side of the city, seizing a sparkling-wine factory and a meat-processing plant.
Fears of Losing Out to China Put U.S. Under Pressure Over Kenya Base
MOKOWE, Kenya-Kenya is asking the U.S. to pay for the expansion of a joint counterterrorism base, raising concerns in Washington that the East African country could turn to China if the Americans balk, according to U.S. officials.
The Kenyan military has drawn up plans for a new runway long enough to handle jet fighters at Manda Bay Airfield, a hub for U.S. and Kenyan operations against al-Shabaab, al Qaeda's affiliate in neighboring Somalia, the U.S. officials said.
Energy Department Proposes New Efficiency Standards for Gas Stoves
A new proposal by the Energy Department could reignite a debate over gas stoves.
The department published a proposal Wednesday for new energy-conservation standards for consumer conventional cooking methods, which include gas and electric stoves and ovens.
Democrats Revive Push for National Paid Family Leave Policy
WASHINGTON-Democrats are renewing their push for a national paid time off policy for medical reasons and caregiving, despite long odds of passing such legislation in the newly divided Congress.
It has been 30 years since then-president Bill Clinton signed into law the Family and Medical Leave Act, which provides 12 weeks of unpaid leave a year for medical and family reasons to workers at larger companies, and bars employers from retaliating against workers for taking it.
U.S., Philippines Strike Military-Base Deal
The U.S. reached an agreement that gives it access to four more military bases in the Philippines, broadening Washington's efforts to counter China's influence and strengthening an alliance that a few years ago appeared in danger of collapse.
"These efforts are especially important as the People's Republic of China continues to advance its illegitimate claims," U.S. Defense Secretary Lloyd Austin said, referring to Beijing's territorial claims in the South China Sea. Mr. Austin, who announced the deal Thursday along with acting Philippine Defense Secretary Carlito Galvez Jr., said the two sides discussed ways to strengthen their alliance and military capabilities.
EU Doubles Ukraine Military Training Effort
KYIV, Ukraine-The European Union will double the number of Ukrainian troops it trains to 30,000, a senior EU official said, in a sign of the bloc's continued support for Kyiv's war effort.
The EU launched a training mission for Ukraine's military in November and at the time said the aim was to teach battlefield skills to 15,000 people by May. EU officials say 10,000 Ukrainians have already been trained or are currently receiving individual, collective or specialized training.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
BCE 4Q
Brookfield 4Q
Canada Goose 3Q
Lightspeed Commerce 3Q
Methanex 4Q
Open Text 2Q
Resolute Forest 4Q
Rogers Communications 4Q
Economic Indicators (ET):
0830 Dec Building permits
Stocks to Watch:
Bird Construction Awarded Processing Facility in Ontario
Frontera Energy Announces 2023 Cap, Production Guidance; to Invest About $185M-$205M to Deliver 40,000-43,000 Boe/d; Sees 2023 Production Costs at $12.50-$13.50/Boe; Development Spending to Fall 13% Vs 2022; Sees 2023 Total Capex at $385M-$455M; 2023 Cap Program Aims to Deliver Stable Cash Flow and $425M-$475M Operating Ebitda;Estimates 2022 Total Production at 41,400 Boe/d
Medexus Secures Public Reimbursement for Cuvposa in Quebec; Cuvposa Will Be Listed for Reimbursement on Public Prescription Drug Insurance Plan as of Feb 1
VerticalScope Announces Organizational Changes and Reports Preliminary Unaudited 4Q and Full Yr 2022 Results; Announces Reduction in Workforce of Approximately 60 People to Streamline Ops and Focus Investments on Key Growth Initiatives; Monthly Active Users in 4Q Increased by 7.4% Yr-over-Yr to 113.6M; 4Q Rev Is Expected to Be $19.1M, a Decrease of 10.9%, Resulting in Expected 2022 Rev of $80.5M, an Increase of 22.4%
Expected Major Events for Thursday
07:00/GER: Dec Foreign Trade
12:00/UK: Bank of England Monetary Policy Report
12:00/UK: UK interest rate decision
12:30/US: Jan Challenger Job-Cut Report
13:00/RUS: Weekly International Reserves
13:30/CAN: Dec Building permits
13:30/US: 4Q Preliminary Productivity & Costs
13:30/US: 01/28 Unemployment Insurance Weekly Claims Report - Initial Claims
13:30/US: U.S. Weekly Export Sales
15:00/US: Dec Manufacturers' Shipments, Inventories & Orders (M3)
15:30/US: 01/27 EIA Weekly Natural Gas Storage Report
17:00/US: Jan Monthly U.S. Retail Chain Store Sales Index
21:30/US: Federal Discount Window Borrowings
21:30/US: Foreign Central Bank Holdings
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
1-800-FLOWERS.COM Inc - Class A (FLWS) is expected to report $0.97 for 2Q.
ATI Inc (ATI) is expected to report $0.53 for 4Q.
Avery Dennison Corp (AVY) is expected to report for 4Q.
BCE Inc (BCE,BCE.T) is expected to report $0.72 for 4Q.
Ball Corp (BALL) is expected to report $0.54 for 4Q.
Becton Dickinson & Co (BDX) is expected to report $1.69 for 1Q.
Berry Global Group Inc (BERY) is expected to report $0.97 for 1Q.
Bio-Techne Corp (TECH) is expected to report $1.48 for 2Q.
Broadridge Financial Solutions Inc (BR) is expected to report $0.51 for 2Q.
Brookfield Infrastructure Partners LP (BIP,BIP.UN.T) is expected to report for 4Q.
Brunswick Corp (BC) is expected to report $1.90 for 4Q.
Cardinal Health Inc (CAH) is expected to report $0.88 for 2Q.
ConocoPhillips (COP) is expected to report $3.43 for 4Q.
Digi International Inc (DGII) is expected to report $0.13 for 1Q.
Eli Lilly & Co (LLY) is expected to report $1.86 for 4Q.
Estee Lauder (EL) is expected to report $1.26 for 2Q.
FS Bancorp (FSBW) is expected to report $1.05 for 4Q.
Ford Motor Company (F) is expected to report.
Grainger (WW) (GWW) is expected to report $6.95 for 4Q.
Hershey Company (HSY) is expected to report $1.77 for 4Q.
Illinois Tool Works Inc (ITW) is expected to report for 4Q.
Janus Henderson Group plc (JHG,JHG.AU) is expected to report for 4Q.
Lightspeed Commerce Inc (LSPD.T) is expected to report for 3Q.
Liquidity Services (LQDT) is expected to report $0.10 for 1Q.
M/A-COM Technology (MTSI) is expected to report $0.50 for 1Q.
Magellan Midstream Partners LP (MMP) is expected to report $1.30 for 4Q.
Merck & Co Inc (MRK) is expected to report $1.30 for 4Q.
NeuroMetrix Inc (NURO) is expected to report for 4Q.
New Jersey Resources Corp (NJR) is expected to report $1.30 for 1Q.
Prestige Consumer Healthcare Inc (PBH) is expected to report $1.05 for 3Q.
Quest Diagnostics (DGX) is expected to report $1.69 for 4Q.
Rogers Communications Inc - Class B (RCI,RCI.A.T,RCI.B.T) is expected to report $0.94 for 4Q.
Sally Beauty Holdings Inc (SBH) is expected to report $0.59 for 1Q.
Schneider National Inc (SNDR) is expected to report $0.62 for 4Q.
Sirius XM Holdings Inc (SIRI) is expected to report $0.08 for 4Q.
Stanley Black & Decker Inc (SWK) is expected to report $-0.82 for 4Q.
SunCoke Energy Inc (SXC) is expected to report $0.13 for 4Q.
(MORE TO FOLLOW) Dow Jones Newswires
02-02-23 0620ET
