Investors have added about $135 billion to global money-market funds over the past four weeks, according to EPFR data through Jan. 18. That is the best stretch since the four-week period ended May 2020, when those funds logged roughly $175 billion in net inflows.
Joe Manchin to Introduce Bill to Delay EV Tax Credits
WASHINGTON-Sen. Joe Manchin (D., W.Va.) said he would introduce legislation Wednesday that delays implementation of new tax credits for electric vehicles amid disagreements with the Treasury Department over how to implement the program, a component of the Inflation Reduction Act.
The tax credits of up to $7,500 per vehicle have come under fire from European and Asian allies who say rules aimed at spurring domestic production of vehicles and batteries are unfair to foreign manufacturers.
Shift to Mined vs. Man-Made Graphite Raises Shortage Risk for EVs
Mining companies are ramping up supplies of critical minerals for rechargeable batteries such as lithium, cobalt and nickel. Graphite, a key battery component, has largely been overlooked.
That is about to change. Some of the world's biggest auto and battery makers and the U.S. government are racing to secure graphite supplies amid looming signs of shortages of the mineral suitable for batteries. So far graphite prices haven't reflected the tight supply.
German Business Sentiment Hit Seven-Month High in January - Update
Business confidence in Germany improved in January to its highest level since June, adding to signs of resilient activity at the beginning of the year as optimism returns amid easing concerns over an imminent recession.
The Ifo business-climate index rose to 90.2 in January from 88.6 in December, posting a fourth-consecutive monthly improvement, data from the Ifo Institute showed Wednesday. The rise is broadly in line with expectations from economists polled by The Wall Street Journal.
McCarthy Kicks Two Democrats Off House Intelligence Panel
WASHINGTON-House Speaker Kevin McCarthy on Tuesday blocked Democratic Reps. Adam Schiff and Eric Swalwell from serving on the Intelligence Committee, a move he can make unilaterally because the panel is controlled by his office.
Mr. McCarthy (R., Calif.) said Messrs. Schiff and Swalwell were undeserving of the positions. Mr. McCarthy said that Mr. Schiff used his position as chairman of the panel when Democrats were in control of the chamber for political purposes. He alleged that Mr. Swalwell was targeted by a suspected Chinese spy nearly a decade ago.
Ukraine Pushes Back Russian Forces in East
Ukrainian forces repelled Russian attempts to advance in the country's east, the country's military said, while air-raid sirens across the country raised fears of possible Russian missile attacks.
Sirens wailed across Ukraine just after 9 a.m. Wednesday, including in the capital, Kyiv. The alert was lifted at around 11 a.m. The Ukrainian military warned of a "high threat" of Russian air and missile attacks.
Russians Mourn Ukrainians Killed in War at Statue to a Ukrainian Poet in Moscow
MOSCOW-Every few minutes, the mourners came, alone, in pairs or in families, to a statue of a Ukrainian writer standing in the center of the Russian capital, laying flowers and stuffed animals at her bronze feet.
Some said a prayer and left quickly. Others wept. Still others sat for hours on benches nearby, watching in silence as a small but regular flow of people visited what has become a makeshift memorial to victims of Russia's invasion of Ukraine.
Joe Biden, Chuck Schumer, Hakeem Jeffries Look to Project Unity Ahead of Spending Fights
WASHINGTON-President Biden met Tuesday with Democratic congressional leaders as the party tries to project a united front on the economy and the coming fight over lifting the debt ceiling.
At the start of the meeting, Mr. Biden warned that newly empowered House Republican lawmakers could cut Social Security and Medicare, and he criticized a proposal pushed by some in the GOP to impose a national sales tax. "I have no intention of letting the Republicans wreck our economy," he said.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
AGF Mgmt 4Q
Celestica 4Q
Novagold Resources 4Q
Economic Events (ET):
1000 Bank of Canada interest rate announcement
Stocks to Watch:
Gran Tierra Energy Announces Strong Reserves Replacement and Continued Reserves Growth in 2022; Added Total Co Reserves of 14 MMBOE, 17 MMBOE and 31 MMBOE
Expected Major Events for Wednesday
00:01/UK: REC JobsOutlook survey
05:00/JPN: Dec Supermarket sales
05:00/JPN: Nov Indexes of Business Conditions - Revision
07:00/UK: Dec UK producer prices
08:59/JPN: Jan Monthly Economic Report
09:00/GER: Jan Ifo Business Climate Index
11:00/FRA: 4Q Claimant count and job advertisements collected by Pole emploi
12:00/US: 01/20 MBA Weekly Mortgage Applications Survey
15:00/CAN: Bank of Canada interest rate announcement
15:30/US: 01/20 EIA Weekly Petroleum Status Report
23:50/JPN: Dec Services Producer Price Index
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
AGF Management Ltd - Class B (AGF.B.T) is expected to report $0.28 for 4Q.
AT&T Inc (T) is expected to report $0.54 for 4Q.
Abbott Laboratories (ABT) is expected to report for 4Q.
Amphenol Corp (APH) is expected to report $0.75 for 4Q.
Automatic Data Processing Inc (ADP) is expected to report $1.94 for 2Q.
BOK Financial Corp (BOKF) is expected to report $2.23 for 4Q.
Blue Foundry Bancorp (BLFY) is expected to report for 4Q.
Boeing Company (BA) is expected to report $0.87 for 4Q.
Capitol Federal Financial (CFFN) is expected to report for 1Q.
Central Pacific Financial Corp (CPF) is expected to report for 4Q.
Chemung Financial (CHMG) is expected to report for 4Q.
Elevance Health Inc (ELV) is expected to report $4.51 for 4Q.
Extreme Networks (EXTR) is expected to report $0.18 for 2Q.
Fidelity D&D Bancorp Inc (FDBC) is expected to report for 4Q.
Freeport-McMoRan Inc (FCX) is expected to report $0.32 for 4Q.
General Dynamics Corp (GD) is expected to report $3.60 for 4Q.
Group 1 Automotive Inc (GPI) is expected to report $10.92 for 4Q.
HBT Financial Inc (HBT) is expected to report for 4Q.
Hess Corp (HES) is expected to report $2.01 for 4Q.
Hess Midstream LP (HESM) is expected to report for 4Q.
Kimberly-Clark Corp (KMB) is expected to report $1.52 for 4Q.
Lakeland Financial (LKFN) is expected to report $1.13 for 4Q.
Marine Products (MPX) is expected to report for 4Q.
MarketAxess Holdings Inc (MKTX) is expected to report $1.55 for 4Q.
Monro Inc (MNRO) is expected to report $0.41 for 3Q.
NASDAQ Inc (NDAQ) is expected to report $0.58 for 4Q.
NextEra Energy Inc (NEE) is expected to report $1.10 for 4Q.
Norfolk Southern Corp (NSC) is expected to report $3.48 for 4Q.
PAM Transportation (PTSI) is expected to report $0.73 for 4Q.
Popular Inc (BPOP) is expected to report $2.60 for 4Q.
Progressive Corp (PGR) is expected to report.
Prosperity Bancshares (PB) is expected to report $1.52 for 4Q.
RPC Inc (RES) is expected to report $0.26 for 4Q.
Stifel Financial (SF) is expected to report $1.68 for 4Q.
Stock Yards Bancorp Inc (SYBT) is expected to report $0.97 for 4Q.
TE Connectivity Ltd (TEL) is expected to report $1.42 for 1Q.
Teledyne Technologies Inc (TDY) is expected to report $3.75 for 4Q.
Textron Inc (TXT) is expected to report $1.08 for 4Q.
U.S. Bancorp (USB) is expected to report $1.19 for 4Q.
Universal Stainless & Alloy Products Inc (USAP) is expected to report for 4Q.
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ANALYST RATINGS ACTIONS
Advanced Micro Devices Cut to Market Perform From Outperform by Bernstein
Allogene Therapeutics Raised to Overweight From Neutral by JP Morgan
American Electric Power Cut to In-Line From Outperform by Evercore ISI Group
Blackstone Raised to Overweight From Neutral by JP Morgan
CapStar Fincl Holdings Cut to Neutral From Buy by DA Davidson
CapStar Fincl Holdings Cut to Neutral From Buy by Janney Montgomery Scott
Cheesecake Factory Cut to Market Perform From Outperform by Raymond James
Cheesecake Factory Shares Slip Nearly 9% as Bull Drops Buy Rating
Chemours Raised to Buy From Neutral by UBS
Consolidated Edison Raised to In-Line From Underperform by Evercore ISI Group
Dine Brands Global Cut to Market Perform From Outperform by Raymond James
Dollar Tree Cut to Accumulate From Buy by Gordon Haskett
Fate Therapeutics Cut to Neutral From Buy by HC Wainwright & Co.
Hannon Armstrong Raised to Neutral From Underperform by B of A Securities
Intellia Therapeutics Raised to Neutral From Sell by Citigroup
Kilroy Realty Cut to Sector Perform From Sector Outperform by Scotiabank
Lyft Raised to Overweight From Sector Weight by Keybanc
Martin Marietta Cut to Neutral From Overweight by Atlantic Equities
Mosaic Cut to Neutral From Buy by UBS
Ovintiv Cut to Equal-Weight From Overweight by Morgan Stanley
Peloton Interactive Cut to Neutral From Outperform by Baird
Sealed Air Cut to Neutral From Buy by UBS
Toast Cut to Neutral From Outperform by Baird
TPG Cut to Neutral From Overweight by JP Morgan
Universal Health Raised to Neutral From Sell by UBS
VF Corp Cut to Neutral From Outperform by Baird
Vulcan Materials Cut to Neutral From Overweight by Atlantic Equities
Xylem Raised to Buy From Hold by Stifel
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
01-25-23 0620ET
