Eurozone inflation eased in February for the fourth straight month, but a strong pickup in services prices makes it likely that the European Central Bank will continue to raise interest rates in coming months.
Despite the overall easing in price rises, inflation accelerated in many of the eurozone's largest members-including Germany, France and Spain-underlines how difficult a task central bankers face in bringing it back under control. The data comes as strikes and labor unrest across the region are pushing wages higher, something that makes inflation stickier.
Idled Ships, Empty Containers. Ocean Shipping Faces Its Biggest Slump in Years.
LONG BEACH, Calif.-Global shipping executives are wrestling with plunging exports, falling freight rates and mounting suspense over whether the industry is headed for a price war.
Traffic from China's ports has slowed significantly, empty containers are stacked six high and trucks with no cargo dot the highway leading to the major terminals. The world's largest box-ship operator plans to return dozens of chartered vessels to their owners.
Biden National Cyber Strategy Seeks to Hold Software Firms Liable for Insecurity
WASHINGTON-The Biden administration said it would pursue laws to establish liability for software companies that sell technology that lacks cybersecurity protections, concluding that market forces alone aren't sufficient to guard consumers and the nation.
Free markets and a reliance on voluntary security frameworks have imposed "inadequate costs" on companies that offer insecure products or services, according to a national cybersecurity strategy released Thursday. It says the administration would work with Congress and the private sector to create liability for software vendors, sketching out in broad terms what such legislation should entail.
Uranium Is Back in Demand. Russia and Climate Change Are Why.
An accident at the Fukushima nuclear plant in Japan 12 years ago led countries around the world to question the safety of nuclear energy. But the potential loss of uranium supplies from Russia after its invasion of Ukraine a year ago served as a wake-up call to those who lost confidence in the power source.
Uranium prices peaked at nearly $64 a pound in April 2022, as "heavy financial buying and other demand pushed the market up quickly" following Russia's Feb. 24 invasion of Ukraine, says Jonathan Hinze, president at nuclear-fuel consultancy UxC.
Chinese Urban Workforce Will Be Joined by Record 16.62 Million Workers This Year
A record-high 16.62 million people will join China's urban workforce in 2023, the country's human resources ministry said Thursday, even as the country faces a shrinking and rapidly aging population.
China's young workforce is growing while the number of its older workers are dropping sharply, Yu Jiadong, deputy head of the Ministry of Human Resources and Social Security, said in a press conference.
Senate Votes 50-46 to Reverse ESG Rule for Retirement Funds
WASHINGTON-The Senate voted Wednesday to overturn a new Biden administration regulation that would allow retirement-plan managers to consider climate change and other factors when they make investment decisions, setting up what could be President Biden's first veto.
The Senate action, with 50 in favor and 46 against, comes a day after the House voted to toss the regulation on environmental, social and corporate governance guidelines, or ESG, by a vote of 216-204.
Biden to Ask Congress for $1.6 Billion to Crack Down on Covid Relief Fraud
WASHINGTON-President Biden is calling on Congress to approve a wide-ranging $1.6 billion legislative package aimed at cracking down on fraud stemming from the government's coronavirus pandemic relief programs.
The measure aims to step up the federal government's capacity to investigate and prosecute fraud; improve efforts to prevent identity theft tied to the spate of pandemic benefit programs; and help victims of identity theft.
How U.S. Weapons Play a Growing Role in the Ukraine War
Since Russia launched its full-scale invasion of Ukraine over a year ago, the U.S. has committed more than $30 billion in security assistance that has included artillery, missiles, small arms, armored vehicles, radar systems, drones, body armor, millions of rounds of ammunition and more.
In his first remarks after the Feb. 24, 2022, invasion, President Biden said nothing that indicated how that would unfold. He pledged, "Our forces are not and will not be engaged in the conflict with Russia in Ukraine."
Modi Calls Out Failure of G-20 to Find Solutions to Global Rifts
NEW DELHI-Indian Prime Minister Narendra Modi told leading diplomats from the Group of 20 advanced and developing economies that nations had failed to find solutions to growing global rifts, as they gathered in New Delhi for a summit overshadowed by the war in Ukraine.
Mr. Modi spoke at the outset of a summit that was intended to focus on global food and energy security, which has been strained by the conflict. As president of the G-20 this year, Mr. Modi warned Thursday that the group wasn't accomplishing the main goals of global governance-preventing wars and fostering international cooperation on common issues-and the developing world is feeling it most.
China Trumps U.S. in Key Technology Research, Report Says
Chinese researchers lead their American counterparts in the study of dozens of critical technologies, according to a new report that proposes Beijing is dominant in some scientific pursuits and positioned to develop key future breakthroughs.
The report, published Thursday by the Australian Strategic Policy Institute, puts Chinese researchers ahead of Americans in 37 of 44 technologies examined, across the sectors of defense, space, robotics, energy, environment, biotechnology, artificial intelligence, advanced materials and quantum technology.
Carbon Emissions Climbed Less Than Feared in 2022 Despite Coal Resurgence
Global carbon emissions inched higher last year, according to the International Energy Agency, but the increase was less than what had been feared as booming demand for renewable energy kept the impact from resurgent coal plants in check.
An analysis by the energy forecaster, whose members comprise many of the world's largest energy consumers, said emissions of carbon dioxide, a greenhouse gas that drives climate change, climbed less than 1% or 321 million metric tons in 2022.
Behind Fan Bao's Detention-a Suspected Quid Pro Quo
Chinese financier Fan Bao, who went missing last month, has been detained by authorities in mainland China in connection with a corruption investigation targeting a former senior executive at the investment bank he founded, according to people familiar with the matter.
The investment bank, China Renaissance Holdings Ltd., disclosed on Feb. 16 that it had been unable to contact Mr. Bao, who serves as the bank's chairman and chief executive. On Sunday, it said in a regulatory filing that it had since discovered Mr. Bao is aiding an investigation being carried out by authorities in China, which it didn't name.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
AltaGas 4Q
Andlauer Healthcare 4Q
ATCO 4Q
Black Diamond 4Q
Canadian Natural Resources 4Q
Canadian Utilities 4Q
Canadian Western Bank 1Q
Crescent Point Energy 4Q
Endeavour Silver 4Q
Evertz Tech 3Q
Freehold Royalties 4Q
Major Drilling Gp 3Q
MARTINREA 4Q
Park Lawn 4Q
Parkland 4Q
Pason Syss 4Q
Secure Energy 4Q
Sleep Country 4Q
Toronto-Dominion Bank 1Q
Economic Calendar (ET):
Nothing major scheduled
Stocks to Watch:
Algoma Steel Group Announces Renewal of Normal Course Issuer Bid; TXS Approved Intention to Renew Its Normal Course Issuer Bid; May Acquire Up to 5.18M Shrs, or About 5% of Stock Outstanding
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Athabasca Oil Says Board Has Approved Filing of Application for Normal Course Issuer Bid With TSX; Plans to Commence Shr Buyback Program in April; Reiterating 2023 Guidance; on Track to Achieve Its Stated Target of 30% Reduction in Emissions Intensity by 2025; 4Q EPS C$0.81
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AutoCanada 4Q Rev C$1.39B Vs. C$1.20B; 4Q EPS C$0.52 Vs. EPS C$2.38
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Colabor Group 4Q Net $1.26M; 4Q EPS 1c; 4Q Sales $193.2M
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Descartes Systems 4Q Rev $125.1M; 4Q EPS 34c >DSGX
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Enerflex Reports Solid Year-End 2022 Results And Successfully Closes Acquisition Of Exterran Corporation, Creating Significant Momentum For 2023; 4Q Rev C$689.8M; Loss/Shr C$0.68
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GDI Integrated Facility 4Q Rev C$588M; 4Q EPS C$0.41 >GDI.T
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Frontera 4Q EPS $2.25 Vs. EPS $6.40; FY EPS $3.08 Vs. EPS $6.29; 4Q Net Sales $238.3M Vs. $249.5M; FY Net Sales $999.0M Vs. $725.3M; FY Avg Daily Production at 41,382 Boe/d, Up 9%; Met 2022 ESG Goals, Offset 52% of Emissions; Confirms 2023 Production Guidance of 40,000-43,000 Boe/d
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Kinaxis 4Q EPS 30c; 4Q Rev $98.5M; Sees FY23 Rev $420M-$430M
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Shawcor Acquires Triton Stormwater Solutions And Vertically Integrates Stormwater Management Solution
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STEP Energy 4Q Net C$16.7M, Not US$16.7M; 4Q Rev C$251.4M Vs. C$158.7M; 4Q EPS C$0.23 Vs. Loss C$0.08; 2022 EPS C$1.31 Vs. Loss C$0.41; 2022 Rev C$989.0M Vs. C$536.3M >STEP.T
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SunOpta 4Q Rev $221.3M; 4Q Adj EPS 2c
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Tecsys 3Q EPS C$0.06; 3Q Rev C$38.9M
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Tourmaline Oil 1Q Loss/Shr C$0.09
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Tricon Residential 4Q EPS 11c
Expected Major Events for Thursday
05:00/JPN: Feb Consumer Confidence Survey
09:00/ITA: Jan Unemployment
10:00/ITA: Feb Cities CPI
10:00/ITA: Feb Provisional CPI
13:00/RUS: Weekly International Reserves
13:30/US: 4Q Revised Productivity and Costs
13:30/US: 02/25 Unemployment Insurance Weekly Claims Report - Initial Claims
13:30/US: U.S. Weekly Export Sales
15:30/US: 02/24 EIA Weekly Natural Gas Storage Report
17:00/US: Feb Monthly U.S. Retail Chain Store Sales Index
21:30/US: Federal Discount Window Borrowings
(MORE TO FOLLOW) Dow Jones Newswires
03-02-23 0638ET
