EU leaders gave their backing to the package of sanctions at a meeting in Brussels on Thursday evening. Mrs. von der Leyen said the measures, which were developed in close coordination with the U.K. and U.S., would increase Russia's borrowing costs, lift inflation there and gradually erode the country's industrial base.
U.S. Banks Are Prepared for Russia Sanctions, but Concerns Grow About Potential Hacks
U.S. financial institutions are largely prepared to handle a new round of Russia-related sanctions in the wake of the invasion of Ukraine, given the steady ratcheting up of pressure against Russia over the past eight years and recent warnings of such measures from the Biden administration, according to experts with knowledge of the U.S. banking sector.
The expanding conflict, however, will present some additional challenges for U.S. banks, from how they manage their correspondent banking relationships to possible retaliatory cyberattacks deriving from Russia.
Fed's Christopher Waller Lays Out Case for Half-Point March Rate Increase
Federal Reserve governor Christopher Waller said he could support raising the central bank's benchmark interest rate next month by a half-percentage point if economic data in the next few weeks show evidence of accelerating price pressure, adding his voice to the debate over the size of the likely increase.
"We constantly say we have the tools to fight inflation, and now we must demonstrate the will to use them," Mr. Waller said in remarks at the University of California, Santa Barbara, on Thursday evening. Inflation "is far too high and needs to come down," he said.
Ukraine's Booming Tech Outsourcing Sector at Risk After Russian Invasion
The outsourcing of tech services from Ukraine, a sector that has bounded ahead in recent years with customers in Europe and the U.S., is at risk after Russia attacked the nation on Thursday.
Following the incursion, internet outages occurred across the country, according to a monitoring dashboard run by the Georgia Institute of Technology. Kerry Hallard, chief executive of U.K.-based trade group, the Global Sourcing Association, said that at one member business in Kharkiv, 80% of computers had no internet access.
German Economy Contracted in 4Q, but Less Than Initially Estimated
Germany's economy contracted in the fourth quarter of 2021 because of a rise in Covid-19 cases and the related reimposition of restrictions, according to a second estimate published Friday by the German Federal Statistical Office.
Gross domestic product fell by an adjusted 0.3% from the previous quarter, Destatis said. This contraction was smaller than the 0.7% fall of the first estimate and economists' expectations of a 0.7% drop in a Wall Street Journal survey.
Biden Has Reached Decision on Supreme Court Selection
WASHINGTON-President Biden has reached a final decision on his coming nomination to the Supreme Court, according to a person familiar with the decision.
An announcement is expected within days and could come as soon as Friday, the person said. The timing of an announcement hasn't been finalized.
Supreme Court Mulls Arizona Bid to Revive Trump Immigration Policy
WASHINGTON-Several Supreme Court justices criticized a legal maneuver the Biden administration used to cancel Trump-era immigration rules that denied green cards to some lawful immigrants who obtained public assistance.
The criticism came Wednesday as justices considered whether to allow Republican-leaning states to defend in court the Trump administration's green card restrictions that the Biden administration has since dropped.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Canadian Imperial Bank of Commerce 1Q
Canadian Western Bank 1Q
Centerra Gold 4Q
Fiera Capital 4Q
Hydro One 4Q
Natl Bank of Canada 1Q
Trevali Mining 4Q
Economic Indicators (ET):
0830 Jan Industrial product & raw materials price indexes
0830 4Q Balance of Payments
Stocks to Watch:
Advantage Energy Board Chairman Ron McIntosh to Retire on May 5; New Chair to Be Appointed After Annual General, Special Meeting on May 5; To Launch Share Buyback Program in 2Q Pending Regulatory Approval
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Equinox Gold 4Q Rev $381.2M Vs. $255.5M; EPS 37c Vs. EPS 38c; Adj EPS 25c Vs. Adj EPS 16c; 2021 Rev $1.08B Vs. $845.4M; EPS $1.95 Vs. EPS 10c; Adj EPS 26c Vs. Adj EPS 42c;
Equinox Gold: 4Q Gold Production 210,432 Oz; Gold Production 602,110 Oz, Meeting Guidance; Sees 2022 Gold Production 625,000 Oz-710,000 Oz; Guides for 2022 Capex of $682M
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Lucara Diamond 4Q Rev $57.9M; EPS 0c
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Mandalay Resources 4Q EPS 17c; Adj EPS 24c; Rev $72.9M
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Northland Power 4Q Sales C$640.1M Vs. C$492.8M; Basic EPS C$0.45 Vs. EPS C$0.11; 2021 Sales C$2.09B Vs. C$2.06B; Basic EPS C$0.82 Vs. C$1.86
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Sienna Senior Living 4Q Rev C$174.2M Vs. C$168.8M; EPS C$0.07 Vs. Loss C$0.13; 2021 Rev C$668.5M Vs. C$664.2M
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Slate Office REIT 2021 Rental Rev C$172.7M Vs. C$183.6M; 2021 FFO/Unit C$0.54 Vs. C$0.64
Expected Major Events for Friday
00:01/UK: Feb UK Consumer Confidence Survey
00:01/UK: Jan UK monthly automotive manufacturing figures
00:30/JPN: Jan Detailed Import & Export Statistics
05:00/JPN: Dec Indexes of Business Conditions - Revision
07:00/GER: 4Q GDP - Detailed breakdown
07:00/GER: Jan Foreign trade price indices
07:45/FRA: Jan Household consumption expenditure in manufactured goods
07:45/FRA: Jan PPI
07:45/FRA: Feb Provisional CPI
07:45/FRA: 4Q GDP - detailed figures
09:00/ITA: Feb Business Confidence Survey
09:00/ITA: Feb Consumer Confidence Survey
09:30/UK: Jan Capital issuance
10:00/ITA: Jan Foreign Trade non-EU
13:30/US: U.S. Weekly Export Sales
13:30/US: Jan Advance Report on Durable Goods
13:30/US: Jan Personal Income & Outlays
15:00/US: Jan Pending Home Sales Index
15:00/US: Feb University of Michigan Survey of Consumers - final
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Friday
AES Corporation (AES) is expected to report $0.41 for 4Q.
Bengal Energy is expected to report for 3Q.
Biohaven Pharmaceutical Holding Co Ltd (BHVN) is expected to report $-2.10 for 4Q.
Calumet Specialty Prods (CLMT) is expected to report $-0.36 for 4Q.
Canadian Imperial Bank of Commerce (CM,CM.T) is expected to report $3.59 for 1Q.
Canadian Western Bank is expected to report $0.93 for 1Q.
Carter's Inc (CRI) is expected to report $2.06 for 4Q.
Centerra Gold is expected to report $0.15 for 4Q.
Cinemark Holdings Inc (CNK) is expected to report $-0.09 for 4Q.
City Office REIT Inc (CIO) is expected to report $0.01 for 4Q.
EW Scripps Co - Class A (SSP) is expected to report $0.62 for 4Q.
Evergy Inc (EVRG) is expected to report $0.15 for 4Q.
Foot Locker Inc (FL) is expected to report $1.52 for 4Q.
Gray Television (GTN,GTNA) is expected to report $0.52 for 4Q.
Hydro One Ltd (H.T) is expected to report $0.25 for 4Q.
Icahn Enterprises (IEP) is expected to report $0.32 for 4Q.
ImmunoGen Inc (IMGN) is expected to report $-0.18 for 4Q.
Lamar Advertising Co (LAMR) is expected to report $1.18 for 4Q.
LendingTree Inc (TREE) is expected to report $1.39 for 4Q.
Liberty Broadband CL A (LBRDA,LBRDB,LBRDK) is expected to report $0.20 for 4Q.
Liberty Media Corp - A Share Liberty Formula One (FWONA) is expected to report $0.07 for 4Q.
ModivCare Inc (MODV) is expected to report for 4Q.
Moneygram International Inc (MGI) is expected to report $0.11 for 4Q.
National Bank of Canada (NA.T,NTIOF) is expected to report $2.23 for 1Q.
Northwest Natural Holding Co (NWN) is expected to report $1.25 for 4Q.
ONEX Corp (Canada) (ONEX.T) is expected to report for 4Q.
Ocwen Financial Corp (OCN) is expected to report for 4Q.
Pinnacle West Capital (PNW) is expected to report $0.04 for 4Q.
Qurate Retail Group Inc - QVC Group Series A (QRTEA,QRTEB) is expected to report $0.54 for 4Q.
Ranpak Holdings Corp (PACK) is expected to report for 4Q.
Rubius Therapeutics Inc (RUBY) is expected to report $-0.58 for 4Q.
Sempra (SRE) is expected to report $2.05 for 4Q.
Slate Office REIT (SOT.UN.T) is expected to report for 4Q.
Sprott Inc (SII,SII.T) is expected to report for 4Q.
Starwood Property Trust Inc (STWD) is expected to report $0.56 for 4Q.
Strategic Education Inc (STRA) is expected to report $0.40 for 4Q.
Summit Midstream Partners LP (SMLP) is expected to report for 4Q.
US Silica (SLCA) is expected to report $-0.28 for 4Q.
Uniti Group Inc (UNIT) is expected to report $0.12 for 4Q.
Vistra Corp (VST) is expected to report $2.95 for 4Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Avangrid Cut to Equal-Weight From Overweight by Wells Fargo
Avangrid Cut to Neutral From Buy by Janney Montgomery Scott
Boise Cascade Raised to Buy From Neutral by DA Davidson
Definitive Healthcare Raised to Buy From Hold by Canaccord Genuity
Equitrans Midstream Cut to Equal-Weight From Overweight by Wells Fargo
fuboTV Cut to Neutral From Overweight by JP Morgan
HollyFrontier Raised to Overweight From Equal-Weight by Wells Fargo
iRhythm Technologies Raised to Buy From Hold by Needham
Kodiak Sciences Cut to Neutral From Overweight by JP Morgan
Mattel Raised to Buy From Hold by Stifel
Mosaic Cut to Hold From Buy by Berenberg
Renasant Raised to Buy From Neutral by DA Davidson
Tenneco Cut to Equal-Weight From Overweight by Wells Fargo
Tenneco Raised to Equal-Weight From Underweight by Morgan Stanley
Trupanion Raised to Buy From Neutral by B of A Securities
Under Armour Raised to Buy From Hold by Argus Research
Vertiv Holdings Cut to Market Perform From Outperform by Cowen & Co.
Weber Cut to Neutral From Buy by Goldman Sachs
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
02-25-22 0504ET
