The three months from October to December capped a year of economic cool-down from a rapid pandemic rebound that fueled red-hot growth in 2021. Last year, consumers spent at a slower pace, employers pulled back on hiring and the housing market weakened.


Gold Prices Buoyed by Rally as Investors Get on Board

Gold is starting the year with gains.

Gold purchases by everyone from central banks to institutions and ordinary investors have lifted the precious metal in 12 of the past 16 sessions, according to Dow Jones Market Data.


Diesel Prices Are Headed Higher. It's Europe's New Ban on Russian Oil.

The European Union will ban imports of Russian oil products early next month, in a move to further punish Russia for its invasion of Ukraine, but one that could lead to tighter global supplies and higher prices for products such as diesel.

The ban on Russian oil products is likely to have a bigger impact than the EU ban on Russian seaborne oil and the Group of Seven price cap on Russian oil, says Tom Kloza, global head of energy analysis at the Oil Price Information Service, or OPIS, a Dow Jones company.


China Tourism Returns to Prepandemic Levels

China's tourism sector has recovered to prepandemic levels with travelers venturing out during the Lunar New Year holidays after stringent Covid-19 restrictions were removed, industry data showed.

Bookings for hotels, B&B hotels and tourism tickets in the first four days of the Chinese Lunar New Year as of Wednesday have exceeded bookings for the same period in 2019, before the pandemic, said Trip.com, an online travel agency.


Congress Jockeys Over Who Will Lead Probes Into Biden, Pence Classified-Document Discoveries

WASHINGTON-The discoveries of classified documents among the personal possessions of two presidents and one vice president have created a traffic jam on Capitol Hill, as committees jockey to investigate the issue and potentially pass legislation to address it.

Former Vice President Mike Pence on Tuesday became the latest former leader discovered to have classified material at his private home. Attorney General Merrick Garland has already tapped a special counsel to look into the handling of classified documents at former President Donald Trump's Mar-a-Lago resort and residence in Florida. Mr. Garland assigned a separate special counsel to review how classified material wound up at President Biden's home and former office.


Ukraine Under New Missile Barrage as Russia Warns West About Tank Pledges

KYIV, Ukraine-Explosions rocked Ukraine's capital on Thursday after Russia launched a fresh barrage of missiles at targets across the country, as officials in Moscow warned of consequences for Western pledges to send dozens of battle tanks to Ukraine.

Air-raid sirens rang out across Ukraine during the morning rush hour, with officials urging residents to seek shelter underground. In Kyiv, Mayor Vitali Klitschko said at least one person died and two were injured when a rocket hit the city's Golosiivsky district, parts of which were engulfed in black smoke following the blast.


George Santos Faces New Questions About Six-Figure Campaign Loans

Revisions to financial reports filed by the campaign of Rep. George Santos (R., N.Y.) about the source of hundreds of thousands of dollars in loans are adding to questions about the embattled freshman congressman's finances.

Mr. Santos, 34 years old, is already facing formal complaints related to campaign-finance matters as well as investigations into lies he told during his campaign about his education, work history and ancestry. The latest questions regarding the GOP lawmaker arose from a series of amended filings with the Federal Election Commission made Tuesday.


Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

GURU Organic Energy 4Q

Economic Calendar (ET):

0830 Nov Payroll employment, earnings & hours

Stocks to Watch

Celestica 4Q EPS 35c; Net $42.4M; Rev $2.04B; Adj EPS 56c; Backs 2023 Rev

Fission Uranium Announces Winter Program to Advance PLS Property; Stakes New Uranium Property in Western Athabasca Basin


Expected Major Events for Thursday

00:01/UK: Dec UK monthly automotive manufacturing figures

06:00/JPN: Dec Revised Machine Tool Orders

09:00/ITA: Jan Business Confidence Survey

09:00/ITA: Jan Consumer Confidence Survey

11:00/UK: Jan CBI Distributive Trades Survey

13:00/RUS: Weekly International Reserves

13:30/US: Dec CFNAI Chicago Fed National Activity Index

13:30/US: Dec Advance Economic Indicators Report

13:30/US: Dec Advance Report on Durable Goods

13:30/CAN: Nov Payroll employment, earnings & hours

13:30/US: 4Q Advance estimate GDP

13:30/US: 01/21 Unemployment Insurance Weekly Claims Report - Initial Claims

13:30/US: U.S. Weekly Export Sales

15:00/US: Dec New Residential Sales

15:30/US: 01/20 EIA Weekly Natural Gas Storage Report

16:00/US: Jan Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

21:30/US: Foreign Central Bank Holdings

21:30/US: Federal Discount Window Borrowings

23:30/JPN: Jan CPI (Tokyo), CPI ex-Food (Tokyo)

23:50/JPN: Jan Provisional Trade Statistics for 1st 10 days of Month

All times in GMT. Powered by Onclusive and Dow Jones.


Expected Earnings for Thursday

Alaska Air Group Inc (ALK) is expected to report for 4Q.

American Airlines Group Inc (AAL) is expected to report $0.57 for 4Q.

Applied Industrial Technologies Inc (AIT) is expected to report $1.68 for 2Q.

Archer Daniels Midland (ADM) is expected to report $1.59 for 4Q.

Berkshire Hills Bancorp (BHLB) is expected to report $0.62 for 4Q.

Bread Financial Holdings Inc (BFH) is expected to report $-2.83 for 4Q.

CNX Resources Corp (CNX) is expected to report $0.52 for 4Q.

Comcast Corp (CMCSA) is expected to report $0.72 for 4Q.

Cullen/Frost Bankers (CFR) is expected to report $2.76 for 4Q.

Dow Inc (DOW) is expected to report for 4Q.

Eagle Materials Inc (EXP) is expected to report $3.22 for 3Q.

East West Bancorp (EWBC) is expected to report for 4Q.

First Citizens Bancshares Inc. Cl A (FCNCA,FCNCB) is expected to report $21.13 for 4Q.

First Financial Northwest Inc (FFNW) is expected to report $0.38 for 4Q.

First Merchants Corp (FRME) is expected to report for 4Q.

Heartland Express (HTLD) is expected to report $0.30 for 4Q.

Heritage Financial Corp (HFWA) is expected to report for 4Q.

Independent Bank MI (IBCP) is expected to report $0.76 for 4Q.

Lakeland Bancorp (LBAI) is expected to report $0.49 for 4Q.

Marsh & McLennan (MMC) is expected to report $1.37 for 4Q.

Mastercard Inc (MA) is expected to report $2.59 for 4Q.

McCormick & Co (MKC) is expected to report $0.87 for 4Q.

Murphy Oil (MUR) is expected to report $1.29 for 4Q.

NeuroMetrix Inc (NURO) is expected to report for 4Q.

Northrop Grumman Corp (NOC) is expected to report $6.57 for 4Q.

Nucor Corp (NUE) is expected to report $5.56 for 4Q.

Pacific Premier Bancorp Inc (PPBI) is expected to report $0.78 for 4Q.

S&T Bancorp Inc (STBA) is expected to report for 4Q.

Sandy Spring Bancorp Inc (SASR) is expected to report $0.91 for 4Q.

Sherwin-Williams Co (SHW) is expected to report $1.70 for 4Q.

Southwest Airlines Co (LUV) is expected to report $0.75 for 4Q.

Summit Financial Group Inc (SMMF) is expected to report $1.19 for 4Q.

Tractor Supply Company (TSCO) is expected to report $2.36 for 4Q.

Valero Energy Corp (VLO) is expected to report $6.88 for 4Q.

Valley National Bancorp (VLY) is expected to report $0.36 for 4Q.

Webster Financial Corporation (WBS) is expected to report $1.59 for 4Q.

West Bancorporation Inc (WTBA) is expected to report $0.58 for 4Q.

World Acceptance (WRLD) is expected to report $0.64 for 3Q.

Xcel Energy Inc (XEL) is expected to report $0.68 for 4Q.

Xerox Holdings Corp (XRX) is expected to report for 4Q.

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ANALYST RATINGS ACTIONS

Airbnb Cut to Underperform From Hold by Gordon Haskett

Block Cut to Perform From Outperform by Oppenheimer

Bloomin' Brands Cut to Market Perform From Outperform by BMO Capital

Booking Holdings Cut to Hold From Buy by Gordon Haskett

Cheesecake Factory Cut to Sell From Neutral by UBS

Crescent Energy Cut to Underperform From Neutral by B of A Securities

DR Horton Cut to Neutral From Outperform by Wedbush

Enphase Energy Cut to Neutral From Overweight by Piper Sandler

Fisker Cut to Underweight From Equal-Weight by Morgan Stanley

Fox Corp. Raised to Buy From Hold by Loop Capital

Graphite Bio Cut to Neutral From Buy by BTIG

Hannon Armstrong Raised to Neutral From Underperform by B of A Securities

Horace Mann Educators Cut to Neutral From Overweight by Piper Sandler

Illumina Cut to Hold From Buy by Argus Research

Microsoft Cut to Market Perform From Outperform by BMO Capital

News Corp Raised to Buy From Hold by Loop Capital

Philip Morris Raised to Buy From Neutral by Goldman Sachs

SBA Communications Raised to Peer Perform From Underperform by Wolfe Research

SmartFinancial Cut to Neutral From Buy by Janney Montgomery Scott

SmartFinancial Cut to Neutral From Overweight by Piper Sandler

Sterling Check Cut to Sector Weight From Overweight by Keybanc

SunPower Cut to Underweight From Equal-Weight by Barclays

Sunrun Cut to Equal-Weight From Overweight by Barclays

Trustco Bank Cut to Underweight From Neutral by Piper Sandler

Zions Bancorp Cut to Underweight From Neutral by JP Morgan

This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

01-26-23 0620ET