Grocery inflation for the four-week period to Dec. 25 slowed to 14.4% from November’s 14.6%–a second decrease in as many months–raising hopes that the worst has now passed, according to Kantar.
However, inflation is still painfully high, Kantar said, and while take-home grocery sales hit GBP12.8 billion in the four weeks to Dec. 25, sales measured by volume actually slipped by 1% on year.
French Inflation Unexpectedly Eased in December on Lower Energy Prices
France’s annual inflation rate fell in December to its lowest level in three months, driven by a moderation in energy prices.
Consumer prices rose 5.9% on year in December in the eurozone second-largest economy, easing from the 6.2% increase registered in November and the lowest rate since September, preliminary data from the country’s statistics office Insee showed Wednesday.
Economists polled by the Wall Street Journal expected inflation to accelerate to 6.3%.
A Third Major Storm to Bring Rain and Flooding to Northern California
The latest in a series of storms is expected to bring heavy rain, strong winds and mountain snow to the West Coast, especially Northern California, just days after another major system produced record-setting rain and flooding.
It will be the third storm system to drench the region since Dec. 26, according to the National Weather Service.The latest forecast predicts up to 3 to 6 inches of rainfall over the coastal hills of central and northern California, and up to 8 inches in isolated regions through Thursday.
Federal Reserve, FDIC and OCC Warn Banks About Cryptocurrency Risks
WASHINGTON-A group of powerful bank regulators on Tuesday highlighted what they said were a litany of risks stemming from cryptocurrencies and expressed skepticism that the assets can be safely held by the financial institutions they oversee.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency said that recent failures of major crypto firms led them to exercise caution in reviewing banks’ proposals to engage with the market. They highlighted fraud and scams, market volatility, legal uncertainty, and weak risk-management and governance practices at crypto firms, among other things, as reasons for concern.
Russia Blames Troops’ Cellphone Use for Deadly Ukrainian Strike
MOSCOW-Russia blamed the use of banned mobile phones by soldiers for a strike by Ukrainian forces on a facility that housed newly mobilized Russian soldiers and raised the death toll to 89, as Ukraine’s president warned that the Kremlin was preparing for a new offensive in the war.
The Russian Defense Ministry said the strike occurred at 12:01 a.m. local time on New Year’s Day. The regiment’s deputy commander was killed in the attack, the ministry said. It was the deadliest known assault on Russian forces during the war.
Kevin McCarthy Falls Short of House Speaker Win in Three Rounds of Voting
WASHINGTON-Republican Kevin McCarthy fell short of winning the House speaker’s gavel in three rounds of voting Tuesday, leaving the chamber without a leader as a determined bloc of conservative holdouts refused to relent over longstanding complaints about the direction of the party.
The failure to pick a speaker underlined the fractious nature of the GOP conference on its first day in control of the chamber after four years of a Democratic majority. After the third vote was officially tallied with no winner, the House then adjourned until the next day, with the leadership question still up in the air and neither side offering a way out of the deadlock. The speaker vote hadn’t gone past a first ballot since 1923, when lawmakers needed nine ballots to pick a leader.
Rick Singer, Mastermind of College-Admissions Cheating Scandal, Faces Sentencing
BOSTON-William “Rick” Singer, the mastermind behind a nationwide college-admissions cheating scheme that ensnared top universities, business executives and Hollywood celebrities, is scheduled to be sentenced in federal court here Wednesday.
Mr. Singer pleaded guilty in March 2019 to four felonies, admitting to running a complex operation that arranged for parents to fraudulently boost their teens’ ACT and SAT scores and to bribe college coaches to flag the clients as recruited athletes, all but guaranteeing their admission to schools including Georgetown University and the University of Southern California. Payments were often funneled through Mr. Singer’s sham charity, allowing parents to take tax write-offs for the bribes.
Bryan Kohberger Agrees to Extradition to Face Murder Charges in Idaho
Bryan Kohberger, the man accused of killing four University of Idaho students, has agreed to be extradited from Pennsylvania to Idaho, where he faces murder charges.
He signed a waiver in a Monroe County, Pa., court on Tuesday agreeing to the extradition, according to court records.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Nothing major scheduled
Economic Indicators (ET):
Nothing major scheduled
Stocks to Watch:
Canfor Extending Temporary Curtailments in B.C.; Cites Ongoing Weak Market Conditions and the Lack of Available Economic Fiber; Plans Two-Week Curtailment Extensions in January at Select Solid Wood Facilities; Extension Will Remove Approximately 21M Board Feet in Addition to 150M Board Feet Announced Dec. 5
Peyto Exploration: Jean-Paul Lachance Assumed Position of CEO on Jan 1, Was Appointed as a Member of the Bd of Directors
Expected Major Events for Wednesday
00:01/UK: Dec Shop Price Index
00:30/JPN: Dec Japan Manufacturing PMI
07:00/GER: Nov Foreign trade price indices
07:45/FRA: Dec Provisional CPI
07:45/FRA: Dec Consumer confidence survey
08:45/ITA: Dec Italy Services PMI
08:50/FRA: Dec France Services PMI
08:55/GER: Dec Germany Services PMI
09:30/UK: Nov Money and Credit – Lending to Individuals, Lending to Businesses, Broad Money and Credit
09:30/UK: Nov Monetary & Financial Statistics
09:30/UK: Nov Bank of England effective interest rates
12:00/US: 12/23 MBA Weekly Mortgage Applications Survey
12:00/US: 12/30 MBA Weekly Mortgage Applications Survey
13:55/US: 12/31 Johnson Redbook Retail Sales Index
15:00/US: Dec ISM Report On Business Manufacturing PMI
15:00/US: Nov Job Openings & Labor Turnover Survey
21:00/US: Dec Domestic Auto Industry Sales
21:30/US: 12/30 API Weekly Statistical Bulletin
23:50/JPN: Dec Monetary Base
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
ALJ Regional Holdings Inc (ALJJ) is expected to report for 4Q.
Allied Healthcare (AHPI) is expected to report for 1Q.
IronNet Inc (IRNT) is expected to report for 3Q.
Lifecore Biomedical Inc (LFCR) is expected to report $-0.12 for 2Q.
Mullen Automotive Inc (MULN) is expected to report for 4Q.
Mullen Group (MLLGF,MTL.T) is expected to report.
Resources Connection (RGP) is expected to report $0.44 for 2Q.
Richardson Electronics (RELL) is expected to report $0.29 for 2Q.
Schmitt Industries (SMIT) is expected to report for 1Q.
Simulations Plus Inc (SLP) is expected to report $0.08 for 1Q.
UniFirst Corp (UNF) is expected to report $1.54 for 1Q.
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ANALYST RATINGS ACTIONS
ACADIA Pharmaceuticals Raised to Buy From Neutral by Guggenheim
Ally Financial Inc Cut to Equal-Weight From Overweight by Barclays
American Homes 4 Rent Cut to Hold From Buy by Jefferies
Apellis Pharmaceuticals Cut to Equal-Weight From Overweight by Wells Fargo
Apollo Global Management Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
Apple Cut to Neutral From Outperform by Exane BNP Paribas
Arvinas Cut to Equal-Weight From Overweight by Wells Fargo
Azenta Cut to In-Line From Outperform by Evercore ISI Group
Baudax Bio Cut to Market Perform From Outperform by Noble Capital Markets
Baxter International Cut to Neutral From Buy by B of A Securities
Becton Dickinson Raised to Buy From Neutral by B of A Securities
Block Raised to Outperform From Neutral by Baird
Blue Owl Capital Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
Blueprint Medicines Raised to Equal-Weight From Underweight by Wells Fargo
Brilliant Earth Cut to Neutral From Overweight by JP Morgan
CACI International Raised to Overweight From Equal-Weight by Morgan Stanley
Capital One Cut to Equal-Weight From Overweight by Barclays
Carlyle Group Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
Cigna Cut to Equal-Weight From Overweight by Wells Fargo
Citizens Financial Group Cut to Neutral From Outperform by Wedbush
Correction to PG&E Ratings Headlines
Coty Raised to Overweight From Neutral by Piper Sandler
CubeSmart Cut to Hold From Buy by Jefferies
CVS Health Cut to In-Line From Outperform by Evercore ISI Group
Douglas Emmett Cut to Underperform From Hold by Jefferies
Edison International Raised to Buy From Neutral by UBS
Enfusion Raised to Overweight From Equal-Weight by Morgan Stanley
Entergy Cut to Neutral From Buy by B of A Securities
Fate Therapeutics Cut to Neutral From Buy by Guggenheim
Fox Corp. Cut to Underperform From Peer Perform by Wolfe Research
Gilead Sciences Cut to Sector Perform From Outperform by RBC Capital
Health Catalyst Cut to In-Line From Outperform by Evercore ISI Group
Healthpeak Properties Raised to Buy From Hold by Jefferies
Illinois Tool Works Cut to Hold From Buy by Vertical Research
Immunovant Raised to Overweight From Equal-Weight by Wells Fargo
Independence Realty Trust Cut to Hold From Buy by Jefferies
Informatica Cut to Neutral From Buy by UBS
Intevac Raised to Buy From Hold by Benchmark
Invitation Homes Cut to Hold From Buy by Jefferies
KeyCorp Raised to Equal-Weight From Underweight by Barclays
Kilroy Realty Cut to Hold From Buy by Jefferies
Life Storage Cut to Hold From Buy by Jefferies
M&T Bank Cut to Equal-Weight From Overweight by Barclays
(MORE TO FOLLOW) Dow Jones Newswires
January 04, 2023 06:11 ET (11:11 GMT)
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