Dow Today – EMEA Morning Briefing: Stocks to Track Global -2-

Federal Reserve Bank of Philadelphia President Patrick Harker said Tuesday he is on board with a rate rise next month but is leaning against a supersize move up in the central bank’s now near-zero short-term rate target.

“I would be supportive of a 25 basis-point increase in March,” Mr. Harker said in a Bloomberg television interview. “Could we do 50 [basis points]? Should we? I’m a little less convinced of that right now, but we’ll see how the data turns out in the next couple of weeks,” he said.

U.S. National Debt Exceeds $30 Trillion for First Time

WASHINGTON-The U.S. national debt exceeded $30 trillion for the first time, reflecting increased federal borrowing during the coronavirus pandemic.

Total public debt outstanding was $30.01 trillion as of Jan. 31, according to Treasury Department data released Tuesday. That was a nearly $7 trillion increase from late January 2020, just before the pandemic hit the U.S. economy.

For Markets, the January Selloff Marks the End of the Pandemic

To look at stock valuations, the pandemic might never have happened.

On Monday, the U.S. market closed its worst month since March 2020, with the S&P 500 falling 5.3%. The index has now lost all of its price gains since mid-October. The technology-heavy Nasdaq has retreated further, because the sectors that have performed worse are those more affected by higher interest rates, which the Federal Reserve has said will be a reality this year.

Coffee Prices Climb, Pushed Up by Bad Weather and Supply-Chain Woes

Higher prices are here for your morning cup of joe.

First the drought came to Brazil, then the frost, roiling the world’s top coffee-growing region during the pandemic. Arabica coffee prices at one point last year were nearly twice their levels at the end of 2020. Investors are betting those weather effects, along with supply-chain snarls, will keep prices elevated in 2022.

U.S. Job Openings, Quits Remained Elevated at End of Last Year

The U.S. labor market remained tight at the end of last year with job openings and worker turnover hovering near the highest levels on record, though there are signs demand cooled as the Omicron variant disrupted the economy in January.

The Labor Department on Tuesday said there were 10.9 million job openings in December, up slightly from 10.8 million the previous month. Meanwhile, the number of times workers quit fell to 4.3 million in December, from a record 4.5 million. Hiring slowed to 6.3 million, down from 6.6 million.

UK. Retail Prices Rose at Nearly Double the Pace in January

UK. retail prices grew at nearly double the pace in January as the previous month, according to the latest report by the British Retail Consortium and NielsenIQ.

Retail prices rose 1.5% on year in January after climbing 0.8% in December, marked by a significant increase in nonfood prices.

Exxon, Chevron Hit Gushers of Cash as Big Oil Companies Lure Back Investors

The world’s big Western oil companies are back in the money and once again attracting strong interest from investors as crude prices rise to their highest levels in years.

Exxon Mobil Corp. on Tuesday reported $23 billion in profit for 2021, its highest total since 2014, including $8.9 billion in profit in the fourth quarter. Last week, Chevron Corp. reported its most profitable year since 2014, earning $15.6 billion in net income in 2021 and $5.1 billion in the fourth quarter. The largest European oil companies, Shell PLC and BP PLC, are expected to also post resurgent annual results when they report in the coming days.

Putin Says West ‘Basically Ignored’ His Demands in Ukraine Standoff

KYIV, Ukraine-President Vladimir Putin of Russia said the U.S. and its European allies had “basically ignored” Moscow’s demands for security assurances but expressed a willingness to continue talks as Russian troops maneuvered near Ukraine’s borders and Kyiv rushed to bolster its defenses.

“We didn’t see an adequate response to our key concerns,” Mr. Putin told reporters Tuesday at a Kremlin press conference at which he again castigated the North Atlantic Treaty Organization for what he has portrayed as a persistent eastward push that threatens Moscow.

Google Parent Caps Blockbuster Year With Sales Gains

Google parent Alphabet Inc. posted another quarter of strong sales growth, capping a year when profit nearly doubled despite mounting regulatory pressure that threatens the search giant’s future.

The company’s dominance in online search, video and internet ad sales made it one of last year’s leading beneficiaries of an upswing in digital advertising. Last year, small and large businesses alike flooded into the ad market in a bid to win customers who spent early parts of the pandemic sequestered in their homes.

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Expected Major Events for Wednesday

00:01/UK: Jan Shop price Index

07:00/ROM: Dec PPI

07:00/EU: 4Q New passenger car registrations in Europe by fuel type

08:00/SPN: Jan Unemployment

09:30/UK: Jan Narrow money (Notes & Coin) and reserve balances

10:00/EU: Jan Flash Estimate euro area inflation

10:00/ITA: Jan Cities CPI

10:00/ITA: Jan Provisional CPI

11:00/IRL: Jan Monthly Unemployment

15:00/DEN: Jan Foreign Exchange & Liquidity

All times in GMT. Powered by Kantar Media and Dow Jones.

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

(END) Dow Jones Newswires

February 02, 2022 00:44 ET (05:44 GMT)

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