This is the highest rate since March 1992--when prices rose at an annual pace of 7.1%--and beats the 6.0% rate expected by economists polled by The Wall Street Journal. In January, consumer prices increased 5.5% on year, according to the data from the Office for National Statistics.
Russian Stock Market Prepares for an Unusual Reopening
Russian officials are signaling that the country's stock market will soon reopen, nearly a month after it shut down following the invasion of Ukraine.
The challenge for Moscow is that the resumption of trading could simply send Russian stocks back into free fall. On Feb. 24, the day when President Vladimir Putin began the assault on Ukraine, the main Russian stock index tumbled 33%. While the index regained a fraction of those losses on Feb. 25-its last day of trading-that was before Western sanctions hammered the ruble and sent the country into an economic crisis.
South Korea Names IMF Official as New BOK Governor
Changyong Rhee, director of the Asia and Pacific department at the International Monetary Fund, has been named to head South Korea's central bank.
Mr. Rhee, 61, will succeed Bank of Korea Gov. Lee Ju-yeol, whose second and final four-year term ends in March, South Korea's presidential office said Wednesday.
Biden, Allies Aim to Project United Front Against Russia at NATO Meeting
BRUSSELS-President Biden and European allies are gathering for meetings here Thursday to project a united front as they announce new measures to target Russian President Vladimir Putin's war in Ukraine and escalating attacks on civilians.
Mr. Biden, who is scheduled to land in Brussels Wednesday, plans to meet with leaders of the North Atlantic Treaty Organization, the European Union and the Group of Seven leading industrial countries to discuss deterrence efforts, humanitarian relief and the campaign of sanctions against Russia.
Ukraine Steps Up U.S. Lobbying Campaign
WASHINGTON-Ukraine has expanded its Washington advocacy efforts in the wake of the Russian invasion, with the nation's energy lobbyists pressing U.S. lawmakers for a no-fly zone, more military support and additional Russian sanctions, according to records and interviews.
Lobbyists for the Ukrainian Federation of Employers of the Oil and Gas Industry, a trade group representing state-owned energy enterprises that leads much of Ukraine's lobbying in the U.S., are asking Washington for a second tier of sanctions on Russia that would prohibit U.S. banks from doing business with any bank in the world that is also doing business with Russia.
Ukraine's President Eyes Talks With China's Xi Jinping
Volodymyr Zelensky plans to hold talks with Chinese leader Xi Jinping, Ukrainian presidential spokesman Andriy Yermak said, as part of a whirlwind of virtual visits for Ukraine's president to rally support for his country in the face of Russia's nearly monthlong assault.
"Kyiv is hopeful Beijing will play a more prominent role in bringing this war to an end," Mr. Yermak tweeted.
Ukrainians Flee Mariupol as Russian Forces Push to Take Port City
ZAPORIZHZHIA, Ukraine-The battle for the southern port city of Mariupol intensified Tuesday with fleeing civilians describing Russian and Ukrainian forces locked in street-by-street warfare through the city's downtown as Moscow's airstrikes gutted entire neighborhoods.
Nearly a month after Russia invaded Ukraine, it is on the verge of taking Mariupol in what would be the first major city to fall under its control. But Mariupol is a shattered prize.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Ascot Resources 4Q
Boyd Grp Svcs 4Q
Copperleaf Tech 4Q
Dialogue Health 4Q
Fortuna Silver Mines 4Q
Mogo 4Q
Savaria 4Q
Economic Indicators:
None scheduled
Stocks to Watch:
Aurora Cannabis has reached a deal to buy Thrive Cannabis' parent company, TerraFarma, seeking to strengthen its business in market and expand focus on premium products. Under the terms of the deal, Thrive's team would head Aurora's Canadian recreational portfolio.
The deal, which is expected to close in the fourth quarter, includes two earnout amounts payable in Aurora shares or cash, at the election of Aurora, based on Thrive achieving certain revenue targets within two years of closing. Thrive's flagship recreational brand is Greybeard Cannabis. It also includes Being Cannabis, a wellness-oriented brand.
Automotive Prop REIT 4Q EPS 22c; Net $10.4M
Filo Mining 4Q EPS C$0.07; Net C$8.05M; Advises That Filo Del Sol Program Expanding to Seven Diamond Rigs to Expedite Definition of Deposit
Helios Fairfax 4Q Loss/Shr 1c; Loss $1.25M
Inovalis REIT 4Q Rev C$6.25M; FFO/Unit C$0.10; AFFO/Unit C$0.07
SIR Royalty Income Fund 4Q EPS C$0.27
Market Talk:
Rio Tinto will likely need to increase its C$34.00/share cash offer to minority shareholders in Turquoise Hill to win them over, according to Macquarie, as it raises its target on Turquoise Hill by 45% to C$44.00/share. "We believe a premium to valuation is justified given the quality of the Oyu Tolgoi project."
Macquarie said Rio Tinto's offer implies a long-term copper price of $3.00/pound; its price target implies a copper price closer to $3.40/pound. "At spot prices our valuation for TRQ rises to circa C$78.00, more than double Rio's offer price."
Expected Major Events for Wednesday
05:00/JPN: Jan Indexes of Business Conditions - Revision
06:00/JPN: Feb Revised Machine Tool Orders
07:00/UK: Feb UK producer prices
07:00/UK: Feb UK monthly inflation figures
09:00/GER: Ifo Economic Forecast
09:30/UK: Jan UK House Price Index
11:00/US: 03/18 MBA Weekly Mortgage Applications Survey
12:30/US: 4Q State Quarterly Personal Income
14:00/US: Feb New Residential Sales
14:30/US: 03/18 EIA Weekly Petroleum Status Report
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
ARKO Corp (ARKO,ARKO.TV) is expected to report for 4Q.
Ampio Pharmaceuticals Inc (AMPE) is expected to report for 4Q.
Aspira Women's Health Inc (AWH) is expected to report for 4Q.
Axcella Health Inc (AXLA) is expected to report for 4Q.
Ayala Pharmaceuticals Inc (AYLA) is expected to report for 4Q.
Boyd Group Services is expected to report for 4Q.
CTI BioPharma Corp (CTIC) is expected to report $-0.27 for 4Q.
Celcuity Inc (CELC) is expected to report $-0.38 for 4Q.
Cintas Corp (CTAS) is expected to report $2.44 for 3Q.
Clear Secure Inc (YOU) is expected to report for 4Q.
Crawford United Corp (CRAWA) is expected to report for 4Q.
Crescita Therapeutics is expected to report for 4Q.
EVgo Inc (EVGO) is expected to report for 4Q.
Enerpac Tool Group Corp (EPAC) is expected to report for 2Q.
Evolving Systems Inc (EVOL) is expected to report for 4Q.
Excellon Resources is expected to report for 4Q.
First Advantage Corp (FA) is expected to report for 4Q.
First Watch Restaurant Group Inc (FWRG) is expected to report for 4Q.
Fortuna Silver Mines (FSM,FVI.T) is expected to report $0.13 for 4Q.
General Mills (GIS) is expected to report $0.79 for 3Q.
Ion Geophysical Corp (IO) is expected to report $-0.07 for 4Q.
Kaleido Biosciences Inc (KLDO) is expected to report $-0.60 for 4Q.
Magellan Aerospace is expected to report $0.04 for 4Q.
Ocuphire Pharma Inc (OCUP) is expected to report for 4Q.
Ollie's Bargain Outlet Holdings Inc (OLLI) is expected to report $0.66 for 4Q.
PDS Biotechnology Corp (PDSB) is expected to report $-0.21 for 4Q.
Power REIT (PW) is expected to report for 4Q.
Rex American (REX) is expected to report for 4Q.
Savara Inc (SVRA) is expected to report $-0.46 for 4Q.
Siebert Financial Corp (SIEB) is expected to report for 4Q.
Sientra Inc (SIEN) is expected to report $-0.19 for 4Q.
Sigmatron International Inc (SGMA) is expected to report for 3Q.
Soleno Therapeutics Inc (SLNO) is expected to report $-0.08 for 4Q.
SouthGobi Resources Ltd (1878.HK,SGQ.T,SGQRF) is expected to report $-0.04 for 4Q.
TeraGo is expected to report for 4Q.
ThermoGenesis Holdings Inc (THMO) is expected to report for 4Q.
Trip.com Group Ltd (K3RD.SG,TCOM) is expected to report for 4Q.
Werewolf Therapeutics Inc (HOWL) is expected to report for 4Q.
Winnebago Industries Inc (WGO) is expected to report $2.73 for 2Q.
vTv Therapeutics Inc (VTVT) is expected to report $-0.05 for 4Q.
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ANALYST RATINGS ACTIONS
Allena Pharmaceuticals Cut to Neutral From Buy by B. Riley Securities
Altria Raised to Buy From Neutral by Goldman Sachs
Anaplan Cut to Equal-Weight From Overweight by Wells Fargo
Anaplan Cut to Neutral From Buy by Monness, Crespi, Hardt
Anaplan Cut to Neutral From Buy by UBS
AnaptysBio Cut to Neutral From Buy by Guggenheim
Black Diamond Theraptcs Cut to Neutral From Buy by HC Wainwright & Co.
ContextLogic Cut to Hold From Buy by Loop Capital
Ecolab Raised to Buy From Neutral by B of A Securities
FMC Corporation Cut to Underperform From Buy by B of A Securities
Graphite Bio Cut to Equal-Weight From Overweight by Morgan Stanley
Helios Technologies Raised to Buy From Hold by Stifel
Keurig Dr Pepper Cut to Hold From Buy by Truist Securities
Manhattan Associates Raised to Outperform From Market Perform by Raymond James
Oric Pharmaceuticals Cut to Neutral From Buy by Guggenheim
Oric Pharmaceuticals Cut to Perform From Outperform by Oppenheimer
Philip Morris Cut to Neutral From Buy by Goldman Sachs
Procter & Gamble Raised to Buy From Hold by Truist Securities
Sherwin-Williams Raised to Buy From Neutral by B of A Securities
Univar Solutions Raised to Buy From Underperform by B of A Securities
Upstart Holdings Cut to Underperform From Neutral by Wedbush
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-23-22 0601ET
