Cocoa was the best-performing commodity in 2024, outpacing even bitcoin, but that hasn't stopped farmers from abandoning the crop.
Farmers in the top cocoa-producing region of the world are reseeding their lands because of a mixture of bad weather, failed government policies-many of which were aimed at helping farmers-and a fast-moving virus that has ravaged their plants.
China Expands Consumer Subsidies to Boost Spending as Tariff Risk Looms
China is widening the scope of its consumer goods trade-in program this year, as Beijing intensifies efforts to convince cautious households to spend as rising external uncertainties threaten exports' ability to prop up economic growth.
The National Development and Reform Commission, China's top economic planner, said Wednesday that the government will include more products in its home appliance trade-in program in 2025, extending state subsidies to microwave ovens, water purifiers, dishwasher and rice cookers.
Los Angeles Wildfires Prompt Evacuations for Tens of Thousands
Rapidly expanding wildfires forced tens of thousands of residents to evacuate their Los Angeles homes on Tuesday and forecasters warned that a potentially life-threatening windstorm could accelerate them overnight.
Approximately 30,000 people were under evacuation orders, Los Angeles Fire Department Chief Kristin Crowley said at a press conference Tuesday night. The LAFD ordered residents in affluent Pacific Palisades to leave the area immediately as firefighters sought to slow the spread of a nearly 3,000-acre blaze.
Israel, Hezbollah Fighting Stretches a Cease-Fire Deal to the Limit
An Israel-Lebanon cease-fire that calmed months of cross-border bloodshed is being strained as the two sides accuse each other of violations and the U.S. races to make sure the deal holds.
Israel still has troops on the ground in Lebanon and has continued to regularly strike Hezbollah infrastructure and weapons depots. In a complaint to the United Nations Security Council, Lebanon accused Israel of some 800 land and air attacks since the cease-fire came into effect on Nov. 27.
Write to gareth.mcpherson@wsj.com
TODAY IN CANADA
Earnings:
Nothing major scheduled
Economic Indicators (ET):
Nothing major scheduled
Stocks to Watch:
CIBC Former President and CEO John Hunkin Passed Away Earlier This Week
Hut 8 Continues to Focus on High-Impact Projects in Both AI and Bitcoin Mining; Miner Shipments Expected to Begin in Jan, Marking Step in Driving Avg Fleet Efficiency Dn to 19.9 Joules/Terahash; 205 MW Vega Project Advancing on Track for 2Q Energization; Site Infrastructure Upgrades Continue to Advance on Schedule, Positioning to Launch Initial Fleet Upgrade in 1Q
Oaktree Capital Invests in Miami-Based Apollo Group, Which Provides Hospitality Management Services for Cruise Industry
Expected Major Events for Wednesday
05:00/JPN: Dec Consumer Confidence Survey
07:00/GER: Nov Retail Trade
07:00/GER: Nov Manufacturing orders
07:00/GER: Nov Manufacturing turnover
07:45/FRA: Dec Consumer confidence survey
07:45/FRA: Nov Foreign trade
07:45/FRA: Nov Balance of payments
12:00/US: 01/03 MBA Weekly Mortgage Applications Survey
13:15/US: Dec ADP National Employment Report
13:30/US: 01/04 Unemployment Insurance Weekly Claims Report - Initial Claims
15:00/US: Nov Monthly Wholesale Trade
15:30/US: 01/03 EIA Weekly Petroleum Status Report
17:00/US: 01/03 EIA Weekly Natural Gas Storage Report
20:00/US: Nov Consumer Credit
23:30/JPN: Nov Provisional Labour Survey - Earnings, Employment & Hours Worked
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
Acuity Brands Inc (AYI) is expected to report $3.32 for 1Q.
Albertsons Companies Inc (ACI) is expected to report $0.59 for 3Q.
AngioDynamics Inc (ANGO) is expected to report $-0.22 for 2Q.
Caldwell Partners International Inc (CWL.T) is expected to report for 1Q.
Costco Wholesale Corp (COST) is expected to report.
FRMO Corp (FRMO) is expected to report for 2Q.
Franklin Covey Co (FC) is expected to report $0.15 for 1Q.
Greenbrier Cos Inc (GBX) is expected to report $1.16 for 1Q.
Jefferies Financial Group Inc (JEF) is expected to report $0.97 for 4Q.
MSC Industrial Direct Co - A Share (MSM) is expected to report $0.74 for 1Q.
Penguin Solutions Inc (PENG) is expected to report $0.02 for 1Q.
PriceSmart Inc (PSMT) is expected to report $1.31 for 1Q.
Pure Cycle Corp (PCYO) is expected to report for 1Q.
Radius Recycling Inc (RDUS) is expected to report $0.58 for 1Q.
Saratoga Investment Corp (SAR) is expected to report $0.94 for 3Q.
Simply Good Foods (SMPL) is expected to report $0.40 for 1Q.
UniFirst Corp (UNF) is expected to report $2.09 for 1Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Acadia Healthcare Raised to Overweight From Sector Weight by Keybanc
Advanced Energy Raised to Buy From Hold by Needham
American States Water Cut to Underweight From Equal-Weight by Wells Fargo
American Water Works Raised to Equal-Weight From Underweight by Wells Fargo
Apple Cut to Sell From Neutral by MoffettNathanson
Bank of America Raised to Buy From Neutral by UBS
BioXcel Therapeutics Cut to Underperform From Buy by B of A Securities
Bloomin' Brands Cut to Equal-Weight From Overweight by Barclays
Bridge Investment Cut to Neutral From Overweight by JP Morgan
Calif Water Svc Grp Raised to Overweight From Equal-Weight by Wells Fargo
Cardinal Health Raised to Outperform From In-Line by Evercore ISI Group
Carvana Raised to Outperform From Sector Perform by RBC Capital
Cboe Global Markets Cut to Underweight From Neutral by JP Morgan
Central Garden & Pet Cut to Hold From Buy by Argus Research
Cleveland-Cliffs Raised to Buy From Sell by GLJ Research
Clorox Raised to Equal-Weight From Underweight by Wells Fargo
Correction to Hartford Financial Rating on Monday
Cousins Properties Raised to Neutral From Underperform by Mizuho
Datadog Cut to Hold From Buy by Truist Securities
Dentsply Sirona Cut to In-Line From Outperform by Evercore ISI Group
Digital Realty Raised to Buy From Neutral by UBS
Dine Brands Global Cut to Equal-Weight From Overweight by Barclays
Dine Brands Global Cut to Neutral From Buy by UBS
Disney Raised to Buy From Neutral by Redburn Atlantic
Dow Cut to Neutral From Overweight by Piper Sandler
Dutch Bros Raised to Overweight From Equal-Weight by Barclays
Erasca Raised to Buy From Neutral by B of A Securities
Essential Utilities Cut to Equal-Weight From Overweight by Wells Fargo
Excelerate Energy Cut to Underweight From Neutral by JP Morgan
Federated Hermes Cut to Neutral From Overweight by JP Morgan
Forge Global Holdings Cut to Underweight From Neutral by JP Morgan
Freeport-McMoRan Cut to Market Perform From Outperform by Bernstein
Inari Medical Cut to Equal-Weight From Overweight by Wells Fargo
Inari Medical Cut to Hold From Buy by Canaccord Genuity
Inari Medical Cut to Market Perform From Outperform by William Blair
Inari Medical Cut to Neutral From Outperform by Baird
Instil Bio Raised to Buy From Hold by Jefferies
Intl Flavors & Fragrances Raised to Buy From Hold by Argus Research
Kilroy Realty Cut to Neutral From Outperform by Mizuho
Kraft Heinz Cut to In-Line From Outperform by Evercore ISI Group
Laboratory Corp. Raised to Outperform From In-Line by Evercore ISI Group
LPL Financial Holdings Raised to Overweight From Neutral by JP Morgan
LTC Properties Raised to Market Outperform From Market Perform by JMP Securities
Mondelez Cut to Equal-Weight From Overweight by Wells Fargo
Old Dominion Freight Cut to Neutral From Positive by Susquehanna
P10 Raised to Overweight From Neutral by JP Morgan
Palo Alto Networks Cut to Sell From Neutral by Guggenheim
Principal Financial Raised to Overweight From Neutral by JP Morgan
Prosperity Bancshares Raised to Neutral From Underperform by B of A Securities
Quaker Houghton Cut to Neutral From Overweight by Piper Sandler
Raymond James Cut to Neutral From Overweight by JP Morgan
Ready Capital Cut to Neutral From Buy by B. Riley Securities
RingCentral Cut to Underweight From Equal-Weight by Wells Fargo
Robinhood Markets Raised to Neutral From Underweight by JP Morgan
Ross Stores Cut to Market Perform From Outperform by Bernstein
Royal Gold Raised to Buy From Hold by Jefferies
Sabra Healthcare REIT Raised to Market Outperform From Market Perform by JMP Securities
Saia Cut to Neutral From Positive by Susquehanna
Shake Shack Raised to Overweight From Equal-Weight by Barclays
Snowflake Raised to Overweight From Equal-Weight by Wells Fargo
Tesla Cut to Neutral From Buy by B of A Securities
Tyler Technologies Cut to Equal-Weight From Overweight by Wells Fargo
Ulta Beauty Raised to Neutral From Sell by B. Riley Securities
Unum Group Cut to Neutral From Overweight by JP Morgan
Victory Capital Cut to Neutral From Buy by B. Riley Securities
Vornado Raised to Outperform From Neutral by Mizuho
XPO Cut to Neutral From Positive by Susquehanna
Zoom Video Communications Raised to Equal-Weight From Underweight by Wells Fargo
ZoomInfo Technologies Cut to Equal-Weight From Overweight by Wells Fargo
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
January 08, 2025 06:27 ET (11:27 GMT)