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Opinion | Biden-Cheney 2024?

European Economics Preview: Eurozone Unemployment Data Due

Unemployment data from euro area is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway releases consumer and producer prices for December. Consumer prices had advanced 5.1 percent annually in November.

In the meantime, unemployment from Turkey and industrial production from Denmark are due.

At 3.00 am ET, foreign trade data from Hungary and industrial production from Austria are due.

Half an hour later, Statistics Sweden releases industrial production and new orders data for November.

At 4.00 am ET, Italy’s unemployment data is due. The jobless rate is forecast to drop marginally to 9.3 percent in November from 9.4 percent in October.

At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. The investor sentiment index is seen easing to 12.0 in January from 13.5 in December.

At 5.00 am ET, Eurostat is scheduled to release euro area unemployment data. The jobless rate is forecast to ease to 7.2 percent in November from 7.3 percent in October.

Also, consumer prices and industrial production are due from Greece. Inflation is seen at 5.4 percent in December versus 4.8 percent in November.

At 8.00 am ET, Romania’s central bank announces its interest rate decision. The bank is expected to hike its key rate to 2.00 percent from 1.75 percent.

Accolade Stock Surges 25% On Q3 Results, FY Outlook

Shares of Accolade, Inc. (ACCD) are jumping over 25% on Tuesday morning after the company reported a surprise profit for the third quarter and lifted its revenue outlook for the full year.

ACCD is currently trading at $24.08, up $4.94 or 25.78%, on the Nasdaq.

Third-quarter revenues grew to $83.45 million from $38.44 million last year. Net income for the quarter was $22.5 million or $0.31 per share, compared to a loss of $16.6 million or $0.32 per share last year.

Wall Street analysts polled by Thomson Reuters were expecting a loss of $0.74 per share on revenues of $75.89 million for the quarter.

Moving ahead, the company expects fourth-quarter revenues between $90 million and $93 million. For the fiscal year, the company lifted its revenues outlook to a range of $306 million to $309 million, up from prior estimate of $303 million to $307 million.

The company also introduces preliminary guidance for fiscal year 2023, expecting 25% growth in revenue.

Chicago Mayor Lori Lightfoot tests positive for COVID-19

‘Special Report’ panel talks COVID and closing Chicago schools

Brit Hume, Juan Williams, Guy Benson and Kimberley Strassel discuss omicron and the CDC’s new guidelines.

Chicago Mayor Lori Lightfoot on Tuesday announced that she had tested positive for COVID-19 despite being vaccinated. 

Lightfoot said she was experiencing “cold-like symptoms” but feels fine otherwise – which she credited to being vaccinated and boosted. 

Mayor Lori Lightfoot presides over a City Council meeting on Oct. 27, 2021, in Chicago.
(Antonio Perez/Chicago Tribune/Tribune News Service via Getty Images)

“I will continue to work from home while following the CDC guidelines for isolation,” the mayor said in a statement. “This is an urgent reminder for folks to get vaccinated and boosted as it’s the only way to beat this pandemic.” 

This is a developing story. Check back for updates. 

Treasuries Close Slightly Lower But Well Off Worst Levels

After coming under pressure early in the session, treasuries regained ground over the course of the trading day on Monday.

Bond prices climbed well off their worst levels but still ended the day slightly lower. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by nearly a basis point to 1.780 percent.

The ten-year yield pulled back after reaching a high of 1.808 percent but still ended the session at its highest closing level since January of 2020.

Concerns about the outlook for interest rates contributed to the continued weakness among treasuries, which extended the sharp drop seen in the first week of the New Year.

Treasuries have moved notably lower recently amid a more hawkish tone from the Federal REserve, as the minutes of the central bank’s latest meeting indicated it plans to accelerate monetary policy normalization.

In U.S. economic news, the Commerce Department released a report showing wholesale inventories in the U.S. jumped by more than expected in the month of November.

The report said wholesale inventories surged up by 1.4 percent in November after spiking by 2.5 percent in October. Economists had expected inventories to increase by 1.2 percent.

Looking ahead, trading on Tuesday may be impacted by reaction to Federal Reserve Chair Jerome Powell’s testimony at a Senate Banking Committee hearing on his renomination.

Bond traders are also likely to keep an eye on the results of the Treasury Department’s auction of $52 billion worth of three-year notes.

Opinion | Biden-Cheney 2024?

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By Thomas L. Friedman

Opinion Columnist