China’s Passenger Car Sales Sank 38 Percent Annually

US equity futures signaled a slightly lower open after yesterday’s rally, although stocks in Europe were still buoyant, with the FTSE 100 posting a new record high. The dollar slid, Treasuries reversed some of Tuesday’s losses, and an index of commodities rose a second day.

Commoditywise, crude oil prices jumped, with WTI crude reaching nearly $78 per barrel. Bitcoin (BTCUSD) and other major cryptocurrencies are trading discernibly higher.

Some companies reporting earnings today include Chicago's CME Group (CME), Dominion Energy (D), Emerson Electric (EMR), Equifax (EFX), O’Reilly Automotive (ORLY), and Yum! Brands (YUM, read below).

Investors will also watch for the latest reading on U.S. wholesale inventories. Economists expect a 0.1% rise in December after a gain of 0.9% in November.

Yesterday's speech by Fed Chairman Jerome Powell at the Economic Club of Washington provoked volatility in financial markets, including the cryptocurrency market. Jerome Powell stuck to his message that rates must keep rising to keep inflation in check, in a series of comments suggesting that the 5.1 percent rate hike officials forecast in December was a soft cap. However, equity investors seem more keen to capitalize on his view that deflation has set in, triggering a stock market surge that belies the ostensibly hawkish message.

Corporatewise, Yum! Brands (YUM) just reported earnings per share of $1.31 adjusted vs. $1.26 expected. Revenue came in at $2.02 billion vs. $1.92 billion expected. Yum reported Q4 net income of $371 million, or $1.29 per share, up from $330 million, or $1.11 per share, a year earlier. Net sales rose 7% to $2.02 billion, and the company's global same-store sales increased 6%, driven by diners' strong appetite for Taco Bell.

European stock markets are trading higher this afternoon amid the release of new earnings reports. Earlier in the morning, French TotalEnergies said net income for 2022 rose by 28% to €20.5 billion. Meanwhile, Societe Generale SA declared its fourth-quarter net income dropped 30.8% year-on-year to €1.4 billion.

At 4.00 p.m. CET, the British FTSE 100 jumped 0.58%, reaching a new all-time high. The French CAC 40 added 0.28%, while EssilorLuxottica (EL.PA) ascended by 1.44%. The German DAX gained 0.80%, with Linde PLC (LIN) up by 1.82%.

In Asia, The China Passenger Car Association (CPCA) revealed earlier today that the retail sales of passenger cars in the country reached 1.29 million units, diving 40.4% MoM. On an annual basis, the sales of passenger vehicles sank by 37.9%. The sales of new-energy vehicles fell 6.3% on an annual basis, and 48.3% on a monthly one to reach 332,000 units. Meanwhile, Tesla Inc. sold 66,051 units, going up by 18% in comparison to the figure registered in December.