Good morning, CFOs. White House said the government shutdown made it hard to gather the necessary data to compile key reports; the FASB will explore changes to equity accounting rules; and Coinbase plans to leave Delaware and reincorporate in Texas.

Finance chiefs seeking fresh numbers on inflation and jobs from last month will be disappointed.

Two major government reports on inflation and the labor market for October are “likely never” to be released, the White House press secretary said Wednesday.

Why “likely never”?: The six-week government shutdown largely halted the release of government data that Wall Street and economic policymakers rely on to measure the economy’s health. Though the shutdown is expected to end soon, the White House indicated the reports on inflation and employment for last month will be lost due to the long closure of federal agencies.

“All of that economic data released will be permanently impaired, leaving our policymakers at the Fed flying blind at a critical period,” Karoline Leavitt told reporters Wednesday, regarding the Federal Reserve.

Leavitt said the government shutdown, which she blamed on Democrats, “made it extraordinarily difficult for economists, investors and policymakers at the Federal Reserve to receive critical government data.”

What’s new about this?: Leavitt has previously said that October consumer-inflation data were in jeopardy because of the shutdown. Wednesday was the first time the October jobs report was called into question.

• Trump Signs Spending Bill, Ending Longest Shutdown in U.S. History

📆 Earnings

• Applied Materials
• Brookfield
• Tencent
• Walt Disney

The Financial Accounting Standards Board voted on Wednesday to explore simplifying how companies report investments in other entities in which they have significant interests but not control.

The board said it will add a project to its standard-setting agenda on the so-called equity method in response to feedback.

Companies such as Eli Lilly and Block have sought changes to the rules, saying the equity method poses administrative costs and operational challenges. Investors have said they value the current method.

"If anything, I think it calls into question why we permit the fair-value option for equity method investments, particularly when the securities aren't traded in the market," FASB Chair Rich Jones says.

The FASB also decided not to add a project on renewable energy partnership accounting to its agenda.                                                                 —Mark Maurer

Coinbase plans to leave Delaware and reincorporate in Texas, the latest victory for the Lone Star State in its battle to woo businesses away from what has long been the country’s corporate capital.

The move suggests Delaware’s efforts to change its reputation as being unfriendly to businesses aren’t moving the needle yet. It also underscores the continued shift of power away from shareholders and toward founders and company executives.

📰 Other headlines

• Streaming Prices Are Soaring—and Consumers Are Still Paying
• Synopsys to Cut 10% of Workforce, Close Sites in Restructuring
• Exclusive: Proxy Advisers ISS and Glass Lewis Are Facing Antitrust Probes 
• ​​Congress Created a Market for a New Kind of Cannabis Drink. Now It Wants to Ban It.
• Atlanta Fed President Bostic to Retire Ahead of Reappointment Process
• Siemens to Reduce Stake in Healthineers to Minority Position
• How a Chinese AI Company Worked Around U.S. Rules to Access Nvidia’s Top Chips
• Exclusive: Packaging Company Sealed Air In Talks to Go Private
• Toyota Doubles Down on Hybrids in the U.S. With $14 Billion Battery Push
• With the Push of a Button, the U.S. Mints Its Final Pennies

📈 Earnings wrapup

• Cisco Systems Boosts Outlook as Profit, Revenue Rise
• On Holding Lifts Guidance Despite Challenges in Running-Shoe Market
• McGraw Hill Raises Revenue, Profit Targets
• SMIC Posts Profit Growth Amid China’s Chip Self-Reliance Drive
• Tencent Delivers Double-Digit Growth in Profit, Revenue
• Siemens Revenue Rises, But Net Profit Falls
• Burberry Returns to Sales Growth as Revamp Efforts Continue
• Rolls-Royce Backs Outlook on Strong Demand for Engines, Power Generation
• Hapag-Lloyd Narrows Guidance Further as Higher Demand Counters Falling Freight Rates

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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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