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Disney braces for a proxy fight with activist investor Nelson Peltz. Plus China effectively ends its two-year ban on Australian coal, and why European stocks are outshining their US peers.

We're seeing bank stocks rising in part due to expectations of higher interest rates. We're seeing retailers do quite well, do the reopening of China. We're seeing miners do well.

It's Thursday January 12th. I'm Luke Vargas with the Wall Street Journal, and here's the AM edition of What's News, the top headlines and business stories moving your world today.

Activist investor Nelson Peltz is planning to mount a proxy fight for a seat on Disney's board. Disney revealed Peltz's intentions in a statement Wednesday that said it is opposed to him joining the board.

Sources say that executives at Peltz's Tri-And Fund Management met with top Disney leadership, including CEO Robert Eiger on Tuesday in an attempt to avoid a proxy battle, though the talks were unfruitful.

According to people familiar with the matter, Tri-And wants Disney to plan for a successor to Eiger, and thinks the company has excessive compensation policies and lacks cost discipline.

AIDS to President Biden have found additional classified documents in a second location beyond those discovered in November at a DC office, Biden used after his vice presidency.

That is according to a person familiar with the matter. It couldn't immediately be determined where or when the additional documents were found.

The White House didn't respond to a request for comment about the second batch of records, which was reported earlier by NBC News, a Justice Department spokesman declined to comment.

News of the existence of the documents has fueled Republican attacks and bipartisan calls for congressional scrutiny, but the White House has repeatedly declined to provide additional details about the matter.

We are exclusively reporting that China has moved to repair ties with Australia by effectively ending a ban on Australian coal.

According to people familiar with the matter, customs officials in the Southern Province of Guangdong on Thursday received notice from the local government that they can clear Australian coal shipments.

That move comes about a week after the country's national planning agency permitted a group of large, state-owned companies to buy Australian coal again.

The Guangdong government didn't immediately respond to a request for comment.

The coal ban has been at the center of a diplomatic dispute lasting more than two years, and lifting it signals that Beijing is taking a less confrontational approach in its foreign policy as the economy struggles.

Inflation in China picked up in December with consumer prices rising by 1.8% compared to a year earlier according to the country's national statistics bureau.

Wall Street Journal China Markets reporter Rebecca Feng has more from Hong Kong.

The data that came out today shows that inflation is picking up in China, but rather slowly actually as COVID-19 restrictions fall.

But the expectations that inflation will accelerate further in the months ahead, economists tend to think that the dismantling of COVID-19 restrictions in China will lead consumers to bit up the price of travel, medicine, and other end-to-month goods and services, especially in the wake of production disruptions caused by waves of sickness in recent weeks.

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