Europe's fast-growing food apps can add inflation to their list of problems. But changes in consumer eating patterns caused by the pandemic are sticking so far and valuations seem undercooked.
Demand for takeout meals remained strong in the three months through December, recent results have shown. Berlin-based Delivery Hero said its sales rose 66% compared with the same period of 2020. HelloFresh, which delivers boxed meal kits that consumers cook up at home, increased sales by more than one-third. Grubhub's Dutch owner Just Eat Takeaway.com (JET) grew by 14%, which was less than investors had hoped.
German Exports Rose at Slower Pace Than Imports in January
German exports increased in January but at a slower pace than imports, narrowing the trade surplus year-on-year, Germany's statistics office Destatis said Friday.
Exports rose 7.5% on year in adjusted terms. Imports increased 22.1% on year, Destatis said. The figures account for seasonal swings and calendar effects.
Dassault Aviation Sees Lower Sales This Year After Booking Higher 2021 Profit
Dassault Aviation SA said Friday that net income almost doubled last year, but guided for lower net sales in 2022.
The French aircraft manufacturer said consolidated net income was 605 million euros ($669.5 million) compared with EUR303 million in 2020. Adjusted for certain elements such as hedging instruments, profit rose to EUR693 million from EUR396 million, it said.
Hammerson 2021 Loss Narrowed as Adjusted Earnings Rose
Hammerson PLC on Friday reported a narrowed loss for 2021 as its adjusted earnings more than doubled.
The shopping-center operator booked a net loss of 429.1 million pounds ($572.8 million) last year, compared with a GBP1.73 billion loss in 2020.
Russia Holds Off Again on Reopening Stock Market
Russian authorities will keep the Moscow stock market largely closed for a fifth straight day, as they continue to shield local shares from potentially severe selling pressure.
With limited exceptions, the Moscow Exchange's stock and derivatives markets would remain closed Friday, the Bank of Russia said in an early morning statement.
Ukraine Leans on Armed Turkish Drones, Western Missiles to Thwart Russian Invasion
Days after Russian forces crossed into northern Ukraine, a Turkish-made drone fired a missile at a mobile air-defense system the invading forces had parked on the side of a road. The truck exploded, producing a black plume that also consumed five other military vehicles.
Back at their base, a room full of Ukrainian drone operators erupted in applause. "Whoa!"
Belarus Sovereign Bonds Collapse Following U.S., EU Sanctions
The sovereign bonds backed by Belarus have collapsed over the past week due to the nation's entanglement with Russia, which is using Belarusian territory as a staging ground for its invasion of Ukraine.
One of Belarus's bonds, a $600 million dollar-denominated note due 2027, changed hands at 14 cents on the dollar on Thursday, according to Tradeweb, down from around 87 cents on the dollar before the invasion.
French President Emmanuel Macron Declares Run for Re-Election
PARIS-French President Emmanuel Macron confirmed just ahead of the deadline that he plans to run for re-election next month, officially kicking off a campaign that the war in Ukraine has overshadowed.
Mr. Macron announced his candidacy in a letter published by several regional newspapers on Thursday, an unusually low-key way to join a campaign that his opponents have been urging him to enter for weeks. Under French election law, presidential candidates have had declare they are running by the end of the day on Friday.
Ukraine Steel Plant, One of Its Largest Industrial Complexes, Closes After Holding Out for Days
A giant Ukrainian steel mill owned by ArcelorMittal SA closed on Thursday, shutting one the country's largest pieces of industry after days of holding out as other foreign companies retreated in the face of Russia's onslaught.
Ukrainian industry has been hit hard by the Russian invasion, with car-part manufacturers, breweries, an alumina refinery and other foreign businesses halting production.
GLOBAL NEWS
New York Fed's Williams Supports March Rate Rise Despite Uncertain Outlook
Federal Reserve Bank of New York President John Williams said Thursday he believes an interest rate increase this month is likely and that the U.S. central bank has the will and space to raise rates to lower inflation if price pressures don't ease.
"We're absolutely committed to bringing inflation back to 2% and taking the actions necessary to do that," Mr. Williams said in a virtual appearance.
Biden to Finalize 'Buy American' Rule for Government Procurements
WASHINGTON-The Biden administration is expected to complete rules that would speed up federal procurement policies to require a higher level of American-made products.
The new requirements, which President Biden is set to highlight during an event Friday at the White House, will mean that products obtained under the "Buy American" program will need to have at least 60% of the value of components made in the U.S., up from the current threshold of 55%. The rules will increase that standard to 65% in 2024 and 75% by 2029, the White House said.
Fed's Powell Says Ukraine War Creates Risks of Higher Inflation
WASHINGTON-Federal Reserve Chairman Jerome Powell said that Russia's invasion of Ukraine was likely to push up inflation, a setback to central bank expectations that price pressures would diminish in the coming months.
Because of Russia's role in global energy and other commodity markets, "we're going to see upward pressure on inflation at least for a while," Mr. Powell told the Senate Banking Committee on Thursday.
Write to paul.larkins@dowjones.com
Write to us at newsletters@dowjones.com
We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-04-22 0528ET
