The ZEW economic research institute said Tuesday that its index of economic expectations for Germany fell to 13.0 in March from 28.1 in February.
What's Next for UBS After Buying Credit Suisse in Whirlwind Rescue
A weekend of frantic deal making changed everything for UBS Group AG.
A cut-price, $3.2 billion takeover of its top domestic rival, Credit Suisse Group AG, reinforces UBS's position as one of the biggest managers of money for the world's wealthy.
RWE Sees 2023 Earnings Broadly Below Prior Year Level; Raises Dividend
RWE AG expects most metrics in 2023 to be below the previous year's level but said it aims to increase its dividend.
The German energy company on Tuesday said that it expects adjusted net income of between 2.2 billion euros and 2.7 billion euros ($2.36 billion - $2.89 billion) in 2023.
Kingfisher FY 2023 Profit Fell on Higher Costs, Sees Year Ahead in Line With Market Views - Update
Kingfisher PLC reported Tuesday a fall in pretax profit for fiscal 2023 on the back of higher costs, but said its performance was in line with the board's views and that it sees fiscal 2024 profit being in line with market expectations.
The home-improvement retailer posted a pretax profit for the year ended Jan. 31 of 611 million pounds ($750.1 million) compared with GBP1.01 billion a year earlier. Analysts expected GBP740.8 million in profit, according to forecasts taken from FactSet and based on eight analysts' estimates. Adjusted pretax profit came in at GBP758 million, beating analysts' views of GBP741 million.
European Ports Brace for Cybersecurity Regulation
European ports are preparing for a major regulatory change next year in how the hundreds of companies in their global supply chains address cybersecurity as ports have become a target for criminal hacker groups and state-sponsored attacks.
Cybersecurity rules approved by the European Union for pharmaceuticals, transportation, energy and other critical infrastructure companies are set to take effect in 2024 and will require hundreds of firms that operate out of Europe's big ports to use basic security measures and report hacks to cybersecurity authorities. The regulation will be the first such cybersecurity requirements for many companies that provide services to critical sectors. Violators face fines of up to 10 million euros, equivalent to roughly $10.7 million, or up to 2% of global revenue, whichever is higher.
EU Car Registrations Rose in Feb, With Electric Vehicles Gaining Market Share
Passenger car registrations in the European Union rose in February on the year, with fully electric vehicles taking a bigger share of the market, the European Automobile Manufacturers Association said on Tuesday.
New car registrations, which reflect sales, rose to 802,763, an 11.5% increase over February 2022-a difficult time for the industry due to the semiconductor shortage.
Ferrari Investigating Cyber Incident
Automobile company Ferrari NV is investigating a cybersecurity incident after a subsidiary was contacted with a ransom demand related to certain client contact details.
Macron's Government Survives No-Confidence Vote in National Assembly
PARIS-French President Emmanuel Macron's government narrowly survived a no-confidence vote in the National Assembly on Monday, fending off a last-ditch effort to kill his contentious pension overhaul and topple his administration.
The no-confidence motion, spearheaded by a group of centrists, won the support of 278 lawmakers in the lower house of Parliament, nine votes short of a majority. A second no-confidence vote, filed by Marine Le Pen's far-right National Rally, failed by a wide margin.
Northern Ireland Impasse to Persist After Unionist Party Rejects Brexit Compromise
LONDON-Efforts by the British government to end political paralysis in Northern Ireland suffered a blow on Monday after the Democratic Unionist Party said it would reject a compromise agreement recently hammered out by Prime Minister Rishi Sunak and the European Union over the region's trading status.
The so-called Windsor Framework is aimed at appeasing the DUP and other unionist communities in Northern Ireland who felt cut off from the rest of Britain after the country agreed as part of its 2019 Brexit divorce deal to place a border between Northern Ireland and the rest of the U.K., rather than a border between the province and Ireland, which remains an EU member.
Ukraine's Leadership Doubles Down on Bakhmut Defense as Russians Get Closer
KOSTYANTYNIVKA, Ukraine-Every time Pvt. Viktor Daletskiy drives into the besieged eastern city of Bakhmut to pick up the injured and dead, the front line is a bit closer and the route in more precarious.
"It's really tough. They're getting closer and closer," he said of the Russians during a pit stop this week outside a gas station 14 miles west of Bakhmut. "But their losses are still greater than ours."
GLOBAL NEWS
Pro Take: Fed Faces Balancing Act Between Bank Rescues, Inflation Fight
The Federal Reserve's new bank-rescue plan injects cash into troubled financial firms through loans while Fed officials also seek to tighten credit in the banking system and slow the economy-a contradictory set of aims.
On the one hand, the Fed is making money available for banks so they can continue to lend. On the other, it is making it more expensive for consumers and businesses to borrow.
Bank Fears Rattle Oil Markets Poised for Chinese Boom
Wall Street's outlook for oil this year is suddenly looking a bit less bright.
Crude prices dropped to 15-month lows after strains in the U.S. banking system sent tremors throughout financial markets and intensified fears of a broader economic slowdown. Those worries have hit prices just as energy-hungry China has finally shown signs of revving up from strict pandemic lockdowns.
Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB Collapse
Strains in the banking sector are roiling a roughly $8 trillion bond market considered almost as safe as U.S. government bonds.
So-called agency mortgage bonds are widely held by banks, insurers and bond funds because they are backed by the mortgage loans from government-owned lenders Fannie Mae and Freddie Mac. The bonds are far less likely to default than most debt and are easy to buy and sell quickly, a crucial reason they were Silicon Valley Bank's biggest investment before it foundered.
JPMorgan CEO Jamie Dimon Leading Efforts to Craft New First Republic Bank Rescue Plan
JPMorgan Chase & Co. Chief Executive Jamie Dimon is leading discussions with the chief executives of other big banks about fresh efforts to stabilize troubled First Republic Bank.
The discussions, while preliminary, have focused on how the industry could arrange for an investment that would boost the bank's capital, according to people familiar with the matter. Among the options on the table, the people said, is an investment in First Republic by the banks themselves.
Stocks and Bonds Are Moving in Opposite Directions. Here's the Good News in the Bad.
The dance between stocks and bonds is starting to shift-and it could mean that investors will have a way to play defense once again.
For a while now, stock and bond prices have moved together in lockstep. When bond yields rise, their prices fall, and that's what happened for much of last year. From the S&P 500's all-time high in early January 2022 to its bear market low in early October, the 10-year Treasury yield roughly doubled to almost 4%, causing both stock prices and bond prices to tumble. The SPDR S&P 500 ETF (SPY) dropped 18% including reinvested dividends, while the iShares 20+ Year Treasury Bond ETF (TLT) fell 31%.
Stocks Hold Up in Tumultuous Markets
The market turmoil that has fueled a surge in bond prices and sent bank shares reeling is hitting stock indexes far more modestly, reflecting an undercurrent of investor optimism that stress in the banking sector can be contained.
Since Silicon Valley Bank collapsed more than a week ago, commentators have speculated on whether the bank's failure could amount to some version of a "Lehman moment"-a sudden shock to the financial system that could inflict severe economic damage.
How a Potential Indictment and Arrest of Donald Trump Could Unfold
The Manhattan grand jury hearing evidence about Donald Trump's role in a payment to a porn star appears to be wrapping up its work, indicating that prosecutors could soon ask jurors to vote on an indictment of the former president.
Mr. Trump, who has denied wrongdoing, has said the probe by the office of Manhattan District Attorney Alvin Bragg, a Democrat, is politically motivated.
U.S. Warns China Against Using Taiwan President's U.S. Stop to Raise Tensions
WASHINGTON-The Biden administration is urging China not to use a U.S. visit by Taiwan's president to raise tensions, with a senior official saying the trip is consistent with previous ones that passed without incident.
Taiwan President Tsai Ing-wen plans to stop in New York and Los Angeles in coming weeks on her way to and from formal visits to Guatemala and Belize. These stops, often called transits, are part of the strained diplomatic choreography over Taiwan and are intended to hew to a U.S. commitment to Beijing to maintain unofficial relations with Taiwan, while allowing its leaders to meet with supporters, including members of Congress.
Biden Signs Measure on Declassifying Intelligence on Covid-19 Origins
WASHINGTON-President Biden on Monday signed into law a measure requiring his administration to declassify intelligence related to potential links between China's Wuhan Institute of Virology and the Covid-19 pandemic, amid continued questions about the virus's origins.
(MORE TO FOLLOW) Dow Jones Newswires
03-21-23 0655ET
