February, 2023

• 28 February

  Finland’s economy sinks into recession on Q4 dip

  

  BLOOMBERG Finland’s economy contracted more in the fourth quarter than a flash estimate had indicated, affirming that the Nordic nation has entered a recession. Gross domestic product (GDP) shrank 0.6% last quarter from the previous three-month period, when it contracted a revised 0.1%, Statistics Finland said. A flash estimate had indicated a 0.2% decline in output. GDP was stagnant compared ...

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• 28 February

  Santander’s Botin seeks to lure investors with higher payout

  

  BLOOMBERG  Banco Santander SA pledged to return a bigger share of earnings to investors as Chairman Ana Botin joins the race among European lenders to lure shareholders after years of subpar returns. Spain’s largest lender plans to pay out 50% of profit over the next three years, up from 40% previously, it said in a presentation. The Madrid-based bank also ...

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• 28 February

  France calls for Europe to throw its weight behind nuclear power

  

  BLOOMBERG France wants Europe’s nuclear industry to be recognised as a key force that can help the continent compete with the US and China. President Emmanuel Macron has pledged to build at least six new reactors in his country and put them into service from 2035. On Tuesday, he called for the European Investment Bank to fund “all low-carbon technologies ...

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• 28 February

  Volkswagen defends Xinjiang plant despite Uyghur concerns

  

  BLOOMBERG Volkswagen AG reaffirmed its commitment to an automotive plant in Xinjiang after a visit by its China chief, despite persistent concerns of human rights abuses in the country’s far western region. The German carmaker said it has no indication that workers are mistreated at the facility in the city of Urumqi, which is operated by a subsidiary of its ...

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• 28 February

  Swiss economy unexpectedly failed to grow at end of 2022

  

  BLOOMBERG The Swiss economy unexpectedly failed to grow in the final months of 2022 as manufacturing output contracted and exports weighed on momentum. Gross domestic product stalled in the fourth quarter, according to government data. That falls short of the median economist prediction in a Bloomberg survey, which had anticipated a 0.1% increase. Exports showed a significant decline of 0.9% ...

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• 28 February

  Brexit deal puts disliked UK assets on long road to recovery

  

  BLOOMBERG Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen both hailed their post-Brexit deal as a chance to reset frayed relations between the two sides. For investors in British assets, the repair work is only just beginning. BlackRock Inc and Abrdn Plc are among asset managers overseeing more than $9 trillion combined that expect the deal ...

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• 28 February

  ‘Rally in India’s largest consumer stocks over’

  

  BLOOMBERG The rally in India’s largest consumer stocks has likely run its course as margins are near historical highs and the firms appear reluctant to boost investment, according to one of the nation’s biggest money managers. “We think earnings growth will disappoint,” said Anish Tawakley, who oversees about $4.8 billion as deputy equity chief investment officer at ICICI Prudential Asset ...

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• 28 February

  Yields jump as hot inflation reports embolden hawks

  

  BLOOMBERG European stocks slipped as euro-area bond yields surged on Tuesday as hot inflation reports ramped up the stakes for the region’s central bank to battle rampant price pressures. The Stoxx 600 fell 0.3%, trimming a 1.7% gain for February, in the wake of reports that showed accelerating inflation in France and Spain. US contracts were range-bound after a solid ...

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• 27 February

  UK, EU seal new post-Brexit deal on Northern Ireland trade

  

  BLOOMBERG The UK and European Union (EU) reached a deal on Northern Ireland’s trading arrangements, ending more than a year of often acrimonious wrangling over the post-Brexit settlement for the region, people familiar with the matter said. The agreement follows a meeting between British Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen, according to the people, ...

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• 27 February

  Italy’s left faces shakeup as Elly Schlein wins race

  

  BLOOMBERG Supporters of Italy’s Democratic Party have chosen Elly Schlein as their next leader, a surprise result that signals a shakeup in the country’s main political opposition and also means that women now lead both of the country’s biggest parties. The 37-year-old, who also holds US citizenship, won about 54% of the over 1 million votes cast during an informal ...

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