EMEA morning briefing: stocks will struggle with the Fed -2-

“Our economy will need deep structural changes in these new realities, and I won’t hide it – they won’t be easy; they will lead to a temporary spike in inflation and unemployment,” Putin said in remarks. televised on Wednesday. ahead of a video meeting with Russian government officials.

   
 
 

Russia blames sanctions for pushing it into first default since 1998

Russia’s finance minister said the country paid what it owed on its foreign debts on Wednesday but was unsure the payments would be made, blaming US sanctions for putting the country on a path to default of payment.

The Russian government is due to pay $117 million in interest on two dollar-denominated government bonds on Wednesday. Failure to pay, or attempting to pay in rubles instead of dollars as required by the bonds, would pave the way for Russia to be defaulted by its creditors.

   
 
 

Ukraine mounts counteroffensive to repel Russians from kyiv and key cities

KYIV, Ukraine-Ukraine said its military launched a counter-offensive in its capital Kyiv and other key cities as President Volodymyr Zelensky urged the US Congress to provide more weapons and increase economic pressure on Russia.

The thud of distant shelling echoed through central Kyiv overnight, as Ukrainian forces appeared to counterattack in the outlying towns of Irpin, Bucha and Hostomel, which were badly damaged in weeks of fighting of street and artillery exchanges. The town and surrounding area were under curfew all day Wednesday.

   
 
 

World Court orders Russia to suspend military action in Ukraine

The International Court of Justice on Wednesday ordered Russia to suspend its military operations in Ukraine, issuing a preliminary but likely unenforceable order in the lawsuit against kyiv, saying the Kremlin justified its invasion under the false pretense of arresting a alleged genocide in the Russian-speaking region of Lugansk and in Ukraine. Donetsk regions.

The world court, a branch of the United Nations based in The Hague, has no independent power to enforce its rulings, and Russia has previously argued that the 15-member tribunal lacks jurisdiction over the dispute.

   
 
 

Boris Johnson visits UAE and Saudi Arabia in search of more oil

British Prime Minister Boris Johnson traveled to the United Arab Emirates and Saudi Arabia on Wednesday to deliver a plea from the West: pump more oil.

It turned out to be a tough sell.

   
 
 

Microsoft faces antitrust complaint in Europe over its cloud services

A French cloud computing company has filed an antitrust lawsuit in Europe against Microsoft Corp., adding to recent criticism of competitive practices by a company that largely avoided recent regulatory scrutiny aimed at rival tech giants.

OVHcloud said it filed a complaint with the European Commission, the European Union’s main competition regulator. The complaint concerns how Microsoft licenses its products, such as its Office productivity suite, which can make it more expensive to use cloud services that compete with Microsoft’s Azure cloud, people familiar with the matter said. .

   
 
 

German logistics giant DB Schenker set to set aside over €1 billion for FY21 Oper Pft

DB Schenker, the logistics arm of German rail operator Deutsche Bahn AG, will report operating profit of more than 1 billion euros later this month, according to a person close to the company’s supervisory board. .

DB Schenker, which ships goods by air, sea and land, is expected to post a profit before interest and tax of 1.2 billion euros for the fiscal year 2021, or $1.32 billion, against 711 million euros for the 2020 financial year. the 2021 financial year increased by 33% to 23.4 billion euros, the person said.

   
 
 

Hong Kong property stocks continue to rally after comments from policymakers

Shares of Hong Kong-listed developers continued to climb on Thursday after positive comments from top Chinese policymakers.

Leading the pack, Sunac China Holdings Ltd. jumped 57% and was last up 48% at 5.80 Hong Kong dollars (74 cents US). Country Garden Holdings Co. was last up 22% at HK$5.29 after rising 29% in the morning.

   
 
 

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Major events expected for Thursday

05:30/NED: February unemployment

07:00/EU: February Statistics on new passenger car registrations in Europe (EU27 + EFTA3)

07:00/SWI: February Trade Balance

07:00/SWE: Financial accounts for the 4th quarter

08:00/SVK: February Harmonized CPI

08:00/AUT: February CPI

08:00/SPN: January trade balance

10:00 a.m./EU: February Harmonized CPI

10 a.m./MLT: Harmonized CPI for February

11:00/TUR: Decision on Turkish interest rates

12:00 p.m./UK: Summary of agent trading terms

12:00 p.m. / United Kingdom: decision on interest rates in the United Kingdom

15:59/UKR: January Trade

All times in GMT. Powered by Kantar Media and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

 

(END) Dow Jones Newswire

March 17, 2022 01:26 ET (05:26 GMT)

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