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French Government Says Has Deal On Anti-Inflation Shopping Basket

PARIS, March 6 (Reuters) – French Finance Minister Bruno Le Maire has reached a deal with the country’s main supermarket chains to help shoppers cope with food price inflation, he said on Monday.

Food retailers have agreed to offer shoppers “the lowest possible prices” for a three-month period on a selection of items left to them to decide, Le Maire told a news conference after he met retail bosses.

From June, retailers and government officials will reassess the situation and may ask large consumer goods suppliers to re-negotiate prices with retailers, he added.

Full coverage: REUTERS

Oil Down On China Outlook, Spotlight On Possible Rate Hikes

LONDON, March 6 (Reuters) – Oil prices slipped on Monday after China set a lower-than-expected target for economic growth this year at around 5%, and as investors cautiously awaited U.S. Federal Reserve Chair Jerome Powell’s testimony this week.

Brent crude futures were trading down 71 cents, or 0.8%, at $85.12 a barrel at 1000 GMT. U.S. West Texas Intermediate (WTI) crude futures were also down 59 cents or 0.7% at $79.09.

“Crude remains in a tug-of-war between optimism over Chinese reopening and nervousness over a hawkish Fed hurting the U.S. economy,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Full coverage: REUTERS

Swiss National Bank Reports Annual Loss Of 132.5 Bln Swiss Francs

ZURICH, March 6 (Reuters) – The Swiss National Bank (SNBN.S) reported on Monday an annual loss of 132.5 billion Swiss francs ($141.54 billion), in line with the provisional calculations it announced in January.

The loss, the biggest in the central bank’s 115-year history, was caused by a plunge in the value of the SNB’s investments caused by bond and stock market declines last year.

A strengthening of the Swiss franc also had a negative effect, reducing the SNB’s holdings and returns from foreign investments when they were converted back into Swiss francs.

Full coverage: REUTERS

Euro Zone Investor Morale Unexpectedly Falls In March

BERLIN, March 6 (Reuters) – Investor morale in the euro zone fell unexpectedly in March for the first time since October, dragged down by a decline in expectations as the usual spring revival of the economy is in danger of being short-circuited, a survey showed on Monday.

Sentix’s index for the euro zone fell to -11.1 points for March from -8.0 in February. Analysts polled by Reuters had expected the index to rise to -6.3 in March.

Full coverage: REUTERS

Morning Bid: Hopeful Market Awaits Powell Testimony

A look at the day ahead in European and global markets from Ankur Banerjee.

Investors have found their appetite for risky assets at the start of a crucial week, shrugging off the disappointment of China setting a modest target for economic growth this year, with European stocks set to carry the momentum.

Coming off its best weekly performance since start of the year, the continent-wide STOXX might aim for another record high as traders await January retail sales data for the Eurozone later in the day.

Full coverage: REUTERS

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Industry Dynamics

UK Inflation Rate Unexpectedly Rises To 10.4% In February

LONDON, March 22 (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision. Economists polled by Reuters had forecast that the annual CPI rate […]

2023-3-22 | Industry Dynamics

Dollar Pauses, Sterling Drops Ahead Of Fed, BoE

LONDON/SINGAPORE, March 21 (Reuters) – The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled […]

2023-3-21 | Industry Dynamics

Analysis: UBS Swallows Doomed Credit Suisse, Casting Shadow Over Switzerland

LONDON, March 20 (Reuters) – UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a […]

2023-3-20 | Industry Dynamics