EUROPEAN MID-DAY BRIEFING – Equity slide, oil comeback -3-


The German chemicals company posted slightly lower net profit in the quarter, although earnings before interest, taxes, depreciation and amortization rose 4% year on year, the company said.


Zalando responds to the higher orientations of 2021; sees further growth this year

E-commerce platform Zalando SE said on Tuesday that revenue and profit grew in line with higher expectations in 2021 and that it expects continued growth this year.

Berlin-based Zalando reported total revenue of 10.35 billion euros ($11.61 billion), up 30% year-on-year, with gross merchandise volume of 14.35 billion euros, an increase of 34%. Current income before interest and taxes amounted to 468.4 million euros, with a margin of 4.5%.


Adidas to use $1.7 billion from Reebok sale in new takeover

Adidas AG said on Tuesday it was planning a new share buyback program of up to 1.5 billion euros ($1.68 billion) to return to shareholders proceeds from the sale of the American fashion brand. Reebok sport, which is now complete.

The program will return to shareholders cash proceeds from the sale of Reebok to New York-based licensing firm Authentic Brands Group, as part of a €2.1 billion deal signed last year, including certain deferred and contingent considerations. The German sporting goods company said at the time that it planned to return the proceeds of the transaction to its shareholders.


US, Iran split over key nuclear issues as deal deadline nears

VIENNA — Iranian and U.S. officials are entering a crucial week of negotiations to reinstate the 2015 nuclear deal, with significant differences remaining on several key issues and fresh concerns that Russia’s invasion of Ukraine could complicate the talks.

Iran’s chief negotiator, Ali Bagheri-Kani, arrived in Vienna on Monday morning with positions that could prove difficult to reconcile with his Western counterparts, diplomats said. As Iran continues to expand its nuclear activities, Western diplomats have warned that talks could collapse if a deal is not reached this week.



Hong Kong’s Covid-19 measures put pressure on funding in Asian financial hub

Hong Kong’s most recent measures to combat Covid-19 are disrupting its large community of bankers and investors, many of whom were already struggling to juggle business and family commitments with severely curtailed travel.

Some finance professionals have asked employers if they can relocate, while a few expats have decided in recent months to quit and move. Others are considering options that could divide their families for months or more as they try to place their children in more stable schooling and away from the risk of mandatory quarantine.


Biden’s State of the Union address to highlight economic plans and sanctions against Russia

WASHINGTON — President Biden will deliver his first State of the Union address on Tuesday as he seeks to quell a war in Ukraine, guide the United States and its economy through the Covid-19 pandemic and help Democrats support November’s midterm elections.

The president will juggle reframing his stalled legislative agenda by reminding Americans of what he sees as key achievements — such as passing his Covid-19 relief bill and bipartisan infrastructure legislation. last year – and rallying them to his strategy to counter Russia, which includes uniting with allies on a massive sanctions package.


China’s official manufacturing PMI rises for fourth month

BEIJING — An official indicator of Chinese factory activity recorded its fourth consecutive month of expansion in February, defying expectations of an economic slowdown.

The official manufacturing purchasing managers’ index fell from 50.1 in January to 50.2 in February, the National Bureau of Statistics said on Tuesday.


The United States is well positioned to weather the economic shock of the Ukraine crisis

As Russian President Vladimir Putin launched a war on Ukraine, on the other side of the world, the US economy appeared to be rebounding from a winter wave of Covid-19 infections.

A series of US data suggests that US economic activity has picked up in recent weeks. Many Wall Street analysts expect the Labor Department to report strong February job gains and a further drop in unemployment on Friday.


Central Bank of Russia blockade neutralizes sanctions defense, says US

WASHINGTON — The United States and the European Union have blocked Russia’s central bank from using its emergency reserves to shield the economy from the Western pressure campaign, a salvo the bank’s governor said risked trigger a financial crisis.

The coordinated action prevents the central bank from selling dollars, euros and other foreign currencies in its stock of reserves to stabilize the ruble. Announcing the move in Washington on Monday before U.S. markets open, U.S. officials said they intended the sanctions to stoke already rising inflation, and that the actions against the Bank of Russia were in fact aimed at neutralize the monetary defenses of the country.


US Says Russian UN Diplomats Are Spies, Orders Them Out

WASHINGTON — The United States is deporting a dozen Russian diplomats assigned to the United Nations in New York over allegations they are intelligence agents, after what people familiar with the matter say was a year-long debate within the US government on the value of providing them with visas.

The deportations come as Russia’s invasion of Ukraine has sparked a wide-ranging response from Western countries, with economic sanctions, diplomatic pressure and sporting and cultural bans emerging at levels not seen since. the Cold War. The Biden administration even announced sanctions personally targeting Russian President Vladimir Putin and Sergey Lavrov, Russia’s top diplomat.


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


(END) Dow Jones Newswire

March 01, 2022 06:47 ET (11:47 GMT)

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