USA: Sentiment in the service sector is brightening
TEMPE – Sentiment in the US services sector improved in March. The purchasing manager index of the Institute for Supply Management (ISM) rose by 1.8 points to 58.3 points compared to the previous month, as the institute announced on Tuesday in Tempe. Economists had expected an average of 58.5 points. The mood indicator is thus even more clearly above the growth threshold of 50 points. The indicator thus signals robust growth in the service sector.
Poland blocks agreement on EU global minimum tax law
LUXEMBOURG – Poland is blocking an EU law implementing the international minimum tax. “Unfortunately, there was no agreement today on the implementation of global minimum taxation in the European Union,” said Finance Minister Christian Lindner (FDP) after a meeting of EU economics and finance ministers on Tuesday. “We agreed with all but one member state – Poland – that this is a big step forward.”
ROUNDUP: EU Commission proposes ban on imports of coal from Russia
BRSSEL – The EU Commission has presented a proposal for a comprehensive package of new sanctions against Russia. According to EU Commission President Ursula von der Leyen, it includes a ban on the import of coal from Russia, a port ban on Russian ships and other trade restrictions. The 27 EU countries must now decide whether the sanctions will be imposed as proposed.
Athens repays last IMF debt two years earlier than necessary
ATHENS – Greece has repaid its last debt to the International Monetary Fund (IMF) – two years before the deadline. It was about loans of around 1.9 billion euros, the daily newspaper “Kathimerini” reported on Tuesday. Prime Minister Kyriakos Mitsotakis expressed enthusiasm. “End of an era for the IMF as a lender to Greece!” he tweeted. A “grey chapter” that began in 2010 with the country’s severe financial crisis is closing. “An era that the Greeks shouldn’t and won’t experience anymore,” assured the head of government.
USA: Trade deficit stagnates at record level
WASHINGTON – The US foreign trade deficit stagnated at a high level in February. As in the previous month, the deficit was $89.2 billion, the Department of Commerce announced in Washington on Tuesday. This is the highest value ever determined. However, the previous month’s value was revised, originally a slightly higher value had been determined. Exports and imports each increased by $4.1 billion in February.
French Finance Minister: EU countries for energy sanctions
LUXEMBOURG – EU countries agree that the energy sector should be part of the next package of sanctions against Russia, according to French Finance Minister Bruno Le Maire. The 27 states have agreed to include the energy sector in the sanctions to an extent and timetable that is yet to be determined, Le Maire said after a meeting of EU economics and finance ministers on Tuesday. In addition, all 27 had shown themselves open to new export and import restrictions against Russia. An extension of the list of sanctioned persons and companies was also advocated, said Le Maire.
OVERALL ROUNDUP: Selenskyj wants to solve crimes – from der Leyen to Kyiv
Kyiv – The Ukrainian President Volodymyr Zelenskyj wants a full investigation into the crimes against civilians in Bucha and other Ukrainian cities. To this end, they work together with the EU and the International Criminal Court, among others, he said. International outrage over the atrocities in the Kiev suburb of Bucha continues. European countries are expelling dozens of Russian diplomats who they accuse of activities for secret services. This week, EU Commission President Ursula von der Leyen will travel to Kyiv for a meeting with Selenskyj.
ROUNDUP: Business sentiment in the euro area deteriorates only moderately
LONDON – Eurozone business sentiment deteriorated only moderately in March despite the war in Ukraine. The purchasing managers’ index from S&P Global (formerly IHS Markit) fell by 0.6 points to 54.9 points compared to the previous month, as S&P announced on Tuesday in London after a second estimate. A first survey was revised upwards by 0.4 points.
Great Britain: Surprisingly brightening in economic sentiment
LONDON – Sentiment in the British economy improved surprisingly in March. The purchasing managers’ index from S&P Global (formerly IHS Markit) rose by 1.0 points to 60.9 points compared to the previous month, as market researchers announced on Tuesday in London, according to a second estimate. This is the highest level since June 2021. In a first estimate, a slight decrease to 59.7 points was determined.
France: Industry produces less
PARIS – Industry in France produced less in February. Compared to the previous month, the total production was 0.9 percent lower, the Insee statistics office announced on Tuesday in Paris. On average, analysts had expected a more moderate decline of 0.3 percent. The setback follows a significant increase in production in January of 1.8 percent.
Customer note:
ROUNDUP: You are reading a summary in the business cycle overview. There are several reports on the dpa-AFX news service on this subject.
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