European Economics Preview: Germany Industrial Production Data Due
Industrial production data from Germany and investor confidence survey results from euro area are due on Monday, headlining a light day for the European economic news.
At 1.45 am ET, the State Secretariat for Economic Affairs is scheduled to release Swiss unemployment data for February. The jobless rate is seen at 3.6 percent, up from 3.5 percent in January.
At 2.00 am ET, Destatis is slated to issue Germany’s industrial production data for January. Economists forecast output to grow 0.2 percent on month after staying flat in December.
In the meantime, industrial output figures are due from Norway and Denmark.
At 3.00 am ET, Spain’s INE publishes industrial production figures for January. Output is expected to drop 0.7 percent on year, following a 0.6 percent fall in December.
At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. Economists forecast the sentiment index to rise to 1.9 in March from -0.2 in February.
Trump endorses Arkansas Sen. John Boozman for reelection
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Former President Trump has thrown his weight behind Republican Sen. John Boozman, Ark., who recently announced a 2022 reelection bid.
“Senator John Boozman is a great fighter for the people of Arkansas,” read a Monday statement from Trump.
“He is tough on Crime, strong on the Border, a great supporter of our Military and our Vets, and fights for our farmers every day. He supports our Second Amendment and has my Complete and Total Endorsement!”
Boozman responded on Monday, saying he was grateful to have Trump’s endorsement.
“I’m grateful to have Pres. Trump’s endorsement for my re-election to the Senate,” he said in a tweet.
“We worked together to lower taxes, roll back regulations, secure our border, defend our Second Amendment rights and Protect Life.”
Last week, Boozman announced his re-election bid, saying, “Now more than ever Arkansas needs strong, conservative leadership in Washington.”
Boozman received support from other Republicans, including Sen. Tom Cotton, R-Ark., and Sarah Huckabee Sanders, the former White House press secretary who is running for governor in Boozman’s state.
Turkey appoints new CEO for its wealth fund
ISTANBUL (Reuters) – Turkey appointed Salim Arda Ermut as the new chief executive of its sovereign wealth fund, according to a presidential decision published in the official gazette on Tuesday.
The former chief executive and member of the board of Turkey Wealth Fund (TVF) Zafer Sonmez was removed from duty, the decision said.
Washington Football Team puts franchise tag on Brandon Scherff for second straight year
The Washington Football Team has designated right guard Brandon Scherff as their franchise player for a second straight year to avoid losing him to free agency, a person with knowledge of the situation confirmed.
The person spoke on condition of anonymity because the team had yet to announce the news.
Washington had until 4 p.m. ET on Tuesday to use the franchise tag designation on Scherff. Otherwise, the team would’ve risked losing him to free agency when the league year opens next week.
The move means that Scherff will see his salary jump from $15.03 million (the figure for the first franchise tag) to $18.04 million, all of which counts against the salary cap, for the coming year.
Germany's confirmed coronavirus cases rise by 4,252: RKI
BERLIN (Reuters) – The number of confirmed coronavirus cases in Germany increased by 4,252 to 2,509,445, data from the Robert Koch Institute (RKI) for infectious diseases showed on Tuesday.
The reported death toll rose by 255 to 72,189, the tally showed.
House could pass $1.9T COVID-19 relief plan, Derek Chauvin trial: 5 things you need to know Tuesday
House expected to pass $1.9T COVID-19 relief package
The House is expected as early as Tuesday to approve President Joe Biden’s $1.9 trillion COVID-19 relief plan, his chief legislative priority as he begins his presidency. The plan, which passed the Senate this weekend, includes $1,400 stimulus checks for those earning under $75,000, an extension of unemployment benefits and money for local and state governments, among other measures. Democrats, whose margin in the House is only slightly bigger than in the Senate, must hope their progressive members don’t bolt over modifications made to the legislation, particularly the removal of a federal minimum wage hike.
- $1,400 checks could start arriving within weeks under latest COVID-19 relief package
- Singing the plan’s praises:Biden delivers a final sales pitch for relief plan
- Biden administration dangles $250 million to cities in push to promote COVID-19 vaccinations, safety
Deutsche Post DHL Q4 Profit Increases; Proposes Higher Dividend – Quick Facts
Deutsche Post DHL Group (DPSGY.PK) reported that its fourth-quarter consolidated net profit increased to 1.30 billion euros from 858 million euros in the previous year. On a per share basis, earnings were 1.03 euros up from 0.68 euros last year.
Profit from operating activities or EBIT was 1.97 billion euros up from 1.26 billion euros in the previous year.
Revenue for the fourth-quarter grew to 19.12 billion euros from 16.96 billion euros in the prior year.
The company said its management and supervisory boards plan to propose to the Annual General Meeting, conducted on 6 May 2021 that the dividend should be increased to 1.35 euros per share from last year’s 1.15 euros per share.
The company has decided to buy back up to 1 billion euros of shares.
For the financial year 2021, the Group anticipates a further significant increase in EBIT to more than 5.6 billion euros.
For 2021 the company forecasts a free cash flow of around 2.3 billion euros and gross capital expenditure of around 3.4 billion euros.
The Group has now extended its guidance to 2023; in January the company had raised its previously announced medium term targets for the period through 2022 in light of its positive business performance. EBIT is targeted to increase to more than 6.0 billion euros in 2023.
The Group plans to generate cumulative free cash flow of 7.5 billion euros to 8.5 billion euros between 2021 and 2023 compared to the previous forecast for 2020 – 2022 of more than 6 billion euros.