EMEA morning update: Shares will open with a fall, bonds -2-

Ukrainian President Volodymyr Zelensky on Monday issued a new call for military assistance as the country prepares for some of the deadliest clashes to date, while France has sent a police unit from its armed forces to Ukraine to investigate possible war crimes. the first revealed deployment of military personnel in Ukraine from a country of the North Atlantic Treaty Organization.

Meanwhile, Ukrainian authorities say they are investigating allegations by its troops in the besieged city of Mariupol that they were attacked with Russian chemical weapons on Monday. The Russian government has not commented publicly on the alleged use of chemical weapons in Mariupol.

   
 
 

China’s latest Covid-19 lockdowns are starting to weigh on the economy

China’s tight lockdowns on the Covid-19 in Shanghai and other industrial hubs are starting to weigh on its economy, with car sales falling and consumer prices rising faster in three months.

Car sales in China fell 10.5 percent year-on-year in March to 1.58 million vehicles as measures to curb the coronavirus epidemic shut down car factories, slowed car shipments and prevented consumers from visiting car dealerships. , the China Passenger Car Association announced on Monday.

   
 
 

Investors are wary of consumer debt

Investors are becoming increasingly reluctant to back up consumer debt-backed bonds, worrying that inflation and slowing growth will increase the number of low-income borrowers lagging behind in car payments or credit card bills.

Bond buyers backed by high-risk car loans or credit cards are demanding higher premiums than benchmark interest rates from mid-2020. Meanwhile, investors have fined shares in some financial technology companies that helped boost consumer lending , such as Affirm Holdings and Upstart Holdings.

   
 
 

Russian railways have opted for defaults as sanctions entail payments

Russia’s state-run Railways said Monday it had defaulted on bonds, setting conditions for credit insurance payments to a Russian corporate borrower for the first time since the start of the war in Ukraine as sanctions barred payments to foreign creditors.

Payment agent UBS AG did not receive payment until the end of a grace period last month for a Swiss franc bond, which is a credit default, according to the EMEA Credit Determination Committee, a committee of banks and investment firms overseeing the contracts. credit risk exchange.

   
 
 

Parker’s $ 8.65 billion acquisition of Meggitt receives EU approval

The European Commission announced Monday that it has approved the acquisition of Meggitt PLC by Parker Hannifin Corp. $ 8.65 billion after Parker pledged to address the commission’s competition concerns.

The European Commission, which is the executive arm of the European Union, has said that the acquisition of British engineer Meggitt could reduce the number of suppliers of wheels and brakes in the airline market.

   
 
 

The White House is expected to appoint a new commander to lead the Allied Powers in Europe

WASHINGTON – A top US military general in Europe is expected to lead all US and allied forces on the continent, US officials have said, marking the biggest shift in NATO military leadership since Russia invaded Ukraine.

The Pentagon is also planning to appoint a new general to lead the Special Operations Forces, officials said. Both will replace commanders who are expected to retire this year as part of a regular rotation of commanders.

   
 
 

The central banker of Moscow dismantles what he built

Elvira Nabiullina spent eight years modernizing Russian monetary policy and forging bonds with world markets. In the past six weeks, he has dismantled much of what he has created for a new task: to keep President Vladimir Putin’s war economy afloat.

Ms. Nabiullina, the governor of the Russian Central Bank, is among the key players in Moscow’s efforts to prevent Western sanctions for invading Ukraine from causing an economic collapse. An ally of Putin for two decades, he is the key official in charge of stabilizing the ruble and fighting inflation – tasks that the Kremlin considers necessary to protect the Russian people from the effects of sanctions.

   
 
 

Elon Musk, again a stranger on Twitter, appears as a non-binding wildcard for the company

Elon Musk’s surprise decision not to join Twitter Inc. gives the social media company less control over its largest shareholder, paving the way for it to push for change and speak freely about the company as an activist investor.

After revealing a share of about 9% on Twitter last week, Mr Musk was offered a seat on the board, which he declined on Saturday.

   
 
 

Citi names Angel Ng as head of Asia-Pacific Global Wealth Management

HONG KONG-Citigroup Inc. has appointed a new head of asset management for Asia-Pacific as the New York-based bank continues its strategic shift to serving affluent customers in the region.

Angel Ng, currently managing director for Hong Kong and Macao, has been appointed head of Asia-Pacific for global wealth management, according to an internal note in the Wall Street Journal. The unit was set up early last year, combining a privately owned bank aimed at the extremely wealthy and the consumer wealth operation run by the retail bank and was one of Jane Fraser’s main initiatives to reform Citigroup.

   
 
 

Vaccine Makers Pfizer, Moderna Hires new CFOs

Vaccine manufacturers Pfizer Inc. and Moderna Inc. named the company’s outsiders as chief financial officers as they try to use some of the cash they have generated during the Covid-19 pandemic.

New York-based Pfizer said Monday that David Denton will take over as chief financial officer on May 2. Mr. Denton has served as CFO of Lowe’s Cos, a household goods retailer. from 2018. Prior to that, he was Chief Financial Officer of CVS Health Corp. , the Woonsocket chain of pharmacies and health services based on RI.

   
 
 

Crypto.com is hiring a financial crime specialist from Western Union

Crypto.com has hired a former Washington regulator and federal prosecutor to oversee its efforts to ensure that the fast-growing online cryptocurrency platform is not being used for crimes such as terrorist financing and fraud.

Duncan DeVille will be the executive vice president of the Singapore-based company for Compliance in the Americas and as head of global compliance for financial crimes, Crypto.com reported on Monday. It will refer to the company’s chief compliance officer, Antonio Alvarez.

   
 
 

Honda Motor plans to produce 2 million EVs per year by 2030

Honda Motor Co. announced on Tuesday that it plans to produce 2 million electric vehicles per year by 2030 as part of its effort to reduce carbon emissions.

The Japanese carmaker said it plans to introduce 30 models worldwide by 2030.

   
 
 

Write to [email protected]

   
 
 

Important events are expected for Tuesday

05: 00 / FIN: Balance of payments in February

06: 00 / ROM: March CPI

06: 00 / GER: March WPI

06:00 / GER: March CPI

06: 00 / UK: March monthly unemployment figures in the UK

06:45 / FRA: Feb. Foreign trade

06:45 / FRA: Balance of payments February

07: 00 / SVK: Feb. Construction production

07: 00 / ΤUR: Industrial Production Index February

08: 00 / EU: March Long-term interest rate statistics

09: 00 / GER: Apr ZEW Economic Climate Index

10: 00 / FRA: February OECD Harmonized unemployment rates

10:00 a.m. / BY: March CPI

16:59 / GER: Balance of payments in February

16:59 / AUT: April Monthly Report on the OPEC Oil Market

23:01 / United Kingdom: CBI and PwC Financial Services investigation

All times are GMT. With the support of Kantar Media and Dow Jones.

Write to us at [email protected]

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

 

(END) Dow Jones Newswires

12 April 2022 00:23 ET (04:23 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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