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
