In telling their stories about how the future is bright for stocks, bulls point to solid earnings to justify the optimism. But cracks are forming in that narrative — in the trajectory of profits, and just as worryingly in the makeup of the profits themselves.
The recent appointment of a prominent Democratic economist to lead the Federal Reserve Bank of Chicago is fueling friction over political partisanship in the US central bank.
Chinese President Xi Jinping welcomed Belarusian leader Alexander Lukashenko, a close Russian ally, in talks watched closely for signs that Beijing is expanding coordination with Moscow and its supporters in their standoff with the West.
Italy’s budget deficits for the past three years were revised drastically higher after a reassessment of tax breaks including the so-called “superbonus” showed a bigger immediate hit to the public finances.
Banco Santander SA said the salary gap between male and female staff on the same job remained unchanged last year, joining its main Spanish peer, BBVA, in failing to advance toward equal pay.
(Bloomberg) — Novavax Inc. said there’s substantial doubt about its ability to stay in business through next year, the latest warning from the company after it struggled to develop and sell a Covid-19 vaccine. The stock plunged in extended trading.
Pfizer Inc.’s vaccine for respiratory syncytial virus received backing from a panel of US advisers for use in people 60 and older, pushing the company to the forefront once again for immunization against a dangerous respiratory illness.
(Bloomberg) — Bundesbank President Joachim Nagel said he supports a more rapid reversal of the European Central Bank’s bond-buying to help tackle inflation, with more large interest-rate increases also a possibility beyond a planned hike this month.
BNP Paribas SA was ordered to pay a banker it only fired after sexual harassment allegations made against him came to light in a newspaper article, as French judges turned the blame on the bank for failing to act years before the matter was made public.
Purplebricks Group Plc said it was starting a formal sale process after receiving several expressions of interest that the board wished to pursue.
