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Emerging market assets have outperformed this year as Chinese growth concerns dissipate and the correction in US equities leads investors to seek yield elsewhere, he said.

Worries about rising mining taxes and resource nationalism in Chile are likely overblown, according to Jefferies.

While Chilean miners are expected to face higher taxes in the future, a shift from a tax based on operating margin to a tax based on income is unlikely, the bank said, adding that foreign investment in Chilean mines remains politically important.

“Market concerns about these increases are more aligned with an extreme outcome that is unlikely to materialize, in our view.” A proposal to include a rule in the Constitution that could lead the country to nationalize its mines is also concerning but likely to fail, Jefferies said.




German exports grew at a slower pace than imports in December

German exports rose in December but at a slower pace than imports, reducing the trade surplus, German statistics office Destatis said on Wednesday.

Exports increased by 0.9% over the month in adjusted terms. Imports rose 4.7% on the month, Destatis said. Figures take into account seasonal fluctuations and calendar effects.


Maersk raises dividend and sees strong first half

AP Moeller-Maersk AS increased its dividend on Wednesday and said it expects a strong first half while assuming normalization of its main shipping unit will occur early in the second half.

The Danish shipping giant released its fourth-quarter results last month, noting that supply chain disruptions had pushed up container freight rates and led to a better-than-expected quarter.


GlaxoSmithKline’s fourth-quarter net profit rose on higher sales

British pharmaceutical giant GlaxoSmithKline PLC on Wednesday posted an increase in net profit and sales for the last quarter of 2021.

The company said net profit was 749 million pounds ($1.01 billion) for the fourth quarter, compared to 677 million pounds for the same period a year earlier, on sales which rose from 8 £.74 billion to £9.53 billion.


ABN AMRO Q4 Net Profit Beats Market Views; launches buyback program

ABN AMRO Bank NV on Wednesday reported a significant increase in its net profit and operating result for the fourth quarter of 2021, which beat market expectations, and said it was launching a buyback program. shares of 500 million euros ($570.9 million).

The Dutch lender posted a net profit of 552 million euros, against 54 million euros a year earlier. It was expected to post a net profit of 451 million euros, based on analyst consensus compiled by the bank.


Akzo Nobel 4Q plans a new €500 million share buyback program; Q4 net profit forecast to exceed

Akzo Nobel NV said on Wednesday it is planning a new 500 million euro ($570.9 million) share buyback program as it reported above-market net profit for the fourth quarter of the year. .

The Dutch paint company – home to the Dulux, Polycell and Cuprinol brands – posted net profit for the quarter of 187 million euros, against 167 million euros a year earlier and a consensus of 121.2 million euros.


Handelsbanken increases its dividend after posting better-than-expected net profit in the 4th quarter

Svenska Handelsbanken on Wednesday reported better-than-expected fourth-quarter net profit and increased its dividend as fees and net interest income rose while loan losses declined.

Handelsbanken said its previously announced cost-cutting program was proceeding as planned and that, so far, measures of around 2.0 billion Swedish kronor ($218.7 million) had been agreed or implemented. work.


Pandora Says Current Business Remains Strong, Launches $506M Takeover

Danish jeweler Pandora AS on Wednesday offered a further DKK 3.3 billion ($506.2 million) share buyback and said its current performance remains strong, with sustainable and profitable growth expected to continue. .

“We are ending 2021 on a high note with record Q4 revenue and sales,” said chief executive Alexander Lacik.


Europe aims to boost microchip production with cash and eased aid rules

BRUSSELS — A European Union proposal to increase microchip production could free up tens of billions of dollars in funding for research and new production facilities, part of the bloc’s economic drive to bolster its independence commercial.

The European Commission, the executive arm of the EU, presented a plan on Tuesday to make available around $49 billion in public and private funding for the chipmaking industry. The proposal would also give the Commission the power, in certain circumstances, to require companies to prioritize specific products in the event of a shortage.


BNP Paribas wants to be Europe’s global investment bank

The European lender with the most ambitious plan to create a full-service, American-style global investment bank today is France’s BNP Paribas. Tuesday’s fourth quarter results showed just how difficult that can be.

Continental Europe’s largest bank by market value released decent headline numbers, flattered by falling loan losses. Revenues and earnings grew last quarter, creating a comfortable capital cushion of 12.9% and delivering a return on tangible equity of 10%. But BNP’s global markets division has tracked the performance of its US rivals in both revenue and earnings due to markets normalizing.



What is inflation and what causes it? What there is to know

US inflation is at its highest rate in nearly four decades, hitting 7% in December from a year ago. Consumers are seeing prices rise sharply for a variety of goods and services as strong demand meets persistent supply shortages.

Inflation is one of the thorniest issues facing economists and policy makers. The causes are multiple and the tools usually deployed to control price pressures can, in certain scenarios, plunge the economy into a recession.


Don’t expect rising interest rates to boost your savings account

Interest rates are about to rise. Savers should not hope.

The Federal Reserve announced it would raise rates in March, the first of what is expected to be a series of increases this year. Higher rates generally mean that bank customers will earn more on their deposits. Not so this time.


China’s quantitative hedge funds stumble after skyrocketing growth

Some Chinese data-driven hedge funds have stumbled, after several years of eye-catching returns and massive inflows of investors.

These quantitative money managers use statistical models to pick stocks and trades on time, relying on machine-developed trading algorithms to filter out human weaknesses and find patterns in the market. The rise in Chinese quantitative investing mirrors Wall Street’s past growth, as stock markets in both countries are large and liquid.


Digital currency push in Beijing at Winter Olympics puts Visa in a bind

For decades, America’s largest card network has been the exclusive provider of electronic payments at the world’s biggest sporting event. At this year’s Beijing Games, however, Visa is to share the limelight with China’s new digital currency, e-CNY.

China has been at the forefront of digitalizing payments, thanks in large part to popular mobile networks Alipay and WeChat Pay, operated by Chinese internet giants Ant Group Co. and Tencent Holdings Ltd respectively. The mass adoption of digital payments in the world’s most populous country has rendered the use of physical cash virtually obsolete, a trend that has alarmed China’s central bank, which is conducting small-scale rollout trials for its currency. digitized since the end of 2019.


Protests by ‘Freedom Convoy’ truckers disrupt Ambassador Bridge at Canada-US border

Protesters fighting Covid-19 vaccination mandates have temporarily halted two-way traffic at North America’s busiest international land border crossing as a nearly two-week protest in Ottawa threatened to expand and disrupt US-Canadian trade.

Canadian and U.S. authorities said the Ambassador Bridge, a 1.6-mile corridor that connects Detroit to Windsor, Ont., was temporarily closed late Monday night due to a protest by truckers and their supporters. Protesters are calling on governments to roll back Covid-19 policies requiring individuals to be fully vaccinated to enter restaurants and gyms or to board planes and trains.


The United States and its allies are waging an information war with Russia to deter the invasion of Ukraine

Russian troops are ready near Ukraine’s borders and US officials warn an invasion could happen any day. But an information war between Moscow and the West has been going on for months.

In a break from past practice, the US and UK governments have repeatedly said they have secret information warning that Russia is preparing to invade Ukraine. The goal, according to Western officials, is to prevent any such attack and unbalance the Kremlin.


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


(END) Dow Jones Newswire

February 09, 2022 06:07 ET (11:07 GMT)

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