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Germany's upper house of parliament has approved a significant fiscal spending package, expected to boost GDP growth to 1.5% in 2026 and 2% in 2027, according to Deutsche Bank analysts. However, the near-term outlook remains uncertain due to potential U.S. tariffs and geopolitical tensions, leading to a revised growth forecast of 0.3% for this year. The measures, aimed at increasing defense and infrastructure spending, mark a departure from decades of fiscal conservatism.
The sanctioning of the Russian central bank in 2022 has prompted central banks in nations not fully aligned with the US to seek ways to reduce their dependence on US assets. This shift is complicated by the unmatched depth and liquidity of the US government bond market.
Russian internet firm VK reported a net loss of 94.9 billion roubles (US$1.13 billion) for 2024, nearly tripling the previous year's loss of 34.3 billion roubles (US$405.7 million). The company attributed this increase to higher spending on content creation, attracting content creators, and investments in technical equipment and staffing, all aimed at driving audience growth. The financial results were disclosed on March 20, 2025, with an exchange rate of 84 roubles to the US dollar.
Raiffeisen Landesbank NÖ-Wien reported a profit of nearly 400 million euros for 2024, rebounding from a loss in 2022, despite one-off effects from its stake in Raiffeisenbank International due to the war in Ukraine. The bank's equity ratio increased to 24%, indicating strong resilience, while the cost-income ratio improved to 47.8%. Looking ahead, the bank anticipates continued growth but is budgeting conservatively amid economic uncertainties and an increased bank levy.
Jamie Dimon, CEO of JPMorgan Chase, expressed concerns about the economic landscape during a discussion at Adobe's annual summit, noting a "soft landing" phase but significant turbulence ahead. He highlighted geopolitical tensions, potential tariff impacts, and a decline in consumer spending among lower-income individuals, while wealthier Americans benefit from rising asset prices. Dimon remains optimistic about decreasing inflation but cautioned that the transition to a green economy could pose challenges.
Oil prices increased on Thursday, driven by a strong demand outlook in the US and a weaker dollar. Brent crude rose to $71.21 a barrel, while US West Texas Intermediate climbed to $67.54, supported by a significant drawdown in distillate inventories and expectations of a Federal Reserve interest rate cut.Despite a rise in US crude inventories, analysts noted that the overall demand remains healthy, with global oil demand averaging 101.8 million barrels per day. Geopolitical tensions in the Middle East and potential ceasefire talks in Ukraine also contributed to market volatility.
JPMorgan CEO Jamie Dimon described the U.S. economy as experiencing a "soft landing" amid significant turbulence, highlighting concerns over geopolitical tensions and the impact of tariffs. He noted that lower-income consumers are cutting back on spending, while the wealthiest remain financially stable due to rising asset values. Dimon emphasized the need for a long-term perspective on inflation and predicted increased military spending as part of strategic business planning.
The BNP Paribas Open in Indian Wells, California, saw record attendance of over 504,000, crowning 17-year-old Mirra Andreeva as the women's champion after her comeback victory against world No. 1 Aryna Sabalenka. Jack Draper claimed his first ATP Masters 1000 title by defeating Holger Rune in the men's final. The tournament, which has evolved significantly since its inception in 1976, continues to attract families and a younger fan base, bolstered by a long-term sponsorship extension from BNP Paribas.
JPMorgan analysts predict that Russian stocks are unlikely to rejoin MSCI global equity indexes before 2027, dismissing the two-year timeline starting in June as overly optimistic. Russia was removed from these indexes in March 2022 following its invasion of Ukraine. Despite rising interest in Russian assets, the geopolitical situation remains tense, with both Russia and Ukraine accusing each other of violating a ceasefire agreement.
Raiffeisen Bank is compelled by a Kaliningrad court to purchase a 28.5 million share stake in Strabag from Rasperia for around two billion euros, despite EU sanctions against Rasperia's former owner, Oleg Deripaska. This ruling could facilitate significant asset transfers between Russian and European firms, as Strabag benefits from shedding a "toxic" shareholder and gaining access to Raiffeisen's financing. The market reacted positively, with Strabag shares soaring to an all-time high following the court's decision.
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Germany approves fiscal spending package to boost economic growth prospects
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