Industrial production in Germany fell 1.6 percent month on month in February. On the other hand, exports rose by 0.9 percent, mainly due to growth in exports to China. This follows from today's data from the Federal Statistical Office and the Ministry of Economy. The decline in industrial production was a surprise for analysts, who predicted an increase of 1.5 percent in a Reuters poll.
The biggest European economies Germany and France announced a view and future cooperation with US Treasury Secretary Janet Yellen on global minimum corporate tax rate as rule on cross-border business taxation. Countries’ opinion is that agreement between more than 140 countries is now possible. The main target is to discourage large multinational companies to transfer their earnings to low-tax countries such as Ireland.
After the rise and massive sell-off of the black gold’s futures, oil started to rise. The main fundament behind the rise of prices is the planned meeting of OPEC and its allies, with investors expecting the producers will largely approve to extend their supply curbs into May. Slow vaccination, rising COVID-19 cases in India and Brazil, prolonged pandemic lockdowns in Europe will be the main points of OPEC+ discussion. The meeting is set for Thursday this week.