| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.European officials gathe |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. European officials gathering in Washington this week will seek an off-ramp for what is becoming the worst global trade crisis in a century. Tariffs will dominate the spring meetings of the International Monetary Fund and World Bank, as well as a gathering of G-20 finance ministers and central bankers, following US threats to abandon the multilateral institutions it helped build. A weaker IMF and World Bank would be an acute risk for nations struggling with high debt, dwindling currency reserves or other fiscal challenges which rely on the fund. While many officials will be seeking to engage with President Donald Trump's administration, others, including Chinese representatives, will discuss how to maintain a global financial system without US leadership. — Saim Saeed | |
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| Pope Death | Pope Francis, the first pontiff from the Americas, died yesterday aged 88. Francis had sought to bring a more compassionate approach to the Catholic church's work, focusing on alleviating poverty. But he struggled to deal fully with the legacy of widespread child abuse by clergy members. Here's a list of who could succeed him. Ukraine Talks | The US is likely to hold talks tomorrow with Ukrainian and EU officials in London to discuss a deal to end the Ukraine war, we've heard. The US proposal would ease sanctions on Moscow and recognize its control over Crimea, while freezing the current frontline. Recession Worry | European Central Bank Governing Council member Martins Kazaks said the probability of a euro-area recession is high. Another ECB policymaker, Madis Muller, warned that US trade tariffs and higher German public spending could stoke inflation. He said there was "no consensus" on the next rate decision. Trade Warning | China has warned countries seeking to make deals with the US not to do so at Beijing's expense. The edict comes as the country is reaching out to Europe to counter US moves, vowing to be a more reliable partner than Washington. | |
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| Davos Man | Klaus Schwab, the founder of the World Economic Forum, announced he will step down after 50 years in charge of the organization. Schwab, 87, is largely responsible for developing what started as a management symposium into the annual gathering of world leaders and CEOs in Davos. Intelligence Row | Israeli intelligence chief Ronen Bar accused Prime Minister Benjamin Netanyahu of trying to use the country's intelligence agency for his own benefit. In an affidavit, Bar wrote that Netanyahu requested surveillance on anti-government protesters, a claim the premier refutes. Trade Benefits | Latin America could be a winner in the global trade war. Brazil and Argentina are stepping in to provide farm products like meats and grains to countries looking for alternatives to US products. Another upshot may be new momentum for trade talks between Mercosur – the South American trade bloc – and the EU. Sell America | The Polish zloty and the Hungarian forint registered some of the biggest gains at the start of the week, propelled by an ongoing rotation away from the US — known as the "Sell America" trade — that's pushing investors to look at undervalued emerging-market assets. | |
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| US stocks tumbled as Trump continued to attack Federal Reserve Chair Jerome Powell, calling for rate cuts amid signs of a potential recession. The dollar and long-dated Treasuries also fell, with the yield on 30-year bonds increasing, as Trump's criticism raised concerns about the Fed's independence. | |
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- 10 a.m. ECB survey of professional forecasters
- 7 p.m. ECB's Luis de Guindos speaks at MIT/ICADE Finance Club in Madrid
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