Quote of the day
Read between the lines
Cryptic words from Deutsche Bank’s new boss, but the million dollar question is: Will it spell the end of the lender’s investment banking business? Christian Sewing was crystal clear on a few other items, in a corporate speak kind of way, mentioning job cuts (“revise our internal processes to eliminate bureaucracy”); pay rises (“Our adjusted costs must not exceed €23 billion in 2018. This is non-negotiable.”); sell, sell, sell (“we have to regain our hunger for business”); and customers ain't muppets (“offer them convincing solutions and not just products”).
Loose cannon of the day
Plainer talk came from Ukraine’s president in an interview with Handelsblatt. His frustration was plain: The new Baltic Sea gas pipeline project linking Russia and Germany will circumvent Ukraine’s grid that links Russia and Western Europe over land. That means Ukraine will lose revenue once Nord Stream 2 is finished next year. Mr. Poroshenko will doubtless say more when he comes to Berlin on Tuesday.
Graph of the day
Signaling a trade war?
Analysts expected German exports to rise in February. Instead they fell 3.2 percent. It was the biggest month-on-month drop since August 2015 and followed a drop in January. Economists wondered whether it was a first sign of trade trouble, thanks to Trump. Year-on-year, exports still rose 2.4 percent, but the new figures show the weakest start of the year since 2009 – a year of deep recession.
Victory of the day
Hungary’s “mini-Trump” wins third straight term
Viktor Orbán is prime minister again, the first in Hungarian history to win a third successive term. With a campaign against refugees and immigrants, his coalition of right-wing nationalists and Christian Democrats gained two-thirds of the vote. Francis Fukuyama, the American historian, last year called Mr. Orbán one of Europe’s “mini-Trumps.” But judging from the election margins in the US and Hungary, we could also call Mr. Trump a mini-Orbán. Source: