European equity markets open lower
European equity markets opened lower, with banking stocks still in negative territory following the global Silicon Valley Bank fallout.
The pan-European Stoxx 600 index was down 0.4% toward the start of trade, with most sectors and major bourses trading in the red. Retail stocks led losses with a 1.9% drop, followed by oil and gas stocks, which were down 1.4%. Banking stocks were down 0.5%.
— Hannah Ward-Glenton
BMW lifts margin forecast, expecting higher deliveries as it ramps up electric rollout
German carmaker BMW on Wednesday said it expects an EBIT (earnings before interest and taxes) margin of between 8-10% for its automotive range in 2023, with deliveries set to rise slightly from 2022. Selling prices are targeted to remain at a “stable” level.
The company reaffirmed the full-year 2022 results reported last week, including an EBIT of 10.6 billion euros ($11.4 billion) for its automotive segment, which had an 8.6% margin last year.
BMW is carrying out an extensive rollout of battery-electric vehicles and anticipates it will reach more than 50% BEV share well ahead of 2030. The company’s BEV share is slated to reach 15% in 2023.
— Ruxandra Iordache
China’s industrial output, retail sales rise in January to February period
China’s industrial output rose 2.4% in the January to February period, official data showed.
Retail sales rose 3.55% for the same period, in line with expectations.
China’s fixed asset investment in the first two months of the year saw a rise of 5.5%, higher than expectations from economists polled by Reuters that predicted to see growth of 4.4%.
China’s onshore yuan weakened after the data was released and traded at 6.8822 against the U.S. dollar.
The People’s Bank of China kept the rate on 481 billion yuan of one-year medium-term lending facility loans at 2.75%.
Japanese banks rise following Wall Street banks rebound
Japan financials rose in Wednesday’s morning trade, reversing…
Read the full article here
