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Welcome to Thursday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Fed Chair Jerome Powell said the central bank was ready to raise interest rates in March and didn’t rule out moving at every meeting
    • A barrage of upcoming data on the U.S. economy, wages and prices is poised to turn up the temperature of an already-heated debate about the persistence of inflation
    • Swaps linked to Fed meeting dates indicate that traders are now pricing in around 30 basis points of tightening at the next central bank gathering in March
    • Oil fell from a seven-year high after the Fed’s rate signal, denting investors’ appetite for risk assets including commodities
  • The EU will take China to the WTO on Thursday over its coercive practices against Lithuania and some exporters from other member states
  • Turkey’s central bank is set to raise its inflation forecast Thursday after a collapse in the currency pushed consumer price growth to its highest in President Recep Tayyip Erdogan’s 19-year rule
  • The ECB is asking lenders about their exposure to Russia as it prepares for any fallout should the country invade Ukraine, according to people familiar with the matter
  • The cost of keeping the lights on for U.K. consumers is set to almost double after the government expanded its target for the amount of power capacity it has ready for next winter
  • Switzerland took action to put the brakes on its surging property market amid warnings that housing is overvalued and risks of a crash are growing
  • Stubbornly high weekly inflation and mounting tensions with the West over Ukraine are boosting bets on more hawkish moves from the Bank of Russia
  • U.K. asking prices for rental homes rose at the fastest annual rate on record as a surge in demand from tenants outstripped the supply of properties on the market
  • Automakers had their worst year in the U.K. since 1956 after the global semiconductor shortage, pandemic-related staffing issues and the closing of a key Honda Motor Co. factory hammered output
  • Hawkish comments from Fed Chair Jerome Powell will pressure economies in Asia to accelerate their own policy tightening, even amid broadly contained inflation and mixed pandemic recovery outlooks
  • China’s economy had little to cheer about at the start of the year, while early warning signs flashed in India

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