3. Lagarde on recession concerns
Europe, destabilized by Russia’s war on Ukraine, is contending with declining growth and an energy crisis. But European Central Bank leader Christine Lagarde is trying to tamp down concerns about a potential recession this year in the euro zone. “We have markedly revised down our forecasts for growth in the next two years,” she said Tuesday. “But we are still expecting positive growth rates due to the domestic buffers against the loss of growth momentum.” Lagarde also said the central bank would raise rates faster, if needed, to curtail inflation.
4. JetBlue raises its offer, again
The JetBlue-Spirit-Frontier saga is heading to a climax this week. Spirit shareholders are slated to vote on fellow discount airline Frontier’s acquisition offer Thursday. JetBlue isn’t ready to throw in the towel just yet, though. JetBlue boosted its offer price for Spirit yet again Monday evening, days after Frontier sweetened its own bid and Spirit’s board said it preferred to merge with Frontier. Either merger would create the fifth-largest carrier in the U.S.
5. Nike beats, but challenges remain
Nike posted quarterly earnings and revenue Monday that surpassed Wall Street’s expectations — even as the company grappled with skyrocketing inflation in the U.S., a war-addled European market and tight Covid lockdowns in China. Investors aren’t impressed, however. Shares of Nike fell in premarket trading. The shoe and sportswear maker said it’s still dealing with major problems in the supply chain, including longer shipping times and elevated transportation costs.
— CNBC's Yun Li, Silvia Amaro, Hugh Son, Leslie Josephs and Melissa Repko contributed to this report.
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