The eurozone has endured a lot in recent years. First, the coronavirus pandemic devastated the global economy, then Russia invaded Ukraine and EU officials issued sanctions against it to help the latter. However, Europe did not escape unscathed either. Russia cut off its gas supplies in response, forcing European countries to find alternative resources for factories and heating last winter.
Concerns about the struggling banking sector did not help. Several regional US banks collapsed last week, causing a lot of volatility in the markets. Investors feared how that failure would influence global banking.
Despite all these concerns, the eurozone economy looks strong. On Friday, Dutch Prime Minister Mark Rutte declared that he does not expect a new regional banking crisis. EU leaders met at a summit in Brussels to discuss the current situation.
Rutte noted that the eurozone banking sector was considerably stronger compared to the previous decade. The economy also strengthened over the years. The Prime Minister thinks that things are very well organized in Europe. Therefore, investors should not worry about the new financial crisis. Some analysts agree with Rutte, stating that the situation in the eurozone is different from that of the United States and Switzerland. The latter also ran into banking problems recently.
Meanwhile, Chinese blue-chip Meituan reported revenue growth
Major Chinese food delivery company Meituan announced on Friday that it expects its quarterly revenue to rise 21.4%. He managed to get ahead of his rivals and recently celebrated more successes.
Meituan owns a popular app that provides a wide variety of services, including food delivery, bike sharing, mapping, movie ticketing, and restaurant reservations. The company reported that its total revenue skyrocketed to 60.13 billion yuan for the last three months of 2022. That’s much higher compared to growth of 49.52 billion yuan a year earlier.
Analysts forecast revenue to reach only 57.88 billion yuan, but Meituan exceeded their expectations. The company suffered greatly during the coronavirus pandemic, but seems to be recovering well.
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