European Central Bank President Christine Lagarde used the public lender’s latest rate decision meeting to announce a personal decision, her departure from the bank eight months earlier than planned.

Her employer noted that the governing council, which this week voted to keep interest rates at current levels, thanked her “warmly and gave her a long standing ovation.” If that was the case, then the clapping likely exceeded the time needed to read the press release about her exit, a curt, three-sentence statement.

While her revelation was not a surprise – rumours about her leaving have been around for months – the timing was unexpected. Speculation says the early out is to circumvent any influence from France’s National Front party in the selection of her successor. The hard-right group and its anti-Europe dogma could muddy the water during the selection process: French elections are set for April 18, and normally the incoming ECB president would assume office next October.

(Continue Reading – LiveSquawk)

Russia will extend its diesel export ban until the end of the year while allowing some companies to ship fuel under a quota system ​to meet its new export commitment to the US, two people familiar ‌with the discussions told Reuters.

Moscow and Washington agreed a diesel supply deal after Presidents Vladimir Putin and Donald Trump spoke by phone earlier this month. The energy ceasefire between Russia and ​Ukraine announced alongside the agreement has allowed Moscow to increase fuel production. ​At the same time, fuel shortages earlier this year have prompted ⁠the government to maintain tight controls on oil product exports.

(Continue Reading – Reuters)

Euro area economic growth likely decelerated significantly last quarter compared with the previous three months as the Iran war continued to rattle global energy markets and supply chains.

An economists’ poll said quarterly GDP growth in the Eurozone rose 0.2% last quarter after increasing 0.6% in the prior period. Analysts noted that a 10.2% jump in Irish activity data pushed the overall Eurozone number higher. Also due with the preliminary data report Thursday is the year-on-year rate, with a Q3 increase of 1.1% expected following 1.2% in July-September.

HSBC said, “We expect growth to remain resilient at around 0.2% q/q, supported by recovering manufacturing and exports, fiscal stimulus and strong tech investment. However, higher energy prices and inflation are squeezing real incomes, while tighter financial conditions and softer credit growth should constrain domestic demand.”

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Fitch Ratings’ U.S. Private Credit Default Rate (PCDR) reached 6.3% for the trailing 12 months (TTM) ended 3Q26, the highest quarterly default rate on record, up from 6.0% in 2Q26 and flat from August.

The PCDR has risen every quarter since 3Q25. Fitch recorded 27 private credit default events from 20 new unique defaulters in 3Q26, bringing the TTM total to 91 unique defaulters, up from 84 in 2Q26.

“Private credit default rates remained elevated in 3Q26, with stressed maturity extensions, interest deferrals, and payment-in-kind introductions continuing to account for most default events,” said Lyle Margolis, Head of Private Credit for U.S. Corporates. “Persistently high real interest rates are maintaining pressure on highly leveraged borrowers’ debt-service capacity and refinancing options.”

(Continue Reading – Fitch)

The leader of Poland’s largest opposition party, Jaroslaw Kaczynski, said talks to exit the European Union would be a way to force change within the bloc, prompting criticism from the country’s pro-EU government.

Kaczynski blamed the decision-making powers of the European Commission, the EU’s executive arm, for the region’s lackluster economic growth compared with the US. The elections in Spain in November and in France and Poland next year will offer a “window of opportunity” to bring change and make the bloc less centralized, he said.

(Continue Reading – Bloomberg)