Europe - people, profits.

"Inflation in the euro zone dropped significantly in March as energy prices continued to fall, while core expenses picked up to an all-time high." CNBC. Headline inflation came in at 6.9% in March, much lower than 8.5% in February. "Core inflation - which excludes volatile energy, food, alcohol and tobacco prices - rose slightly from the previous month. It reached an all-time record of 5.7% in March, from 5.6% in February." "Euro zone producer prices fell for a fifth consecutive month" as "EU statistics office Eurostat said...that prices at factory gates in the 20 countries sharing the euro declined by 0.5% month-on-month in February for a 13.2% year-on-year increase." Reuters. "When major oil companies announced record earnings in February," "The White House said it was 'outrageous' that ExonMobil had raked in a profit of $56 billion (51 billion euros) in 2022 as consumers were grappling with inflation rates not seen in decades." DW. "Speaking at a conference in Frankfurt last week, Fabio Panetta, a member of the ECB's executive board put up a remarkable chart. It showed how companies' profits in the eurozone rose faster than wages." "According to a Reuters report, consumer goods companies in Europe boosted operating margins to an average of 10.7% in 2022, up by a quarter over 2019, before the pandemic." "Activity at struggling factories across euro zone fell further last month as consumers feeling the pinch from rising living costs cut back," and "S&P Global's final Purchasing Managers' Index (PMI) fell to 47.3 percent in March from February's 48.5," Reuters. However, "Euro zone producer prices fell for a fifth consecutive month and by more than expected in February," as "EU statistics office Eurostat said...that prices at factory gates in the 20 countries sharing the euro declined by 0.5% month-on-month in February for a 13.2% year-on-year increase." Reuters. "The energy component dropped by 1.6%." However, "Saudi Arabia and other OPEC+ oil producers on Sunday (2 April) announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable." Reuters. "Oil prices fell last month towards $70 a barrel, the lowest in 15 months, on concern that a global banking crisis would hit demand." "The voluntary cuts start from May and last until the end of the year." "In separate speeches last year, the leaders of France and Germany warned their citizens of hard times ahead," "But if the aim was to prepare their publics for future sacrifices, their messages have fallen on deaf ears - as shown by the biggest German strikes over pay in decades and widespread French anger at Macron's plan to raise the retirement age. Instead protests suggest many Europeans have concluded that if the economic pie is shrinking, then what lies ahead is a fight to prevent their share from getting even smaller." Reuters. Profits are rising even as people are being asked to make sacrifices. No wonder they are protesting.