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Strong stock and bond markets at odds over global growth

Traders work on the floor at the NYSE in New York
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2019. REUTERS/Brendan McDermid

April 21, 2019

By David Randall

NEW YORK (Reuters) – It looks like something has to give in global markets.

Stocks and bonds around the world have rallied atypically together since the start of the year, rewarding investors both bullish and bearish on the direction of global growth.

The main catalyst for the gains was the Federal Reserve’s surprise decision in early January to pause its tightening policy, after four interest rate increases in 2018 raised fears it was being too aggressive as the economy cooled and inflation remained minimal. Those fears helped send global markets into a tailspin in December.

Yet with the U.S. benchmark S&P 500 near a record level and corporate junk bonds notching new highs, the question stock and bond investors are asking is whether the Fed’s next move will be a rate cut that further propels risk assets or a rate hike that cuts into the stock market’s momentum.

A move by the Fed on interest rates or a communication misstep by the central bank would likely end either the rally in the stock market or in investment-grade bonds by the end of the year, restoring the traditional give-and-take between risk and safety, investors say.

“The Fed is between a rock and a hard place,” said Kathleen Gaffney, a portfolio manager at Eaton Vance Management in Boston. “They can’t go lower because there are signs that inflation is rising and they can’t go higher because of global political uncertainty. It leaves the market on pause.”

The U.S. central bank has said it will soon stop letting bonds bought during its “quantitative easing” period following the financial crisis roll off its balance sheet, which also helped push yields on safe havens like Treasuries lower and acted as a tailwind for riskier assets.

Gaffney said the Fed will likely have to raise rates again because of rising wages and other forms of inflation by the end of the year, adding that such a move will “pierce” the high valuations in both the stocks and bond markets.

TWIN RALLY

The rolling four-month percentage change in the price of the S&P 500 and the 10-Year Treasury note have both been positive for three straight months, according to a Reuters analysis. That is the longest such streak since a five-month run that ended in August 2017, it showed.

In that same 2017 period, the S&P 500 gained and 10-year Treasury yields fell as the market digested conflicting economic reports during the first year of the Trump administration, before the Federal Reserve in September began quantitative tightening that resulted in bond yields rising as the S&P 500 continued to rally.

Since January equity markets around the world have made up much of the ground they lost during a wrenching fourth quarter of 2018 that sent the U.S. stock market to the brink of a bear market.

The S&P 500 and Europe’s STOXX 600 are up almost 16% year to date, while stock indexes in China are up nearly 30%.

The ICE Merrill Lynch U.S. high yield index is up 8.6% year to date while the Merrill Lynch World sovereign bond index is up almost 1.5%.

World stocks vs bonds – https://tmsnrt.rs/2IrqXeF

A rally in benchmark 10-year Treasury notes, usually seen as a safe haven, undercuts the picture of a “risk on” market. Their yields have slid from 2.69% at the start of the year to as low as 2.34% in late March.

“At this point in the cycle, equity investors are trying to take any incremental news positively while fixed income investors are not,” said Jen Robertson, a portfolio manager at Wells Fargo Asset Management in London. “It’s quite delicate at the moment and any negative news out of first quarter earnings could impact this sharp bounce.”

Further uncertainty due to the economic impact of the UK leaving the European Union, which has now been pushed back to Oct. 31, or a deterioration in U.S.-China trade talks could be a “shock to the system” and derail both stocks and bonds, she said.

The spread between U.S. three-month bills and 10-year notes turned negative for the first time since 2007 in March, a bearish sign as a yield curve inversion has signaled an upcoming economic recession in the past.

The move initially boosted stock prices as investors predicted it would hem the Fed in from future interest rate hikes. But equities could fall soon if recession fears continue to grow, said Hiroaki Hayashi, managing director of Fukoku Capital Management in Tokyo.

“If you look at the past experiences, share prices have often rallied six to nine months after the yield curve initially inverted before entering a major correction. I believe we are exactly at such a phase now.”

Despite outsized gains this year, financial markets have not indicated investors have faith that the global economy can grow without historically low interest rates a decade after the end of the Great Recession, said Anwiti Bahuguna, head of multi-asset strategy at Columbia Threadneedle Investments.

“The bull market we’ve had for the past 10 years is essentially because of really low interest rates,” Bahuguna said.

“I don’t think that equilibrium will last much longer,” she added, saying rising inflation and low unemployment could soon test global markets’ ability to cope with tighter monetary policy.

(Additional reporting by Hideyuki Sano in Tokyo and Terence Gabriel in New York.; Editing by Alden Bentley and Tom Brown)

Source: OANN

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Brazil’s Petrobras hires JPMorgan, Citi to manage BR Distribuidora offering: sources

FILE PHOTO: A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro
FILE PHOTO: A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro, Brazil March 25, 2019. REUTERS/Sergio Moraes/File Photo

April 16, 2019

By Tatiana Bautzer and Carolina Mandl

SAO PAULO (Reuters) – State-run oil company Petroleo Brasileiro SA has hired nine banks to manage an offering of shares in its fuel distribution unit Petrobras Distribuidora SA, three sources with knowledge of the matter said.

The offering will be led by the investment banking units of JPMorgan Chase & Co and Citigroup Inc, along with the investment banks owned by Itau Unibanco Holding SA, Banco Bradesco SA, Bank of America Corp , Credit Suisse Group AG, Banco do Brasil SA, Banco Santander Brasil SA and HSBC Holdings Plc.

BR Distribuidora, as the company is known, is among the assets that Petrobras intends sell to reduce its debt and increase investments in oil exploration.

Chief Executive Officer Roberto Castello Branco took the helm of the company in January with an ambitious divestment program.

Petrobras, Citi, JPMorgan, BB, BofA and HSBC did not immediately comment. Bradesco, Itau, CS and Santander declined to comment.

Petrobras has not decided yet if the offering will mean a privatization of BR Distribuidora, added the sources, who spoke on Monday and Tuesday. They asked for anonymity because the talks were private.

If Petrobras decides to sell 22 percent or more of the company, the share offering will effectively privatize the fuel distribution unit.

A sale of a 20 percent stake would be worth around 5.3 billion reais ($1.3 billion), based on market prices as of Tuesday afternoon. The company’s market capitalization is 26.7 billion reais.

But the company is still discussing if a privatization through a share offering would need to be submitted to Brazil’s audit court, although Castello Branco has said his initial intention is to privatize the fuel distribution arm. Currently, Petrobras holds a 71.25 percent stake in BR Distribuidora.

The timing of the offering is still under discussion, but it will likely occur after the sale of a stake owned by state lender Caixa Economica Federal in Petrobras, the sources added. Caixa hired the banks for the offering last week.

(Reporting by Tatiana Bautzer and Carolina Mandl in Sao Paulo; Editing by Matthew Lewis)

Source: OANN

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Wall Street set for flat open after Boeing, Caterpillar earnings

A trader speaks to a floor official on the floor at the NYSE in New York
FILE PHOTO: A trader speaks to a floor official on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 23, 2019. REUTERS/Brendan McDermid

April 24, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – Wall Street was set to open flat on Wednesday after a record-setting rally in the previous session, as investors assessed quarterly reports from industrial bellwethers Boeing and Caterpillar.

Boeing Co shares gained 1.5% in premarket trading even as the planemaker suspended its 2019 outlook and reported quarterly revenue below Wall Street estimates due to grounding of its 737 MAX jets. Its stock has lost 11.5% since the deadly Ethiopian crash in early March.

Caterpillar Inc fell 2.6%. The company topped analysts’ estimates for quarterly profit but posted a 4% decline in construction revenue in Asia-Pacific, one of its key markets dominated by China.

“Thus far you’ve had pretty strong reactions to earnings and investor sentiment is nervously positive,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

“The nervousness has to do with valuations and the concern being, ‘Am I going to get good enough results and guidance to justify the markets going higher?'”

The main indexes are holding within a hair’s breadth of all-time highs after a rally this year, sparked by a dovish Federal Reserve, hopes of a U.S.-China trade resolution and an upbeat earnings season.

The benchmark S&P 500 index is just 0.25% away from its intra-day record high of 2,940.91 hit on Sept. 21.

About a third of the S&P 500 companies are expected to report this week, determining if investors should be concerned about the start of an earnings recession or whether back-to-back quarters of negative growth can be avoided.

Profits of S&P 500 companies are expected to decline 1.1% for the quarter, according to Refinitv data. However, 77.5% of the 129 companies that have reported so far have surpassed earnings estimates.

At 8:39 a.m. ET, Dow e-minis were up 15 points, or 0.06%. S&P 500 e-minis were down 1 points, or 0.03% and Nasdaq 100 e-minis were down 1.25 points, or 0.02%.

Microsoft Corp and Facebook Inc, set to report after the closing bell on Wednesday, were up more than 0.5%.

EBay Inc shares jumped 3.6% after the company raised its full-year sales and profit forecasts.

AT&T Inc shares declined 2.5% after the second-largest U.S. wireless carrier reported quarterly revenue below Wall Street estimates.

Anadarko Petroleum Corp shares jumped 11.4% after Occidental Petroleum Corp sought to scuttle Chevron Corp’s takeover of the company with a $57 billion bid. Occidental’s shares fell 5.2%.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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Warnings, watches issued as strong storms enter Southeast

Forecasters warned about tornadoes and other violent weather Thursday as a front that unleashed twisters and hail in the lower Midwest moved into the storm-weary Southeast.

The National Weather Service issued a series of tornado warnings about a system pushing eastward across Louisiana, where strong storms covered much of the state.

A tornado watch reached from coastal Louisiana into central Mississippi, and more weather alerts were likely. Flood warnings reached as far north as central Indiana.

Dozens of schools dismissed students early as a precaution in Mississippi and Alabama, where the threat was expected to continue after nightfall. Winds could be nearly as strong as during a hurricane, forecasters said.

The same system produced tornadoes and hail earlier in North Texas, the Texas Panhandle, Oklahoma and southeastern Kansas.

Seven tornadoes were reported across the Plains from the northeastern Texas Panhandle to southeastern Kansas. Strong winds hit elsewhere Wednesday evening, toppling utility poles and trees and downing power lines in parts of North Texas.

No significant structural damage was reported, but heavy rainfall caused flash flooding that prompted the shutdown of Interstate 30 in central Arkansas and the closure of several schools around Little Rock.

The National Weather Service received numerous reports of hail pelting the storm-struck areas. Egg-size hail was reported about 60 miles (95 kilometers) northwest of Fort Worth.

The threat came days after more than 40 tornadoes from East Texas to Georgia left at least nine dead. That outbreak damaged more than 250 homes, businesses and public buildings across Mississippi.

Source: Fox News National

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Will United States Intervention In Venezuela Cause The Next World War?

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Source: InfoWars

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McCabe: Rosenstein's offer to wear wire was 'absolutely not' a good idea

Former FBI deputy director Andrew McCabe on Tuesday claimed he unequivocally rejected deputy AG Rod Rosenstein’s suggestion about wearing a wire in the White House, saying it was “absolutely not” a good idea.

Sitting down with CNN’s Anderson Cooper, McCabe that he had nothing to do with the leaks that first publicized Rosenstein’s offer to record his conversation with President Trump in the wake of the dramatic May 2017 firing of FBI Director James Comey.

“At that moment, did you think that was a good idea?” Cooper asked.

“Absolutely not,” McCabe responded. “I felt that it was an incredibly invasive and a potentially precedent-setting thing to do. I didn’t think it was necessary at that point. I mean, if you think about it, the reason you would send someone in with a concealed recording device to tape the utterances and the statements of a subject is to capture evidence of intent. We didn’t need to do that in this case. We knew what the president intended. He made, through his own public statements to Lester Holt in the infamous interview -- it was a risky and very controversial position that I did not want to put the agency in.”

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McCabe told the CNN anchor that he documented his interactions with Rosenstein and that he handed his memos to investigators.

And when asked if he thought Rosenstein should have recused himself from the probe of Russian meddling in the 2016 presidential election after invoking the 25th Amendment, McCabe said that was a decision for Rosenstein alone.

He later added that the country owes Rosenstein a “debt of gratitude” for appointing Special Counsel Robert Mueller to look into the Russia matter.

Source: Fox News Politics

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Boxing: Khadem to break a barrier for Iranian women

Iranian boxer Sadaf Khadem poses before a training session in preparation to her first official boxing bout in Royan
Iranian boxer Sadaf Khadem poses before a training session in preparation to her first official boxing bout in Royan, France, April 11, 2019. REUTERS/Regis Duvignau

April 12, 2019

By Julien Pretot

ROYAN, France (Reuters) – Two years after a clandestine impromptu training session on the hills of Tehran, Sadaf Khadem will become the first Iranian woman to contest an official boxing fight, hoping to lead the way in the Islamic Republic.

The bout will take place in western France on Saturday after the 24-year-old met with Frenchman Mahyar Monshipour, an Iranian-born former super bantamweight world champion.

“In 2017, I went to Iran for a promotional event and I ended up organizing a public training session on the hills overlooking Tehran. About 35 people showed up, and there were six women,” Monshipour told Reuters.

“She contacted me on social media to ask me to make her box but I told her it was not possible. Then about a couple of months ago the Iranian federation opened the door for women boxing and we asked them to set up an event.

“But it became apparent that it would not be possible because they wanted a female coach, female referee… so with the help of the Sports ministry we made her come to France.”

Next week Khadem will return to Iran, where Monshipour expects her to be met with ‘popular jubilation’.

He will, however, travel back with her, just in case, to a country where women have started to take off their head scarves in a peaceful protest against the compulsory hijab.

“If she ends up in custody, I will not let her down,” he said.

Khadem took up boxing four years ago, being compelled to train in private fitness rooms since public boxing facilities are reserved for men.

In Iran, women were allowed to attend a men’s soccer game for the first last October.

“It is easier for wrestling and weightlifting because they are more in our culture,” Khadem told Reuters after a training session on Thursday.

BREAK THE DAM

Some women fight but the bouts are illegal and being held in Turkey with no medical insurance. In France, Khadem trained at the National Institute of Sport and was handed a French license to practice and fight.

For the first time she trained among men, and she burst into tears at the end of a session, overwhelmed by her emotions.

“My parents were worried when I started boxing but they saw I was really loving it so now they are supporting me. I’m now steaming ahead,” said Khadem.

“I have been waiting for this moment for so long.

“I hope this first fight will pave the way and that I will go as far as I can to have my name in the history of Iranian boxing.”

But Khadem, who weighed around 100 kilograms when she started boxing compared to 68 now, is on a mission.

“I hope to break the dam. I don’t matter. What matters is Mahyar, who made this fight possible. It could have been anyone instead of me,” she explained.

“In my country, there are a lot of women who box, this fight is also for them.”

Khadem, however, took her chance, adding hours to her fitness coach job to get ready for a 3×2 amateur bout where she will sport Iran’s colors.

Downplaying her achievement, she said: “Everyone has difficult moments in their lives. In every country it is difficult to do some things. You have to overcome the hurdles.”

Her opponent, local boxer Anne Chauvin, said she was ‘happy to be part of this fight to help the cause of women’.

(Reporting by Julien Pretot; Editing by Christian Radnedge)

Source: OANN

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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