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U.S. consumer prices post first rise in four months

FILE PHOTO: Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States' largest retail shopping space, in King of Prussia
FILE PHOTO: Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States' largest retail shopping space, in King of Prussia, Pennsylvania, U.S., December 8, 2018. REUTERS/Mark Makela

March 12, 2019

WASHINGTON, March 12 – U.S. consumer prices rose for the first time in four months in February, but the pace of the increase was modest, resulting in the smallest annual gain in nearly 2-1/2 years.

The Labor Department said on Tuesday its Consumer Price Index increased 0.2 percent, lifted by gains in the costs of food, gasoline and rents. The CPI had been unchanged for three straight months.

In the 12 months through February, the CPI rose 1.5 percent, the smallest gain since September 2016. The CPI increased 1.6 percent on a year-on-year basis in January.

Excluding the volatile food and energy components, the CPI edged up 0.1 percent, the smallest increase since August 2018. The so-called core CPI had increased by 0.2 percent for five straight months.

In the 12 months through February, the core CPI rose 2.1 percent. The core CPI had increased by 2.2 percent for three consecutive months on an annual basis. Economists polled by Reuters had forecast the CPI and the core CPI edging up 0.2 percent in February.

The Federal Reserve, which has a 2 percent inflation target, tracks a different measure, the core personal consumption expenditures (PCE) price index, for monetary policy.

The core PCE price index increased 1.9 percent on a year-on-year basis in December after a similar gain in November. It hit the U.S. central bank’s 2 percent inflation target in March last year for the first time since April 2012.

Slowing domestic and global growth are keeping inflation in check even as a tight labor market is driving up wages. Annual wage growth jumped 3.4 percent in February, the biggest increase since April 2009, from 3.1 percent in January.

A New York Fed survey of consumer expectations published on Monday showed a drop in inflation expectations in February.

In a wide-ranging interview with CBS’s 60 Minutes news program, Fed Chairman Jerome Powell on Sunday reiterated the U.S. central bank’s wait-and-see approach to further monetary policy tightening this year. Powell said the Fed did “not feel any hurry” to change the level of interest rates again.

The Fed hiked rates four times in 2018.

The January PCE price data will be released on March 19. It was delayed by a 35-day partial shutdown of the federal government that ended on Jan. 25.

In February, gasoline prices rose 1.5 percent after falling 5.5 percent in January. Food prices increased 0.4 percent, the biggest rise since May 2014, after gaining 0.2 percent in January. Food consumed at home rose 0.4 percent last month.

Owners’ equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, increased 0.3 percent in February after a similar gain in January.

Healthcare costs fell 0.2 percent after rising 0.2 percent in January. Apparel prices rose 0.3 percent last month. That followed a 1.1 percent jump in January. There were increases in the prices of motor vehicle insurance, airline fares, household furnishings and personal care products.

But prices for new motor vehicles, used cars and trucks, as well as recreation fell.

(Reporting by Lucia Mutikani Editing by Paul Simao)

Source: OANN

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U.S. trade chief says addressing structural issues in China talks ‘with precision’

Lighthizer testifies on Capitol Hill in Washington
FILE PHOTO - U.S. Trade Representative Robert Lighthizer testifies before House Ways and Means Committee hearing on "U.S.-China Trade” on Capitol Hill in Washington U.S., February 27, 2019. REUTERS/Kevin Lamarque

March 12, 2019

WASHINGTON (Reuters) – The United States is addressing structural intellectual property issues “with precision” in trade negotiations with China, U.S. Trade Representative Robert Lighthizer said on Tuesday but declined to say whether Washington will require evidence first before lifting tariffs.

Speaking at a Senate Finance Committee hearing, Lighthizer said President Donald Trump will not agree to a deal with China unless it is enforceable, and added that an agreement with Beijing will open up a lot of agricultural sales for U.S. farmers.

(Reporting by David Lawder and Humeyra Pamuk; Editing by Chizu Nomiyama)

Source: OANN

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Romania’s Black Sea gas projects hanging by a thread

The logo of Romanian integrated oil company OMV Petrom is pictured outside its headquarters in Bucharest
The logo of Romanian integrated oil company OMV Petrom is pictured outside its headquarters in Bucharest, Romania, March 28, 2019. Inquam Photos/Octav Ganea via REUTERS

April 1, 2019

By Luiza Ilie and Kirsti Knolle

BUCHAREST (Reuters) – Romania’s new energy regulations risk undermining plans by companies to develop big offshore gas projects in the Black Sea, putting billions of dollars of revenue at risk and squandering a chance to challenge Russia’s Gazprom in the region.

Oil industry officials have warned the changes, which include a cap on some gas prices for local producers until 2022 and a 2 percent turnover tax on all energy firms bar state-owned coal-fired power plants, could slash investment plans.

OMV Petrom, which is developing a Romanian gas field with ExxonMobil, said key conditions for the project were still not in place while Black Sea Oil & Gas, controlled by private equity firm The Carlyle Group, warned it could pull out of another project if the rules remain.

The European Commission also told Romania in March that gas export restrictions and regulated prices probably contravene EU rules and could be challenged by Brussels.

Most of the new measures, first announced in an emergency decree in December, were confirmed on Friday.

The government made a last-minute concession, eliminating a cap on gas prices for industrial consumers. That means producers only have to sell about a third of their output at a fixed price – to households and heating plants – rather than more than half.

But the concession was not enough to placate the companies, given that the turnover tax and new export restrictions approved last year remain in force, coupled with the risk the state could simply shift the goal posts again.

Romania now risks delaying offshore gas projects and playing into the hands of Russia, which blocked Ukraine from exploring its Black Sea resources by occupying Crimea, analysts said.

“Postponement doesn’t benefit anyone, not the state, consumers, the economy, investors,” said Razvan Nicolescu, executive lead advisor in Deloitte’s energy and resources division in Bucharest. “The only winner is Gazprom, the sole gas provider in the region.”

Romania’s Black Sea gas has the potential to challenge Gazprom’s dominant role in central and eastern Europe, diversify gas supplies and bring the Romanian government revenue of $26 billion by 2040, according to the consultancy.

Romania’s offshore gas reserves are estimated at 200 billion cubic metres. Russia, meanwhile, has proven reserves of 35 trillion cubic metres, according to BP’s statistical review.

But while German consumption alone would empty the Romanian gas fields in two years, they could cover the combined 2017 demand of Romania, Bulgaria, Serbia, Hungary and Moldova for more than six years.

“Any cubic metre of gas produced in Romania means one less cubic metre produced and sold by Russia. Access to markets and a market share as high as possible are very important economic stakes,” said Nicolescu.

DEAL BREAKERS?

Several gas producers have spent upwards of a decade and billions of dollars preparing to tap Romania’s Black Sea gas, but they were blindsided by the government decree. Lawmakers also approved export restrictions on offshore gas producers.

The ruling Social Democrats, gearing up for four elections this year and next, have said the gas price cap was designed to keep tariffs low for domestic users.

“As we have said before, we want to protect the household consumer,” Energy Minister Anton Anton said on Friday.

Black Sea Oil & Gas (BSOG) decided earlier this year to press ahead with plans to extract an estimated 10 billion cubic metres of gas from shallow waters – given the amount of money it has already invested.

But CEO Mark Beacom told Reuters the changes undermined the willingness of investors to move forward and were contrary to earlier assurances and legal provisions provided by the state.

“The new proposed measures taken by the government are not the best way to protect vulnerable consumers and are not sufficient to mitigate all the harmful measures recently put in place,” he said on Monday.

Beacom said the entire emergency decree should be revoked, as well as additional fees and export restrictions brought in by parliament last year.

“There are always deal breakers in many different areas that could cause the investment to be terminated,” he said in March.

“We look forward to having a constructive engagement with the relevant authorities to seek resolution on these issues but do not exclude the possibility of pursuing a legal course of action should such engagement not result in a positive outcome.”

ExxonMobil and OMV Petrom, controlled by Austria’s OMV, had planned to give the final green light for their deep water Neptun project last year, having spent nearly $2 billion to prepare for production at one of the EU’s most significant natural gas deposits.

The project is now on hold.

OMV Petrom chief executive Christina Verchere said on Friday that removing the gas price cap for industrial customers answered some but not all of the industry’s concerns and further talks were needed.

“Development of the Black Sea is a huge opportunity for both OMV Petrom and Romania, however, key requirements are currently not in place,” she said. “Consultation with the business environment, predictability and legislative and fiscal stability are the foundation for stimulating investment.”

ExxonMobil spokeswoman Julie King said the company was looking forward “to continuing our discussions with the Romanian government, parliament and relevant institutions as project evaluations continue”.

SORE POINT

According to a study commissioned by Romanian oil producers (ROPEPCA), the measures would cost the government $540 million in taxes a year and slash investment and production.

While Romania is almost energy independent – it only gets 10 percent of its needs from Russia – gas imports in the first month of 2019 were roughly 60 percent higher than a year ago, data from gas pipeline operator Transgaz showed.

“It is a negative message for the business sector in general, and the result is a feeling of uncertainty and distrust,” ROPEPCA told Reuters.

“Major infrastructure and development projects, both on and offshore will most likely be suspended.”

In March, Transgaz shareholders rejected its 1.9 billion euro ($2.1 billion) investment program, which includes works on an EU-backed pipeline connecting Bulgaria, Romania, Hungary and Austria (BRUA) as well as a domestic pipeline to transport future offshore gas production.

A sore point for gas producers is the obligation to sell gas at 68 lei ($16) per megawatt hour until Feb. 2022, about 15 percent lower than the estimated average market price.

While only capping prices for some gas consumers takes some of the sting out of the measures, energy companies said enforcing it solely for producers but excluding distributors was discriminatory as they could pass on their costs to households.

“You can look after the vulnerable customer while at the same time not taking it at the cost of energy supply that you want on the market,” OMV Petrom’s Verchere has said.

(Reporting by Luiza Ilie in Bucharest and Kirsti Knolle in Vienna; additional reporting by Gary McWilliams in Houston; editing by David Clarke)

Source: OANN

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Barr: ‘I Think Spying Did Occur’ on 2016 Trump Campaign

Attorney General William Barr said on Wednesday U.S. intelligence agencies engaged in spying directed at the 2016 presidential campaign of Donald Trump and that he would look at whether the surveillance was undertaken legally.

"I think spying did occur," Barr told a Senate hearing. "But the question is whether it was adequately predicated and I am not suggesting that it wasn't adequately predicated. ... I am not suggesting those rules were violated, but I think it is important to look at that. And I am not talking about the FBI necessarily, but intelligence agencies more broadly.

"I think spying on a political campaign is a big deal - it's a big deal."

Source: NewsMax Politics

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Boeing says successfully tested new 737 MAX software in CEO flight

FILE PHOTO: Dennis Muilenburg, CEO, Boeing speaks during a roundtable discussion on defense issues with U.S. President Donald Trump at Luke Air Force Base
FILE PHOTO: Dennis Muilenburg, CEO, Boeing speaks during a roundtable discussion on defense issues with U.S. President Donald Trump at Luke Air Force Base, Arizona, U.S., October 19, 2018. REUTERS/Jonathan Ernst/File Photo

April 3, 2019

(Reuters) – Boeing Co said on Wednesday its chief executive, Dennis Muilenburg, had joined a test flight on a 737 MAX 7 jetliner for a demonstration of updated MCAS anti-stall software. 

The software is at the center of investigations in the crash of Ethiopian Flight 302 last month and a Lion Air accident in Indonesia five months earlier. Both involved the slightly larger 737 MAX 8 model, which features the same cockpit.

During Wednesday’s test flight, the flight crew performed different scenarios to test failure conditions, Boeing said.

“The software update worked as designed, and the pilots landed safely at Boeing Field (near Seattle),” it said in a statement.

“Boeing will conduct additional test and demo flights as we continue to work to demonstrate that we have identified and appropriately addressed all certification requirements. We will submit the update for FAA (Federal Aviation Administration) review once that work has been completed in the coming weeks.”

(Reporting by Tim Hepher; editing by Jonathan Oatis)

Source: OANN

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U.S. says to withdraw all remaining diplomatic personnel from Venezuela

Security forces are seen after looting during an ongoing blackout in Caracas
Security forces are seen after looting during an ongoing blackout in Caracas, Venezuela March 10, 2019. REUTERS/Carlos Garcia Rawlins

March 12, 2019

(Reuters) – The United States is to withdraw all remaining diplomatic personnel from Venezuela this week, the U.S. State Department announced late on Thursday.

“Like the January 24 decision to withdraw all dependents and reduce embassy staff to a minimum, this decision reflects the deteriorating situation in Venezuela as well as the conclusion that the presence of U.S. diplomatic staff at the embassy has become a constraint on U.S. policy,” the State Department said.

It did not say on what day the personnel would be withdrawn from the embassy in Caracas.

The South American nation has been in the throes of political unrest for months over its contested presidential election.

Venezuela is suspending school and business activities on Tuesday amid a continuing power blackout, Information Minister Jorge Rodriguez said in a televised broadcast on Monday.

It is the third such cancellation since power went out last week.

(Reporting by Rich McKay in Atlanta; editing by Darren Schuettler)

Source: OANN

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French business activity firmer than expected in February: PMI

Businessmen enjoy the good weather at lunch time under the Arche de la Defense, in the financial district west of Paris, as warm and sunny weather continues in France
Businessmen enjoy the good weather at lunch time under the Arche de la Defense, in the financial and business district west of Paris, as warm and sunny weather continues in France, March 13, 2014. REUTERS/Charles Platiau/File Photo

February 21, 2019

PARIS, Feb 21 (Reuters) – French business activity stabilized this month, improving more than expected as manufacturing growth helped offset slack in services that has dogged firms in the wake of anti-government protests, a monthly survey showed on Thursday.

Data compiler IHS Markit said its preliminary purchasing managers index rose to of 49.9 points from 48.2 in January, beating economists’ average forecast for 49.0 in a Reuters poll.

The improvement brought the index to a three-month high, but was just a hair below the 50-point threshold dividing an expansion in activity from a contraction.

Business confidence tanked at the end of last year in the face of the “yellow jacket” protests that saw some of the worst street violence in the capital in decades.

“Although the ‘gilets jaunes’ protests are still ongoing and panelists have suggested that these are still causing disruption, the economy showed resilience in the latest survey period,” IHS Markit economist Eliot Kerr said.

Firms stepped up the pace of hiring while the flow of new business declined only marginally after pulling back more sharply since November, the survey showed.

“That said, the economy will continue to post below its potential as long as social unrest continues,” Kerr said.

The index for the manufacturing sector rose to a five-month high of 51.4 from 51.2 in February against expectations for a dip to 51.0.

The sector saw its new order flow return to growth this month although foreign demand weakened. That came as firms pushed up prices at the fastest pace since November.

Meanwhile, the services index rose to a three-month high of 49.8 from 47.8 in January, easily beating economists’ expectations for an improvement to only 48.7.

A three-month decline in new business slowed this month and yet firms added to headcount even though they had to trim prices for the first time since August 2017.

(Reporting by Leigh Thomas; Editing by Hugh Lawson; leigh.thomas@thomsonreuters.com; +33 1 4949 5143)

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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