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China March exports rebound to five-month high but imports fall more than expected

FILE PHOTO: Steel pipes to be exported are seen at a port in Lianyungang
FILE PHOTO: Steel pipes to be exported are seen at a port in Lianyungang, Jiangsu province, China May 31, 2018. China Daily via REUTERS/File Photo

April 12, 2019

BEIJING (Reuters) – China’s exports rebounded in March but imports shrank for a fourth straight month and at a sharper pace, painting a mixed picture of the economy as trade talks with the United States reach their endgame.

Investors are hoping for more signs of economic recovery in China to temper worries about slowing global growth, after the IMF this week downgraded its 2019 world outlook for the third time.

But veteran China watchers had said export gains may be due more to seasonal factors than any sudden turnaround in lackluster global demand, as shipments were expected to jump after long holidays in February.

March exports rose 14.2 percent from a year earlier, customs data showed on Friday, the strongest growth in five months. Economists polled by Reuters had expected a 7.3 percent gain after February’s 20.8 percent plunge.

But China’s imports fell more than expected, suggesting its domestic demand remains weak. Imports fell 7.6 percent from a year earlier, worse than analysts’ forecasts for a 1.3 percent fall and widening from February’s 5.2 percent drop.

That left the country with a trade surplus of $32.64 billion for the month, according to Reuters calculations based on the official data, much larger than forecasts of $7.05 billion.

In the first quarter, exports rose 1.4 percent from a year earlier, while imports fell 4.8 percent.

A customs spokesman said he expects mild growth in both exports and imports in the current quarter.

TENTATIVE SIGNS

China factory surveys for March had provided some glimmers of hope that demand was improving at home and abroad, suggesting government stimulus measures may be starting to take hold.

While export orders remained sluggish, there were signs that a long spell of contraction was easing even as trade talks with the United States appeared to be making progress.

Washington and Beijing have largely agreed on a mechanism to police any trade agreement they reach, including establishing new “enforcement offices,” U.S. Treasury Secretary Steven Mnuchin said on Wednesday.

However, a top White House official said on Monday the U.S. side is “not satisfied yet” about all the issues standing in the way of a deal to end the U.S.-China trade war.

President Donald Trump said last week that an agreement could be reached in about four weeks.

But economists warn that even if a deal is reached, and both sides rescind tit-for-tat tariffs, Chinese exporters will still have to contend with weakening demand globally.

The International Monetary Fund trimmed its 2019 global growth forecast this week to 3.3 percent, while slightly boosting its forecast for China to 6.3 percent, in part because the Sino-U.S. trade war did not escalate as much as expected.

Chinese exporters will also likely have to scramble to win back lost market share.

The trade dispute has prompted some U.S. firms to shift purchases of tariff-targeted products like furniture and refrigerators to countries such as Vietnam, South Korea, Taiwan and Mexico, according to a report by S&P Global Market Intelligence’s trade data firm Panjiva.

SHRINKING IMPORTS

On imports, analysts said companies may not be restocking their inventories as much as usual due to concerns over the longer-term economic outlook.

Slackening demand has sent corporate profits into a tailspin, which could curb the fresh investment that Beijing is counting on to fuel an economic revival.

Policymakers have acknowledged the economy is under pressure as multi-year debt and pollution crackdown have deterred investment, while the U.S.-China trade war is hurting China’s exporters and their domestic supply chains.

In response, Beijing has announced more spending on roads, railways and ports, along with trillions of yuan of tax cuts to ease pressure on corporate balance sheets and avert a sharper economic slowdown.

Investors are closely watching to see how long it will take those support measures to take hold. But analysts believe China will still need to loosen policy further in coming months to ensure a sustained economic turnaround.

China’s economic growth is expected to cool to around 6.3 percent in the first quarter of the year and may not bottom out until later in the year, according to a Reuters poll. The economy grew 6.6 percent last year, a 28-year low.

(Reporting by Kevin Yao; Writing by Lusha Zhang and Yawen Chen; Editing by Kim Coghill)

Source: OANN

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Judge Blocks Gun Ban In Chicago Suburb

A Lake County, IL Circuit Court judge blocked the village of Deerfield from enforcing its ban on assault weapons, striking a legal blow to gun control efforts at the local level.

According to The Chicago Tribune, Judge Luis Berrones issued a permanent injunction against the Chicago suburb, writing that the plaintiff firearm owners have “a clearly ascertainable right to not be subjected to a preempted and unenforceable ordinance” that bans them from having these firearms, mandates monetary fines for possessing them and enables law enforcement to seize these firearms. (RELATED: Kamala Harris Calls For Gun Ban)

In April 2018, Deerfield trustees voted to ban the possession of specific semi-automatic guns like the AR-15 and AK-47, as well as magazines that hold more than 10 rounds.

The ban came in the wake of the Marjory Stoneman Douglas High School shooting and violations of the ban carried a fine between $250 and $1,000 per day, The Chicago Tribune reported.

Gun rights groups immediately filed a legal challenge to the ban, citing 2013 Illinois state legislature action that gave a 10-day window to local municipalities to ban assault weapons, prior the new concealed carry law, which Deerfield did not take advantage of at the time.

Deerfield Village Trustees ban assault weapons in 2018 (Credit: CNN Video Screen Shot)

“We are very gratified with the judge’s ruling and we are glad the court recognized the ordinances were unenforceable,” David Sigale, a lawyer for one of the plaintiffs told Tribune.

As with most cases related to the Second Amendment, it appears another legal round is already brewing. Deerfield officials told The Tribune they are studying the ruling and figuring out their next steps with their legal team which includes an appeal to the Illinois Appellate Court.

“The NRA is proud to have supported this challenge to Deerfield’s ban on commonly owned firearms and magazines,” said Chris W. Cox, executive director of NRA’s Institute for Legislative Action. “This ruling affirms that every law-abiding Deerfield resident has the right to protect themselves, their homes, and their loved ones with the firearm that best suits their needs.”

The court found that Deerfield’s attempt to amend an existing firearm ordinance was a violation of state law. The ordinance would have allowed local authorities to confiscate and destroy semi-automatic rifles and standard capacity magazines possessed within village limits.

The challenge was originally filed in 2018 by Guns Save Life with support from the NRA.

“This unprecedented interpretation of state legislative action and intent make this case ripe for appeal,” village officials said in a statement.

“The NRA is proud to have supported this challenge to Deerfield’s ban on commonly owned firearms and magazines,” said Chris W. Cox, executive director of NRA’s Institute for Legislative Action. “This ruling affirms that every law-abiding Deerfield resident has the right to protect themselves, their homes, and their loved ones with the firearm that best suits their needs.”

The court found that Deerfield’s attempt to amend an existing firearm ordinance was a violation of state law. The ordinance would have allowed local authorities to confiscate and destroy semi-automatic rifles and standard capacity magazines possessed within village limits. (RELATED: Boulder Residents File Lawsuit Against City Over ‘Assault Weapons’ Ban)

The challenge was originally filed in 2018 by Guns Save Life with support from the NRA.

A similar firearms ban on the same type of semi-automatic rifles went into effect last January in Boulder, Colorado and gun rights groups reacted similarly to those in Deerfield, Illinois.

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Source: The Daily Caller

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Maxine Waters’ Republican challenger says she’s more likely to be impeached than Trump

California congressional candidate Omar Navarro, who is running against Rep. Maxine Waters, said during an appearance on “Fox and Friends” Thursday that if there’s anyone who should be impeached, it’s the California Democrat.

Navarro, who wants to take Waters’ district in the 2020 election, said his opponent could be removed from Congress for “disorderly behavior,” referring to her previous calls for confrontation and relentless pushing of the conspiracy that Trump colluded with the Russian government.

OCASIO-CORTEZ-ALIGNED GROUP ATTACKS BIDEN, SAYS HE’S ‘OUT-OF-TOUCH’ WITH DEMOCRATIC PARTY

He also said his candidacy reflects the people’s views in the district since he offers something to unite behind rather than causing further division in the country.

“You know when I walk around in my district and I talk to voters, I talk to different voters, talk to the Hispanic community, which is the largest community, 54 percent of my district, you have to look what are the demographics,” he said.

“When I look at the demographics, I talk to the voters knocking on doors, people want to see someone that’s going to unite them,” Navarro added.

MAXINE WATERS CALLS BARR A 'LACKEY AND A SYCOPHANT' FOR TRUMP

“They are seeing Maxine Waters dividing them. They are tired of it. They had her over 30 years. She has been in public service for 40 years. It’s time for a change. Time for someone that will bring back jobs, bring back stability and common sense into our district.”

“They are seeing Maxine Waters dividing them. They are tired of it. They had her over 30 years. She has been in public service for 40 years. It’s time for a change. Time for someone that will bring back jobs, bring back stability and common sense into our district.”

— Omar Navarro, Republican running for Congress against Rep. Maxine Waters

The Republican candidate also reacted to Democratic presidential candidate Joe Biden’s early Thursday announcement that he was running, saying he’s using identity politics.

“That is the typical playbook of the Democrats. They use identity politics to divide people. They divide my community by using identity politics,” he said of Biden’s campaign launch. “I was Latino growing up, my parents are from Mexico and Cuba. I noticed this growing up, I used to see Democrats from all over Los Angeles using identity politics at their best.”

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But Navarro said such divisive politics will backfire on Biden as it will only drive people away from the party. “One thing I've seen from the Democratic Party, that they have been pushing a lot of people away from the Democratic Party,” he said, pointing to increasingly hotheaded rhetoric by others.

Source: Fox News Politics

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Sen. Sanders Supports Voting Rights For Those in Prison

More states should allow people with felony records to vote while they are in prison, presidential candidate Sen. Bernie Sanders said over the weekend, the Des Moines Register reported.

“I think that is absolutely the direction we should go,” Sanders said during a town hall in Muscatine, Iowa, when he was asked if there should be a right to vote from prison. “You’re paying a price, you committed a crime, you’re in jail. That’s bad. But you’re still living in American society and you have a right to vote.”

Currently, only Sanders’ home state of Vermont and Maine allow felons to vote behind bars.

Most states do not allow people to vote while they are in prison, on parole, or on probation, according to Vox.

Two states ban those with felony convictions from voting even after they have finished their prison, parole or probation sentences.

Date from 2016 shows that 6.1 million people were prevented from voting due to a felony conviction, according to The Sentencing Project.

Black Americans are disproportionately impacted, since there are a higher percentage of blacks in prison. Punishments can follow people for the remainder of their lives, making it much more difficult for those with criminal records to regain rights that would give them a better chance to secure a job.

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Source: NewsMax Politics

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Mike Gravel kicks off ‘losing 2020 presidential campaign’ with ad, platform release

Former Alaskan Sen. Mike Gravel kicked off his 2020 presidential campaign on Monday — a campaign he admitted he has no intention of winning.

"I'm excited to run for president in order to qualify for the Democratic debates,” Gravel said in a statement Monday.

“My message, centered around an anti-imperialist foreign policy and fundamental political reform, is one that no other Democratic candidate is making the centerpiece of their campaign. After the first two debates, I will drop out and endorse the most progressive candidate,” he continued.

MIKE GRAVEL HAS FILED TO RUN FOR PRESIDENT BUT INTENDS TO DROP OUT AFTER DEBATES, CAMPAIGN SAYS

The 88-year-old progressive launched his campaign with the release of an ad and a draft of his “2020 Platform,” which he posted on Twitter.

“We are proud to present to you Draft 3.2 of the Gravel 2020 Platform. This is the front end - revisions are still being made! Please share any comments or suggestions you have with us via tweet - anything you'd like to see included in the platform,” Gravel’s tweet said, along with a link to a Google Doc.

The 28-page document — which is still being added to, according to a note at the top — covers issues including political reform, foreign policy, poverty, inequality and justice.

MIKE GRAVEL PONDERS PRESIDENTIAL RUN AS TWITTER FANS HELP HIM TRY TO GO VIRAL

Gravel’s official campaign ad was captioned on YouTube: “Welcome to the Gravelanche. Sen. Mike Gravel is running for president - not to win, but to qualify for the debates to push the field to the left on foreign policy and political reform.”

In order to qualify for the first two Democratic debates, Gravel has to raise 65,000 individual donations from people in 20 different U.S. states, according to a statement. As of Monday, Gravel has reportedly had donations from 5,000 individuals, with an average donation of $3.

“All campaign funds that are not spent getting Gravel on stage will be donated to organizations that will help Flint, Michigan get clean water, and to other charities,” a statement from Gravel’s campaign said.

Last week, Gravel announced that he would launch a campaign, a month after college-age fans started boosting the candidate on social media. He has not run for president since 2008 and he hasn’t been a senator since 1981.

Fox News' Frank Miles and Patrick Ward contributed to this report.

Source: Fox News Politics

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Trump says he does not want government to lead 5G effort

U.S. President Trump speaks about United States 5G deployment at the White House in Washington
U.S. President Donald Trump delivers remarks on United States 5G deployment in the Roosevelt Room of the White House in Washington, U.S., April 12, 2019. REUTERS/Carlos Barria

April 12, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump said on Friday that he does not want government to lead the effort to deploy next-generation 5G wireless networks.

“In the United States our approach is private-sector driven and private-sector led. The government doesn’t have to spend lots of money,” Trump said at a White House event on 5G deployment.

“As you probably heard, we had another alternative of doing it that would be through government investment and leading through the government. We don’t want to do that because it won’t be nearly as good, nearly as fast,” he said.

(Reporting by David Shepardson; Writing by Eric Beech; Editing by Mohammad Zargham)

Source: OANN

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Trump reverses slew of Obama-era Cuba policies in new crackdown

The Trump administration on Wednesday rescinded several Obama-era policies toward Cuba, while imposing tough sanctions against Venezuela and Nicaragua – as part of a new crackdown on what National Security Adviser John Bolton dubbed the “three stooges of socialism."

Bolton outlined the steps during an event in Coral Gables, Fla., honoring veterans of the United States' failed 1961 Bay of Pigs invasion of Cuba. Among the moves being taken against Cuba, the Trump administration is restricting non-family travel to the island and limiting the amount of remittances a person in the U.S. can send to family in Cuba to $1,000 per quarter.

US PERMITS LAWSUITS AGAINST COMPANIES USING PROPERTY SEIZED BY CASTRO'S CUBA, POMPEO ANNOUNCES

Bolton also announced additions to the Cuba Restrict List, which prohibits direct financial transactions with entities tied to the communist nation’s military, intelligence, and security services.

“While the last administration wanted to improve relations with the tyrants in Havana, and to convince the world that they posed no threat, the Cuban regime tightened its grip and extended its tentacles,” Bolton said in reference to the Obama administration’s thaw in the icy relationship with Cuba.

“These new measures will help steer American dollars away from the Cuban regime, or its military and security services,” Bolton said.

The announcement aligns with the hardline stance President Trump has taken toward Cuba since taking office, especially when it comes to the country’s close ties with the government of disputed Venezuelan President Nicolás Maduro.

Bolton’s speech came just hours after Secretary of State Mike Pompeo announced the Trump administration will allow Cubans who fled Fidel Castro’s regime to sue companies that have used their former property on the island.

Pompeo said he would not suspend a provision in the 1996 Helms-Burton Act that allowed such litigation and had been blocked by every presidential administration since Bill Clinton. The move could affect dozens of Canadian and European companies doing business in Cuba – embroiling the businesses in litigation that could cost them billions of dollars and upending relations between Washington and its traditional allies.

"Any person or company doing business in Cuba should heed this announcement," Pompeo said.

CUBA CITES LACK OF EVIDENCE IN MYSTERIOUS SONIC ATTACKS ON DIPLOMATS

Spain has already slammed the move, saying Washington's move damages relations between Europe and the United States and will lead to lawsuits and counterclaims. Spain contends that the U.S. action runs counter to international law, and says European Union countries are preparing to fight it.

Spanish companies are among Cuba's main foreign investors.

Besides the new policies regarding Cuba, the Trump administration took action against the other two countries in Bolton’s so-called “troika of tyranny”: Venezuela and Nicaragua.

The U.S. is imposing sanctions on the Central Bank of Venezuela, arguing that the bank has been instrumental in propping up the Maduro regime. The move, which is aimed at restricting U.S. transactions with the bank and cutting off the bank's access to U.S. currency, is meant to be a warning to others, including Russia, against deploying military assets to Venezuela to help Maduro stay in power, Bolton said.

“The United States will use its economic tools to the maximum capacity to constrict Maduro and ensure that his cronies no longer pilfer what rightfully belongs to the people of Venezuela,” Bolton said.

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The Trump administration is also levying more penalties against Bancorp in Nicaragua — claiming the bank is a "slush fund" for the country's president, Daniel Ortega. The bank already has been sanctioned by the United States for its links to Venezuela's state-owned oil company.

Trump issued an executive order in November targeting the Ortega government and its supporters for allegedly engaging in corruption and human rights abuses, and exploiting citizens and public resources.

One of those sanctioned is Vice President Rosario Murillo.

Bolton added the U.S. is now imposing additional sanctions now on Bancorp as well as Laureano Ortega, one of Daniel Ortega's son's.

The Associated Press contributed to this report.

Source: Fox News Politics

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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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