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OPEC builds case to keep oil supply cuts as rivals pump more

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna
FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna, Austria December 7, 2018. REUTERS/Leonhard Foeger/File Photo

March 14, 2019

By Alex Lawler

LONDON (Reuters) – OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.

Continued supply reductions would further support oil prices, which are up about 25 percent this year, and incur the wrath of U.S. President Donald Trump, who has demanded OPEC ease its efforts to bolster the market.

In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would average 30.46 million barrels per day, 130,000 bpd less than forecast last month and below what it is currently producing.

OPEC, Russia and other non-OPEC producers, an alliance known as OPEC+, are reducing output by 1.2 million bpd from Jan. 1 for six months. The report said rising production outside the group pressed the need for continued supply restraint by OPEC+.

“While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year,” OPEC said in the report.

“This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil market stability in 2019.”

OPEC sources have said an extension of the supply-cutting pact is the likely scenario. The group and its allies are due to meet in April and June to discuss policy.

In the report, OPEC said its oil output fell by 221,000 bpd month-on-month to 30.55 million bpd in February. That amounts to 105 percent compliance with pledged cuts, according to a Reuters calculation, up from January’s rate.

While Saudi Arabia kept production even lower than required by the deal, the largest drop from January’s rate occurred in Venezuela, whose exports have been disrupted by U.S. sanctions.

Despite this strong compliance, market indicators followed by OPEC still suggest a glut could appear. OPEC’s report said oil inventories in developed economies were above the five-year average in January.

(Reporting by Alex Lawler; Editing by Dale Hudson)

Source: OANN

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Death toll from Utrecht tram shooting rises to four

FILE PHOTO: Silent march for Utrecht shooting victims
FILE PHOTO: People attend a silent march in Utrecht in honour of the people wounded or killed in an attack on a tram on Monday, in Utrecht, Netherlands March 22, 2019. REUTERS/Piroschka Van De Wouw/File Photo

March 28, 2019

AMSTERDAM (Reuters) – A 74-year-old man who was seriously wounded during a shooting on a tram in the Netherlands this month died of his injuries, taking the number of fatalities to four, Dutch prosecutors said on Thursday.

In a statement, prosecutors said they will adjust the charges against the alleged shooter, 37-year-old Turkish-born Gokmen Tanis, to four counts of murder or manslaughter, carried out with terrorist intent.

Authorities are investigating whether Gokmen, who is said to have confessed to a judge during a closed hearing, had other personal motives. He has also been undergoing a psychological evaluation.

In a rare act of gun violence in the Netherlands, Gokmen allegedly opened fire in a tram in the central Dutch city of Utrecht on March 18.

Those killed included a 19-year-old woman, a 28 year-old-man, and the 49-year-old father of two young children. One victim remains in hospital in critical condition.

A Dutch court will rule by the end of next week on extending Gokmen’s custody.

(Reporting by Anthony Deutsch, Editing by William Maclean)

Source: OANN

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Convicted Cardinal – Pell’s name scraped from his Australian hometown

Cardinal George Pell arrives at County Court in Melbourne
Cardinal George Pell arrives at County Court in Melbourne, Australia, February 27, 2019. AAP Image/Erik Anderson/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE. AUSTRALIA OUT. NEW ZEALAND OUT. NO COMMERCIAL OR EDITORIAL SALES IN NEW ZEALAND. NO COMMERCIAL OR EDITORIAL SALES IN AUSTRALIA.

February 27, 2019

By Jonathan Barrett

BALLARAT, Australia (Reuters) – On the day Cardinal George Pell, one of the highest ranking Vatican officials, was publicly revealed as a convicted child sex offender, his old high school in an Australian goldfields town physically scraped his name from one of its buildings.

A thick black-taped line was also put through his once-revered name on a timber board of ordained alumni in the front offices of St Patrick’s College in Ballarat, Pell’s hometown in the state of Victoria. It is the fifth name on the board to be taped over, in a diocese ripped apart – like others before it in the United States, Ireland and elsewhere – by an abuse scandal.

“We believe the decision to revoke those various honors is the appropriate course of action for the best interests of the boys who walk through the front gates of St Patrick’s College each and every day,” principal John Crowley told Reuters on Wednesday, a day after Pell’s conviction was made public.

A jury in the County Court of Victoria in Melbourne found Pell guilty on Dec. 11 of five offences against two 13-year-old choir boys, committed when he was the Roman Catholic archbishop of the city in the 1990s. But a court-imposed suppression order banning reporting of the trial was only lifted on Tuesday, giving Pell’s hometown its first opportunity to respond.

“As a church we – and I say we because I’m part of the church – need to do more,” said Crowley. “We are well and truly behind the pack here.”

Pell’s name looms large in Ballarat, a town of 100,000 people 120 km (75 miles) west of Melbourne.

His father was the local publican, and the son proved himself to be a dogged defender of the faith as a young priest in the gold district, one of the country’s biggest Catholic dioceses.

PAPAL ADVISER

The physically intimidating former athlete, measuring more than 190cm (6 foot 3 inches) tall, would later cut a path all the way to Rome, where he became the Vatican’s economy minister and one of the pope’s top advisers.

But a government-ordered inquiry in 2013 started to expose wide-ranging allegations of clerical child abuse and cover-up, with Ballarat at its epicenter. Pell testified at the hearings, mostly about his knowledge of complaints in the 1970s and 80s. He was not named as an alleged perpetrator at the inquiry.

Child abuse survivor Paul Auchettl said the town’s strong Catholic ties made it difficult to speak out, even as some of its residents succumbed to suicide, self-harm and isolation.

“I was being courted by priests because families used to offer their oldest boy to the priesthood,” said Auchettl.

“If you went into the church it was the best thing ever that could happen and it gave your family elevated status – it was what everybody was hoping for actually.”

The 77-year-old Pell was back in court on Wednesday for his sentence plea hearing, where his bail was revoked and he was taken into custody ahead of his sentencing on March 13.

He has maintained his innocence throughout proceedings, and his lawyers have lodged an appeal against his conviction.

While Pell’s conviction relates to abuse occurring in Melbourne, residents in Ballarat rejuvenated a campaign of tying bright ribbons on the cathedral in his hometown after the jury’s findings were made public.

Campaigner Maureen Hatcher, who said she started the colorful ribbon campaign several years ago in defiance of the secrecy cloaking the town and its victims, said the once intense opposition to people like herself was finally falling away.

“It’s quite a conservative town and a very Catholic town; things are changing obviously with current news,” said Hatcher. “There’s been a big black cloud over this city for many decades … and I think every day now there is a little bit more sunshine in the town.”

(Reporting by Jonathan Barrett in BALLARAT; Editing by Alex Richardson)

Source: OANN

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Man accused of posing as college student and raping teens

The owner of a Washington, D.C, barbershop is accused of posing as a Howard University student and preying on incapacitated teenagers.

Prosecutors say allegations against 35-year-old Julian Everett, of Maryland, date back to at least 2001, including a case in which he was convicted of kidnapping a transgender woman. News outlets report Everett is accused of raping three teens, ages 16 to 18, and was arrested last week on rape and related charges.

Prince George's County police say the victims, two of which were Howard students, reported going on a date with Everett and losing consciousness after being given alcohol. Police say they were then taken to another location and assaulted.

Chief Hank Stawinski says Everett posed as a student to gain credibility with the teenagers.

Source: Fox News National

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Sports Direct chief offers to underwrite Debenhams rescue in return for CEO job: Financial Times

FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, arrives at the company's AGM, at the company's headquarters in Shirebrook
FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, arrives at the company's AGM, at the company's headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples/File Photo

April 6, 2019

(Reuters) – Sports Direct chief executive Mike Ashley has offered to underwrite a 150 million pound ($195.65 million) rights issue at Debenhams on condition that he is named CEO of the department store chain, the Financial Times reported on Saturday, citing two sources.

Debenhams secured 200 million pounds in new funds last week but warned shareholders that it still faced being wiped out unless it secured financial support from Sports Direct, which holds a near 30 percent stake.

Debenhams said Sports Direct needed to either make a firm offer for the group, underwrite a rights issue, or provide debt funding if it wanted to prevent Debenhams’ ownership falling into the hands of lenders.

In a letter to the Debenhams board dated April 5, Sports Direct said it would be willing to underwrite 150 million pounds in cash if Ashley was appointed as Debenhams’ new chief executive, the FT said.

Sports Direct was not immediately available for a comment and Debenhams declined to comment on the report.

Last year, Sports Direct bought department store chain House of Fraser out of administration and has been trying to wrest control of Debenhams for months.

(Reporting by Rishika Chatterjee in Bengaluru; Editing by Helen Popper)

Source: OANN

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Trump: Mexico Gets 1-Year Warning on Border Shutdown Threat

President Donald Trump threatened on Thursday to put tariffs on cars coming from Mexico into the United States if Mexico does not continue to help Washington deal with the immigration and drug situation along the southern U.S. border.

Trump told reporters at the White House he would put tariffs on cars or close the border, but he said he may start with the tariffs. He also said he would give Mexico a year to try to stop the flow of drugs before putting tariffs in place.

"A lot of good things are happening with Mexico. Mexico understands that we're going to close the border, or I'm going to tariff the cars," Trump told reporters at the White House.

Trump said he would "probably start off with the tariffs - that will be a very powerful incentive."

Trump warned last Friday that he would close the U.S. border with Mexico this week unless Mexico took action to help stop the flow of illegal migrants across the frontier.

Trump said on Thursday that media coverage in recent days has prompted Mexico to make moves to curb the flow of immigrants to the United States and take other action to ease the pressure on U.S. ports of entry.

Separately, Mexican exporters said this week they were looking into sending their goods to the United States by air freight to avoid a five-mile-long line of trucks at the border caused by the Trump administration moving federal agents away from customs checks to immigration duties.

Auto parts and medical equipment makers were among the Mexican companies considering the more expensive air cargo to avoid incurring penalties for late delivery to U.S. clients or factory closures, Luis Aguirre, the president of Mexico's manufacturing industry chamber INDEX, said late on Wednesday.

Source: NewsMax Politics

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Pound jumps to four-week high, Asian shares take a breather

New one pound coins which comes into circulation today, are seen in Liverpool
FILE PHOTO: New one pound coins which comes into circulation today, are seen in Liverpool, Britain, March 28, 2017. REUTERS/Phil Noble

February 26, 2019

By Swati Pandey

SYDNEY (Reuters) – The pound climbed to near four-week highs on Tuesday on a report U.K. Prime Minister Theresa May could seek to delay a Brexit deadline while Asian shares paused at a five-month peak on signs Washington and Beijing were making progress on a trade deal.

Sterling jumped to $1.3149 in early Asian trade after Bloomberg reported May was expected to allow her Cabinet to discuss extending the Brexit deadline beyond March 29 at a crunch meeting later in the day.

The news was a relief to investors who had feared a no-deal Brexit, although dark clouds are still looming for the currency.

“News that Prime Minister May is considering the option of postponing Brexit given all the turmoil in parliament can hardly come as a big surprise,” said Nick Twidale, analyst at Rakuten Securities Australia.

“However…details are few and far between. The market will seek further clarity over the coming sessions and if it is not forthcoming, sterling traders can expect more swings in the currency.”

A delay might also anger May’s pro-Brexit colleagues who could even support a vote of no confidence in the government, potentially triggering a general election.

Elsewhere, MSCI’s broadest index of Asia-Pacific shares outside Japan held near its highest since mid-September as U.S. and Chinese negotiators work to hammer out a deal that would end a tit-for-tat tariff battle that began in mid-2018.

U.S. President Donald Trump said on Sunday he would delay a tariff hike on $200 billion of Chinese imports in the clearest signs yet that both sides were making progress in the talks, but he also sounded a note of caution, saying a deal “could happen fairly soon, or it might not happen at all.”

A spokeswoman for the U.S. Trade Representative’s Office said the agency had no announcements at this time beyond the president’s remarks.

“There were caveats on the proposed trade deal,” Rakuten’s Twidale added. “Although largely ignored by the market yesterday, they suggest that the path forward will not be a straight one and investors will do well to prepare for more volatility.

Monday’s losses in the MSCI Asia-Pacific index was led by Australian shares which slipped 0.7 percent, weighed by energy stocks as oil prices tumbled overnight. South Korea’s KOSPI was flat while Japan’s Nikkei rose 0.2 percent.

Wall Street’s three major indexes ended higher on Monday but well below the session’s highs, with the Dow up 0.2 percent, the S&P 500 adding 0.1 percent and the Nasdaq gaining 0.4 percent.

Investors were also wary of weakening estimates for current quarter earnings, with Wall Street on Monday expecting a 0.9 percent decline in S&P first-quarter earnings per share compared with expectations for 5.3 percent growth on Jan. 1, according to IBES data from Refinitiv.

The trade news was largely priced in to currency markets, with the risk-on mood nudging the dollar to 111.23 against the safe haven Japanese yen, a level not seen since late December. The greenback was last at 111.06.

The dollar index was flat at 96.413 against a basket of currencies.

Focus now shifts to an appearance by U.S. Federal Reserve Chairman Jerome Powell before a U.S. Senate committee on Tuesday.

“The market will be looking for signs the Fed remains comfortable with the current state of policy,” said Steven Dooley, currency strategist at Western Union Business Solutions. “The markets will also want to hear details about the eventual end of the Fed’s balance sheet reduction program.”

The euro idled at $1.1359, staying within the $1.1213/1.1570 range that it has held since mid-October.

In commodities, oil prices took a knock on Monday to post their largest daily percentage drop this year after Trump called on OPEC to ease its efforts to boost crude prices, which he said were “getting too high.”

U.S. crude was last up 2 cents at $55.5 a barrel in early Asian trading while Brent finished 3.5 percent lower on Monday at $64.76.

(Editing by Jacqueline Wong)

Source: OANN

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Sonia Bompastor, director of the Olympique Lyonnais womenÕs Youth Academy, leads a training at the OL Academy near Lyon
Sonia Bompastor, director of the Olympique Lyonnais womenÕs Youth Academy, leads a training at the OL Academy in Meyzieu near Lyon, France, April 16, 2019. REUTERS/Emmanuel Foudrot

April 26, 2019

By Julien Pretot

MEYZIEU, France (Reuters) – Olympique Lyonnais president Jean-Michel Aulas was wringing out his women’s team shirts in the locker room on a rainy London day eight years ago when he decided it was time to take gender equality more seriously.

It was halftime in their Champions League semi-final second leg against Arsenal at Meadow Park with 507 fans watching and Aulas realized that his players did not have a another kit for the second half.

“Next time, there will be a second set just like for the men, that’s how it’s going to work from now on,” he said.

Lyon have since won five Champions League titles to become the most successful women’s team in Europe and recently claimed a 13th consecutive domestic crown.

They visit Chelsea on Sunday in the second leg of their Champions League semi-final, with a fourth straight title in their sights.

At the heart of their achievements is a pervasive ethos that promotes gender equality throughout the club, starting in the youth academy.

In 2013, Aulas appointed former Lyon and France player Sonia Bompastor as head of the Women’s Academy — the female equivalent of one of France’s top youth set-ups that has produced players such as Karim Benzema, Alexandre Lacazette and Hatem Ben Arfa.

At the Youth Academy, girls and boys share the same facilities.

“Pitches, physiotherapy rooms are the same for all,” the 38-year-old Bompastor told Reuters.

As the girls train under the watch of former Lyon and France international Camille Abily, the screams of the boys practicing can be heard nearby.

The boys and girls also benefit from the same psychological support that includes hypnosis sessions and yoga.

“We have a ‘mental ability’ cell and the hypnotist acts on the girls’ subconscious, on their deeply held beliefs after observing them on and off the pitch,” Bompastor added.

SAME TREATMENT

One message the Academy staff are trying to convey is that girls are as good as boys.

“Women’s nature is such that we have low self-esteem. So self-esteem is a big topic for our girls,” said Bompastor.

This is not the case with the boys, she added.

“Some 14, 15-year-old boys still think they would beat our professional players, we tell them this would not be happening. We still need to work on those beliefs,” she said.

Female players also have to face questions that their male counterparts do not, Bompastor explained.

“In France there is a problem with the way women are considered, there are high aesthetic expectations. So we get heavy questions on femininity, intimate questions that men don’t get,” she said.

OL’s Academy has been held up as a shining example for others to follow, even in the U.S., where women’s soccer has a wider audience than in Europe.

“About one third of the (senior women’s) squad comes from the Academy, we have a good balance,” said Bompastor.

“I’m getting tons of requests from American universities and foreign clubs, who want to come and visit our facilities.”

‘ONE CLUB’

The salaries of the senior players is one area where there remains a large discrepancy between Lyon’s men’s and women’s teams.

While the three best-paid women players in the world are at Lyon with Ballon d’Or winner Ada Hegerberg earning 400,000 euros ($445,520) a year, this figure is dwarfed by the around 4 million euros earned annually by men’s player Memphis Depay.

There is, however, a level of interaction between the men’s and women’s players that is not present at many other clubs.

“When you talk about OL you talk about women and men, you talk about one club and you feel it when you are here or outside in the city,” Germany defender Carolin Simon told Reuters.

“We see it when we play in the big stadium. It’s not ‘normal’ for women’s football,” the 26-year-old, who joined the club last year, added.

Lyon’s female players also enjoy respect from their male counterparts, Simon said.

“It’s very cool, it’s a big honor to feel that it doesn’t matter if you are a professional man or woman. We talk with the men, there are handshakes, it’s a good atmosphere and it’s also why we are successful,” said Simon.

“The men respect us and it’s not just for the cameras.”

Her team mate, England’s Lucy Bronze, sees the men’s respect as key to improving women’s football.

“We might not be paid the same but they are just normal with us, they see us as footballers the same as they are,” Bronze told Reuters.

“Being at Lyon has really opened my eyes. To improve women’s football, it starts with having the respect of your male counterparts. It’s the biggest thing because they can influence so many people.”

(Reporting by Julien Pretot; Editing by Toby Davis)

Source: OANN

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FILE PHOTO: Ethiopian migrants, stranded in war-torn Yemen, sit on the ground of a detention site pending repatriation to their home country, in Aden, Yemen
FILE PHOTO: Ethiopian migrants, stranded in war-torn Yemen, sit on the ground of a detention site pending repatriation to their home country, in Aden, Yemen April 24, 2019. REUTERS/Fawaz Salman/File Photo

April 26, 2019

GENEVA (Reuters) – Yemeni authorities have rounded up about 3,000 irregular migrants, predominantly Ethiopians, in the south of the country, “creating an acute humanitarian situation,” the U.N. migration agency said on Friday.

“IOM is deeply concerned about the conditions in which the migrants are being held and is engaging with the authorities to ensure access to the detained migrants,” the International Organization for Migration said.

The migrants are held in open-air football stadiums and in a military camp, it said in a statement.

The detentions began on Sunday in the city of Aden and the neighboring province of Lahj, which are under the control of the internationally recognized government backed by Saudi Arabia and the United Arab Emirates. Iran-aligned Houthi rebels control Sanaa, the capital, and other major urban centers.

Both sides are under international diplomatic pressure to implement a United Nations-sponsored ceasefire deal agreed last year in Sweden and to prepare for a wider political dialogue that would end the four-year-old war.

Thousands of migrants arrive in Yemen every year, mostly from the Horn of Africa, driven by drought and unemployment at home and lured by the wages available in the Gulf.

(Writing by Maher Chmaytelli, Editing by William Maclean)

Source: OANN

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U.S. dollar notes are seen in this picture illustration
U.S. dollar notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration

April 26, 2019

(Reuters) – Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.

1/DOLLAR JUGGERNAUT

The dollar has zipped to near two-year highs, leaving many scratching their heads. To many, it’s down to signs the U.S. economy is chugging ahead while the rest of the world loses steam. After all, Wall Street is busily scaling new peaks day after day.

Never mind the cause, the effect is stark. The euro has tumbled to 22-month lows against the dollar and investors are preparing for more, buying options to shield against further downside. Emerging-market currencies are also in pain, with Turkish lira and Argentine peso both sharply weaker.

Now U.S. data need to keep surprising on the upside or even just meet expectations. The International Monetary Fund sees U.S. growth at 2.3 percent this year. For Germany, the forecast is 0.8 percent. The U.S. economy’s rude health has given rise to speculation the Fed might resume raising interest rates. Unlikely. But as other countries — Canada, Sweden and Australia are the latest — hint at more policy easing, there seems to be one way the dollar can go. Up.

(GRAPHIC: Dollar outperforms G10 FX – https://tmsnrt.rs/2Dz17S5)

2/FED: UP OR DOWN?

Wall Street is near record highs and recession worries are receding, so as we mentioned above, investors might wonder if the Federal Reserve will start raising rates again.

Such a pivot is unlikely after the Fed killed off rate-rise expectations at its March meeting. And the latest Reuters poll all but puts to bed any risk of rates will go up this economic cycle, given inflation remains below the Fed’s alarm threshold and unemployment is the lowest in generations.

Before the March rate-pause announcement, a preponderance of economists penciled in one or more increases this year. But that has flipped. A majority of those surveyed April 22-24 see no further tightening through December and more are leaning toward a cut by the end of next year.

Indeed, interest rate futures imply Fed Funds will be below the current 2.25-2.50 percent target range by this December.

Recent positive consumer spending and exports data have eased market concerns of a sharp economic slowdown. But inflation probably needs to run hot for a long period to panic policymakers off their wait-and-see course.     

(GRAPHIC: Federal funds and the economy – https://tmsnrt.rs/2DzjTZz)

3/HEISEI TO REIWA

Next week ends three decades of Japan’s Heisei era. Heisei, or Achieving Peace, began in 1989 near the peak of a massive stock market bubble and closes with the country trapped in low growth, no inflation, and negative interest rates.

The new era that dawns on May 1 is called Reiwa, meaning Beautiful Harmony. It begins when Crown Prince Naruhito ascends the Chrysanthemum Throne. But do investors really want harmony? What they want to see is a bit of economic growth and inflation to shake up the status quo.

The Bank of Japan’s stimulus toolkit to revive a long-suffering economy is anything but harmonious and yet it’s set to stay. The central bank confirmed recently rates will stay near zero for a long time. But the coming days may not be harmonious or peaceful for currency markets. A 10-day Golden Week holiday kicks off on April 29 and investors are fretting over the risk of a “flash crash” – a violent currency spasm that can occur in times of thin trading turnover.

The year has already seen two yen spikes and many, including Japan’s housewife-trader brigade – so-called Mrs Watanabes – appear to have bought yen as the holiday approaches. Their short dollar/long yen positions recently reached record highs, stock exchange data showed.

(GRAPHIC: Japan stocks: from Hensei to Reiwa – https://tmsnrt.rs/2W6a7Fe)

4/EARNING TURNING

Quarterly earnings were supposed to be the worst in Europe in almost three years, but with a third of results in, things are looking a little rosier.

Two-thirds of companies’ results have beat expectations, and they point to earnings growth of 4.5 percent year-on-year. Financials have delivered the biggest surprises, according to analysis by Barclays.

That might just show how low expectations were. In fact, analysts are still taking a red pen to their estimates.

The latest I/B/E/S data from Refinitiv shows analysts on average expect first-quarter earnings-per-share for STOXX 600-listed companies to fall 4.2 percent. That would be their worst quarter since 2016 and down sharply from an estimated 3.4 percent just a week earlier.

Those estimates may end up being a little too bearish as earnings season goes on, quelling worries that Europe is heading toward a corporate recession.

GSK and Reckitt Benckiser will give the market a glimpse of the health of the consumer products market and spending on everything from toothpaste, washing powder and paracetamol.

(GRAPHIC: Earnings forecasts – https://tmsnrt.rs/2DuO2ZF)

5/WAITING FOR THE OLD LADY

Sterling has gone into the doldrums amid the Brexit delay and unproductive talks between the UK government and the opposition Labour party on a EU withdrawal deal. The resurgent dollar, meanwhile, has taken 2 percent off the pound in April. It is unlikely the Bank of England will be able to rouse it at its May 2 meeting.

Despite robust retail and jobs data of late, the economic picture is gloomy – 2019 growth is likely to be around 1.2 percent, the weakest since 2009, investment is down and Governor Mark Carney says business uncertainty is “through the roof”.

Indeed, expectations for an interest rate increase have been whittled down; Reuters polls forecast rates will not move until early 2020, a calendar quarter later than was forecast a month ago. The hunt for a new governor to replace Carney in October adds more uncertainty to the mix.

The recent run of UK data has fueled hopes of economic rebound. That’s put net hedge fund positions in the pound into positive territory for the first time in nearly a year. The Old Lady of Threadneedle Street might temper some of that optimism.

(GRAPHIC: Sterling positions – https://tmsnrt.rs/2XJwUXX)

(Reporting by Alden Bentley in New York, Vidya Ranganathan in Singapore; Karin Strohecker, Josephine Mason and Saikat Chatterjee in London; compiled by Sujata Rao; edited by Larry King)

Source: OANN

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U.S. President Trump departs for travel to Indianapolis from the White House in Washington
U.S. President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019. REUTERS/Jonathan Ernst

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said trade talks with China are going very well, as the world’s two largest economies seek to end talks with a trade agreement to defuse tensions.

Trump said on Thursday he would soon host China’s President Xi Jinping at the White House.

Earlier this week, the White House said that Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer would travel to Beijing for more talks on a trade dispute marked by tit-for-tat tariffs between the two countries.

(Reporting by Jeff Mason; Writing by Makini Brice; Editing by Chizu Nomiyama)

Source: OANN

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U.S. President Donald Trump hosts Take Our Daughters and Sons to Work Day at the White House in Washington
U.S. President Donald Trump gives a thumbs up to his audience as he hosts Take Our Daughters and Sons to Work Day at the White House in Washington, U.S., April 25, 2019. REUTERS/Kevin Lamarque

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday praised Russian President Vladimir Putin’s comments on North Korea this week following the Russian leader’s summit with Pyongyang’s Kim Jong Un.

Speaking to reporters at the White House, Trump also said China was helping with efforts aimed at the denuclearization of North Korea.

(Reporting by Jeff Mason and Makini Brice; Writing by Susan Heavey; Editing by Chizu Nomiyama)

Source: OANN

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