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Koepka comfortable to be in chasing pack at Masters

Third round play of the Masters at Augusta National
Golf - Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 13, 2019 - Brooks Koepka of the U.S. hits off the 2nd tee during third round play. REUTERS/Jonathan Ernst

April 14, 2019

By Frank Pingue

AUGUSTA Ga. (Reuters) – Brooks Koepka relinquished his share of the Masters lead on Saturday but the American is not about to panic given the increased self-belief that helped him bag two of the last three majors.

On a day when Augusta National, which had been softened by rain earlier in the week, was yielding low scores Koepka could only muster a three-under-par 69 that left him alone in fourth place and three shots back of leader Francesco Molinari.

“I’m pretty comfortable being in, being up there on the leaderboard in a major come Sunday,” said Koepka, whose roller-coaster round included an eagle, five birdies and four bogeys. “So I enjoy it, it’s fun, getting definitely more comfortable with it as every major goes by.

“I feel good and I like my chances tomorrow.”

Koepka, who does not have a top-10 finish in three previous starts at the Masters and missed the event in 2018 due to a wrist injury, was chugging along at one-under on the day when he stepped up to the par-five 15th and gave his Green Jacket hopes a boost.

The three-times major champion launched his drive 332 yards up the fairway and then made an eagle after his approach shot settled 10 feet from the cup.

That hole not only salvaged his round but could go a long way to determining if he is to slip into a Green Jacket after Sunday’s final round, which is starting a 7:30 a.m. ET (1130 GMT).

Due to an ominous weather forecast, golfers will go off from the first and 10th tees in threesomes and Koepka will be followed around the course by the final grouping of Molinari, Tiger Woods and Tony Finau.

Koepka has said all week he was focused on his own game and not worrying about what anyone else is doing, but that could prove tough come Sunday with the leaders playing right behind him.

“I can’t control anything that they’re doing with ‑‑ whatever they’re going to do, they’re going to do,” said Koepka. “So just need to go out there and hopefully they can see something on the board where it’ll make them a little nervous.”

(Editing by Peter Rutherford)

Source: OANN

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Republicans form ‘Anti-Socialism Caucus’ to counter Dem drift left

House Republicans are forming an “Anti-Socialism Caucus” to “defend individual liberty & free markets” and push back against the leftward drift of some in the Democratic Party.

“Just received approval from the House for the formation of the Anti-Socialism Caucus,” Rep. Chris Stewart, R-Utah, tweeted Thursday. "This caucus will defend individual liberty & free markets and highlight the dark history of socialism."

HOWARD SCHULTZ SLAMS DEMOCRATS' SOCIALIST SLIDE AS HE WEIGHS 2020 BID

In a press release last month, Stewart said the purpose of the caucus is to inform lawmakers and the public of the dangers of the left-wing ideology and to act “as a bulwark to stop the advancement of socialist policies and legislation.”

“So much time has passed from the fall of the Iron Curtain that many have internalized -- or never experienced -- Socialism’s ultimate price. If we fail to recall those dangerous times, the primitive appeal of socialism will advance and infect our institutions,” Stewart warned.

The caucus' formation comes as Democratic lawmakers have increasingly embraced socialist ideas and principles.

Ideas such as "Medicare-for-all" and the Green New Deal -- a massive government intervention to combat climate change and income inequality -- have quickly gone from fringe ideas to litmus tests for Democratic presidential candidates. Meanwhile, self-described “democratic socialists” like Rep. Alexandria Ocasio-Cortez, D-N.Y., have floated tax rates as high as 70 percent for rich Americans.

DEMOCRATIC SOCIALISTS PICK UP SLEW OF SEATS ON CHICAGO'S CITY COUNCIL

In January, a Fox News poll found that 40 percent of Democrats think it would be a “good thing” for the U.S. to move toward socialism and move away from capitalism. Only 34 percent said that would be a “bad thing.”

The situation has predictably faced fierce opposition from Republicans.

“Under the guise of Medicare-for-all and a Green New Deal, Democrats are embracing the same tired economic theories that have impoverished nations and stifled the liberties of millions over the past century,” Vice President Pence told a Conservative Political Action Conference (CPAC) audience outside Washington last month. “That system is socialism.”

"Democrat lawmakers are now embracing socialism," President Trump said in his speech to the conference. "They want to replace individual rights with total government domination."

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It has also seen resistance from some Democrats, too, wary about the party embracing such a radical ideology.

"I am offended by this whole conversation about socialism," Rep. Stephanie Murphy, D-Fla., said during the BakerHostetler conference in Washington on Tuesday, according to The Washington Examiner. "The idea that in the greatest democracy, the greatest capitalist system in the world, we’re having casual conversation about socialism, offends me."

Source: Fox News Politics

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Controversial Steele dossier back in spotlight after Mueller report’s release

With Special Counsel Robert Mueller’s Russia report now out in the open, attention is likely to return in coming weeks to the salacious and unverified anti-Trump dossier compiled by former British spy Christopher Steele -- a dossier whose more sensational claims were not substantiated by Mueller's team.

The dossier, funded by the Democratic National Committee (DNC) and Hillary Clinton’s 2016 campaign, sent shockwaves through the country and the halls of power in D.C. when it was published in January 2017, complete with lurid tales of a sex tape featuring prostitutes that the Russian government was said to be holding over President Trump's head.

JIM JORDAN: AMERICAN PEOPLE WANT ACCOUNTABILITY FOR PEOPLE WHO STARTED RUSSIA INVESTIGATION

But despite an intensive two-year investigation, Mueller’s team found no evidence of any such tape. It also said it didn’t have evidence of another claim in the dossier that former Trump attorney Michael Cohen met with Russian officials in Prague.

The New York Times, in a lengthy article on the Steele dossier's current standing, noted that there is no evidence in the Mueller report on a number of claims: “DNC moles, Romanian hackers, Russian pensioners -- or years of Trump-Putin intelligence trafficking.” But a lawyer for Fusion GPS, the firm that commissioned the dossier, told The Times that the Mueller probe backed up “the core reporting” in the Steele memos -- including that Russian President Vladimir Putin directed “a covert operation” to have Trump elected.

Now, with a redacted version of Mueller’s report public and pressure building for the release of an unredacted version, attention is set to turn toward the investigation by DOJ Inspector General Michael Horowitz, who confirmed at a panel discussion in March that his office is continuing to review potential surveillance abuses by the FBI. That review began last March, and Fox News was told last month that it's nearing completion.

At the heart of the controversy over the Steele dossier is not just how reliable its contents were, but also what role it played in the FBI’s application for a Foreign Intelligence Surveillance Court (FISA) warrant against former Trump campaign aide Carter Page. Horowitz has said he will address the question of whether the FBI followed all "legal requirements" when applying for that warrant.

Politico reported Wednesday that Horowitz's team has been “intensely focused on gauging Steele’s credibility as a source” for the FBI. One official told the outlet that he had the impression that the IG report “is going to try and deeply undermine” Steele.

Republicans in Congress have long focused on the dossier, claiming that it formed the origins of what became Mueller's Russia investigation. They and the president have noted in particular the dossier's funding by the DNC and Clinton campaign.

TRUMP ALLIES AWAIT RESULTS OF TWO INTERNAL PROBES THAT COULD EXPOSE RUSSIA INVESTIGATION BACKSTORY

"You can't have the FBI using one party's opposition research document to launch an investigation and spy on the other party's campaign," Rep. Jim Jordan, R-Ohio, said on “Cavuto Live” on Saturday.

On Thursday, California Republican Devin Nunes told Fox News’ Sean Hannity that the report shows that the dossier also formed part of the memo that established the scope of the special counsel’s investigation.

“On Carter Page and [former Trump campaign chairman] Paul Manafort, that information came from political opponents, the Clinton campaign fed right into the FBI, directed to the special counsel to go investigate what was in the infamous Steele dossier,” Nunes said. “That is the only thing of relevance that was in today's 450-page report.”

According to Politico, Steele intends to rebut the IG’s characterizations in the form of a rare public statement, but he has declined to be interviewed -- citing the potential impropriety of his involvement in an internal Justice Department investigation as a foreign national.

The Times, meanwhile, reports that Steele made it clear to associates in 2017 that he considered the dossier to be raw intelligence -- a starting point for further investigation.

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The IG probe isn’t the only investigation where the Steele dossier may face scrutiny. Attorney General William Barr told lawmakers that he intends to review FBI and DOJ conduct during the formative days of the Russia investigation -- where the Steele dossier played a role.

Trump, meanwhile, has pledged to “get to the bottom” of the origins of the Russian probe, and has promised to “turn the tables” and investigate the investigators -- which could include closer scrutiny of the role that Steele's infamous dossier played.

Fox News' Gregg Re and Catherine Herridge contributed to this report.

Source: Fox News Politics

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Trump Jr. celebrates end of Mueller probe with ‘collusion truthers’ tweet

Donald Trump Jr. mocked “collusion truthers” in a tweet Friday in response to Special Counsel Robert Mueller’s long-awaited submission of his final report on the investigation into Russian interference in the 2016 presidential election.

Minutes before, Trump Jr. tweeted: "Well that’s going to make it a bit harder for the MSM and Dems to spin but they’ll do it anyway” in response to Washington Post reporter Josh Dawsey, who posted "DOJ letter says there was not a single time Mueller was blocked from an action he wanted to take."

DONALD TRUMP JR. SAYS FAMILY HAS NO FEARS OVER MUELLER INVESTIGATION REPORT

Mueller is not recommending any further indictments, a senior Department of Justice officials told Fox News. Trump Jr. retweeted a post by GOP strategist Andrew Surabian that read: "The #CollusionTruthers in the Dem Party and their friends on @CNN/@MSNBC don't seem very happy today, I wonder why?"

Attorney General William Barr notified members of the Senate and House judiciary committees on Friday about the report on Friday.

"I am reviewing the report and anticipate that I may be in a position to advise you of the Special Counsel’s principal conclusions as soon as this weekend," Barr wrote, according to Newsweek.

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President Trump remained silent on Twitter about the conclusion of Mueller's probe on Twitter, not mentioning the report once. He will spend the weekend in Florida to meet with Carribean leaders to discuss the ongoing crisis in Venezuela and its leader Nicolas Maduro.

Source: Fox News Politics

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Colorado State Patrol corporal killed after being struck by vehicle during blizzard

A Colorado state trooper was killed when he was struck by a vehicle as a blizzard hit parts of the state on Wednesday.

Cpl. Daniel Groves, 52, was assisting a vehicle that slid off Interstate 76 in Weld County when someone driving a Volvo "lost control" and hit Groves, who was outside of his patrol vehicle, Colorado State Patrol said on Twitter.

'BOMB CYCLONE' SOCKS CENTRAL US WITH BLIZZARD CONDITIONS, SEVERE WEATHER, RAGING WINDS FOR UP TO 70 MILLION

Groves was transported to the hospital, where he was pronounced dead.

The driver who allegedly hit Groves, 58-year-old John Carpenter, was also transported to the hospital with moderate injuries, officials said.

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The National Weather Service had issued a blizzard warning for Weld County and surrounding areas in eastern Colorado on Wednesday. Authorities are investigating "high speed in poor driving conditions" as a possible cause of the accident.

Groves had worked with the Colorado State Patrol since July 2007, according to the department.

Source: Fox News National

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The Latest: Egypt amendments pass, now set for referendum

The Latest on amendments to Egypt's constitution (all times local):

6:40 p.m.

Egypt's parliament has passed proposed amendments to the constitution that could see President Abdel-Fattah el-Sissi remain in power until 2030.

The country's state-run MENA news agency says the 596-member assembly, backed by el-Sissi supporters, gave its final approval on Tuesday.

The amendments now face a national referendum, likely before early May when the Muslim holy month of Ramadan starts.

The proposals would only extend a president's term in office from four to six years. But they include a special article to extend el-Sissi's current, second term to six years and allow him to run for another six-year term in 2024.

Critics of the move argue that Egypt is slipping back into authoritarianism, eight years after a pro-democracy uprising ended autocrat Hosni Mubarak's three-decade rule.

___

10:35 a.m.

Egypt's parliament is holding the last debate on proposed amendments to the constitution that could see President Abdel-Fattah el-Sissi remain in power until 2030.

Tuesday's session comes ahead of a final vote by lawmakers on the changes to the 2014 charter, before the amendments are put on a national referendum, likely before early May when the Muslim holy month of Ramadan starts.

The proposals would only extend a president's term in office from four to six years. But they include a special article to extend el-Sissi's current, second term to six years and allow him to run for another six-year term in 2024.

Critics of the move argue that Egypt is slipping back into authoritarianism, eight years after a pro-democracy uprising ended autocrat Hosni Mubarak's three-decade rule.

Source: Fox News World

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Morgan Stanley president Kelleher to retire: memo

FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York
FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

March 28, 2019

NEW YORK (Reuters) – Morgan Stanley said Thursday that its president, Colm Kelleher, will retire at the end of June, according to an internal memo viewed by Reuters.

Kelleher will stay on as senior adviser to the firm, according to the memo from Chief Executive James Gorman. Kelleher’s replacement was not immediately named.

(Reporting By Elizabeth Dilts; Editing by Dan Grebler)

Source: OANN

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FILE PHOTO: Supporters of the Spain's far-right party VOX wave Spanish flags as they attend an electoral rally ahead of general elections in the Andalusian capital of Seville
FILE PHOTO: Supporters of the Spain’s far-right party VOX wave Spanish flags as they attend an electoral rally ahead of general elections in the Andalusian capital of Seville, Spain April 24, 2019. REUTERS/Marcelo del Pozo/File Photo

April 26, 2019

By John Stonestreet and Belén Carreño

MADRID (Reuters) – Spain’s Vox party, aligned to a broader far-right movement emerging across Europe, has become the focus of speculation about last minute shifts in voting intentions since official polling for Sunday’s national election ended four days ago.

No single party is anywhere near securing a majority, and chances of a deadlocked parliament and a second election are high.

Leaders of the five parties vying for a role in government get final chances to pitch for power at rallies on Friday evening, before a campaign characterized by appeals to voters’ hearts rather than wallets ends at midnight.

By tradition, the final day before a Spanish election is politics-free.

Two main prizes are still up for grabs in the home straight. One concerns which of the two rival left and right multi-party blocs gets more votes.

The other is whether Vox could challenge the mainstream conservative PP for leadership of the latter bloc, which media outlets with access to unofficial soundings taken since Monday suggest could be starting to happen.

The right’s loose three-party alliance is led by the PP, the traditional conservative party that has alternated in office with outgoing Prime Minister Pedro Sanchez’s Socialists since Spain’s return to democracy in the 1970s.

The PP stands at around 20 percent, with center-right Ciudadanos near 14 percent and Vox around 11 percent, according to a final poll of polls in daily El Pais published on Monday.

Since then, however, interest in Vox – which will become the first far-right party to sit in parliament since 1982 – has snowballed.

It was founded in 2013, part of a broader anti-establishment, far-right movement that has also spread across – among others – Italy, France and Germany.

While it is careful to distance itself from the ideology of late dictator Francisco Franco, Vox’s signature policies include repealing laws banning Franco-era symbols and on gender-based violence, and shifting power away from Spain’s regional governments.

TRENDING

According to a Google trends graphic, Vox has generated more than three times more search inquiries than any other Spanish political party in the past week.

Reasons could include a groundswell of vocal activist support at Vox rallies in Madrid and Valencia, and its exclusion from two televised debates between the main party leaders, on the grounds of it having no deputies yet in parliament.

Conservative daily La Vanguardia called its enforced absence from Monday’s and Tuesday’s debates “a gift from heaven”, while left-wing Eldiario.es suggested the PP was haemorrhaging votes to Vox in rural areas.

Ignacio Jurado, politics lecturer at the University of York, agreed the main source of additional Vox votes would be disaffected PP supporters, and called the debate ban – whose impact he said was unclear – wrong.

“This is a party polling over 10 percent and there are people interested in what it says. So we lose more than we win in not having them (in the debates),” he said

For Jose Fernandez-Albertos, political scientist at Spanish National Research Council CSIC, Vox is enjoying the novelty effect that propelled then new, left-wing arrival Podemos to 20 percent of the vote in 2015.

“While it’s unclear how to interpret the (Google) data, what we do know is that it’s better to be popular and to be a newcomer, and that Vox will benefit in some form,” he said.

For now, the chances of Vox taking a major role in government remain slim, however.

The El Pais survey put the Socialists on around 30 percent, making them the frontrunners and likely to form a leftist bloc with Podemos, back down at around 14 percent.

The unofficial soundings suggest little change in the two parties’ combined vote, or the total vote of the rightist bloc.

That makes it unlikely that either bloc will win a majority on Sunday, triggering horse-trading with smaller parties favoring Catalan independence – the single most polarizing issues during campaigning – that could easily collapse into fresh elections.

(Election graphic: https://tmsnrt.rs/2ENugtw)

(Reporting by John Stonestreet and Belen Carreno, Editing by William Maclean)

Source: OANN

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FILE PHOTO: The logo of the OPEC is seen at OPEC's headquarters in Vienna
FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries at OPEC’s headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger/File Photo

April 26, 2019

JOINT BASE ANDREWS, Md. (Reuters) – U.S. President Donald Trump said on Friday he called the Organization of the Petroleum Exporting Countries and told the cartel to lower oil prices.

“Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down. You’ve got to bring them down,” Trump told reporters.

(Reporting by Roberta Rampton; Writing by Makini Brice; Editing by Chizu Nomiyama)

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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