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The Latest: Lawyer: Fake heiress didn't mean to commit crime

The Latest on the fraud trial of a woman accused of passing herself off as a wealthy heiress (all times local):

1:15 p.m.

The lawyer for a woman who posed as a German heiress to live the New York City high life says his client never intended to commit a crime.

Todd Spodek told jurors at Anna Sorokin's trial Wednesday that the 28-year-old took advantage of a system that's "easily seduced by glamour and glitz."

Sorokin is charged with swindling various people and businesses out of $275,000 in a 10-month odyssey that included jetting to Marrakesh before landing in a jail cell.

Sorokin is accused of living in luxury hotels she couldn't afford, promising a friend a free trip and then sticking her with the bill, and peddling bogus bank statements in a quest for a $22 million loan.

Spodek said Sorokin "had to fake it until she could make it." He argued her actions were civil matters, not criminal.

___

1:10 a.m.

Anna Sorokin traveled in celebrity circles and tossed $100 tips — all the more reason to believe she was the German heiress she said she was.

Prosecutors say the jet-set lifestyle and pricy threads masked a fraudster who bilked friends, banks and hotels for a taste of the high life.

The 28-year-old Sorokin is scheduled to stand trial Wednesday on charges she swindled $275,000 in a 10-month odyssey that saw her jetting to Marrakesh before landing in a New York City jail cell.

Sorokin is accused of living in luxury hotels she couldn't afford, promising a friend a free trip and then sticking her with the bill, and peddling bogus bank statements in a quest for a $22 million loan.

Sorokin's lawyer says she's "presumed innocent and never intended to commit a larceny."

Source: Fox News National

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Ethiopian plane smoked and shuddered before deadly plunge

Ethiopian Federal policemen stand at the scene of the Ethiopian Airlines Flight ET 302 plane crash, near the town of Bishoftu
Ethiopian Federal policemen stand at the scene of the Ethiopian Airlines Flight ET 302 plane crash, near the town of Bishoftu, southeast of Addis Ababa, Ethiopia March 11, 2019. REUTERS/Tiksa Negeri

March 11, 2019

By Duncan Miriri

GARA-BOKKA, Ethiopia (Reuters) – The Ethiopian Airways plane that crashed killing 157 people was making a strange rattling noise and trailed smoke and debris as it swerved above a field of panicked cows before hitting earth, according to witnesses.

Flight 302 took off from the Ethiopian capital on Sunday morning bound for Nairobi with passengers from more than 30 countries. All on board the Boeing 737 MAX 8 died.

The pilot had requested permission to return, saying he was having problems – but it was too late.

(graphic: https://tmsnrt.rs/2CdCVUi)

Half a dozen witnesses interviewed by Reuters in the farmland where the plane came down reported smoke billowing out behind, while four of them also described a loud sound.

“It was a loud rattling sound. Like straining and shaking metal,” said Turn Buzuna, a 26-year-old housewife and farmer who lives about 300 meters (328 yards) from the crash site.

“Everyone says they have never heard that kind of sound from a plane and they are under a flight path,” she added.

Malka Galato, 47, a barley and wheat farmer whose field the plane crashed in, also described smoke and sparks from the back. “The plane was very close to the ground and it made a turn… Cows that were grazing in the fields ran in panic,” he said.

Tamirat Abera, 25, was walking past the field at the time. He said the plane turned sharply, trailing white smoke and items like clothes and papers, then crashed about 300 meters away.

“It tried to climb but it failed and went down nose first,” he said. “There was fire and white smoke which then turned black.”

CHILDREN’S BOOKS, PERFUME AT CRASH

As the plane had only just taken off, it was loaded with fuel.

At the site, Red Cross workers in masks sifted gently through victims’ belongings. Children’s books – Dr Seuss’s “Oh The Thinks You Can Think” and “Anne of Green Gables” – lay near a French-English dictionary burnt along one edge.

A woman’s brown handbag, the bottom burnt, lay open next to an empty bottle of perfume.

The aircraft was broken into small pieces, the largest among them a wheel and a dented engine. The debris was spread over land roughly the size of two soccer fields.

“When it was hovering, fire was following its tail, then it tried to lift its nose,” said another witness, Gadisa Benti. “When it passed over our house, the nose pointed down and the tail raised up. It went straight to the ground with its nose, it then exploded.”

Local resident Nigusu Tesema helped gather victims’ scattered identity papers to hand to police.

“We are shocked and saddened,” he said.

(Additional reporting by Kumerra Gemechu and Tiksa Negeri; Writing by Katharine Houreld; Editing by Andrew Cawthorne)

Source: OANN

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Charges filed in student stabbing at Chicago university

A 42-year-old man has been charged with critically wounding a fellow student at a university in Chicago.

Chicago police say Dejuan Doby pulled out a knife while in a classroom Tuesday at East-West University and stabbed a 20-year-old student in the back. Doby faces one count of attempted first-degree murder and two counts of aggravated battery.

Responding police officers arrested the Chicago resident at the school. The classmate was taken to a hospital in critical condition, but university officials have since said his condition has stabilized.

A Cook County judge on Thursday ordered Doby held on $7,000 bail and barred Doby from having any contact with the victim.

Doby doesn't have a listed phone number to pursue comment.

Source: Fox News National

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Iraq PM says country could take non-Iraqi IS detainees from Syria

FILE PHOTO: Iraq's Prime Minister Adel Abdul Mahdi speaks during the opening of Baghdad International Fair
FILE PHOTO: Iraq's Prime Minister Adel Abdul Mahdi speaks during the opening of Baghdad International Fair, Iraq November 10, 2018. REUTERS/Thaier al-Sudani /File Photo

February 26, 2019

BAGHDAD (Reuters) – Iraq could help transfer non-Iraqi Islamic State detainees held by the Syrian Democratic Forces (SDF) in Syria, Prime Minister Adel Abdul Mahdi said on Tuesday.

Iraq will either help repatriate those citizens to their home countries, or prosecute on its own those suspected of having committed crimes, he said at his weekly news conference.

“Some countries could ask Iraq to help to transfer some of her Daesh citizens to the other country, like France for example,” Abdul Mahdi said, using the Arabic acronym for Islamic State. “Iraq might help, would help, helped to transfer those people to their country. It is one battle and Iraq should fulfill its duties and obligations.”

“Fighters belonging to Daesh from other countries that their states, their countries refuse to receive – how should we deal with that?” he asked.

“Each case we should study the names, whether they participated in terrorist acts in Iraq. Then they could be judged by Iraqi tribunals.”

Earlier in the press conference, the prime minister specified that Iraq would not receive from Syria foreign fighters whose home countries refused to take back from Iraq.

The comments came one day after Iraqi President Barham Salih said that 13 Islamic State detainees who were transferred to Iraq last week from the Syrian Democratic Forces would be tried in Iraq. [nL5N20K52I]

Two Iraqi military sources told Reuters on Sunday that the U.S.-backed SDF handed over 14 French and six non-Iraqi Arab Islamic detainees last week. [nL5N20J11D]

The fate of foreign detainees in SDF custody has become more pressing in recent weeks as U.S.-backed fighters planned an assault to capture the last remnants of the group’s self-styled caliphate. [nL5N20L5KE]

The militant group still poses a threat in Iraq and some western officials believe that Islamic State’s leader, Abu Bakr al-Baghdadi, may still be hiding in the area.

“We will deal with the case because if we don’t, then they can use a 600 km (372.82 miles)border with Syria and infiltrate once again in Iraq. So it’s a case that really concerns us, worries us and we have to deal with it,” Abdul Mahdi said.

(Reporting by Ahmed Rasheed in Baghdad and Raya Jalabi in Erbil; Writing by Raya Jalabi; Editing by Richard Chang)

Source: OANN

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Trump to give Israel’s Netanyahu an election boost

FILE PHOTO: A man walks past a Likud election campaign billboard depicting U.S. President Trump shaking hands with Israeli PM Netanyahu, in Jerusalem
FILE PHOTO: A man walks past a Likud election campaign billboard, depicting U.S. President Donald Trump shaking hands with Israeli Prime Minister Benjamin Netanyahu, in Jerusalem February 4, 2019. REUTERS/Ammar Awad/File Photo

March 25, 2019

By Steve Holland

WASHINGTON (Reuters) – U.S. President Donald Trump was set to give Israeli Prime Minister Benjamin Netanyahu a boost for his re-election campaign on Monday as Netanyahu’s chief political opponent sought to position himself as a better alternative to lead Israel.

During a White House visit by Netanyahu, Trump was expected to sign a proclamation officially granting U.S. recognition of the Golan Heights as Israeli territory. Israel seized the strategic land from Syria in the 1967 Middle East war.

The recognition, which Trump had announced in a tweet last Thursday, appeared to be the most overt gesture by the Republican president to help Netanyahu, who had been pressing Trump for the move.

The Israeli prime minister, who faces an election on April 9, on Monday cut short his U.S. visit after a rocket fired from Gaza injured seven people near Tel Aviv. He arrived in Washington on Sunday, originally for a four-day visit.

The attack in central Israel came as the American Israel Public Affairs Committee (AIPAC), a pro-Israel group, held its annual meeting in Washington with speaker after speaker expressing U.S. support for strong ties with Israel.

“We stand with Israel because her cause is our cause, her values are our values, and her fight is our fight,” Vice President Mike Pence said on Monday.

Pence also talked tough against Iran, saying that under Trump, “America will never allow Iran to obtain a nuclear weapon.”

Netanyahu’s strongest election challenger, Benny Gantz, appeared before the gathering on Monday, and vowed to protect Israel against threats from Iran and Syria. He called for unity in Israel.

“We must remember if that we want hope, we must have unity,” he said.

With election day approaching, opinion polls put Netanyahu’s right-wing Likud and Gantz’s centrist Blue and White party neck and neck.

(Reporting by Steve Holland; editing by Jonathan Oatis)

Source: OANN

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China says French ship entered its waters illegally

China says it has complained to France after one of its warships entered Chinese territorial waters while passing through the Taiwan Strait this month.

The April 7 incident marks a rare occasion of military friction between the two countries, which have held joint search and rescue exercises before.

Ren said the navy dispatched ships to identify, warn and escort the French ship and would remain "highly alert to firmly safeguard China's sovereignty and security."

The 160-kilometer (100-mile)-wide Taiwan Strait divides mainland China from the island Beijing claims as its territory. It is considered an international waterway heavily trafficked by ships from all nations, many of them bound for Chinese ports.

China is highly sensitive to operations by foreign warships near areas it claims, such as the South China Sea.

Source: Fox News World

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Britain must resolve Brexit but changing PM May wouldn’t help, Hammond says

Britain's Chancellor of the Exchequer Philip Hammond is seen outside Downing Street in London
Britain's Chancellor of the Exchequer Philip Hammond is seen outside Downing Street in London, Britain March 22, 2019. REUTERS/Henry Nicholls

March 24, 2019

LONDON (Reuters) – Britain must find a way to leave the European Union in an orderly fashion rather than trying to oust Prime Minister Theresa May, finance minister Philip Hammond said on Sunday.

When asked by Sky about newspaper reports of a plot to oust May by senior ministers and whether she had run out of road, Hammond said: “No. I don’t think that is the case at all.”

“Changing prime minister wouldn’t help us,” he said. “To be talking about changing the players on the board, frankly, is self-indulgent at this time.”

When asked if he was trying to get May’s de-facto deputy, David Lidington, to take over as interim prime minister, Hammond said: “That’s not the case.”

“I’m realistic that we may not be able to get a majority for the prime minister’s (Brexit) deal and if that is the case then parliament will have to decide not just what it’s against but what it is for,” he said.

When asked about possible options for Brexit, Hammond said he was not sure there was a majority in parliament for a second referendum but that it was a coherent proposition.

“It’s clear there is going to be an opportunity over the next few days for the House of Commons, if it doesn’t approve the prime minister’s deal, to try to find a majority behind another proposition that it can take forward,” Hammond said.

(Reporting by Paul Sandle; editing by Guy Faulconbridge)

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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