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Watch Live: Avenatti Crashes And Burns As Trump Totally Cleared Of Collusion Charges

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Trump blasts ‘weirdo’ Tom Steyer over impeachment push

President Trump on Friday blasted liberal billionaire activist Tom Steyer for his continued push to impeach Trump -- with Trump claiming Steyer is “trying to remain relevant” and doesn’t have the “guts” to run for the White House himself.

“Weirdo Tom Steyer, who didn’t have the 'guts' or money to run for President, is still trying to remain relevant by putting himself on ads begging for impeachment,” the president tweeted. “He doesn’t mention the fact that mine is perhaps the most successful first 2 year presidency in history & NO C OR O! [Collusion or Obstruction]”

TRUMP IMPEACHMENT BACKERS NOT GIVING UP AFTER MUELLER REPORT

Trump and his allies have pointed to Special Counsel Robert Mueller’s Russia report’s conclusions that there was no evidence of collusion between Russia and the Trump campaign and its decision not to make a conclusion on obstruction of justice as a vindication for the president.

But some Democrats and left-wing activists have pointed to the instances of possible obstruction of justice that the investigation looked into as proof of the need for more investigations or even impeachment proceedings.

ELIZABETH WARREN DOUBLES DOWN ON TRUMP IMPEACHMENT PUSH, SAYS IT'S 'BIGGER THAN POLITICS'

Steyer has been one of the leaders backing a push to impeach Trump and founded “Need to Impeach” and has kept up that push since the report’s release. He announced on Thursday that he was calling on Speaker Nancy Pelosi, D-Calif., to support impeachment proceedings.

On Friday he responded to Trump’s tweet, calling him “angry and scared.”

“I know you want it all to go away. But for the sake of the country you must face your transgressions. Rage away, but that anger doesn't matter,” he said in a tweet. The truth and the people will prevail.”

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Impeachment hearings have been backed by a number of House Democrats, as well as 2020 presidential hopefuls Sens. Elizabeth Warren, D-Mass., and Kamala Harris, D-Calif. However, Pelosi has long been skeptical of impeachment proceedings against Trump.

"I’m not for impeachment," Pelosi told The Washington Post in an interview last month. "Impeachment is so divisive to the country that unless there’s something so compelling and overwhelming and bipartisan, I don’t think we should go down that path, because it divides the country. And he’s just not worth it."

Source: Fox News Politics

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Man accused of killing Gambino mob boss Frank Cali formally charged in New York

The 24-year-old accused of killing Gambino family mob boss Francesco “Franky Boy” Cali appeared in a New York court Monday after being extradited from New Jersey.

Anthony Comello, who allegedly gunned down Cali, 53, in front of Cali's Staten Island home on March 13, appeared in Staten Island criminal court and did not enter a plea. The construction worker turned suspected assassin was booked on murder, assault and weapon possession charges at around 4 a.m., the New York Police Department said.

Comello, who was originally arrested in New Jersey, agreed on March 18 to be extradited to New York. His lawyer, Robert Gottlieb, requested Comello be put in protective custody Monday, after law enforcement officials said his client may be a target for murder given he is accused of killing a reputed mob boss, the New York Post reported. Gottlieb also requested his client be administered medication that he had not been able to take the week he's been in custody.

REPUTED GAMBINO CRIME BOSS' SUSPECTED KILLER FLASHES 'MAGA,' OTHER SLOGANS ON HAND

Authorities believe Comello may have shot Cali after the mobster refused to allow him to date his niece. NYPD officials said they first noticed Comello’s erratic behavior last month when he arrived to the federal courthouse in lower Manhattan on February 21 asking to make a citizen’s arrest of several Democratic politicians.

“These were rambling statements, but it involved that he wanted to make citizen arrests of [Rep.] Maxine Waters, Congressman [Adam] Schiff,” NYPD Deputy Commissioner John Miller told the New York Post.

Comello also attempted to make a citizen’s arrest on New York City Mayor Bill de Blasio at Gracie Mansion, but police did not conduct any further investigation related to Comello until he allegedly shot Cali less than a month later.

“Based on that incident and the language used there, his description and image, police officers who were assigned to Gracie Mansion recognized him as an individual they encountered the following day, Feb. 22, as somebody who showed up asking to make a citizen’s arrest of the mayor,” said Miller.

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Cali was shot at least six times in front of his Staten Island home while his wife and young children were inside. The suspect allegedly ran Cali over with his pick-up truck and fled the scene, the New York Post reported. Cali was transported to Staten Island University Hospital North, where he was pronounced dead.

The Associated Press contributed to this report. 

Source: Fox News National

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Tempers fray in Mexico as new controls frustrate U.S.-bound migrant caravan

Migrants from Central America, waiting to begin their process to get their humanitarian visas to cross the country on their way to the United States, are seen outside an improvised shelter in Mapastepec
Migrants from Central America, waiting to begin their process to get their humanitarian visas to cross the country on their way to the United States, are seen outside an improvised shelter in Mapastepec, in Chiapas state, Mexico April 3, 2019. REUTERS/Jose Torres

April 3, 2019

By Jose Cortez

MAPASTEPEC, Mexico (Reuters) – Tempers frayed among hundreds of mostly Central American migrants gathered on Wednesday in southern Mexico, delayed as Mexican officials sought to slow down the U.S.-bound flow that President Donald Trump is determined to turn back.

Since last week Trump has repeatedly threatened to close down the U.S.-Mexico border if Mexican officials do not do more to thwart the migrants, potentially harming tens of billions of dollars in trade, but has also praised Mexican efforts following his outbursts.

The Mexican government has vehemently denied changing policy in response to threats, but has appeared to slam the brakes on its practice of awarding so-called humanitarian visas that allow migrants from other countries to pass freely within its borders.

Without such papers, they are vulnerable to harassment and deportation from officials.

As many as 1,500 men, women and children traveling in a large group or caravan from Honduras, El Salvador, Nicaragua, and Cuba were gathered in the town of Mapastepec in Chiapas state, unable to obtain the temporary visas.

Mexico’s immigration institute said it would prioritize giving the visas to vulnerable groups including the elderly and unaccompanied minors, while offering transport home for others.

Officials were issuing very few of the documents, migrants said, and frustrations were mounting as a result.

“It’s been hard for me to get here because there aren’t any visas,” said Cuban migrant Yuremi Garcia, who had traveled without papers from the southern Mexican border a few hours south to a crowded sports ground in Mapastepec, converted into a temporary shelter.

Garcia said he was tired of waiting and had decided to continue northwards together with others, despite the risk that Mexican authorities would deport them.

At the border town of Tapachula, near the southern tip of Mexico bordering Guatemala, another group included people from Sri Lanka, Congo and Haiti, a federal official said. Some migrants said Mexican officials had slowed down the process of awarding the visas or denied them outright without providing any explanation.

A small group lashed out at border officials in Tapachula on Tuesday over the delays, throwing rocks and breaking windows of a local migration institute building.

Edgar Corso, an official with Mexico’s human rights commission, told Reuters that some 45 complaints filed with the commission by Cuban migrants since March 15 allege unreasonable delays in awarding the visas.

He said the attack on the migration office has also been formally documented.

Last week, Mexican President Andres Manuel Lopez Obrador, who has steadfastly avoided any public confrontation with Trump, said he would help ensure more orderly migration.

In December-February, his administration’s first three months, Mexico sent home 19,360 migrants, 17 percent fewer than a year earlier, data from the National Migration Institute show.

In response to Trump’s pressure, the government has been providing daily updates to U.S. officials on how it is acting more aggressively to halt migration flows, and providing specific numbers on how many people are being apprehended, a senior White House official said.

“They’ve shown that they are increasing what they are doing,” the official said on Tuesday, asking not to be named in order to speak freely.

U.S. Homeland Security Secretary Kirstjen Nielsen and officials at the State Department have been in regular contact with Mexican officials about their efforts, the official said.

Lopez Obrador told reporters on Wednesday at his regular morning news conference that his administration was “acting with an abundance of prudence,” saying a border shutdown was in nobody’s interest.

“We are looking to ensure that the law is respected,” he added.

(Reporting by Jose Cortez, Additional reporting by Lizbeth Diaz in Mexico City and Steve Holland in Washington; Writing by David Alire Garcia; Editing by Frank Jack Daniel and Rosalba O’Brien)

Source: OANN

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Fact-checkers vs. hoax peddlers: a fake news battle ahead of Indonesia’s election

FILE PHOTO: Man takes selfie pictures with a cutout of Indonesia's presidential candidate for the upcoming election Prabowo Subianto during a campaign rally in Solo
FILE PHOTO: A man takes selfie pictures with a cutout of Indonesia's presidential candidate for the upcoming election Prabowo Subianto during a campaign rally in Solo, Central Java Province, Indonesia, April 10, 2019. REUTERS/Willy Kurniawan/File Photo

April 10, 2019

By Fanny Potkin and Agustinus Beo Da Costa

JAKARTA (Reuters) – Armed with laptops, three dozen journalists and fact-checkers braced for battle before a live debate between Indonesian President Joko Widodo and his challenger, Prabowo Subianto.

With two giant screens displaying television network feeds in front of them, the keyboard warriors split into six groups, each responsible for fact-checking a segment of the debate.

For nearly three hours, their eyes barely left their screens as they attempted to verify candidates’ comments in real time: allegations about corruption, statistics on the country’s Muslim population, boasts, and even personal anecdotes.

They and other fact-checkers are fighting a running battle against fake news and propaganda ahead of an April 17 election in the world’s third-biggest democracy.

Election monitors are worried that the flow of misinformation stoking ethnic and religious divides could undermine electoral bodies and even raise social tensions.

The Cekfakta (“checkfacts” in Indonesian) initiative brings together the non-profit fact-checking organization Mafindo and 24 news organizations that normally compete fiercely with each other during election campaigns.

“There’s a watchdog now in operation,” Cekfakta co-founder Wahyu Dhyatmika, editor-in-chief of news website Tempo.co, told Reuters. “As a candidate, you cannot throw claims into the air … we will fact-check them.”

Backed financially by Google News Lab, which also helps fund Mafindo, Cekfakta’s volunteers took over the U.S tech giant’s swanky Jakarta office for the debate on March 30.

Dhyatmika wanted to avoid a repeat of the 2014 election, also between Widodo and retired general Prabowo, when reporters were unprepared for the flood of false news that swept across social media.

‘WE’RE IN A WAR’

The fact checkers’ adversaries, fake news peddlers, sit at screens too, pumping out misinformation disguised as fact that often exploits ethnic or religious divides.

“We’re in a war for content … people are doing anything they want,” said one fake news creator, who has written stories depicting Indonesian officials as paid off by Beijing. The person declined to be identified because such work is illegal.

Indonesia’s population of 269 million has a youthful median age of just over 30 years, according to the World Population Review.

With more than 100 million accounts, the country is Facebook’s third-largest market and a top-five market globally for its platforms WhatsApp and Instagram, as well as rival Twitter.

Fake news in Indonesia can rack up thousands of views in hours, despite laws against creating and spreading such content.

Mafindo’s head of fact-checking, Aribowo Sasmito, compares it to the drug trade.

“There are the factories, the dealers, and the victims. Most of the people who end up arrested are victims … They read hoaxes and believed them to be true.”

Since December, Mafindo has documented a surge in political fake news using ethnicity and religion to target both candidates.

The organization finds most worrisome the dozens of stories that paint electoral bodies as corrupt. This will be only Indonesia’s fourth democratic presidential election.

Sasmito considers it a good result if fact-checked posts can reach even a small fraction of the audience the originals did.

Mafindo’s work has made it some enemies. The group has received enough threats that it keeps its office address secret; Cefakta’s website was hacked after a previous debate.

A Reuters investigation in March found that both the Prabowo and Widodo campaigns were funding sophisticated social media operations to spread propaganda and disinformation through fake accounts on behalf of the candidates. [L3N20Z2EH]

Both campaigns said they did not use such teams.

FAKE NEWS CREATORS

One journalist said he was hired by Prabowo campaign advisers to write positive stories about Prabawo and negative ones on Widodo, to be posted on Facebook and WhatsApp. He said he was not motivated by money but believes the mainstream media is biased in favor of Widodo.

Fearing government retaliation, the man declined to be named, but he showed Reuters communications that suggested he was he in contact with Prabowo advisers.

He said he wrote only “true” negative stories, and cited as an example a post that 2,000 Chinese workers on Indonesia’s Sulawesi island were secretly part of the Chinese People’s Liberation Army.

“We have evidence from government contacts and we can see they are soldiers from the way they look,” he said, declining to share such evidence.

Prabowo campaign spokesman Andre Rosiadi denied any advisers had hired journalists to write “positive or negative content” and “especially not fake news.”

Asked about the Sulawesi allegation, a spokeswoman for the Chinese Embassy in Indonesia replied to Reuters in a text: “fake news.”

But such claims also make it onto the campaign trail. A Prabowo campaign volunteer in West Java told Reuters last week that millions of Chinese workers had been secretly relocated to Sulawesi.

“It’s not hoax, it’s fact,” said volunteer Cecep Abdul Halim.

Reuters found that the creator of the Sulawesi claim had also written stories in 2016 falsely depicting former Jakarta governor Basuki Tjaha Purnama as a Communist stooge of China.

Purnama, a Christian ethnic-Chinese Indonesian ally of Widodo, recently completed a two-year prison sentence for blasphemy against Islam based on a video doctored to make him seem he was insulting the Koran.

The man convicted of making the video, a former journalist, worked for Prabowo’s media team until he was sent to prison last month. A campaign spokesman confirmed he had worked for the media team, but did not comment further.

Social media data gathered by Mafindo as well as Indonesian big-data consultancy Drone Emprit shows that allegations using China as a bogeyman are widespread in Indonesia, where suspicions about the wealth of the ethnic-Chinese community and the influence of Beijing run deep.

A disproven video that went viral in January claimed to show seven shipping containers from China at Jakarta’s port filled with millions of ballots punctured in favor of Widodo.

Common misinformation themes against Widodo portray him alternatively as a member of Indonesia’s banned Communist party, a Chinese plant, or anti-Islam.

Prabowo, meanwhile, has been depicted as both impious and planning to create a caliphate, while his running mate has been portrayed inaccurately as gay.

All are inflammatory accusations in the world’s largest Muslim-majority country, which rights groups say recently has seen increased prejudice against religious and LGBT minorities.

And the stories work. Although Widodo enjoys a double-digit lead over Prabowo, three surveys found that a minority of the population believes that he is either a communist or a Christian.

According to a December poll, as many as 42 percent of Prabowo supporters believed this about Widodo, while 65 percent of Widodo supporters believed Prabowo kidnapped democracy activists while in the military, a claim he strenuously denies.

Experts say such polarization is dangerous for Indonesia and could stoke anger against minorities.

“This kind of fake news gains traction because they’re the seeds of intolerance in our society,” said Cefakta’s Dhyatmika. “And it’s not being addressed.”

(Reporting by Fanny Potkin in JAKARTA and Agustinus Beo Da Costa in GARUT. Additional reporting by Yerica Lai. Editing by John Chalmers and Gerry Doyle)

Source: OANN

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Thousands of pilgrims mark Palm Sunday in Jerusalem

Thousands of Christian pilgrims are taking part in Palm Sunday celebrations in Jerusalem at the start of the Christian Holy Week.

Worshippers carried palm fronds and olive branches on Sunday and marched from the top of the Mount of Olives to the Old City of Jerusalem. Israeli police say an estimated 15,000 people took part in the procession.

Palm Sunday commemorates Jesus's entry into Jerusalem and is the start of the church's most solemn week, which includes the Good Friday re-enactment of Jesus's crucifixion and death and his resurrection on Easter Sunday.

The procession made its way from the Mount of Olives past the Garden of Gethsemane where, according to Biblical tradition, Jesus was betrayed, then finally into the alleyways of the Old City.

Source: Fox News World

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Texas murder suspect gets 99 years for one-hour jail escape

A murder suspect was sentenced Friday to 99 years in prison for his brief escape from a Texas jail last year.

Although escaping from a correctional facility in Texas is typically a third-degree felony, the charge was upgraded for Luis Arroyo due to his lengthy criminal history, the Bexar County District Attorney's Office said.

5 INMATES ESCAPE N. CAROLINA JAIL, 4 TAKEN INTO CUSTODY

Arroyo, 41, along with two other detainees, escaped from the Bexar County Jail in San Antonio on March 2, 2018, by climbing 20 feet up the jail’s recreation area, cutting a hole in mesh wiring and climbing down onto a roof using bedsheets, the San Antonio Express-News reported.

The trio had help from Arroyo’s mother, who was an ex-girlfriend of one of the detainees, authorities said. They were found an hour later at a Sonic fast food restaurant.

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The two other detainees are also being held on murder charges and have not been tried for the escape. Months after his escape, Arroyo was tried for his murder charge, which ended in a mistrial.

Prosecutors plan to retry him again, a district attorney spokesperson told the paper.

Source: Fox News National

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FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle
FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson/File Photo

April 26, 2019

NEW YORK (Reuters) – U.S. economic growth is running at a 1.1% pace in the second quarter as the gains in exports and inventories recorded in the first quarter are expected to reverse, Morgan Stanley economists said on Friday.

“Our preliminary expectations for growth in the second quarter sees large drags from net exports and inventories after their contributions in 1Q,” they wrote in a research note.

Gross domestic product increased at a 3.2% annualized rate in the first three months of the year, driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, the Commerce Department said earlier Friday.

(Reporting by Richard Leong)

Source: OANN

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FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt
FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany, April 25, 2019. REUTERS/Ralph Orlowski/File Photo

April 26, 2019

By Tom Sims

FRANKFURT (Reuters) – Within hours of the collapse of merger talks with Commerzbank, Christian Sewing scrambled to convince investors and employees that Deutsche Bank can stand on its own two feet.

The Deutsche Bank chief executive told staff, many of whom opposed a merger because of significant job losses, that while he had not been “skeptical” about the Commerzbank talks, he was cautious about the chances of success from the start.

And another top Deutsche Bank executive said on Friday that it had been Commerzbank that initiated the talks, suggesting there was no desperation on their part for a deal.

Commerzbank denied that version of events, ending the apparent truce between the normally highly competitive cross-town Frankfurt rivals over the past six weeks.

German hopes of creating a national banking champion able to challenge global competitors were finally dashed on Thursday when Deutsche Bank and Commerzbank ended their talks due to the risks of doing a deal, restructuring costs and capital demands.

For Sewing, the failure to clinch a deal has left the 49-year-old chief executive of Germany’s largest bank, who took over just over a year ago, with his back to the wall.

Credit ratings agency Standard & Poor’s, which downgraded Deutsche Bank last year, said on Friday that Deutsche Bank “will remain under strain”, adding that it “seems to have acknowledged the need to adjust its strategy”.

Under Sewing, a new leadership has tried to revive Deutsche Bank’s fortunes, but it has faced money laundering allegations and failed stress tests, as well as ratings downgrades.

At the heart of the debate over its future is whether it should focus its business on Germany and draw a line under its costly global ambitions to take on Wall Street’s big guns.

“MARKET PLAY”

Without a deal, Deutsche Bank now finds itself back at the mercy of equity and debt markets, with UBS analysts warning that in a “stress scenario” it could again “be forced into a ‘debt-driven capital increase’ even with solid capital ratios”.

“Deutsche remains a levered market play vulnerable to external events,” the UBS analysts said in a note.

Sewing, along with many analysts, believes Deutsche Bank can go it alone in the short-term, but will be counting on a turnaround in market conditions to do so in the long-run given its dependence on volatile investment bank earnings.

“To reach our return objective, we also need to see a revenue recovery in our more market-sensitive business,” Sewing said on Friday after reporting results.

“These revenues are available to us in better market conditions given our leading positions in many of these businesses, but we need to capture them,” he added.

Revenue at Deutsche Bank’s bond trading division fell 19 percent in the first quarter, it said on Friday, underscoring weakness at its investment bank.

If those earnings do not improve, Berlin’s desire to keep its biggest bank out of foreign hands may start to wane.

“Germany’s globally active companies need competitive financial institutions that can support them around the world,” German finance minister Olaf Scholz said on Thursday.

(Writing by Alexander Smith; Editing by Keith Weir)

Source: OANN

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Panama's former president Ricardo Martinelli yells to the media while arriving to the Electoral Court in Panama City
Panama’s former president Ricardo Martinelli reacts to the media while arriving to the Electoral Court in Panama City, Panama April 26, 2019. REUTERS/Erick Marciscano

April 26, 2019

PANAMA CITY (Reuters) – Panama’s electoral tribunal has ruled that former President Ricardo Martinelli, who is awaiting trial on wiretapping charges, cannot take part in elections on May 5 in which he was running for mayor of Panama City and a seat in Congress, a spokesman for Martinelli said on Friday.

“The ruling of the electoral tribunal has disqualified him as candidate,” said the spokesman, Eduardo Camacho, calling the court’s ruling a “political decision.”

Officials at the tribunal did not immediately confirm the ruling, which also was reported in local media in Panama.

Martinelli, a supermarket tycoon who ran the Central American country from 2009 to 2014, was extradited to Panama last June from the United States and charged with spying on 150 people, including politicians, union leaders and journalists.

A judge had previously cleared Martinelli to run for mayor of the capital. His critics vowed to appeal that decision.

(Reporting by Elida Moreno and Stefanie Eschenbacher; Editing by Bill Trott)

Source: OANN

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FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo

April 26, 2019

(Reuters) – Shares of Walmart, Target and other U.S. retailers fell on Friday as Amazon.com Inc unveiled a one-day delivery plan for its Prime members in a move to further disrupt the fiercely competitive retail landscape.

The e-commerce giant’s announcement on Thursday could cause other brands, manufacturers, retailers, and logistics companies to have to invest more aggressively to compete with Amazon and its delivery, analysts said.

Retailers in recent years have poured billions into ecommerce and faster shipping options and are trying to close the gap with Amazon.

“This is about making it more expensive to catch up and affirms our world view that only the largest and smartest will survive,” Bernstein analyst Brandon Fletcher said.

The move is expected to heighten consumer expectations on e-commerce delivery just like Amazon did with its two-day shipping option for members of its loyalty club Prime, noted analysts.

“The faster you ship, the more people buy,” RBC Capital Markets analyst Mark Mahaney said.

The challenge for non-Amazon players was that very few of the existing logistics and parcel delivery players now have the ability to do nationwide one-day delivery, Morgan Stanley analyst Brian Nowak said.

“And even fewer can do it at the vast scale and reasonable cost that AMZN would need for Prime delivery,” Nowak said in a note.

Walmart Inc’s shares fell about 3 percent, while Target Corp dropped about 5 percent in morning trade.

Shares of Kohl’s Corp, Macy’s Inc and Nordstrom Inc fell about 1 percent. Grocer Kroger Co was nearly 3 percent lower, while consumer electronics retailer Best Buy Inc dropped 2.1 percent.

(Reporting by Soundarya J and Akanksha Rana in Bengaluru; Editing by Maju Samuel)

Source: OANN

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A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) in Beijing
A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) held at the Diaoyutai State Guesthouse in Beijing, July 10, 2014. REUTERS/Ng Han Guan/Pool (CHINA – Tags: POLITICS BUSINESS)

April 26, 2019

By April Joyner

NEW YORK (Reuters) – Even as the lift from optimism over prospects for U.S.-China trade detente shows signs of wearing off for the wider U.S. stock market, upbeat sentiment around China’s economy could bolster shares of materials companies.

Shares of S&P 500 industrial and technology companies, which were buffeted by last year’s tit-for-tat tariffs as well as slowing global demand, have been very responsive to progress in U.S.-China trade relations and a strengthening Chinese economy. This year, those sectors have outpaced the ascent in the S&P 500, which reached a record closing high on Tuesday.

Materials stocks have not been as sensitive, however, even though they also stand to benefit as a stronger Chinese economy lifts global consumption and industrial output. As China has taken measures to stimulate its economy, its economic data have turned more upbeat. That in turn could aid global growth, which has flagged as a result of China’s cooldown.

“What we’re seeing is China spending more on stimulus: fiscal stimulus and monetary stimulus,” said Kristina Hooper, chief global market strategist at Invesco in New York. “That’s likely to be a positive for materials.”

The People’s Bank of China has cut banks’ reserve requirement ratio five times over the past year and is widely expected to ease policy further to spur lending and reduce borrowing costs. The stimulus appears to have boosted Chinese economic data, with factory activity growing in March for the first time in four months.

Yet so far in 2019, the S&P 500 materials index has underperformed the S&P 500 at large, rising just 11.9% compared with 16.7% for the benchmark index. Moreover, it is among the biggest decliners in the period since the S&P’s previous record closing level on Sept. 20. The materials index has fallen 7% over those seven months, versus a 5.2% gain for technology and a 3% loss for industrials. Only the energy index has dropped more over that period.

A trade agreement could serve as a catalyst for a bump in materials shares as a drag on China’s economy is lifted, some market strategists say. Some commodity prices, including those for copper and oil, have ascended this year as the prospects for the global economy have somewhat brightened.

“It all goes back to the global growth outlook,” said Andrea DiCenso, portfolio manager for alpha strategies at Loomis Sayles in Boston. “With the front run in hard data, we’re beginning to see a pretty significant rally.”

Additionally, a trade agreement is expected to include commitments from China to purchase higher quantities of U.S. products such as soybeans, which could benefit companies that make agricultural chemicals, including DowDuPont Inc and CF Industries Holdings Inc.

CF Industries is scheduled to report quarterly results after the bell on Wednesday, and DowDuPont is scheduled to report before the market open on Thursday.

To be sure, even with a trade agreement, some materials companies could face price pressures. Shares of Freeport-McMoRan Inc fell 10.1% on Thursday after the copper mining company posted a lower-than-expected profit as its production slipped and its costs rose.

A rollback of tariffs on Chinese imports, particularly aluminum and steel, would likely prompt a fall in some commodity prices, which could hurt prospects for certain materials companies, said Gene Goldman, chief investment officer at Cetera Investment Management in El Segundo, California.

Even so, those drawbacks may be outweighed by the support for global demand fostered by a U.S.-China trade agreement.

“You could see a number of companies with lowered expectations bring them back up as they talk favorably about the impact that a trade deal would have on them,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

(Reporting by April Joyner; additional reporting by Sinéad Carew; editing by Jonathan Oatis)

Source: OANN

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