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ACLU latest to file lawsuit against Trump emergency declaration

The Trump administration is facing another lawsuit over the president's emergency declaration to build a border wall.

The American Civil Liberties Union said in a lawsuit filed Tuesday in U.S. court in San Francisco that there is no emergency to justify the president's action. It accuses President Donald Trump and other members of his administration of violating Constitutional limits on their authority.

California and 15 other states have also sued Trump on similar grounds.

Trump declared an emergency to obtain wall funding beyond money Congress approved for border security.

He has criticized California's lead role in the multistate lawsuit by comparing the border wall to the state's canceled high-speed rail line.

Source: Fox News Politics

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Job boom to outweigh soft patch as Bank of Canada mulls rate moves

FILE PHOTO: Bank of Canada Governor Stephen Poloz speaks during a news conference in Ottawa
FILE PHOTO: Bank of Canada Governor Stephen Poloz speaks during a news conference in Ottawa, Ontario, Canada, January 9, 2019. REUTERS/Chris Wattie/File Photo

March 14, 2019

By Fergal Smith and Julie Gordon

TORONTO/OTTAWA (Reuters) – The Bank of Canada is unlikely to cut interest rates to support a flagging economy as long as job growth continues at a robust pace, an analysis of the central bank’s response to past divergences in economic data suggests.

The economy could also get a boost from a revival in consumer spending, with next week’s federal budget expected to offer incentives that may ease the burden of debt-laden consumers.

The Canadian economy has become sluggish, with trade uncertainty weighing on business investment and a housing downturn hitting consumer spending, prompting speculation the Bank of Canada could cut rates this year.

But the pace of job growth has historically been a better signal for easing than variations in economic growth, Refinitiv data analyzed by Reuters shows. On the last two occasions that job growth and the strength of the economy diverged, in 2006 and 2012, the Bank of Canada chose not to cut rates.

(GRAPHIC: Canada GDP, jobs and Bank of Canada – https://tmsnrt.rs/2UH2ynG)

If gross domestic product is expanding at a slow pace “but jobs are blasting ahead, then yes, the bank is unlikely to cut rates,” said Royce Mendes, a senior economist with CIBC Capital Markets, cautioning that job data can be volatile.

Dismal economic growth in the fourth quarter prompted the Bank of Canada – which has hiked rates five times since July 2017 – to warn about “increased uncertainty,” even as job gains topped 55,000 in four of the last six months.

MORE JOBS, RISING SALARIES

The more dovish tone has led the market to price in about a 30 percent chance of a rate cut this year, whereas before it had been pricing in a potential hike. Canada’s 10-year bond yield on Tuesday hit its lowest level since June 2017, dropping below the 1.75 percent level of the central bank’s benchmark interest rate.

But experts say the strong employment numbers suggest Canada is facing a temporary soft patch, making rate cuts a risky response that would leave the Bank of Canada little room to maneuver in the case of a real economic shock.

“The jobs data throws into question whether it is really that serious of a soft patch,” said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York.

“This might be a three-month soft patch,” he added. “If you spend all your ammunition on a slow patch then there’s nothing else.”

In addition to the economy churning out jobs, there are signs wages are finally rising, something the central bank has been watching closely.

And Canadians may find their wallets padded further, with the potential for Prime Minister Justin Trudeau’s government to introduce measures next week on child care, pharmaceutical care and skills training in the ruling Liberals’ final budget ahead of an October election.

“The bank is rightly cautious because even with the job gains that we’ve had, disposable income growth is really not that supportive,” said Mark Chandler, head of Canadian fixed income and currency strategy at RBC Capital Markets.

“It may change if we get something in the budget – tax rates down, transfers up. Then, disposable income might look a little better.”

(Reporting by Fergal Smith in Toronto and Julie Gordon in Ottawa; Editing by Paul Simao)

Source: OANN

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Politico: McDonald's Will No Longer Lobby Against Minimum Wage Efforts

Fast-food giant McDonald's will no longer participate in lobby efforts against minimum wage increases, boosting the likely passage of a House bill introduced by Democrats that would gradually raise the federal minimum wage to $15 per hour, Politico reports.

Genna Gent, McDonald's vice president of government relations, made the announcement in a letter to the National Restaurant Association on Tuesday.

"We believe increases should be phased in and that all industries should be treated the same way," Gent said. "The conversation about wages is an important one; it's one we wish to advance, not impede."

The House bill, The Raise the Wage Act, was considered a long shot when Democrats first introduced it in January. A companion measure in the Senate has 31 Democratic co-sponsors, led by Sen. Bernie Sanders, I-Vt.

The current federal rate is $7.25.

The U.S. Chamber of Commerce, which argued a $15 per hour U.S. wage would burden small business owners and force cuts to workers' hours, said Tuesday it would be willing to negotiate over raising the hourly wage.

In its letter, McDonald's said it was "committed to playing a meaningful role in the spaces we occupy."

Source: NewsMax America

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Trump’s Fed nominee says central bank should cut rates: NYT

FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo

March 27, 2019

(Reuters) – President Donald Trump’s expected nominee for the Federal Reserve Board of Governors, Stephen Moore, said the U.S. central bank should immediately cut interest rates by half a percentage point, according to an interview with the New York Times on Tuesday.

He also told the Times he is not a “sycophant for Trump” or “a dove” on monetary policy, a reference to policymakers who put less emphasis on using rate hikes to stunt inflation.

(Reporting by Trevor Hunnicutt in New York and Ann Saphir in San Francisco; Editing by Leslie Adler)

Source: OANN

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Brazil’s Vale activates alarms near tailings dams amid risk of rupture

FILE PHOTO: A view of a collapsed tailings dam owned by Brazilian mining company Vale SA, in Brumadinho
FILE PHOTO: A view of a collapsed tailings dam owned by Brazilian mining company Vale SA, in Brumadinho, Brazil February 10, 2019. REUTERS/Washington Alves//File Photo

March 28, 2019

RIO DE JANEIRO (Reuters) – Brazilian mining firm Vale SA activated alarms in areas below three tailings dams on Wednesday night due to an elevated risk of rupture, amid a tense atmosphere in Minas Gerais state where a dam burst in January killed about 300 people.

The company activated alarms in areas downstream of the B3/B4 dam and the Forquilha I and Forquilha III dams as a “preventative measure,” after the structures failed to receive a safety certification from independent auditors.

There will be no new evacuations from the area, Vale said, as residents had vacated the relevant danger zones in February.

In late January, a tailings dam at Vale’s Corrego do Feijao mine in Minas Gerais ruptured, unleashing a torrent of sludge that killed hundreds. It was the second deadly rupture of a Vale-linked dam in Minas Gerais in just over three years.

Since then, the firm has pledged to decommission dams built in a similar fashion to the ones that burst, and several executives, including the chief executive, have stepped down.

(Reporting by Gram Slattery; Editing by Bernadette Baum)

Source: OANN

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Criticism of Ilhan Omar Isn’t Incitement

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A couple of years ago, I spoke at the University of California, Berkeley. My presence was apparently so offensive to a particular group of people that hundreds of police officers were necessary to ensure the safety of the event. As I spoke inside, the protesters milled about, chanting and shouting. One of their favorite ditties: "SPEECH IS VIOLENCE!"

This, of course, is patent nonsense. Speech is not violence -- and violence is not speech. Equating the two is the hallmark of a tyrannical worldview: If I can treat your speech as violence, then I am justified in using violence to suppress your speech. And yet that obvious fallacy has become the rallying cry in defense of execrable Rep. Ilhan Omar, D-Minn.

Omar, who has been content to spout openly anti-Semitic nonsense every several weeks since her election, came under fire this week for her remarks at an event in late March, shortly after her Democratic colleagues covered for her Jew hatred by watering down a resolution of condemnation. Speaking before the historically Hamas-friendly Council on American-Islamic Relations (CAIR), Omar unleashed a barrage of lies about the maltreatment of Muslims throughout America. In the midst of that barrage, she dropped a line about Sept. 11: "CAIR was founded after 9/11 because they recognized that some people did something and that all of us were starting to lose access to our civil liberties."

That minimization of 9/11 -- and that's what it is -- resulted in blowback from conservatives. It's not as though Omar's history of treating terrorism with kid gloves is anything new, after all. In 2013, Omar did an interview in which she chided one of her professors for treating terrorist groups with horror while failing to do the same to America, England and the military: "The thing that was interesting in the class was every time the professor said 'Al Qaida,' his shoulders went up. ... But you know, it is that you don't say 'America' with an intensity. You don't say 'England' with the intensity. You don't say 'the Army' with the intensity."

In 2016, Omar wrote a letter to a judge asking for lighter sentences for men accused of being Islamic State group recruits, noting that these men merely "chose violence to combat direct marginalization" and calling their recruitment "a consequential mistake" that resulted from "systematic alienation."

In 2017, Omar wrote for Time magazine: "We must confront that our nation was founded by the genocide of indigenous people and on the backs of slaves, that we maintain global power with the tenor of neocolonialism. ... Our national avoidance tactic has been to shift the focus to potential international terrorism." That's not exactly a ringing rebuke of international terrorism.

But now Omar is criticizing those who merely quote her as inciting violence. She has claimed that President Trump, who posted a video that juxtaposed footage of 9/11 with her "some people did something" comment, is responsible for an uptick in the number of death threats she has received. Her close friend Rep. Alexandria Ocasio-Cortez, D-N.Y., went so far as to compare Omar to a victim of the Holocaust.

This is immoral in the extreme. Omar isn't a victim because she's being criticized. And speech isn't incitement. Sen. Bernie Sanders wasn't responsible for the congressional baseball game shooting. Former President Barack Obama wasn't responsible for the Dallas police shooting. And Trump isn't responsible for those who send Omar death threats. He's responsible for criticizing her -- rightly, in this case. Democrats who hide behind the charge of incitement are simply attempting to quash debate. And that's far more dangerous for the future of America than criticizing a radical politician.

COPYRIGHT 2019 CREATORS.COM

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JD Sports raises its stake in Footasylum to more than 18 percent

FILE PHOTO: People pass a JD Sports store in London
FILE PHOTO: People pass a JD Sports store in London, Britain April 11, 2017. REUTERS/Neil Hall/File Photo

February 19, 2019

(Reuters) – Footasylum Plc said on Tuesday its larger rival JD Sports Fashion Plc has increased its stake in the company to more than 18 percent.

Footasylum made the disclosure in a filing.

JD Sports on Monday had said that it had acquired an 8.3 percent stake in youth footwear and clothes seller Footasylum and could buy nearly 30 percent of it, while clarifying that it did not intend to make an offer for the company.

(Reporting by Sangameswaran S in Bengaluru; Editing by Shailesh Kuber)

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)

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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)

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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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