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Winners of New York Lottery’s biggest jackpot used loophole to stay anonymous

Thanks 437 million, Andy!

The winners of the largest-ever New York Lottery jackpot have pulled off the even more historic feat of collecting their checks anonymously — by following the advice of Gov. Andrew Cuomo.

The group of 23 Long Island coworkers scored the Mega Millions’ eye-watering New Year’s Day jackpot of $437 million, lottery officials revealed Tuesday.

But like so many winners before them, the lucky Long Islanders didn’t want their names out there for vultures, and hired local attorney Eric Jaffe to help them out.

He learned that Cuomo had just vetoed a bill that would have let lottery winners stay incognito — but had also mentioned a loophole.

“If a person wishes to remain anonymous, the law already allows for such a scenario,” Cuomo wrote when nixing the legislation.

$1.5B MEGA MILLIONS WINNER HAS NOT CLAIMED PRIZE, REPORT SAYS

“For the past 40 years, individuals wishing to keep their name and information out of the public view have created LLCs to collect their winnings for them.”

The governor’s remark seemed like “an afterthought,” Jaffe told The Post — but they ran with it, and it worked.

“The triggering factor was Gov. Cuomo’s specific statement that you could form an LLC,” he said. “So going on that language and some history [of other cases], they opted to form the LLC.”

The winners claimed their prize as New Life 2019 LLC in January, and the moolah came through last week, he said.

Co-workers revealed as winners of New York Lottery's biggest jackpot

They opted to take a lump-sum payment of $262,213,914 — $176,155,308 after state and federal withholding, or around $7.7 million per person.

Lottery officials — who prefer to trumpet their big winners with photos and giant novelty checks — were “very nice” about the group staying under wraps, Jaffe said.

SOUTH CAROLINA LOTTERY GLITCH LEAVES WINNERS EMPTY-HANDED

“It’s not their preference — they’re in the business of PR and they want your picture holding up the big check,” he said.

What Jaffe would reveal about the newly minted millionaires is that they all work for a retail business in the “Nassau to west-end Suffolk” area with fewer than 50 employees that is “not a chain or a big store.”

The winners are “salt of the earth … working-class folks,” Jaffe said, and many are planning on keeping their jobs.

“No one’s acting crazy, they’re getting good financial advice. There’s a long history of lotto winners going bankrupt. They’re scared straight about that,” he said.

“I know they want to travel and pay off mortgages but no one wants to buy the Yankees.”

A worker at Brookville Auto Service Shop in Glen Head, where the winning ticket was sold, said it was bought by a woman in her 60s who’s been coming in every Sunday for more than three years.

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“My boss told me I sell the ticket. And I’m waiting for the day whoever win comes back and tips me. Write it down, my friend,” said Niz Aydrogan, 53.

The store will receive $10,000 from the New York Lottery for selling the ticket.

To read more from The New York Post, click here.

Source: Fox News National

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Julian Assange being spied on in Ecuadorean embassy, WikiLeaks says

FILE PHOTO: Supporters of WikiLeaks founder Assange demonstrate in front of presidential palace regarding his Ecuadorian citizenship in Quito
FILE PHOTO: Supporters of WikiLeaks founder Julian Assange demonstrate in front of presidential palace regarding his Ecuadorian citizenship, in Quito, Ecuador, October 31, 2018, REUTERS/Daniel Tapia/File Photo

April 10, 2019

LONDON (Reuters) – WikiLeaks founder Julian Assange has been the subject of a sophisticated spying operation in the Ecuadorean embassy where he has been holed up since 2012, the group said on Wednesday.

“Wikileaks has uncovered an extensive spying operation against Julian Assange within the Ecuadorean embassy,” Kristinn Hrafnsson, WikiLeaks editor-in-chief said, adding that Assange’s “eviction” from the embassy could happen at any time.

Hrafnsson did not immediately give evidence for his claims. Reuters was unable to independently verify the allegations.

“We know that there was a request to hand over visitor’s logs from the embassy and video recordings from within the security cameras in the embassy,” Hrafnsson said, adding that he assumed the information had been handed over to the administration of U.S. President Donald Trump.

Assange is a hero to some for exposing what supporters cast as government abuse of power and for championing free speech, but to others he is a rebel who has undermined the security of the United States.

(Reporting by Andrew MacAskill and Kate Holton; editing by Guy Faulconbridge)

Source: OANN

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Grassley Blasts Democrats for Finding ‘Pretext’ to Get Trump

Senate Finance Committee Chairman Chuck Grassley blasted House Ways and Means Chairman Richard Neal for demanding that the IRS turn over President Donald Trump’s tax returns.

Grassley, an Iowa Republican, asserted in a lengthy speech on Thursday that Neal, a Massachusetts Democrat, did not have a genuine legislative purpose for gathering the returns and said the reasoning outlined in his letter to Internal Revenue Service Commissioner Charles Rettig was about “finding a pretext to bring this president down.”

“When you strip out all their pretexts, and when you strip out their circular logic, all you have are Democrats who want to go after the president any way they can,” Grassley said. “They dislike him with a passion, and they want his tax returns to destroy him. That’s all this is about, and it’s Nixonian to the core.”

Neal on Wednesday sent Rettig a letter requesting Trump’s personal and business tax returns from the past six years. Neal, who demanded a response by next Wednesday, cast his letter as legislative oversight to ensure the IRS was following its policy of auditing every sitting president and vice president’s return. Trump has already said he is “not inclined” to turn over his returns, though the decision is technically left to the U.S. Treasury Department.

“Democrats haven’t offered a shred of evidence to suggest that the IRS hasn’t done its job auditing President Trump’s taxes or anybody else’s for that matter,” said Grassley, who has said in the past that he wants his committee to receive the returns as well if Neal receives them.

“They’re not concerned about oversight of the IRS enforcement process at all,” Grassley said. “What they are interested in is using their oversight authority to collect as much information about this president’s finances as they can get their hands on.”

Source: NewsMax Politics

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Fed urges U.S. financial industry to accelerate Libor transition

FILE PHOTO: Federal Reserve Vice Chairman for Supervision Randal Quarles addresses the Economic Club of New York in New York
FILE PHOTO: Federal Reserve Vice Chairman for Supervision Randal Quarles addresses the Economic Club of New York in New York City, U.S., October 18, 2018. REUTERS/Brendan McDermid/File Photo

April 10, 2019

By Michelle Price

WASHINGTON (Reuters) – The U.S. financial industry must accelerate efforts to move away from the scandal-plagued Libor reference interest rate, Federal Reserve Governor Randal Quarles said on Wednesday, adding that the regulator was scrutinizing banks’ transition plans.

The United States and other key markets have until 2021 to replace the dominant Libor money market rate – the reference rate for more than $350 trillion of assets globally – which is being phased out after a series of manipulation scandals that led to banks being fined billions of dollars.

The global financial industry has been slow to embrace the change, with Reuters reporting in October that U.S. investors are unprepared for the transition to the Secured Overnight Financing Rate (SOFR), which they do not see as a pressing issue.

Speaking at an event hosted by the U.S. derivatives regulator in Washington, Quarles warned that major new markets such as SOFR “do not arise overnight” and can take decades to develop.

“We have only a little over two and a half years until the point at which Libor could end, and the transition needs to continue to accelerate. The private sector needs to take on this responsibility, and we expect you to do so,” said Quarles, who is also chair of the Switzerland-based Financial Stability Board.

Quarles was joined by regulators from the United Kingdom who are visiting Washington this week as part of the spring meetings of the International Monetary Fund and World Bank.

The Fed governor, who also oversees prudential regulation at the central bank, added that the Fed’s supervisory teams are including the transition away from Libor as part of their regular monitoring of large firms.

“The Federal Reserve will expect to see an appropriate level of preparedness at the banks it supervises,” he said.

(Reporting by Michelle Price; Editing by Andrea Ricci)

Source: OANN

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Ukraine drops Eurovision singer over Russia row

FILE PHOTO: Grand Final of Eurovision Song Contest 2018 in Lisbon
FILE PHOTO: General view of the stage before the start of the Grand Final of Eurovision Song Contest 2018 at the Altice Arena hall in Lisbon, Portugal, May 12, 2018. REUTERS/Pedro Nunes - RC18D76B2E40

February 26, 2019

KIEV (Reuters) – Ukraine’s national broadcaster has dropped the singer who was meant to represent the country at the Eurovision Song Contest due to apparent political differences over Russia.

Anna Korsun, 27, who goes by the stage name Maruv, was selected by a public vote on Saturday to sing at the contest in Israel in May.

But she said the state broadcaster had tried to impose contractual obligations on her, including requiring her not to perform in Russia, that would have made her a propagandist for the government.

“I am a citizen of Ukraine, pay taxes and sincerely love Ukraine. But I am not ready to come up with slogans and turn my participation in the contest into a promotional activity for our politicians,” Maruv wrote on Facebook.

“I am a musician, not a puppet for the political arena.”

Ahead of Saturday’s televised national final, several senior officials said Ukraine’s Eurovision candidate could not be someone who performed in Russia, which annexed Crimea in 2014, sparking a pro-Russian insurgency in the eastern Donbass region.

Zurab Alasania, the head of the National Public Broadcasting Company of Ukraine (UA:PBC), said on Facebook:

“The selection revealed another major social problem … the concert activity of many artists in the aggressor country. And this caused a negative resonance in parts of society.” He confirmed that the winning singer was required to refuse to play in Russia as a condition of signing the contract.

Maruv said she was ready to cancel a tour of Russia but did not want to be used for political purposes.

UA:PBC said it was looking for a replacement singer to send to the contest, an annual international music battle whose results are often influenced by geo-political bias.

Reflecting the political importance of the issue, Deputy Prime Minister Vyacheslav Kyrylenko tweeted: “The story with the participant from Ukraine is far from over.”

(Reporting by Pavel Polityuk; Editing by Robin Pomeroy)

Source: OANN

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Sen. Michael Bennet has ‘completely successful’ surgery for prostate cancer, eyes 2020 run

Sen. Michael Bennet, D-Colo., is recovering at home after a “completely successful” surgery for prostate cancer, his office said Friday -- opening the door for the Democrat to throw his hat into the 2020 presidential race

“Last weekend, Michael underwent surgery and is recovering at his home in Colorado,” spokeswoman Courtney Gidner said in a statement. “His doctors report the surgery was completely successful and he requires no further treatment. Michael and his family deeply appreciate the well wishes and support from Coloradans and others across the country, and he looks forward to returning to work after the recess.”

MICHAEL BENNET ON CANCER DIAGNOSIS: 'I DON'T SEE THIS STOPPING ME' FROM 2020 RUN

The two-term senator announced this month that he had been diagnosed with cancer but told Fox News it had been caught early. He had been openly contemplating a 2020 run and suggested he would follow through with those plans if the surgery went well.

“I feel really lucky. It was caught early and this is a really treatable form of cancer and we have insurance. I think I’m going to be fine. I hope I will because I really want to have the opportunity to run in 2020,” he said earlier this month.

He noted in that interview that then-Sen. John Kerry, D-Mass., had successful cancer surgery at the start of his 2004 presidential campaign.

“John was 59 when he had the same operation. He had it and two weeks later he was in California, doing what he needed to do out there to campaign,” he said. “So I take this seriously, but if all goes well I don’t see this stopping me.”

Bennet had said before his surgery that he hopes to jump into the White House race within a few weeks of the surgery if he gets a clean bill of health.

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Bennet will face a struggle to catch up with other contenders, some of whom have bigger name recognition, larger campaign war chests, and have been in the race longer.

However, he is not the only candidate leaving it late to jump into the packed Democratic field. Former Vice President Joe Biden is expected to declare his candidacy for president next week, two sources told Fox News Friday.

Fox News' Chad Pergram contributed to this report.

Source: Fox News Politics

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Kuwait says U.S. Mideast peace plan should weigh regional considerations

U.S. Secretary of State Mike Pompeo shakes hands with Kuwait's Foreign Minister Sheikh Sabah Al-Khalid Al-Sabah in Kuwait
U.S. Secretary of State Mike Pompeo shakes hands with Kuwait's Foreign Minister Sheikh Sabah Al-Khalid Al-Sabah in Kuwait, March 20, 2019. REUTERS/Jim Young/Pool

March 20, 2019

KUWAIT (Reuters) – Kuwait’s foreign minister said on Wednesday that a long-awaited U.S. peace proposal for the Middle East should factor in regional considerations and all stakeholders.

“We hope the plan will take into account the situation in the region and all the relevant parties,” Sheikh Sabah Khaled al-Sabah told a joint press conference with U.S. Secretary of State Mike Pompeo, who is on a regional tour that will also take him to Israel and Lebanon.

(Reporting by Sylvia Westall and Ghaida Ghantous; Editing by Catherine Evans)

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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