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China orders banks to boost financial support to small firms

A 100 Yuan note is seen in this illustration picture in Beijing
A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo

March 13, 2019

BEIJING (Reuters) – China’s banking and insurance regulator on Wednesday urged banks to continue increasing lending to smaller firms and further cut their financing costs, as policymakers work to avert an economic slowdown.

Banks should work hard to achieve targets on increasing loans for small companies and keep the lending rates on a reasonable level, the China Banking and Insurance Regulatory Commission (CBIRC) said in a statement on its website.

Big state-owned commercial banks should increase outstanding loans to smaller companies by more than 30 percent in 2019, the CBIRC said, adding that it would also increase its tolerance for non-performing loans at small companies.

The regulator reiterated its demands for state-owned banks to target faster growth in loans to small businesses as economic growth slowed to its weakest in nearly three decades in 2018.

Chinese banks have been wary of lending to smaller firms with higher credit risks, preferring state-backed customers. But authorities have been urging lenders to help keep cash-strapped private firms afloat, sparking concerns that looser lending standards will expose banks to more bad loans.

China’s central bank chief said on Sunday that lending rates for small firms were still relatively elevated due to high risk premiums and that the country will push ahead with interest rate reforms to resolve the issue.

Commercial banks are also encouraged to issue special financial bonds, and ensure that proceeds raised are used for loans to small and micro firms.

The regulator also said it would support insurers to provide credit-boosting support for smaller firms if the risks are manageable.

Insurance companies are encouraged to invest in financial products including securitisation products backed by loans to smaller firms to ensure more flexible support for those companies.

(Reporting by Lusha Zhang and Se Young Lee; Editing by Jacqueline Wong)

Source: OANN

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Venezuelan opposition launches new round of protests

Large crowds have gathered in the northern Venezuelan city of Valencia to greet opposition leader Juan Guaido, who plans to tour the country as part of his campaign to oust President Nicolas Maduro.

Guaido on Saturday tweeted photos in which he is seen at a cathedral service and a market in the industrial hub.

Protests are also planned in the capital of Caracas and other parts of Venezuela as U.S.-backed Guaido seeks to ramp up pressure on Maduro, who says he is the target of a coup plot directed from Washington.

Venezuela recently recovered power in many areas after blackouts inflicted misery on millions of people who were already struggling to get by with few resources in a nation gripped by an economic and political crisis.

Source: Fox News World

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Japan’s imperial couple faces a nearly unprecedented situation: retirement

Japan's Emperor Akihito waves to well-wishers during a public appearance for New Year celebrations at the Imperial Palace in Tokyo
FILE PHOTO: Japan's Emperor Akihito is seen behind Japanese national flags with Empress Michiko, Crown Prince Naruhito and Crown Princess Masako as he waves to well-wishers during a public appearance for New Year celebrations at the Imperial Palace in Tokyo, Japan, January 2, 2019. REUTERS/Issei Kato

April 8, 2019

By Linda Sieg

TOKYO (Reuters) – When Japanese Emperor Akihito abdicates on April 30, he and Empress Michiko will fade into retirement after decades in the spotlight.

The imperial couple’s days have long been busy. They typically hosted hundreds of ceremonies and audiences annually, made at least three domestic trips per year, and have visited over 50 countries.

Nearly all that will end when his son, Crown Prince Naruhito, becomes emperor on May 1 after Akihito steps down, the first abdication by a Japanese monarch in two centuries.

“The new emperor must become a new symbol,” said Makoto Watanabe, a former aide to Akihito. “The (retiring) emperor has thought seriously about how to avoid the problem of dual authority. His daily schedule is expected to almost completely disappear.”

The retired couple, to be known as emperor emeritus and empress emerita, will return to Togu Palace, where they lived before Akihito became emperor, after a stay in a now-vacant imperial residence while their new home is renovated.

They will have fewer aides, but the government will still pay their living expenses.

Michiko has many interests, including music and literature so will likely have little trouble filling her days, several acquaintances say. Akihito may have a rougher time, having been focused entirely on his job, they added.

Friends had hoped Akihito would have time to indulge his love of tennis, but that could be tough given his age.

“He hasn’t played recently,” said Kazuo Oda, a tennis buff who was present when Akihito met Michiko on the court in 1957 and arranged phone calls between the couple.

One idea is for friends to present them with a ping-pong table.

“He likes table tennis,” Oda said.

The royal pair were asked at a news conference in 2007 what the would do if they could mingle incognito with the public.

Akihito replied, “Right now, I cannot think of anything I want to do,” although he added he would be glad to have more time to enjoy nature and do research.

The emperor’s hobby has been marine biology, especially goby fish.

He has been treated for prostate cancer and had heart surgery; in 2016 he said he feared age would make it hard to fulfill his duties.

“I think he’ll be relieved” to step back from public life, one acquaintance said.

(For graphic on Japan’s royal family, click https://tmsnrt.rs/2VbRE9L)

CONSOLING THE MARGINALIZED

The aging couple will leave an enduring image of consoling the marginalized in society – from leprosy patients to the elderly, people with handicaps and disaster victims.

Acquaintances and scholars agree Michiko took the lead in that public outreach.

The first commoner to marry into Japan’s royal family, Michiko once lost her voice after harsh attacks by tabloids.

“She was bullied and harassed … but in a sense, Michiko created a revolution – to get closer to the people,” said Naotaka Kimizuka, a professor at Kanto Gakuin University.

Michiko has said her personal troubles helped her understand others.

“I sometimes have a sense that in my state of sadness and uncertainty, I find myself quietly connecting with other people,” she told a 2007 news conference.

Akihito recognized her role in a poem written when the two were courting: “As I continue my talks with her, I become aware that, in my heart, a window is opening.”

(reporting by Linda Sieg; Editing by Gerry Doyle)

Source: OANN

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Jay Leno: Late-Night Shows Are Too Political

Jay Leno, the former host of NBC's "Tonight Show," said Tuesday that late-night television has gotten too political.

The 68-year-old was on "Today" and was asked about the current state of affairs when it comes to late-night talk shows.

"It's different," Leno said. "I don't miss it. You know, everything now is, if people don't like your politics, they — everyone has to know your politics.

"I kind of used [Johnny Carson's] model. People couldn't figure out. 'Well, you and your Republican friends' or 'Well, Mr. Leno, you and your Democratic buddies.' And I would get hate mail from both sides equally."

Leno added "it just makes it tough" when viewers see late-night hosts having a specific political opinion.

The late-night shows often feature political undertones, with the hosts routinely bashing President Donald Trump and his administration.

Trump himself has pushed back on some of the jokes about him. Leno said things have gotten too serious on a stage that is supposed to be funny and light-hearted.

"Now it's all very serious," Leno said. "I'd just like to see a bit of civility come back to it, you know?"

Source: NewsMax America

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PM May says short Brexit delay will give Britain time to make final choice

European Union leaders summit in Brussels
Britain's Prime Minister Theresa May arrives for a European Union leaders summit in Brussels, Belgium March 21, 2019. REUTERS/Toby Melville

March 21, 2019

BRUSSELS (Reuters) – British Prime Minister Theresa May said on Thursday a short delay to Britain’s departure from the European Union would give parliament time to make a final choice on Brexit, hours before she will make her case with EU leaders for an extension.

On arriving at an EU summit, May again said she wanted to leave the bloc with a deal and a short extension to the so-called Article 50 two-year negotiating period would enable what is a deeply divide parliament to approve her deal.

“A short extension would give parliament the time to make a final choice that delivers on the result of the referendum,” she told reporters.

(Reporting by William James, writing by Elizabeth Piper)

Source: OANN

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Dems Restless After Mueller Dud

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China says won disputed Croatia bridge project with fair tender

Chinese Prime Minister Li Keqiang speaks during ceremony at the construction site of the Peljesac Bridge in Brijesta
Chinese Prime Minister Li Keqiang speaks during ceremony at the construction site of the Peljesac Bridge in Brijesta, Croatia April 11, 2019. REUTERS/Stringer

April 11, 2019

By Ivana Sekularac

BRIJESTA, Croatia (Reuters) – Chinese Premier Li Keqiang hailed cooperation with the European Union and insisted it had run a fair tender for a disputed bridge project near Dubrovnik when he met Croatia’s prime minister on Thursday.

The EU is financing 85 percent of the cost of constructing the 2.4 km bridge, which is expected to open in 2021, which will link the southern Peljesac peninsula with the rest of the country.

But the awarding of the tender last year to the China Road and Bridge Corporation for 2 billion kuna ($343 million) triggered a legal challenge by one of the losing parties, Austrian firm Strabag.

It accused the Chinese firm of charging a price lower than the value of the project, which is part of China’s global Belt and Road Initiative for infrastructure and trade.

A Croatian court dismissed the complaint.

Li and Croatia’s Andrej Plenkovic visited the site ahead of the opening ceremony for an annual meeting of 16 central European countries with China due to be held in Dubrovnik.

“The bridge is a pilot project not only for 16 plus 1 initiative cooperation, but also for our cooperation with the EU,” Li said through a translator.

“This is the job that we got in a tender in a fair competition.”

Signs reading “We build better lives” in Chinese and Croatian greeted the pair.

Chinese companies have been active on various infrastructure projects including building roads and bridges in the Balkans, but the Peljesac bridge is the first of its kind in the EU bloc, which Croatia joined in 2013.

“The bridge is a token of future cooperation between China and Croatia,” Plenkovic said.

The construction of the bridge has sparked tensions between Croatia and neighboring Bosnia, part of which says the bridge would be too low and would obstruct sea access to Bosnia’s only coastal town of Neum, ruining any chance of building a port there.

(Reporting by Ivana Sekularac; Editing by Alison Williams)

Source: OANN

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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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