Hillary Clinton on Friday defended her 2016 campaign strategy after 2020 Democratic presidential contender Pete Buttigieg criticized his party’s previous nominee for being too hopeful and not understanding the struggles of everyday Americans.
“I really do believe that we always have to appeal to our better selves because the wolf is at the door, my friends,” Clinton said during an appearance at the 10th Annual Women in the World New York Summit. “Negativity, despair, anxiety, resentment, anger, prejudice, that’s part of human nature and the job of the leader is to appeal to us to be more than we can be on our own, to join hands in common effort.”
“I was well aware that we had problems that we had to solve, but it’s been my experience that anger, resent, prejudice are not strategies,” the former first lady, secretary of state and senator from New York added. “They stop people from thinking. They don’t enlist people in the common effort to try to find solutions.”
Buttigieg, the mayor of South Bend, Ind., told the Washington Post in a profile published January that President Trump connected with the concerns of ordinary Americans in a way Clinton did not.
“Donald Trump got elected because, in his twisted way, he pointed out the huge troubles in our economy and our democracy,” he said. “At least he didn’t go around saying that America was already great, like Hillary did.”
A senior Clinton adviser blasted Buttigieg’s comments last month via Twitter as “indefensible.”
“[Hillary Clinton] ran on a belief in this country & the most progressive platform in modern political history. Trump ran on pessimism, racism, false promises, & vitriol. Interpret that how you want, but there are 66,000,000 people who disagree. Good luck,” Nick Merrill tweeted.
“It’s pretty simple. Slam HRC…lose my vote,” and another who chimed in: “It is unfortunate when people as smart as @PeteButtigieg engage in this fantasy fiction about 2016. And as a gay American it is disappointing because @HillaryClinton ran a campaign which amongst its many values championed our community,” Merrill also wrote.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 11, 2019. REUTERS/Staff
April 12, 2019
By Susan Mathew
(Reuters) – European shares finished higher for a third straight day on Friday, with investor sentiment getting a boost from JP Morgan setting a strong start to U.S. earnings and amid signs of stabilization in China’s economy.
The pan-European STOXX 600 index closed up 0.16 percent, but ended the week lower after two weeks of gains. Banks and the auto sector were the biggest boosts to the benchmark on the day.
Italy’s MIB led gains in the region with its 0.8 percent rise, having hit an eight-month high earlier the session, while German shares closed up 0.5 percent.
Data showed that China’s exports rebounded to a five-month high in March, but imports shrank for a fourth straight month and at a faster pace, painting a mixed picture of the economy.
“The markets seems to have shaken off the negative aspects of the Chinese trade data, but it’s a minor rise at the end of a fairly limp week,” said Connor Campbell, an analyst at Spreadex.
Banks got a boost after shares of the largest U.S. bank by assets rose after the company beat quarterly profit estimates, easing fears that slowing economic growth could weigh on its results.
Regional lenders, such as StanChart, Deutsche Bank, BNP Paribas and Credit Suisse rallied, taking the European bank index up 1.9 percent to a five-month high.
HSBC was among the biggest driver of gains on the pan-region benchmark. The firm said it so far moved only a “tiny” number of jobs to Paris in order to deal with Brexit..
Italy’s biggest bank, UniCredit rose more than 4 percent even after it said is one of the banks accused of running a cartel in trading euro zone government bonds between 2007 and 2012, when financial crises dragged down banks and several European economies.
The auto sector followed suit with car-makers such BMW, Daimler and Fiat Chrysler gaining more than 2.2 percent each.
Amid warnings that proposed U.S. automotive tariffs could do more damage to global growth than the ongoing U.S.-China trade dispute, BAML analysts point to a lack of action out of the U.S. on threatened auto tariffs.
“In our view, the reluctance to move forward is because actually imposing auto tariffs would be both deeply unpopular and a major shock to the equity markets.”
Basic resources stocks also gained with iron ore and copper prices on the rise. Rio Tinto and Glencore were among top boosts to Britain’s blue-chip index higher.
Airbus gained as its new chief executive, Guillaume Faury, imposed a simplified management structure and a manifesto for factory modernization.
GN Store Nord rose 7.8 percent after the Danish audio-maker raised financial guidance. Medical technology supplier Carl Zeiss climbed 6.6 percent on strong full-year guidance.
Swiss train and carriage manufacturer Stadler Rail jumped 13.4 percent after its debut on the SIX Swiss Exchange.
On the other hand, London-based online trading platform Plus500 tumbled 31.2 percent as revenue for the first quarter dropped to around a fifth of last year’s, hurt by a fall in trading volumes.
(This story has been refilled to correct country of index in paragraph 3 to say Italy’s MIB, not Spain’s MIB)
(Reporting by Medha Singh and Agamoni Ghosh and Susan Mathew in Bengaluru, editing by Larry King)
A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from Reuters archive. REUTERS/File Photos
April 12, 2019
By Matt Scuffham
NEW YORK (Reuters) – JPMorgan Chase & Co’s better-than-expected first-quarter earnings raised expectations that rival Wall Street lenders would follow suit when they report next week, pushing most bank stocks higher on Friday.
Shares in JPMorgan jumped as much as 4.7 percent in morning trading, touching a more than four-month high before paring some gains.
Morgan Stanley shares were up 3.8 percent and Bank of America Corp rose 2.8 percent. Goldman Sachs Group Inc and Citigroup shares both climbed 2 percent.
JPMorgan is the largest U.S. bank by assets and a bellwether for the U.S economy and financial sector. It reported strong results across its businesses, with Chief Executive Jamie Dimon citing solid U.S. economic growth, moderate inflation and robust consumer and business confidence.
Even a 10 percent fall in JPMorgan’s trading revenue from a year earlier was viewed as boding well for others, since analysts had been bracing for a bigger drop in fixed-income and equities trading.
“JPMorgan had a positive read-across for trading results in the quarter,” said KBW analyst Brian Kleinhanzl. “We believe FICC (fixed income, commodities and currencies) trading should be a positive read-across to Goldman Sachs and Morgan Stanley.”
Bank stock investors appeared to zero in on JPMorgan and ignore Wells Fargo & Co, the other big bank that reported on Friday.
Wells Fargo reported higher first-quarter earnings but lowered its forecast for net interest income this year, a move that sent its shares tumbling as much as 3 percent.
U.S. bank stocks had underperformed in recent months as economists and investors fixated on a flattening yield curve, normally the precursor to a recession. Bank executives have downplayed those concerns, pointing to continuing loan growth in the first quarter of 2019.
Since the start of December, the S&P 500 financial sector is up 0.3 percent, while the overall S&P 500 is up 5 percent. The S&P 500 banks index fell 2.5 percent over the same period. Brushing aside global economic concerns such as Brexit and U.S.-China trade tensions, JPMorgan’s Dimon said the U.S. economy “continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”
(Reporting by Matt Scuffham; Editing by Neal Templin and Meredith Mazzilli)
FILE PHOTO: Portugal’s Finance Minister and Eurogroup President Mario Centeno attends a eurozone finance ministers meeting in Brussels, Belgium February 11, 2019. REUTERS/Francois Lenoir/File Photo
April 12, 2019
By Jan Strupczewski
WASHINGTON (Reuters) – Europe must raise the international profile of its euro currency to protect itself from the domination of a “weaponised” U.S. dollar and help stabilize the international monetary system, the chairman of euro zone finance ministers Mario Centeno said.
“Washington’s inclination to use the dollar as a tool to complement the effect of economic sanctions and serve a narrow domestic agenda is a source of concern,” Centeno told the Reinventing Bretton Woods Committee in Washington on Friday.
“The foundations of the international monetary system are wobbling, as currencies are used to advance national interests that are narrowly defined. For some observers, the system in which the dollar holds a dominant and unrivalled position is on the cusp of reformation,” he said in a speech.
The European Union started thinking about increasing the role of the euro last year after U.S. President Donald Trump decided to abandon the 2015 deal under which international sanctions on Iran were lifted in return for Tehran accepting curbs on its nuclear program.
The U.S. move, though unilateral, means European companies also cannot trade with Iran, fearing they would be cut off from U.S. markets and the international payments system in retaliation.
Centeno said the world could be heading toward a multi-currency system in which the dollar would vie for dominance with others, notably the euro and the Chinese renminbi.
He said such a multi-polar currency system could improve the functioning of the international monetary system and would be less prone to the economic fluctuations of the dominant dollar by offering options to diversify currency reserves.
The euro is used in around 36 percent of international payments, just behind the dollar with almost 40 percent, but when it comes to foreign exchange trading 44 percent is in dollars but only 16 percent in euros, Centeno said.
The favorite for currency reserves is the dollar with a 62 percent share of global reserves, while the euro has a 20 percent share.
“In Europe there is a growing concern that we are exposed to the risk that the power of the dominant dollar can be used against our best interests. The obvious consequence of ‘America First’ is that others will come second, at best,” Centeno said.
“The feeling is that we can only rely on ourselves and our currency. And this is behind repeated calls to strengthen the international role of the euro,” he said.
Centeno noted however, that to achieve a stronger role, the euro zone needed to tackle many tough issues about the design of the single currency.
He said the 19 countries sharing the euro had to first complete their banking union, by agreeing on a European deposit insurance system and setting up a capital markets union.
Other needs include a budget for the euro zone, under discussion now, and creating a euro zone safe asset – a debt instrument backed by all euro zone countries – with a sufficiently deep and liquid market, an idea that now faces very strong opposition from several key euro zone countries.
(Reporting By Jan Strupczewski; Editing by Andrea Ricci)
Japanese Finance Minster Taro Aso leaves the G-20 Finance Ministers and Central Bank Governors’ meeting at the IMF and World Bank’s 2019 Annual Spring Meetings, in Washington, April 12, 2019. REUTERS/James Lawler Duggan
April 12, 2019
WASHINGTON (Reuters) – Global policymakers worry that weakness in key economies could spread and cause the world economy to slow more than expected, Japanese Finance Minister Taro Aso said on Friday.
“The balance of risks remains skewed to the downside,” Aso said in a news conference following a meeting of finance ministers and central bankers from the Group of 20 industrialized countries.
“We recognize the risk that growth prospects might deteriorate if weakening in key economies feed into each other.”
(Reporting by David Lawder and Leika Kihara; Writing by Jason Lange; Editing by Paul Simao)
FILE PHOTO: Tesla CEO Elon Musk leaves Manhattan federal court after a hearing on his fraud settlement with the Securities and Exchange Commission (SEC) in New York City, U.S., April 4, 2019. REUTERS/Shannon Stapleton
April 12, 2019
By Lawrence Delevingne
NEW YORK (Reuters) – David Einhorn’s Greenlight Capital renewed criticism of Elon Musk and his Tesla Inc, saying the electric car company again appeared to be on the “brink” of failure, according to a letter sent to clients of the hedge fund on Friday.
The letter cited a lack of demand, “desperate” price cuts, layoffs, “closing-and-then-not-closing” stores, closing service centers, slashing capital expenditures, rushed product announcements and “a new effort to distract investors from the demand problem with hyperbole over TSLA’s autonomous driving capabilities.”
“We believe that right here, right now, the company appears to again be on the brink,” the letter said. Greenlight is short Tesla stock, recently a profitable bet.
Tesla did not immediately reply to a request for comment.
Greenlight said its funds gained 11 percent over the first three months of 2019, slightly below the gain of the S&P 500 Index. Despite the gains so far this year, “it continued to be a challenging environment for our investment style with growth stocks performing much better than value stocks,” the letter said. “In the context of this headwind and a sizable short portfolio, we are pleased with the quarterly result.”
Greenlight noted that last summer, Musk promised Tesla would be profitable and cash flow positive in every quarter going forward. “He repeated that forecast as recently as the end of January,” Greenlight pointed out. “That promise has failed to materialize. The question at hand is: in a few months will Musk be again bragging that he saved the company from the brink of failure, or will TSLA in fact fail this time?”
Greenlight Capital and its founder Einhorn first rose to prominence for making a prescient call on Lehman Brothers’ accounting troubles before the firm’s collapse. Late last year, Greenlight compared Tesla to Lehman.
(Reporting by Jennifer Ablan and Svea Herbst-Bayliss; Editing by Chizu Nomiyama and Susan Thomas)
FILE PHOTO: Pedestrians are reflected on an electronic board showing stock prices outside a brokerage in Tokyo, Japan December 27, 2018. REUTERS/Kim Kyung-Hoon
April 12, 2019
By Herbert Lash
NEW YORK (Reuters) – Global stock markets rose on Friday after JP Morgan’s results kicked off the U.S. corporate earnings season in style, while signs of stabilization in China’s economy also helped riskier assets on views the growth outlook worldwide is better than thought.
Chinese data showed exports rebounded last month, driving U.S. and euro zone bond yields to three-week highs and helping offset weaker imports and reports of another cut in German growth forecasts.
Investors are looking for signs of a Chinese economic recovery to temper global growth worries, especially after the International Monetary Fund this week downgraded its 2019 world economic outlook for the third time.
China’s trade results, as well as credit data, have helped boost risk appetite and reinforce the stabilization thesis, which should have spill-over effects for the global economy, said Candice Bangsund, a portfolio manager with the global asset allocation team at Fiera Capital in Montreal.
“The whole China situation really appears to be gaining some ground,” Bangsund said. “We saw a very impressive rebound in exports, this of course is helping alleviate fears of a hard landing.”
MSCI’s gauge of equity market performance in 47 countries gained 0.37%, while the EURO STOXX 50 index rose 0.31%.
On Wall Street, the Dow Jones Industrial Average rose 186.88 points, or 0.71%, to 26,329.93. The S&P 500 gained 12.47 points, or 0.43%, to 2,900.79 and the Nasdaq Composite added 19.07 points, or 0.24%, to 7,966.43
The euro gained despite the German growth concerns. Dealers were gearing up for demand from Japan as Mitsubishi UFJ Financial closed in on its multi-billion-euro acquisition of DZ Bank’s aviation-finance business.
The dollar index fell 0.37%, with the euro up 0.56% to $1.1313. The Japanese yen weakened 0.28% versus the greenback at 111.99 per dollar.7
Euro zone and U.S. government debt yields rose after the rebound in Chinese exports.
Yields on Germany’s 10-year government bond crossed into positive territory, to 0.054%.
Benchmark 10-year U.S. Treasury notes fell 13/32 in price to push up their yield to 2.5507%.
CRUDE OIL’S BIG 2019 START
Oil provided the big milestones. Brent was at $71.4 a barrel, having broken back through the $70 threshold this week, and U.S. WTI was heading for a sixth straight week of gains for the first time since early 2016.
Involuntary supply cuts in Venezuela, Libya and Iran have supported perceptions of a tightening market, already constrained by production cuts from OPEC and its allies.
Brent crude oil futures rose 64 cents to $71.47 a barrel while West Texas Intermediate crude futures, the U.S. benchmark, added 64 to $64.22.
Commodities have had the best first-quarter start ever, Bank of America Merrill Lynch analysts said, calling the annualized returns they are tracking the strongest in the past 100 years.
Taking advantage of strong prices and subdued valuations for oil producers, Chevron said it will buy Anadarko Petroleum Corp for $33 billion in cash and stock.
Gold steadied en route to its first weekly gain in three weeks as the dollar weakened, although the metal’s advances were capped by stronger equities.
Gold crept higher after falling more than 1 percent on Thursday to break below $1,300 following solid U.S. data. Spot gold traded at $1,292.41 per ounce.
For a graphic on Falling volatility, see – https://tmsnrt.rs/2X40O8U
(Reporting by Herbert Lash; Editing by Dan Grebler)
Senate Majority Leader Mitch McConnell is declining to say whether he thinks his chamber would confirm Herman Cain to join the Federal Reserve board, casting doubt on the former Republican presidential candidate’s prospects should President Donald Trump advance him for the post.
Asked Thursday if a Cain nomination would face problems , McConnell, R-Ky., noted that successful nominees must pass background checks and have a likelihood of confirmation.
“And, as you know, some of my members have expressed concern about that nomination,” McConnell told reporters. “But as far as I know, it hasn’t been made yet.”
Trump’s interest in potentially nominating Cain along with another political ally, conservative commentator Stephen Moore , has sparked questions among lawmakers from both parties in Congress about the president’s influence on the central bank.
Fed Chairman Jerome Powell reiterated the importance of the Fed’s independence during a talk Thursday evening with House Democrats meeting in Virginia for their annual issues retreat, according to a source in the room unauthorized to discuss the private session.
Powell told lawmakers that he saw his role as totally apolitical. He also said the Fed does not consider political pressure in its decision making, the source said. Another source in the room confirmed the remarks.
The chairman fielded questions from lawmakers during a question-and-answer session in Lansdowne, but declined to comment on the president’s potential picks.
Powell was Trump’s choice to lead the Fed, but the president has been critical of him for raising interest rates.
Earlier Thursday, House Speaker Nancy Pelosi said elevating Cain and Moore to the Fed would risk politicizing the nation’s central bank and endangering the economy.
“These two appointments to the Fed are the worst, ill-suited appointment that the president could come up with,” she told reporters.
Three GOP senators — Utah’s Mitt Romney, Alaska’s Lisa Murkowski and North Dakota’s Kevin Cramer — told The Associated Press they’d likely vote against Cain. With Republicans controlling the Senate 53-47, it would take opposition from just four GOP senators to sink the nomination, assuming all Democrats are also “no” votes.
As he did earlier this week, McConnell also sidestepped a question about whether he would back Cain or Moore, a Fed critic and former Trump campaign aide, for the board. Trump has said he will nominate both men.
“We’ll see who’s actually nominated,” said McConnell.
Cain has run into concerns by lawmakers from both parties that, as a Trump loyalist and deeply conservative political figure, he would threaten the Fed’s traditional political independence. Trump himself has taken a nontraditional approach to the Fed, repeatedly accusing it of mismanaging the economy by not pushing hard enough for low interest rates.
The White House offered no fresh comment Thursday about Trump’s intentions, referring reporters to his earlier comments about Cain.
Trump initially called Cain “a very terrific man” who would “do very well there.” But he said earlier this week that he didn’t know how Cain was faring in the vetting process and that Cain “will make that determination” whether to continue.
Cain, former CEO of Godfather’s Pizza, ran for the 2012 Republican presidential nomination. He dropped out of the race after allegations of sexual harassment and infidelity, which he denied. Last year, in September, he helped found a pro-Trump super political action committee, America Fighting Back PAC, whose website says, “We must protect Donald Trump and his agenda from impeachment.”
Cain formerly served on the board of the Fed’s Kansas City regional bank. He has also called for a return to the gold standard to control inflation, which most economists consider unworkable.
Moore is a conservative commentator and another Trump political ally.
Source: NewsMax Politics