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23.05.2018

Strike: Vegas Casino Workers Vote To Walk Out

LAS VEGAS (dpa-AFX) - Tens of thousands of casino workers in Las Vegas voted Tuesday to authorize a city-wide strike anytime after June 1 if labor contract agreements are not reached before they expire at the end of May. This would be the first strike in more than three decades in Las Vegas and could cripple the city's famed hospitality industry. The Culinary Union said that 25,000 union members participated in two voting sessions Tuesday and 99 percent of them have favored authorizing a strike.The union negotiating committee will be authorized to call for a strike at any time after the contract expires and workers can walk out on strike starting as soon as the morning of June 1, 2018. Union contracts covering 50,000 union workers are set to expire on June 1, 2018 at 34 casino resorts on the Las Vegas Strip and Downtown Las Vegas. These include properties operated by MGM Resorts International, Caesars Entertainment Corp., Penn National, Golden Entertainment, Boyd Gaming, and other companies.A strike would involve several roles that are critical to run a casino-hotel, including bartenders, guest room attendants, food servers, porters, cooks and kitchen workers.'A strike is a last resort. We want to come to an agreement, but the union and workers are preparing for a citywide strike if contracts are not settled by June 1,' said Geoconda ArgŁello-Kline, Secretary-Treasurer for the Culinary Union.The Culinary and Bartenders Unions said they are negotiating new contract language to provide greater measure of security for members, including workplace safety, sexual harassment, sub-contracting, technology, and immigration. In addition, the union's economic proposal seeks to provide workers a fair share of the employers' enormous anticipated cash flows and Trump tax windfalls. The Culinary Union last voted for a strike in 2002, but reached a deal with casino operators before workers walked out of their jobs. The union last went on a city-wide strike across the Las Vegas Strip in 1984 for 67 days until contracts were settled. The strike cost the city as well as workers tens of millions of dollars.Copyright RTT News/dpa-AFX
23.05.2018

Antofagasta Expects Shortfall In Global Copper Supply

LONDON (dpa-AFX) - Antofagasta Plc.'s (ANTO.L) Chairman, Jean-Paul Luksic said, at the Company's Annual General Meeting, that considering a medium-sized mine can take two to three years to build and even longer to permit, this suggests a shortfall in global copper supply can be expected, and the longer term looks positive as well. At this time when demand is strong, the source of increased supply to satisfy this demand, is less clear. There is only one major greenfields site under construction and no others have been committed to for several years.At Los Pelambres, the company plans to expand production by 55 thousand tonnes per year by investing in new equipment which will maximize throughput within the existing mine and plant permits. The Environmental Impact Study for the project was approved in February and this project is expected to be brought to the Board before the end of the year for approval and would start production in 2021.At Centinela, the company has two alternatives for expanding the operation. The first alternative is to build a second concentrator. The second alternative is to expand the existing plant, utilizing some of the current infrastructure it has in place. This decision is also expected to be made by the Board by the end of this year.Looking ahead to the future of the copper market, one of the most exciting trends to emerge in 2017 has been the increased interest in new technologies which use significantly more copper than established technologies. This is particularly the case for clean energy and electric vehicles.Copyright RTT News/dpa-AFX
23.05.2018

Macy's Names Paula Price CFO

WASHINGTON (dpa-AFX) - Macy's, Inc. (M) said that Paula Price will be appointed chief financial officer, effective July 9, 2018. Price will be responsible for leading the company's finance, accounting, investor relations and internal audit functions. She will report to Jeff Gennette, Macy's chairman and CEO, and will be based in New York. Price will succeed Karen Hoguet who, as previously announced, plans to retire at the end of the 2018 fiscal year. Hoguet will remain with Macy's in an advisory role to support the company during a transition period until February 2, 2019.Price joins Macy's with 30 years of finance experience primarily in retail and consumer-facing businesses. She is currently a full-time senior lecturer in the accounting and management unit at Harvard Business School, a role she has held since 2014.In her most recent corporate role as executive vice president, CFO of Ahold USA, Price led a team of over 1,000 across finance, accounting, strategy and planning, real estate and information technology. Price was also responsible for the successful development and execution of a $1 billion program to fund Ahold USA's strategic growth initiatives, which included sales efforts, customer loyalty and e-commerce initiatives.Copyright RTT News/dpa-AFX
23.05.2018

Patterson Appoints Donald Zurbay As CFO

SAINT PAUL (dpa-AFX) - Patterson Cos. Inc. (PDCO) announced Wednesday the appointment of Donald Zurbay as Chief Financial Officer, effective June 29, 2018 and the appointment of Andrea Frohning as Chief Human Resources Officer, effective May 21, 2018.Zurbay will succeed Dennis Goedken, who has been serving as interim CFO and will continue to serve as Corporate Controller. The former CFO Ann Gugino left the company on March 1 and serves as special advisor until July 31, 2018.Zurbay brings to Patterson more than 28 years of leadership experience in various accounting and finance positions. Most recently, he served as Vice President and CFO at St. Jude Medical, Inc. until it's sale to Abbott.Meanwhile, Frohning brings more than 20 years of experience in leading numerous human resource departments across a diverse set of business environments and industries. She most recently served as the Chief Human Resources Officer at Snyder's-Lance.Copyright RTT News/dpa-AFX
23.05.2018

Anthem To Acquire Aspire Health

WASHINGTON (dpa-AFX) - Anthem, Inc. (ANTM) announced that the company has entered into an agreement to acquire Aspire Health, a non-hospice, community-based palliative care provider. Aspire was founded in 2013 by former U.S. Senator and physician William Frist and Brad Smith, who serves as Chief Executive Officer of the company.Aspire currently provides services under contracts with more than 20 health plans to consumers in 25 states. The company uses proprietary predictive clinical and claims-based patient algorithms to identify patients with a serious illness who may benefit from an extra layer of support. The company also offers 24-7 support to patients, including nurse practitioner home visits.Anthem expects the transaction to be neutral to earnings in 2018 and accretive to earnings in 2019.Copyright RTT News/dpa-AFX
23.05.2018

Southern Power To Sell 33% Interest In Its Solar Portfolio

ATLANTA (dpa-AFX) - Southern Power, a subsidiary of Southern Company, announced an agreement to sell a 33 percent minority interest in its solar portfolio to Global Atlantic Financial Group Limited for a purchase price of $1.175 billion. The portfolio of projects involved in the transaction is comprised of 26 operating solar facilities representing approximately 1.7 gigawatts of capacity.Southern Power CEO Mark Lantrip, said: 'Our partnership with Global Atlantic has strong strategic alignment, as we are both focused on delivering long-term value to our customers and stakeholders. We look forward to working alongside Global Atlantic as we continue our work to provide clean, safe, reliable and affordable wholesale energy to our customers across the U.S.'Copyright RTT News/dpa-AFX
23.05.2018

ReneSola Appoints Xiaoliang Liang As CFO

BEIJING (dpa-AFX) - ReneSola Ltd. (SOL) announced Wednesday the appointment of Xiaoliang Liang as Chief Financial Officer, effective June 1, 2018. Liang succeeds Maggie Ma, who resigned effective February 28. Independent Director Weiguo Zhou has been serving as interim CFO since Ma resigned.Liang brings to ReneSola more than 18 years of experience developing, financing and managing projects with a focus on renewable energy, including solar, wind, hydro and other infrastructure sectors.He previously served in a senior leadership position at ReneSola from 2012 to 2013 prior to departing to pursue other professional leadership opportunities with several leading organizations within the renewable energy industry, including Gamesa Energy China, Hanergy and Dongxu Azure New Energy Corporation.Copyright RTT News/dpa-AFX
23.05.2018

Tiffany Updates FY18 Outlook; Authorizes $1 Bln Share Buyback

WASHINGTON (dpa-AFX) - Tiffany & Co. (TIF) announced, based on the strong and better-than-expected first-quarter results, management revised upward its outlook for the full year ending January 31, 2019. In addition, the Board of Directors approved a new $1 billion share repurchase program. Management's guidance for fiscal 2018 includes: worldwide net sales increasing by a high-single-digit percentage over the prior year both as reported and on a constant-exchange-rate basis; and net earnings increasing to a range of $4.50 - $4.70 per diluted share. The company targets mid-to-high-single-digit comparable sales growth for the full year. In the first quarter: net earnings increased 53% to $142 million, or $1.14 per diluted share, from last year's $93 million, or $0.74 per diluted share. Worldwide net sales increased 15% to $1.0 billion, resulting from broad-based sales growth; comparable sales increased 10%. On a constant-exchange-rate basis, worldwide net sales and comparable sales rose 11% and 7%, respectively, for the quarter.The company's new share repurchase program, which expires on January 31, 2022, will replace its existing share repurchase program announced in January 2016. Under the new program, the company's Board also approved the repurchase of $250 million of its common stock through an accelerated share repurchase transaction which the company expects to enter into during its fiscal quarter ending July 31, 2018.Copyright RTT News/dpa-AFX
23.05.2018

Tiffany & Co. Reports Gain In Q1 Profit

WASHINGTON (dpa-AFX) - Tiffany & Co. (TIF) reported earnings for its first quarter that increased from last year.The company's profit totaled $142.3 million, or $1.14 per share. This compares with $92.9 million, or $0.74 per share, in last year's first quarter.Analysts had expected the company to earn $0.83 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter rose 14.5% to $1.03 billion from $899.6 million last year.Tiffany & Co. earnings at a glance:-Earnings (Q1): $142.3 Mln. vs. $92.9 Mln. last year.-EPS (Q1): $1.14 vs. $0.74 last year.-Analysts Estimate: $0.83 -Revenue (Q1): $1.03 Bln vs. $899.6 Mln last year. -Guidance:Full year EPS guidance: $4.50 - $4.70Copyright RTT News/dpa-AFX
23.05.2018

Lowe's Q1 Profit Misses Estimates, Comps. Up 0.6%; Affirms FY18 Guidance

NORTH WILKESBORO (dpa-AFX) - Lowe's Companies, Inc. (LOW) reported first-quarter net earnings of $988 million or $1.19 per share compared to $602 million or $0.70 per share, a year ago. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $1.27 for the quarter. Analysts' estimates typically exclude special items. First-quarter earnings per share increased 15.5 percent from adjusted earnings per share of $1.03, last year. First-quarter sales increased 3.0 percent to $17.4 billion from $16.9 billion, prior year, and comparable sales increased 0.6 percent. Comparable sales for the U.S. home improvement business increased 0.5 percent. Analysts expected revenue of $17.69 billion for the quarter. 'We drove solid performance in indoor categories and continued to grow our sales to Pro customers. However, prolonged unfavorable weather across geographies led to a delayed spring selling season which impacted results in outdoor categories. Spring has now arrived and we are encouraged by strong sales in the month of May,' said Robert Niblock, Lowe's CEO.As of May 4, 2018, Lowe's operated 2,154 home improvement and hardware stores in the United States, Canada and Mexico representing 215.1 million square feet of retail selling space.For fiscal 2018, the company continues to project earnings per share of $5.40 to $5.50. Total sales are expected to increase approximately 5 percent, and comparable sales are expected to increase approximately 3.5 percent. The company expects to add approximately 10 home improvement and hardware stores for the fiscal year ending Feb. 1, 2019.Copyright RTT News/dpa-AFX
23.05.2018

The Swiss Stock Market Pulled Back On Broad Weakness

BRUSSELS (dpa-AFX) - The Swiss stock market ended Wednesday's session in the red, as did the rest of the European markets. Investor sentiment was impacted by uncertainty over the political situation in Italy and some comments from U.S. President Trump.Trump said he was 'not really' pleased with the U.S.-China trade talks so far and that there was a 'substantial chance' his planned summit with North Korean leader Kin Jong Un in June may not work out.The Swiss Market Index decreased by 1.58 percent Wednesday and finished at 8,794.94. The Swiss Leader Index dropped 1.74 and the Swiss Performance Index lost 1.40 percent.The index heavyweights all finished in the red Wednesday. Roche sank 2.1 percent, Novartis declined 0.7 percent and Nestle lost 0.5 percent.Julius Baer Group dropped 3.4 percent. The bank said its assets under management rose 3 percent in the first four months of 2018.Credit Suisse weakened by 2.9 percent and UBS fell 1.8 percent.Swiss Re tumbled 3.8 percent, Swiss Life dropped 2.1 percent and Zurich Insurance surrendered 1.9 percent.Swatch Group decreased 2.3 percent and rival Richemont lost 1.2 percent.Addeco weakened by 3 percent, ABB forfeited 2.9 percent and Lafargeholcim fell 2.2 percent. Sika also finished lower by 2.1 percent.Copyright RTT News/dpa-AFX
23.05.2018

European Markets Dropped On Weak Data And Geopolitical Concerns

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European markets ended Wednesday's session solidly in negative territory. A number of factors weighed on investor sentiment, including a weak batch of European economic data. Uncertainty over the political situation in Italy also played a role, as President Mattarella has yet to approve the coalition government's Prime Minister candidate, Giuseppe Conte.Comments from U.S. President Donald Trump also contributed to the negative mood Wednesday. Trump said he was 'not really' pleased with the U.S.-China trade talks so far and that there was a 'substantial chance' his planned summit with North Korean leader Kin Jong Un in June may not work out.The pan-European Stoxx Europe 600 index weakened by 1.09 percent. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 1.27 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 1.15 percent.The DAX of Germany dropped 1.47 percent and the CAC of France fell 1.32 percent. The FTSE 100 of the U.K. declined 1.13 percent and the SMI of Switzerland finished lower by 1.58 percent.In Paris, Euronext sank 6.27 percent after UBS downgraded its rating on the stock to 'Sell' from 'Neutral.'In London, Rio Tinto fell 3.09 percent after the mining giant said it is in talks about the potential sale of its stake in Indonesia's Grasberg mine for A$3.5 billion.British retailer Marks & Spencer Group rallied 5.17 percent after announcing it would close 100 stores by 2022.Babcock International Group rose 2.56 percent after it reported profit before tax of 391.1 million pounds for the full year 2018 compared to 362.1 million pounds in the previous year.Julius Baer Group dropped 3.42 percent in Zurich. The bank said its assets under management rose 3 percent in the first four months of 2018.Eurozone private sector grew at the weakest pace in one-and-a-half years in May with the rate of expansion slowing for the fourth consecutive month, flash survey data from IHS Markit showed Wednesday. The composite output index dropped to an 18-month low of 54.1 in May from 55.1 in April. The score was forecast to remain unchanged at 55.1.Germany's private sector activity expanded at the weakest pace in twenty months in May, preliminary survey results from IHS Markit showed Wednesday. The composite output index dropped to 53.1 in May from 54.6 in April. France's private sector growth slowed to a 16-month low in May, flash survey data from IHS Markit showed Wednesday. The flash composite output index fell more-than-expected to 54.5 in May from 56.9 in April. The score was seen at 56.8. France's unemployment rate increased in the first quarter, the statistical office Insee said Wednesday. The ILO jobless rate in metropolitan France and the overseas departments rose to 9.2 percent from revised 9 percent in the fourth quarter.UK inflation continued to slow to reach a 13-month low in April, driven by air fares, adding doubts about the timing of the next rate hike by the Bank of England. Consumer prices climbed 2.4 percent year-on-year in April, slightly slower than the 2.5 percent increase seen in March, the Office for National Statistics reported Wednesday. This was the lowest since March 2017, when the rate was 2.3 percent. Inflation was expected to remain unchanged at 2.5 percent.British house price inflation held steady in March after easing in the previous two months, figures from the Office for National Statistics showed Wednesday. The house price index climbed 4.2 percent year-over-year in March, the same rate of rise as in February, which was revised down from a 4.4 percent increase reported earlier.A report released by the Commerce Department on Wednesday showed a pullback in new home sales in the U.S. in the month of April. The report said new home sales fell by 1.5 percent to an annual rate of 662,000 in April after jumping by 2 percent to a revised rate of 672,000 in March.Economists had expected new home sales to drop to a rate of 679,000 from the 694,000 originally reported for the previous month.Copyright RTT News/dpa-AFX
23.05.2018

European Shares Tumble On Italy Uncertainty, Weak Data

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks fell sharply on Wednesday as oil prices dropped, geopolitical risks returned to the fore and uncertainty continued over the formation of an anti-establishment government in Italy.There was also no respite on the data front as flash survey data from IHS Markit showed that Eurozone private sector grew at the slowest pace in one-and-a-half years in May. The composite output index dropped to an 18-month low of 54.1 from 55.1 in April.Elsewhere, U.K. consumer inflation climbed 2.4 percent year-on-year in April, slightly slower than the 2.5 percent increase seen in March, data from the Office for National Statistics revealed. The rate was expected to remain at 2.5 percent.The pan-European Stoxx Europe 600 index was down nearly 1 percent at 393.15 in late opening deals after closing 0.3 percent higher the previous day.The German DAX was losing 1.5 percent, France's CAC 40 index was down over 1 percent and the U.K.'s FTSE 100 was declining 0.7 percent. Julius Baer Group shares fell 1.4 percent. The Swiss bank said its assets under management rose 3 percent in the first four months of 2018.Tullow Oil slumped 5 percent, Total SA declined 2.4 percent and Royal Dutch Shell shed 2.6 percent as oil prices fell on speculation that OPEC may raise oil output as soon as June.Rio Tinto shares fell over 2 percent after the mining giant said it is in talks about the potential sale of its stake in Indonesia's Grasberg mine for A$3.5 billion.British retailer Marks & Spencer Group rallied 3.3 percent after announcing it would close 100 stores by 2022.Copyright RTT News/dpa-AFX
23.05.2018

FTSE 100 Falls From Record High

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. shares fell from a record high reached on Tuesday as a drop in oil prices pulled down energy stocks and investors weighed U.S. President Donald Trump's comments on China and North Korea. Meanwhile, U.K. inflation slowed slightly in April, data from the Office for National Statistics revealed. Consumer prices climbed 2.4 percent year-on-year in April, slightly slower than the 2.5 percent increase seen in March. The rate was expected to remain at 2.5 percent.The benchmark FTSE 100 was down 52 points or 0.66 percent at 7,824 in late opening deals after rising 0.2 percent the previous day. Tullow Oil slumped 5 percent and Royal Dutch Shell shed 2.6 percent as oil prices fell on speculation that OPEC may raise oil output as soon as June.Rio Tinto shares fell over 2 percent after the mining giant said it is in talks about the potential sale of its stake in Indonesia's Grasberg mine for A$3.5 billion.Retailer Marks & Spencer Group rallied 3.3 percent after announcing it would close 100 stores by 2022.Barclays' shares were down 0.6 percent. The lender has been exploring a potential merger with rival banks including Standard Chartered Plc, as part of wide-ranging contingency plans being weighed by senior board members following pressure from an activist investor, the Financial Times reported citing people familiar with the matter.Copyright RTT News/dpa-AFX
23.05.2018

CAC 40 Down 71 Points On Italy Uncertainty

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks tumbled on Wednesday as oil prices dropped, geopolitical risks returned to the fore and uncertainty continued over the formation of an anti-establishment government in Italy.The benchmark CAC 40 was down 71 points or 1.25 percent at 5,569 in opening deals after finishing marginally higher in the previous session.In economic releases, France's unemployment rate increased in the first quarter, the statistical office Insee said. The ILO jobless rate in metropolitan France and the overseas departments rose to 9.2 percent from revised 9 percent in the fourth quarter.Separately, flash survey data from IHS Markit showed that France's private sector growth slowed to a 16-month low in May. The flash composite output index fell more-than-expected to 54.5 from 56.9 in April.Copyright RTT News/dpa-AFX
23.05.2018

DAX Tumbles As Geopolitical Risks Resurface

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks fell sharply on Wednesday as oil prices dropped, geopolitical risks returned to the fore and uncertainty continued over the formation of an anti-establishment government in Italy. There was also no respite on the data front as preliminary survey results from IHS Markit showed that German private sector activity expanded at the weakest pace in twenty months in May. The composite output index dropped to 53.1 from 54.6 in April due to slower increases in both new orders and employment.The benchmark DAX was down as much as 195 points or 1.5 percent at 12,974 in opening deals after climbing 0.7 percent in the previous session.Copyright RTT News/dpa-AFX
23.05.2018

Asian Shares Fall After Trump's Comments

CANBERA (dpa-AFX) - Asian stocks closed broadly lower on Wednesday and safe-haven assets such as gold and the Japanese yen climbed after U.S. President Donald Trump said he was 'not really' pleased with the U.S.-China trade talks so far and that there was a 'substantial chance' his planned summit with North Korean leader Kin Jong-un in June may not work out.Chinese markets fell the most in a month as coal mining stocks slumped after authorities intervened in the coal market to bring down prices. The benchmark Shanghai Composite index fell 45.39 points or 1.41 percent to 3,168.96 while Hong Kong's Hang Seng index dropped 568.71 points or 1.82 percent to 30,665.64.Japanese shares fell the most in two months as a stronger yen on trade worries pulled down shares of exporters. Mixed manufacturing data also weighed on markets. The manufacturing sector in Japan continued to expand in May, albeit at a slower pace, the latest survey from Nikkei revealed with a manufacturing PMI score of 52.5, down from 53.8 in April.The Nikkei average tumbled 270.60 points or 1.18 percent to 22,689.74, dragged down by exporters, shipping companies and steelmakers. The broader Topix index ended down 12.26 points or 0.68 percent at 1,797.31. Mitsui OSK Lines, Kawasaki Kisen and JFE Holdings fell around 3 percent each.Australian shares ended lower for a fifth consecutive session, with energy stocks coming under selling pressure after Santos rejected Harbour Energy's $10.8 billion takeover offer. The benchmark S&P/ASX 200 index dropped 9.40 points or 0.16 percent to 6,032.50 while the broader All Ordinaries index ended down 9.60 points or 0.16 percent at 6,140.30.Shares of Santos slumped 8.4 percent while Woodside Petroleum, Origin Energy and Oil Search lost 1-2 percent. Healthcare stocks also underperformed, with CSL and Healthscope declining 1-2 percent. Commonwealth Bank shed 0.6 percent after it agreed to sell 37.5 percent stake in Chinese insurer BoComm Life Insurance Company Limited to Japan's Mitsui Sumitomo Insurance. ANZ and NAB also closed lower while Westpac edged up marginally.Australia's construction work done rebounded slightly in the first quarter after falling sharply in the previous quarter, the Australian Bureau of Statistics reported today.Seoul stocks ended higher, led by technology stocks. The benchmark Kospi rose 6.34 points or 0.26 percent to 2,471.91. Market heavyweight Samsung Electronics climbed 3.6 percent while chipmaker SK Hynix soared as much as 7 percent.New Zealand shares fell sharply, led down by consumer staple stocks. The benchmark S&P/NZX 50 index dropped 60.09 points or 0.70 percent to 8,553.23. Fonterra Co-operating Group shares plunged 7 percent after the world's biggest dairy exporter cut its full-year profit and dividend forecasts.Malaysia's KLSE Composite index was down over 2 percent. The country's consumer price inflation climbed 1.4 percent year-over-year in April, just above the 1.3 percent rise in March, official data showed.India's Sensex was down 0.4 percent, Singapore's Straits Times index was losing 1.4 percent and the Taiwan Weighted gave up half a percent, while Indonesia's Jakarta Composite index was climbing 1.4 percent. Overnight, the Dow Jones Industrial Average shed 0.7 percent, the S&P 500 dropped 0.3 percent and the tech-heavy Nasdaq Composite eased 0.2 percent.Copyright RTT News/dpa-AFX
23.05.2018

European Shares Seen Lower On Trade Talk Uncertainty

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks may open lower on Wednesday after U.S. President Donald Trump said he's 'not really' pleased with China's trade talks so far and that there was a 'substantial chance' his June summit with North Korean leader Kim Jong Un 'may not work out.'Asian stocks fell broadly as investors eyed risks from North Korea to Turkey. Safe-haven assets such as gold and the yen advanced while the Turkish lira hit fresh record low following comments from rating agency Fitch that discretionary policymaking and policy predictability will come under pressure after June's elections.Treasuries edged up ahead of minutes from the 1-2 May FOMC statement to be unveiled later in the day, while oil headed lower on expectations that OPEC may raise supplies as early as June. Overnight, the Dow Jones Industrial Average shed 0.7 percent, while the S&P 500 dropped 0.3 percent and the tech-heavy Nasdaq Composite eased 0.2 percent. European markets closed firmly in positive territory on Tuesday as Italian tensions eased and investors digested comments from the Bank of England. The pan-European Stoxx Europe 600 index rose 0.3 percent. The German DAX climbed 0.7 percent and the U.K,'s FTSE 100 gained 0.2 percent while France's CAC 40 index finished marginally higher.Copyright RTT News/dpa-AFX
23.05.2018

Asian Markets Mostly Lower

CANBERA (dpa-AFX) - Asian stock markets are mostly lower on Wednesday, led by Japan, after U.S. President Donald Trump said he was 'not really' pleased with the U.S.-China trade talks so far. Trump also said that there was a 'substantial chance' his planned summit with North Korean leader Kin Jong-un in June may not work out.The Australian market is advancing despite the weak cues overnight from Wall Street, as gains in metal prices lifted mining stocks.In late-morning trades, the S&P/ASX 200 Index is adding 11.70 points or 0.19 percent to 6,053.60, just off a high of 6,056.60 earlier. The broader All Ordinaries Index is up 11.50 points or 0.19 percent to 6,161.40.In the mining space, BHP Billiton is advancing more than 1 percent, Rio Tinto is rising 1 percent and Fortescue Metals is adding almost 1 percent.Rio Tinto said it is in talks about the potential sale of its stake in Indonesia's Grasberg mine for A$3.5 billion.Among gold miners, Evolution Mining is rising more than 2 percent and Newcrest Mining is up 0.2 percent after gold prices edged higher overnight.Among the big banks, Commonwealth Bank, National Australia Bank and ANZ Banking are lower in a range of 0.1 percent to 0.4 percent, while Westpac is edging up less than 0.1 percent.Commonwealth Bank has agreed to sell its stake in Chinese life insurer BoComm Life for A$668 million to Japan's Mitsui Sumitomo, as a condition of it's A$3.8 billion deal to sell its local life insurance business to AIA.In the oil sector, Oil Search is declining almost 1 percent and Woodside Petroleum is lower by 0.6 percent after crude oil prices dipped overnight. Shares of Santos are losing more than 8 percent after the company rejected a $10.9 billion takeover bid from U.S. private equity firm Harbour Energy.On the economic front, Australia will release April data for skilled vacancies and for the leading economic index from Westpac today. In the currency market, the Australian dollar is slightly lower against the U.S. dollar on Wednesday. The local unit was trading at US$0.7573, down from US$0.7588 on Tuesday.The Japanese market is notably lower following the negative lead overnight from Wall Street after U.S. President Donald Trump said he's 'not really' pleased with China's trade talks so far. In addition, a stronger yen pulled down shares of exporters.The benchmark Nikkei 225 Index is losing 274.47 points or 1.20 percent to 22,685.87, off a low of 22,649.85 earlier.The major exporters are lower on a stronger yen. Canon is down 0.2 percent, Panasonic is declining almost 1 percent, Mitsubishi Electric is lower by almost 2 percent and Sony is losing more than 2 percent.Automaker Toyota is lower by almost 1 percent, while Honda is declining more than 1 percent. In the banking sector, Mitsubishi UFJ Financial is declining more than 1 percent and Sumitomo Mitsui Financial is down almost 1 percent.Among oil stocks, Inpex is losing more than 4 percent and Japan Petroleum Exploration is declining more than 3 percent after crude oil prices edged lower.Australia's Commonwealth Bank has agreed to sell its stake in Chinese life insurer BoComm Life for A$668 million to Japan's Mitsui Sumitomo Insurance, a unit of MS&AD Insurance Group. Shares of MS&AD Insurance are down 0.7 percent. Among the market's best performers, Recruit Holdings is adding almost 2 percent, while Nippon Telegraph & Telephone as well as Sumitomo Dainippon Pharma are rising almost 1 percent each.On the flip side, NSK is declining more than 4 percent, while JFE Holdings, JXTG Holdings and Mitsui E&S Holdings are down more than 3 percent each.In economic news, the latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in May, albeit at a slower pace, with a manufacturing PMI score of 52.5. That's down from 53.8 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.Japan will also provide March results for its all industry activity index as well as April figures for department store sales and machine tool orders today.In the currency market, the U.S. dollar is trading in the lower 110 yen-range on Wednesday.Elsewhere in Asia, Singapore and Malaysia are also down more than 1 percent each, while Shanghai, Hong Kong and New Zealand are also lower. Indonesia, South Korea and Taiwan are higher. On Wall Street, stocks fell Tuesday, unable to sustain positive momentum from the previous session despite overtures from China. The Chinese Finance Ministry said it will cut import duties on passenger vehicles from 25 percent to 15 percent, starting July 1. Still, U.S. President Donald Trump said he's 'not really' pleased with China's trade talks so far.The Dow Jones Industrial Average closed 178.88 points or 0.7 percent lower to 24,834.65, the S&P 500 index fell 8.54 points or 0.3 percent to 2,724.46 and the Nasdaq Composite declined 15.58 points or 0.2 percent to 7,378.46.Meanwhile, the European markets ended in positive territory on Tuesday. The DAX of Germany climbed 0.71 percent, the CAC of France rose 0.05 percent and the FTSE 100 of the U.K. gained 0.23 percent.Crude oil futures were flat on Tuesday, holding near the previous day's four-year highs after some profit taking early in the session. June WTI oil edged down $0.11 or nearly 0.2 percent to settle at $72.13 a barrel on the New York Mercantile Exchange.Copyright RTT News/dpa-AFX
23.05.2018

Japanese Market Notably Lower

TOKYO (dpa-AFX) - The Japanese stock market is notably lower on Wednesday following the negative lead overnight from Wall Street after U.S. President Donald Trump said he's 'not really' pleased with China's trade talks so far. In addition, a stronger yen pulled down shares of exporters.The benchmark Nikkei 225 Index is losing 274.47 points or 1.20 percent to 22,685.87, off a low of 22,649.85 earlier.The major exporters are lower on a stronger yen. Canon is down 0.2 percent, Panasonic is declining almost 1 percent, Mitsubishi Electric is lower by almost 2 percent and Sony is losing more than 2 percent.Automaker Toyota is lower by almost 1 percent, while Honda is declining more than 1 percent. In the banking sector, Mitsubishi UFJ Financial is declining more than 1 percent and Sumitomo Mitsui Financial is down almost 1 percent.Among oil stocks, Inpex is losing more than 4 percent and Japan Petroleum Exploration is declining more than 3 percent after crude oil prices edged lower.Australia's Commonwealth Bank has agreed to sell its stake in Chinese life insurer BoComm Life for A$668 million to Japan's Mitsui Sumitomo Insurance, a unit of MS&AD Insurance Group. Shares of MS&AD Insurance are down 0.7 percent. Among the market's best performers, Recruit Holdings is adding almost 2 percent, while Nippon Telegraph & Telephone and Sumitomo Dainippon Pharma are rising almost 1 percent each.On the flip side, NSK is declining more than 4 percent, while JFE Holdings, JXTG Holdings and Mitsui E&S Holdings are down more than 3 percent each.In economic news, the latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in May, albeit at a slower pace, with a manufacturing PMI score of 52.5. That's down from 53.8 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.Japan will also provide March results for its all industry activity index as well as April figures for department store sales and machine tool orders today.In the currency market, the U.S. dollar is trading in the lower 110 yen-range on Wednesday.On Wall Street, stocks fell Tuesday, unable to sustain positive momentum from the previous session despite overtures from China. The Chinese Finance Ministry said it will cut import duties on passenger vehicles from 25 percent to 15 percent, starting July 1. Still, U.S. President Donald Trump said he's 'not really' pleased with China's trade talks so far.The Dow Jones Industrial Average closed 178.88 points or 0.7 percent lower to 24,834.65, the S&P 500 index fell 8.54 points or 0.3 percent to 2,724.46 and the Nasdaq Composite declined 15.58 points or 0.2 percent to 7,378.46.Meanwhile, the European markets ended in positive territory Tuesday. The DAX of Germany climbed 0.71 percent, the CAC of France rose 0.05 percent and the FTSE 100 of the U.K. gained 0.23 percent.Crude oil futures were flat Tuesday morning, holding near the previous day's four-year highs after some profit taking early in the session. June WTI oil edged down $0.11 or nearly 0.2 percent to settle at $72.13 a barrel on the New York Mercantile Exchange.Copyright RTT News/dpa-AFX
23.05.2018

Fed Mellow About Inflation, Minutes Show

WASHINGTON (dpa-AFX) - The Federal Reserve continues to project two more rate hikes are on the way this year with three more on the way for 2019, according to the minutes of their most recent meeting.There was no interest rate hike at the May meeting, but policy makers debated the threat of inflation and acknowledged trade-related uncertainties.The Fed has raised interest rates six times since the financial crisis, and another quarter-point rate hike in June is universally expected.'Most participants judged that if incoming information broadly confirmed their economic outlook, it would likely soon be appropriate for the FOMC to take another step in removing policy accommodation,' the minutes said.The minutes revealed little concern about inflation, suggesting the Fed will maintain its gradual approach to raising rates.'It was noted that it was premature to conclude that inflation would remain at levels around 2%, especially after several years in which inflation had persistently run below the Fed's 2% objective,' the minutes said.Copyright RTT News/dpa-AFX
23.05.2018

Dollar Little Changed After U.S. New Home Sales

BRUSSELS (dpa-AFX) - Following the release of U.S. new home sales for April at 10.00 am ET Wednesday, the greenback changed little against its major counterparts.The greenback was trading at 1.1705 against the euro, 0.9931 against the franc, 1.3345 against the pound and 110.06 against the yen around 10:02 am ET.Copyright RTT News/dpa-AFX
23.05.2018

Euro Little Changed After Eurozone Consumer Confidence

BRUSSELS (dpa-AFX) - After the release of Eurozone advanced consumer confidence for May at 10.00 am ET Wednesday, the euro changed little against its major counterparts.The euro was trading at 1.1702 against the greenback, 1.1621 against the franc, 0.8771 against the pound and 128.81 against the yen around 10:05 am ET.Copyright RTT News/dpa-AFX
23.05.2018

Dollar Rises Vs Most Majors Ahead Of U.S. New Home Sales

BRUSSELS (dpa-AFX) - The New Home Sales for April will published at 10.00 am ET Wednesday. The consensus is for 677K, down from 694K in March that witnessed a surge in new home sales. Ahead of the data, the greenback traded mixed against its major counterparts. While the greenback held steady against the pound, it rose against the rest of major counterparts.The greenback was worth 1.1706 against the euro, 0.9929 against the franc, 1.3337 against the pound and 110.11 against the yen as of 9:55 am ET.Copyright RTT News/dpa-AFX
23.05.2018

Pound Falls As Slowdown In U.K. Inflation Dims BoE Rate Hike Hopes

BRUSSELS (dpa-AFX) - The pound declined against its key counterparts in the European session on Wednesday, as the U.K. inflation slowed more than expected in April, prompting the Bank of England to delay another rate hike.Data from the Office for National Statistics showed that UK inflation slowed in April.Consumer prices climbed 2.4 percent year-on-year in April, slightly slower than the 2.5 percent increase seen in March. The rate was expected to remain at 2.5 percent.Consumer prices gained 0.4 percent on month compared to the expected increase of 0.5 percent. Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 2.1 percent from 2.3 percent a month ago. Separate data showed that output price inflation held steady at 2.7 percent in April. Economists had forecast inflation to slow to 2.3 percent. Meanwhile, input price inflation rose to a four-month high of 5.3 percent in April from 4.4 percent in March. Nonetheless, this was slower than the expected 5.9 percent. The currency was also weighed by risk aversion, as oil prices dropped, geopolitical risks returned to the fore and uncertainty continued over the formation of an anti-establishment government in Italy.The currency has been trading in a negative territory against its most major counterparts in the Asian session amid risk aversion, following comments from U.S. President Donald Trump, who said he was 'not satisfactory' with the China trade talks.The pound dropped to a 5-month low of 1.3347 against the greenback, from a high of 1.3442 hit at 10:00 pm ET. The pair was valued at 1.3428 when it had closed deals on Tuesday. The pound is poised to challenge support around the 1.32 level. The pound slipped to 146.27 against the Japanese yen, its lowest since March 7. At yesterday's close, the pair was worth 148.90. The pound is seen finding support around the 144.00 region. Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity remained flat in March. The all industry activity index was flat in March after rising 0.4 percent in February. Economists had forecast a 0.1 percent increase for March. The pound fell to 1.3219 against the Swiss franc, a level unseen since March 15, and marked a 0.9 percent decline from a high of 1.3340 hit at 5:30 pm ET. The pound-franc pair was worth 1.3334 at yesterday's close. Next key support for the pound is likely seen around the 1.30 mark. The U.K. currency lost 0.5 percent against the euro, falling as low as 0.8784, reversing from a 2-day high of 0.8739 seen at 4:00 am ET. The pound was quoted at 0.8767 against the euro at yesterday's close. Continuation of the pound's downtrend may see it challenging support around the 0.89 level. Flash survey data from IHS Markit showed that Eurozone private sector grew at the slowest pace in one-and-a-half years in May. The composite output index dropped to an 18-month low of 54.1 in May from 55.1 in April. The score was forecast to remain unchanged at 55.1. Looking ahead, Markit's U.S. preliminary manufacturing PMI for May, new home sales for April and Eurozone advanced consumer confidence for May are due in the New York session. At 2:00 pm ET, the Fed releases minutes from the May 1-2 meeting.Copyright RTT News/dpa-AFX
23.05.2018

Euro Slides As Eurozone Business Activity Slows To 1-1/2-yr Low

CANBERA (dpa-AFX) - The euro drifted lower against its major counterparts in early European deals on Wednesday, as Eurozone private sector grew at the slowest pace in one-and-a-half years in May. Flash survey data from IHS Markit showed that the composite output index dropped to an 18-month low of 54.1 in May from 55.1 in April. The score was forecast to remain unchanged at 55.1.The manufacturing PMI slid more-than-expected to 55.5 from 56.2 in April. Economists had forecast the index to drop to 56.1. In Germany, the private sector activity expanded at the weakest pace in twenty months in May.The composite output index dropped to 53.1 in May from 54.6 in April. The manufacturing PMI came in at a 15-month low of 56.8 in May, down from 58.1 in April. The expected score for the month was 57.9.Caution prevailed after U.S. President Donald Trump said he was 'not really' pleased with the U.S.-China trade talks so far and that there was a 'substantial chance' his planned summit with North Korean leader Kin Jong-un in June may not work out.The euro dropped against its most major opponents in the Asian session, as investors became cautious about U.S.-China trade talks.The euro slipped to 1.1699 against the greenback, its lowest since November 2017. On the downside, 1.15 is likely seen as the next support for the euro. Reversing from an early high of 0.8782 against the pound, the euro fell to a 2-day low of 0.8739. The next possible support for the euro is seen around the 0.86 level. The single currency weakened to 128.48 against the yen, a level unseen since August 2017. If the euro continues its fall, 126.00 is possibly seen as its next support level. Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity remained flat in March. The all industry activity index was flat in March after rising 0.4 percent in February. Economists had forecast a 0.1 percent increase for March. The 19-nation currency declined to near a 3-month low of 1.1600 against the Swiss franc, after having advanced to 1.1697 at 5:30 pm ET. Next key support for the euro is likely seen around the 1.14 level. The euro retreated to 1.6972 against the kiwi, 1.5077 against the loonie and 1.5547 against the aussie, from its early 5-day high of 1.7062, 2-day highs of 1.5139 and 1.5619, respectively. The euro is poised to challenge support around 1.68 against the kiwi, 1.49 against the loonie and 1.54 against the aussie.Looking ahead, Markit's U.S. preliminary manufacturing PMI for May, new home sales for April and Eurozone advanced consumer confidence for May are due in the New York session. At 2:00 pm ET, the Fed releases minutes from the May 1-2 meeting.Copyright RTT News/dpa-AFX
23.05.2018

Pound Slides After U.K. Inflation Data

BRUSSELS (dpa-AFX) - At 4.30 am ET Wednesday, the Office for National Statistics has released UK consumer and producer prices for April.Following the data, the pound dropped against its major counterparts.The pound was trading at 1.3354 against the greenback, 146.67 against the yen, 1.3232 against the franc and 0.8777 against the euro around 4:33 am ET.Copyright RTT News/dpa-AFX
23.05.2018

Pound Falls Vs Most Majors Ahead Of U.K. Inflation Data

LONDON (dpa-AFX) - At 4.30 am ET Wednesday, the Office for National Statistics releases UK consumer and producer prices for April. Inflation is forecast to remain unchanged at 2.5 percent. Ahead of the data, the pound traded mixed against its major counterparts. While the pound rose against the euro, it fell against the rest of major counterparts.The pound was worth 1.3381 against the greenback, 147.07 against the yen, 1.3265 against the franc and 0.8761 against the euro as of 4:25 am ET.Copyright RTT News/dpa-AFX
23.05.2018

Euro Little Changed After Eurozone PMI

BRUSSELS (dpa-AFX) - At 4.00 am ET Wednesday, IHS Markit has released Eurozone flash PMI data. After the data, the euro changed little against its major rivals. The euro was trading at 128.73 against the yen, 1.1619 against the franc, 0.8750 against the pound and 1.1706 against the greenback around 4:01 am ET.Copyright RTT News/dpa-AFX
23.05.2018

Euro Slides Ahead Of Eurozone PMI

BRUSSELS (dpa-AFX) - At 4.00 am ET Wednesday, IHS Markit is set to release Eurozone flash PMI data. The composite index is seen at 55.1 in May, unchanged from April.Ahead of the data, the euro fell against its major rivals. The euro was worth 128.82 against the yen, 1.1619 against the franc, 0.8751 against the pound and 1.1707 against the greenback as of 3:55 am ET.Copyright RTT News/dpa-AFX
23.05.2018

Euro Drops Further After German PMI

BRUSSELS (dpa-AFX) - At 3:30 am ET Wednesday, Germany's flash PMI data has been released. The euro dropped further against its major rivals after the data.The euro was trading at 129.16 against the yen, 1.1615 against the franc, 0.8761 against the pound and 1.1717 against the greenback around 3:31 am ET.Copyright RTT News/dpa-AFX

dpa-AFX SENTIMENT INDICATOR


The dpa-AFX confidence index measures the ratio of high-to-other gradings of Dax-listed companies (based on a 30-day average). A value of 50 indicates that high and low gradings balance one another out. The graph shows the indicator in relation to the DAX chart.

dpa-AFX Analyser