Apr 30, 2018

President Donald Trump: If North Korea Summit Isn't A Success, I Will Leave | CNBC I Politics on April 30, 2018.

Alibaba's Joe Tsai: We're Looking Long-Term, Beyond 'Trade War Blip' | CNBC - April 30, 2018.

Channels television I Buhari In Washington: Reuben Abati Criticises Buhari's Speech | Politics Today|

Sky News - Sainsbury’s 'engaging positively' with CMA over Asda merger - April 30, 2018.

ALJAZEERA - Why are lotted Ethipian treasures still in Britain...... April 30, 2018.

Economic Predictions Globalist Are Going To Collapse World Economy in May 2018.

CNBC - MAKE IT.- Here's the best way to invest your money over the long term - April 30, 2018.

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CNBC - After-hours buzz: CGNX, AKAM & more on April 30, 2018.


After-hours buzz: CGNX, AKAM & more

Ingrid Angulo

Jewel Samad | AFP | Getty Images
Check out the companies making headlines after the bell:
Cognex stock plummeted more than 16 percent after hours. The machine vision systems company reported earnings that beat analyst expectations but slightly missed on revenues. Guidance was very weak with 2018 revenue looking to be 10 percent lower than expected.
Akamai shares rose more than 3 percent in the extended session after reporting earnings and revenue that beat Wall Street estimates.
Allison Transmission stock surged more than 3 percent post-market. The transmissions manufacturer beat expectations on top and bottom lines. It also increased its revenue and sales guidance for the upcoming year.
Shares of Tenet Healthcare gained 5 percent in extended trading. The hospital company reported revenues and earnings that surpassed analyst expectations. Its earnings guidance was also raised well above estimates.
Inogen stock soared more than 22 percent after the bell. The med-tech company's earnings and revenue exceeded Wall Street's estimates, partially due to an income tax benefit of $1.1 million in the first quarter. The company also raised its 2018 guidance.
Electronics for Imaging shares jumped almost 5 percent post-market. The printing technology company's earnings fell in line with estimates but its revenue was higher than expected.

Investopedia | McDonald's Stock Completes 3-Month Breakout Pattern - April 30, 2018.


McDonald's Stock Completes 3-Month Breakout Pattern

Alan Farley

Dow component McDonald's Corporation (MCD) rallied more than six points after the company beat first quarter profit and revenue estimates on Monday morning, stalling at three-month resistance in the mid-$160s. Global comparative sales also beat estimates, rising 5.5%, while U.S. sales posted a healthy 2.9% increase. The bullish metrics and strong price action should ease shareholder anxiety after a miserable start to 2018 in which the fast food giant's stock has dropped nearly 12%.
The restaurant industry faced headwinds in the first quarter, with final consumer spending data likely to confirm the weakest growth since 2013. Chains have responded with dozens of new value offerings, hoping the tasty bargains will attract a larger customer base. The approach appears to be working, with an expected 13% quarterly rise in value sales translating into 1% higher year-over-year traffic, the industry's first growth in this category in the past three years. (See also: Do Fast Food Franchises Mean Fast Returns?)
MCD Daily Chart (2017 – 2018)
A multi-year advance stalled just above $100 in 2012, generating nearly four years of range-bound action, ahead of an October 2015 breakout and buying spree that reached $132 in May 2016. A pullback tested new support into November, generating a follow-through rally that broke resistance at the prior high in April 2017. The sturdy uptrend added points at a rapid pace through the end of 2017, ending the year with an impressive 41% return.
Committed buyers vanished after the stock posted an all-time high at $178.70 in January 2018, replaced by intense selling pressure that relinquished 16 points in five sessions. A vertical bounce ran out of gas just two days later, carving the first leg of an inverse head and shoulders pattern that completed the right shoulder with this morning's buying spike into $165. A breakout above the neckline should generate a test at the bull market high.
The monthly stochastics oscillator has ticked lower in an active sell cycle since February and is now approaching the oversold level. This bearish divergence may delay a breakout until the third quarter at the earliest, telling market players that a test at the January high will offer a good spot to take profits, reduce position size or establish intermediate short sales. As a result, an inverse head and shoulders breakout may offer a more lucrative set-up for swing traders than trend followers.
[Learn more about recognizing chart patterns and developing your trading strategy in Chapter 5 of the Technical Analysis course on the Investopedia Academy]
YUM Daily Chart (2017 – 2018)
Rival YUM! Brands Inc. (YUM) reports first quarter earnings on Wednesday morning. The holding company for Taco Bell, Pizza Hut and KFC emerged from last decade's economic collapse in excellent shape, breaking out to a new high in 2010 and entering a strong uptrend that eased into a rising channel in 2012. The rally topped out at $68.96 in May 2015, giving way to a steep correction that found support in the mid-$40s in the first quarter of 2016.
The stock completed a round trip into the prior high in February 2017 and pulled back, carving the handle of a multi-year cup and handle pattern, ahead of a May breakout that added 18 points into the January 2018 high at $86.93. The downdraft in February found willing buyers, completing a V-shaped recovery pattern just two weeks ago. It has been consolidating near the breakout level since that time, awaiting this week's quarterly confessional.
YUM has posted much stronger returns than McDonald's in recent months and could gain ground more quickly in reaction to good news. On-balance volume (OBV) has already lifted to a new high, raising the odds for a breakout that opens the door to the triple digits. And unlike its rival, monthly stochastics is oscillating sideways near the overbought level and flashing no bearish divergences that might inhibit buying pressure. (For more, see: Nacho Fries a Big Hit for Yum! Brands' Taco Bell.)

The Bottom Line

McDonald's stock has completed an inverse head and shoulders pattern at the 200-day exponential moving average (EMA) and could test the January high in coming weeks. Rival YUM holds the stronger technical suit in a side-by-side comparison and could hit all-time highs after this week's earnings report. (For additional reading, check out: Why McDonald's Stock Turnaround May Fizzle.)
<Disclosure: The author held no positions in aforementioned securities at the time of publication.>
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CNN | Trump on Iran deal; We'll see what Happens - April 30, 2018.

Investopedia | Why Tesla Is Burning Through Cash? - April 30, 2018.


Why Tesla Is Burning Through Cash?

Shoshanna Delventhal

Tesla Inc. (TSLA) and its CEO, Elon Musk, may be running out of time, according to analysts at Bloomberg, who estimate that the electric car maker burns through more than $6,500 every 60 seconds.
In a story published Monday, Bloomberg's Dana Hull and Hannah Recht suggest that, despite Musk's remarks indicating that Tesla will not need to raise additional capital this year, "there is now a genuine risk that the 15-year-old company could run out of cash in 2018."
When Tesla reports earnings on May 2, they expect investors to keep a close eye on free cash flow, which has been negative for five consecutive quarters. (See also: Musk May Be Misleading Investors: Billionaire Short Seller Jim Chanos.)

Jostling for Position in the EV Space

Over the recent years, Tesla has poured money into expanding its offerings from its luxury cars, the Model S and Model X SUV, most recently trying to ramp up production of its first mass-market vehicle, the Model 3 sedan, as it heads off against a growing number of competitors in the EV space. A pioneer of the EV market, Musk's Palo Alto, California-based company now rivals both traditional automakers and more niche startups. Tesla also has aggressive plans to add an electric semi truck to its portfolio, as well as a new sports car and a crossover within the next few years.
While Musk has been criticized as relying too much on automation, his company's hiring spree has grown its workforce from just shy of 900 in 2010 to roughly 40,000 workers today. Tesla's inability to boost revenues as fast as it adds manpower, including a doubling of its workforce last year, has probably contributed to its financial stress, as noted by Bloomberg. Meanwhile, General Motors Co. (GM) and Ford Motor Co. (F) each generate about 2.5 time as much revenue per employee, according to the reporters.
Tesla's outspoken and widely followed CEO has affected the company's ability to raise money in a way that hasn't been seen before, wrote Hull and Recht. Musk has poured a large sum of his own money into his startup, including a Series A round in 2004, wherein he contributed $6.3 million of $7.5 million and assumed the role of chairman of the board.

Bloomberg: Company Is 'Extraordinarily Lucky'

Since its $225 million initial public offering (IPO) in June 2010, Tesla has raised capital by means that any automaker would, through selling stock and convertible bonds, monetizing leases and floating junk bonds, wrote Bloomberg. However, through its unique positioning as a clean-energy champion, and with its high-profile CEO at the helm, the company has been "extraordinarily lucky," noted Hull and Recht, highlighting opportunities such as an early strategic equity investment from rival Daimler AG and a near $500 million loan from the U.S. Department of Energy in 2010.
At the end of 2017, Tesla has $3.5 billion in cash on hand and $9.4 billion in outstanding debt. Bears, such as short seller Jim Chanos, remain convinced that the EV company is on the brink of bankruptcy, while Moody's Investor Services seemed to provide amo to the downbeat sentiment with a warning that Tesla will need another $2 billion in 2018, while $1.2 billion of exiting debt will come due by 2019.
Musk has continued to gain fame and popularity among his loyal followers, continually setting lofty targets and showing an unwavering commitment to proving his doubters wrong. TSLA, down almost 25% from highs in September, has returned roughly 450% to shareholders over the most recent five years, compared to the S&P 500's 66% gain over the same period.

'Interest-Free Loans' From Customers

Tesla reported $854 million in customer deposits at the end of 2017, which "essentially serve as interest-free loans" that can stretch on for years, wrote Bloomberg, noting that if the company were to go bankrupt the deposit holders would likely be wiped out.
The bulls have continued to point to Musk's personal commitment to the company, with a recently passed compensation plan reliant on TSLA skyrocketing to a $650 billion market capitalization and reaching other ambitious top line and bottom line targets. If his stock award vests, the CEO would own a 28% stake in the company worth about $184 billion.
“There’s not another CEO in America who is taking as enormous of a financial risk on their company,” said Ross Gerber of Gerber Kawasaki Wealth & Investment Management. That gives everyone something to agree on. (See also: Why the Bulls Still Believe in Tesla.)

CFTC | Press Release -772018: CFTC Charges Charles H. McAllister of Alabama with Engaging in a Fraudulent Precious Metals Scheme on April 30, 2018.


CFTC Charges Charles H. McAllister of Alabama with Engaging in a Fraudulent Precious Metals Scheme

April 30, 2018

McAllister Charged with Two Counts of Wire Fraud and One Count of Money Laundering in a Related Criminal Action

Washington, DC – The Commodity Futures Trading Commission (CFTC) filed a federal civil enforcement action in the U.S. District Court for the Western District of Texas against Defendant Charles H. McAllister, of Auburn, Alabama, charging him with fraud and misappropriation in connection with contracts of sale of precious metals through his company, BullionDirect, Inc. (BDI).  McAllister has never been registered with the CFTC in any capacity. 
McAllister & BDI Allegedly Defrauded Thousands of Customers throughout the United States
The CFTC Complaint alleges that from August 15, 2011 through July 20, 2015, McAllister and BDI defrauded thousands of customers throughout the United States who purchased precious metals from or through BDI.  McAllister’s and BDI’s fraud allegedly resulted in customer losses of more than $16 million.
Specifically, according to the Complaint, McAllister and BDI fraudulently solicited and induced customers, through BDI’s website, to send money to BDI for the purported purchase of gold, silver, palladium, and platinum from or through BDI.  Customers purportedly could take immediate delivery of or store the precious metals with BDI.  However, as alleged, McAllister and BDI failed to procure all the metal they were obligated to purchase for customers.  Instead, McAllister and BDI misappropriated millions of dollars from thousands of customers in the fraudulent scheme to pay back other customers (in Ponzi scheme fashion), cover BDI business expenses, and invest in other businesses. 
As further alleged, McAllister and BDI made material misrepresentations and omissions to customers in the course of their fraudulent precious metals scheme, and they issued false account statements to customers.
In its continuing litigation, the CFTC seeks, among other relief, restitution to defrauded customers, disgorgement of ill-gotten gains, trading bans, a civil monetary penalty, and a permanent injunction against future violations of federal commodities laws, as charged.
Related Criminal Charges
On January 18, 2018, the U.S. Attorney’s Office for the Western District of Texas filed a related criminal action charging McAllister with two counts of wire fraud and one count of money laundering in the U.S. District Court for the Western District of Texas for conduct spanning back to 2009.  In conjunction with that action, McAllister was taken into custody on January 23, 2018 and later conditionally released.
The CFTC appreciates the cooperation and assistance of the U.S. Attorney’s Office for the Western District of Texas, the Federal Bureau of Investigation, and the Internal Revenue Service, all located in Austin, Texas.
CFTC Division of Enforcement staff members responsible for this matter are Jo Mettenburg, J. Alison Auxter, Stephen Turley, Joyce Brandt, Christopher Reed, and Charles Marvine.
* * * * * * * * * * *
CFTC’s Precious Metals Customer Fraud Advisory
The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Precious Metals Fraud Advisory, which alerts customers to precious metals fraud and lists simple ways to spot precious metals scams. 
Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online. 

The Washington Post | Politics Alert: Trump’s pick to lead ICE, who touted surge in immigration arrests, steps down on April 30, 2018.


Trump’s pick to lead ICE, who touted surge in immigration arrests, steps down

Thomas Homan, the Trump administration’s top immigration enforcement official, announced Monday that he plans to step down from his job, six months after Trump nominated him to be director of U.S. Immigration and Customs Enforcement (ICE).
Homan was named ICE’s acting director soon after Trump took office in 2017, and the tough-talking, barrel-chested former Border Patrol agent quickly became an unapologetic enthusiast for the administration’s more aggressive enforcement approach.
Under Homan, immigration arrests surged 40 percent after agents scrapped an Obama administration policy of targeting serious or violent criminal offenders in order to cast a wider net. Homan said those living illegally in the United States “should be afraid” that his agents could be coming for them.
Pleased with Homan’s beat-cop demeanor, Trump picked him for the permanent ICE leadership role in November. But his nomination went nowhere and never came up for a vote on the Senate floor.
Homan ran ICE in a provisional capacity for so long the agency could no longer legally refer to him as its “Acting Director,” instead identifying him as its “Senior Official Performing the Duties of the Director.”
In recent months Homan told friends and co-workers he felt increasingly sidelined by his boss, Homeland Security Secretary Kirstjen Nielsen, according to three people close to Homan. When Nielsen met with lawmakers earlier this year to negotiate an immigration deal, Homan was not invited to join the discussions, and his frustrations deepened.
Homan informed Nielsen in early February of his plans to retire, but she urged him to delay the announcement because there was already so much turnover at the highest levels of the Trump administration, a person with knowledge of their conversations said.
Homan’s retirement plans were first reported by The Wall Street Journal.
In a statement Monday, Homan said the decision was prompted by a desire to spend more time with his family.
“It has been the honor of my life to lead the men and women of ICE for more than a year,” his statement read. “The decision to leave federal service after more than 34 years is bittersweet, but my family has sacrificed a lot in order for me to serve and it’s time for me to focus on them.”
Homan had been the subject of several critical reports in recent weeks of ICE policies that include the forced separation of immigrant families in detention as well as its controversial arrest practices.
Homan’s statement said his agency has been repeatedly maligned by “unfair and false criticism from politicians and the media.”
In a letter last Friday, nearly 20 Senate Democrats asked the Department of Homeland Security to provide documents explaining why Homan’s nomination had stalled, suggesting DHS didn’t want him to face scrutiny.
“We understand that the Trump Administration may be concerned about Mr. Homan answering questions under oath about his leadership of ICE, as well as the possibility that Mr. Homan’s nomination could be defeated in the Senate,” the letter said. “However, the Senate is an independent branch of government and has a responsibility under the Constitution to provide its advice and consent on this nomination.”
Homan will announce his retirement tonight at an award ceremony where he will receive a leadership award from the Federal Law Enforcement Officers Association Foundation, his statement said.
Nick Miroff covers drug trafficking, border security and transnational crime on The Washington Post’s National Security desk. He was a Post foreign correspondent in Latin America from 2010 to 2017, and has been a staff writer since 2006.
Follow @NickMiroff
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GATA | THE GATA DISPATCH: Venezuela stops paying $1 billion debt to Canadian gold miner

Venezuela stops paying $1 billion debt to Canadian gold miner

Submitted by cpowell on 08:09PM ET Monday, April 30, 2018. Section: Daily Dispatches By Jonathan Wheatley
Financial Times, London
Monday, April 30, 2018
Venezuela has stopped making payments on more than $1 billion it owes to a Canadian mining company, highlighting the country's extreme difficulties in paying off its overseas debt.
Gold Reserve sued Venezuela under the World Bank's dispute settlement system more than eight years ago over the expropriation of its gold-mining operations. The company finally agreed to a $1.03 billion settlement in September 2016, mostly to be paid in monthly instalments that began last July.
But fourth-quarter financial statements published by Gold Reserve at the end of last week show that the payments ended in November.
It follows an apparent cessation of payments to holders of Venezuela's sovereign bonds in September last year. ...
... For the remainder of the report:

CNBC | Gold on April 30, 2018.



Gold near six-week low as dollar firms, Korea tensions ease


Gold prices fell to the lowest in nearly six weeks on Monday as the dollar strengthened and easing tensions on the Korean peninsula helped boost appetite for higher risk assets such as stocks.
Spot gold lost 0.28 percent at $1,318.30 per ounce by 2:30 p.m. EDT, off an earlier $1,310.11 low, its weakest since March 21. U.S. gold futures for June delivery settled down $4.20 at $1,319.20.
"Gold has been under selling pressure as the U.S. dollar firmed up and geopolitical risks abated," said Bart Melek, head of commodity strategy at TD Securities.
Gold traded near key support levels.
"We are looking at two important support levels — $1,307 followed by $1,300," said Naeem Aslam, chief markets analyst at Think Markets. "A break of these levels would bring more selling pressure."
North Korean leader Kim Jong Un and South Korean President Moon Jae-in on Friday declared they would take steps to formally end the 1950-53 Korean War, which ended only with a truce, and work towards the "denuclearization" of the Korean peninsula.
"The signs of detente in the North Korean conflict are ... contributing to the lack of solid demand for gold as a safe haven at present," Commerzbank said in a note. "Following the historic meeting between North Korean leader Kim Jong-un and South Korean President Moon Jae-in, North Korea appears ready to shut down its nuclear testing facility in the country's northeast soon."
The dollar index rose to near three-month highs against the euro after weaker-than-expected German data hurt the euro.
World stocks are on track to rise this month for the first time since January, lifted by positive earnings from U.S. technology firms and a string of high-profile M&A deals.
Investors are waiting to see more inflationary signals before making big moves in gold, said George Gero managing director of RBC Wealth Management.
"We continue to talk to long-term investors about being patient holders (of gold)."
Among other precious metals, silver declined 0.9 percent at $16.35, off an earlier three-week low of $16.18. Platinum was down 0.6 percent at $905.50, earlier dipping to a more than 4-month low of $898.10. Palladium lost 0.95 percent at $964.272.
On a monthly basis, palladium is the biggest riser among the major precious metals in April, up 1.1 percent after U.S. sanctions on major producer Russia stoked concerns over supply. Platinum, down 2.5 percent, is the biggest faller so far.

CNBC | Asia, Europe, and U.S. Stock Markets Report on April 30, 2018


Stocks, currencies, oil and China data in focus

Cheang Ming

Asian stocks closed higher on the last trading day of the month, as investors focused on a mix of ebbing geopolitical tensions, robust earnings and economic data.
South Korea's benchmark Kospi index gained 0.92 percent to close at 2,515.38, with gains seen in steelmakers, automakers and and oil-related stocks. Technology names were mixed.
Down Under, the S&P/ASX 200 edged higher by 0.49 percent to 5,982.70 as the utilities and heavily weighted financials subindexes advanced, canceling out slight declines in the materials and energy sectors.
Hong Kong's Hang Seng Index recorded more convincing gains, with the benchmark advancing 1.71 percent by 3:05 p.m. HK/SIN. The financials and property sectors led gains before the market close, with mainland banks climbing after reporting net profit growth on Friday.
MSCI's broad index of shares in Asia Pacific excluding Japan was up 1.07 percent in Asia trade.
Meanwhile, markets in Japan and mainland China were closed on Monday.
The moves higher in the region came on the back of U.S. stocks finishing the Friday session little changed despite strong earnings as technology shares pulled back.
First-quarter earnings stateside have been robust: Almost 80 percent of the 276 S&P 500 companies that had reported as of Friday beat expectations, according to Thomson Reuters I/B/E/S. Earnings from the first quarter are estimated to increase 24.6 percent compared to one year ago.
U.S. stock index futures made tentative gains during early Asian trade, with Dow Jones industrial average futures last trading higher by 75 points.
Markets in Asia had closed higher in the prior session as investors digested a historic inter-Korea summit, which saw leaders of North and South Korea pledge to achieve peace.
Sentiment was buoyed by developments on the Korean Peninsula, but "the devil is in the details (or nuclear disarmament) and economic impact may be slow to follow," Vishnu Varathan, head of economics and strategy and Mizuho Bank, said in a morning note.
Fading geopolitical tensions following last week's meeting also saw the Korean won firm on Monday. The currency last traded at 1,066.96 to the dollar.
In corporate news, Australia's AMP on Monday said its chairwoman, Catherine Brenner, had resigned from the position, days after the departure of Craig Meller, its chief executive. The announcement came amid an inquiry into the country's financial sector. AMP shares closed higher by 0.5 percent.
Elsewhere, shares of BYD listed in Hong Kong were down 5.68 percent by 3:04 p.m. HK/SIN after the automaker said it expects first-half profit to fall as much as 83 percent following a reduction in subsidies.
South Korean construction company Hyundai Engineering & Construction popped 26.19 percent amid gains seen in other names in the sector. Train manufacturers also got a boost, according to Reuters, following last week's inter-Korean summit on optimism over potential "economic projects."
The dollar was steady after the yield on the 10-year U.S. Treasury note slipped below the 3 percent level it breached earlier last week.
The dollar index, which tracks the greenback against a basket of currencies, traded at 91.525 at 2:51 p.m. HK/SIN. Against the yen, the dollar was little changed at 109.18.
Oil prices were lower after declining slightly on Friday as investors waited for signs on whether the U.S. would reimpose sanctions on Iran and digested the increase in U.S. rig count.
Still, prices remained close to their highest levels in more than three years: Brent crude futures shed 0.64 percent to trade at $74.16 per barrel and U.S. West Texas Intermediate eased 0.43 percent to $67.81.
Economic data released on Monday included China official Purchasing Managers' Index data. The official manufacturing PMI for April came in at 51.4, topping expectations of 51.3, but below the 51.5 seen in March, Reuters said. The official services PMI came in at 54.8, above last month's reading of 54.6.

focus on merger news, earnings

Silvia Amaro, Ryan Browne

European equities closed higher on Monday, the last trading day of the month, as investors digested merger news and focused on earnings.

FTSE FTSE 7509.30
7.09 0.09% 1021833175
DAX DAX 12612.11
31.24 0.25% 99506185
CAC CAC 5520.50
37.31 0.68% 75638228
IBEX 35 --- --- --- --- --- ---
The pan-European Stoxx 600 closed provisionally 0.12 percent higher with most sectors and major bourses in positive territory.
Media stocks were the top performers on Monday, with WPP leading the sectoral gains. The advertising giant presented higher-than-expected net sales in the first quarter of the year, despite the exit of its founder Martin Sorrell. The stock jumped 8.6 percent.
Retail stocks also climbed following news that Asda and Sainsbury's will merge in a roughly £15 billion ($20.67 billion) deal. Sainsbury's shares were up by more than 14.5 percent. Competitor supermarket Tesco traded almost 1 percent lower. The former is set to lose its place as the U.K.'s largest grocer if the merger is approved by regulators.
Looking at individual stocks, Seb shares fell more than 4 percent. This was after the Swedish bank announced a drop in its first-quarter net profit.
In Italy, Telecom Italia chief Amos Genish said that his position in the firm would be "untenable" if activist fund Elliott gets the majority of the board seats during a shareholder vote Friday, Reuters reported. Separately, T-Mobile and Sprint said Sunday they had agreed on a $26 billion merger deal.

Is the greenback back?

Not a Scientific Survey. Results may not total 100% due to rounding.
On Wall Street, stocks opened higher, boosted by a wave of dealmaking news and earnings.
In geopolitical news, Kim Jong Un, the leader of North Korea, is set to invite U.S. experts and journalists to witness the shutdown of a nuclear site in May, Reuters reported.
Back in Europe, Germany, France and the U.K. have joined forces against potential new tariffs from the U.S. On Sunday, the three countries urged the U.S. administration to not apply metal tariffs to Europe. In March, President Donald Trump imposed a 25 percent duty on steel imports and a 10 percent duty on aluminum but Europe got a temporary exemption from the tariffs. Such an exemption is set to end on May 1.
In terms of data, German retail sales came in lower-than-expected on Monday morning. In March, sales fell 0.6 percent on the month in real terms, the Federal Statistics Office said. This was the fourth consecutive fall. Separately, German annual inflation slowed to 1.4 percent, down from 1.5 percent in the previous month, according to the government statistics body.


Dow closes more than 100 points lower, but ekes out small gain for April

Fred Imbert, Evelyn Cheng, Alexandra Gibbs

U.S. stocks fell on Monday, giving up gains seen earlier in the session, as the telecommunications sector suffered a sharp pullback.
The S&P 500 traded 0.6 percent lower, with telecom falling more than 2 percent to lead 10 of 11 sectors lower. The decline followed news Sunday that T-Mobile agreed to buy Sprint for $26.5 billion. Some analysts are skeptical the deal will get federal approval, and shares of both companies were trading sharply lower Monday.
The Dow Jones industrial average erased earlier gains of 187 points and traded 110 points lower as of 3:26 p.m. ET. Boeing contributed the most to declines, while McDonald's and Apple had the greatest positive impact. The iPhone maker is set to report earnings after the close Tuesday, while the fast food giant reported better-than-expected earnings Monday morning.
The Nasdaq composite traded 0.6 percent lower, weighed by declines in shares of Microsoft. The stock briefly fell more than 2.1 percent.
"People became a little too complacent last week," said Ilya Feygin, managing director and senior strategist at WallachBeth Capital. "The global economy has downshifted in the last few months and it's disappointed high expectations."
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Dec. 15, 2017. Michael Nagle | Bloomberg | Getty Images
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Dec. 15, 2017.
Monday also marks the last trading day of April, which is on pace to be the first positive month in three for the major indexes. Stocks opened higher, helped by a flurry of deal announcements and encouraging earnings reports.
Logistics company Prologis is acquiring DCT Industrial Trust for $8.4 billion in an all-stock deal. DCT Industrial's shares popped more than 11.5 percent. Marriott Vacations, the hotel chain's timeshare business, is also buying rival ILG for $4.7 billion.
Meanwhile, shares of Andeavor jumped 13 percent after Marathon Petroleum agreed to acquire it for $23 billion.
"This is really a byproduct of the same source of better sentiment, which is government backing off," said Maris Ogg, president at Tower Bridge Advisors.
In earnings news, Botox-maker Allergan posted a better-than-expected profit for the previous quarter. McDonald's earnings also beat the Street, sending the Dow component 4.9 percent higher.
"I'm encouraged by the reaction to McDonald's earnings," said Lindsey Bell, investment strategist at CFRA. She also said that several companies have seen their stocks initially rise and then fall after reporting better-than-expected earnings. "For the most part, it seems like investors are taking advantage of any pop in stocks to take profits," she said.
Bell added, however, this earnings season has been strong. Of the S&P 500 companies that have reported through Monday morning, 79.3 percent have reported stronger-than-forecast earnings, according to FactSet. More than 100 S&P 500 companies are scheduled to report earnings this week, including Apple and Mondelez International.
In economic news, the personal consumption expenditures (PCE) price index posted last month its biggest year-over-year gain since February 2017. The so-called core PCE — which strips out food and energy — jumped 1.9 percent through March. The core PCE is the Federal Reserve's preferred measure of inflation.
The U.S. 10-year Treasury yield briefly fell to its lowest since April 20, while the 2-year yield traded near 2.5 percent. The U.S. dollar index rose slightly.

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