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Hot Reuters Morning Benchmark \ Dow Jones Morning Briefing

Discussion in 'World Economy' started by Tadhg Gaelach, Oct 17, 2016.

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    Tadhg Gaelach

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    Tadhg Gaelach

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    Dow Jones Newswires , 22 March 2017 04:56
    European Morning Briefing: Stocks to Slide as Trump Fears Grow
    Snapshot:
    ========
    Stocks to retreat; EUR/USD 1.0799-802; 10-Year Bund yield 0.462%; Brent crude $50.85; gold $1245.32
    -EU Financial Services Chief Warns Against Clashes Over Post-Brexit Financial Hub
    -Economy Can Support More 2017 Rate Increases, Fed's Mester Says
    -George Says Fed Is Entering Critical Phase of Normalizing Policy
    -Trump Warns House GOP to Support Health-Care Bill or Risk Losing Seats
    -French Interior Minister Bruno Le Roux Resigns
    -BOJ's Initial Optimism Over Trump Weakened in January, Minutes Show
    -Maersk Line, Hapag-Lloyd Among Shippers Subpoenaed in U.S. Price-Fixing Probe
    -North Korea Fails in Missile Launch, South Korea Says
    -Greek Police Discover 8 Parcel Bombs Addressed to EU Officials
    Watch For: Eurozone balance of payments; earnings from Kingfisher

    Headline News:
    =============
    The European Union's financial-services chief expressed concern Tuesday that fights are breaking out among authorities as they seek to lure financial businesses away from London following the U.K.'s decision to leave the bloc.
    Valdis Dombrovksis told reporters that the European Commission was hearing criticisms from some EU countries that others were offering lax enforcement of rules to make their jurisdictions more attractive to banks and financial institutions looking to stay in the EU after Brexit.
    "It's important to safeguard mutual trust among member states," Mr. Dombrovskis said.
    Mr. Dombrovskis said upcoming negotiations over Brexit, which has spurred competition among the remaining 27 countries, has created suspicions among them.
    Officials said these criticisms had surfaced about Luxembourg, leading to complaints from the Irish government and some other countries they didn't name. A Luxembourg spokeswoman denied that any formal complaints have been lodged against the country. She said Ireland's finance minister denied the claims reported in the media at a finance minister meeting Tuesday.
    The spokeswoman also said Mr. Dombrovskis "confirmed in talks with our finance minister that there hasn't been such complaints against Luxembourg in this matter."

    Federal Reserve Bank of Cleveland President Loretta Mester said Tuesday the U.S. economy is healthy enough for further increases in the Fed's benchmark interest rate this year and suggested the time may be coming to begin unwinding the central bank's asset portfolio.
    "The underlying fundamentals supporting the economic expansion are sound, " she said. "Further removal of accommodation via increases in the [federal] funds rate will be needed."
    The Cleveland official also said she would support addressing the central bank's $4.5 trillion portfolio this year.
    "I would be comfortable changing our reinvestment policy this year," she said.
    Such a move would be "a welcome acknowledgment that the economy and policy are transitioning back to normal," Ms. Mester said.
    Meantime, Federal Reserve Bank of Kansas City President Esther George said the U.S. central bank is entering a critical phase of monetary policy normalization, which will include winding down the Fed's large balance sheet.
    "This will be a key policy challenge moving forward for the Federal Reserve, is to begin this process of adjusting accommodation so that it doesn't tighten down the economy," she said. Decreasing the size of the Fed's $4.5 trillion balance sheet likely "won't happen quickly," however, she added.

    French Interior Minister Bruno Le Roux resigned Tuesday after revelations that he used public money to employ his daughters in his office at the French legislature.
    Mr. Le Roux Tuesday said he had done nothing wrong but had decided to resign to avoid disrupting the work of the ministry due to the investigation. Earlier Tuesday, French prosecutors announced a preliminary investigation into his decision to employ his daughters temporarily in positions at the National Assembly while he was member of the body.


    Stocks:
    ======
    European stocks face heavy opening losses Wednesday, with DAX futures down 85 points and FTSE 100 futures down 49 points.
    Asian stock markets pulled back following declines in the U.S., as investors re-evaluated their optimism around the 'Trump trade.'
    A series of recent roadblocks ahead of the coming vote to dismantle the Affordable Care Act is seeing the market question Mr. Trump's ability to deliver on his policy promises, and triggered a pullback.
    Japan's Nikkei Stock Average was down 2%, opening at a three-week low and coming within 68 points of breaking below the key 19000-point level. Elsewhere, Australia's S&P/ASX 200 was down 1.4% and Hong Kong's Korea's Hang Seng fell 1%.
    "It seems traders view the upcoming House health care vote as a proxy of all things Trump and his full mandate to govern," said Chris Weston, chief market strategist at IG Group.
    Financials led stock declines in the U.S., which resulted in the S&P 500 and Dow industrials logging their first decline of at least 1% in five months, ending the longest streak without one since the mid-1990s.
    The Dow fell 237.85 points, or 1.1%, to 20668.01, the S&P 500 fell 1.2%, and the Nasdaq Composite lost 1.8%.

    Corporate News:
    ==============
    U.S. Justice Department investigators crashed a meeting of the world's 20 biggest container shipping operators and gave subpoenas to top executives at several companies as part of a probe on price fixing, people with knowledge of the matter said.
    Maersk Line, a unit of Danish conglomerate A.P. Moller Maersk and the world's biggest container shipping line, confirmed it was subpoenaed during the so-called Box Club meeting in San Francisco last Wednesday. Germany' Hapag-Lloyd also said it was handed a subpoena by Justice Department investigators.
    The people familiar with the investigation said many of the CEOs at the meeting were also given subpoenas, while investigators went to the U.S. offices of other smaller operators.
    A Maersk Line spokesman said the subpoena didn't "set out any specific allegations." Maersk and Hapag-Lloyd said they would cooperate fully with the U.S. authorities. A Justice Department spokesman declined to comment.

    Forex:
    =====
    The yen rose to its highest level in nearly four months against the dollar in Asia, prompted by greater skepticism among investors about whether Mr. Trump will be able to stimulate the U.S. economy.
    The potential for trade friction following a weekend meeting among the Group of 20 industrialized and developing nations also weighed on markets. At the request of the U.S., finance ministers in the G-20 dropped a longstanding clause criticizing protectionism.
    "If he stumbles [with healthcare], what's going to happen going forward?" said Katsunori Kitakura, strategist at Sumitomo Mitsui Trust Bank. "Markets are becoming jittery because there haven't been any substantive achievements."
    In early Asian morning trade, the dollar fell to as low as Y111.43, the lowest level since Nov. 28, and compared with Y111.73 late Tuesday in New York, according to EBS. The dollar was recently at Y111.62. The euro briefly fell to Y120.50 from Y120.77 in late New York trading.
    Kenji Yoshii, foreign-exchange strategist at Mizuho Securities, said any failure to move ahead on the health bill may cause "further unwinding of the Trump trade."
    The euro was also maintaining its advance against the dollar in Asian trading after Monday's French presidential debate helped calm investor concerns about the possibility of a victory by far-right candidate Marine Le Pen.
    Mizuho Securities has put upside resistance during the Asian day at $1.0850, but said a run by month's end toward the 200-day moving average of $1.1089 can't be ruled out. Toshihiko Sakai, a forex trader with Mitsubishi UFJ Trust and Banking, said the euro will likely see some pullback before April arrives once markets are convinced there is little risk arising from the French election.
    At 0450 GMT USD/JPY was 111.68-69, EUR/USD was 1.0799-802 and GBP/USD was 1.2476-78.

    Bonds:
    =====
    A broad retreat of the Trump trades rippled into the U.S. government bond market Tuesday, sending the yield on the benchmark 10-year Treasury note to the lowest level this month.
    The yield on the 10-year note settled at 2.432%, compared with 2.472% Monday. It was the yield's lowest close level since the end of February.
    The 10-year JGB yield hit a 3-week low in early Asian trade, down a half-basis point to 0.055%. Lead JGB futures were up 0.14 at 150.41.

    Energy:
    ======
    The risk-off trade seen across asset classes during the U.S. session continued into Wednesday in Asia.
    For oil, this has been compounded by a bearish inventory reading from the American Petroleum Institute, which said U.S. supplies rose by 4.5 million barrels last week. That's double what analysts on average anticipate the growth in the government's reading Wednesday will show.
    Hitting markets has been the unwinding of the "Trump Trade," which helped push up assets like stocks, the dollar and some commodities in recent months amid hope that the new administration would unleash pro-growth policies. But there has been scant movement on that front thus far. Also hitting oil is expected export resumptions from Libya.
    After futures fell more than 1% at he the end of U.S. trading, May WTI was recently down another 1.5% at $47.50/barrel while Brent was off 0.2% at $50.85/barrel.

    Metals:
    ======
    London spot-gold futures hit a 3-week high in Asia, up $1.39 at $1,245.32/troy ounce, as investors moved from riskier assets.

    Write to paul.larkins@wsj.com

    (MORE TO FOLLOW) Dow Jones Newswires
    March 22, 2017 00:56 ET (04:56 GMT)
    2017 Dow Jones & Company, Inc.
    Dow Jones Newswires , 22 March 2017 04:56
    European Morning Briefing: Other Top Stories

    U.S., U.K. Cite Terror Threat in Laptop Flight Ban
    The U.S. and Britain banned passengers from carrying most electronics larger than a cellphone into the cabin on flights from a handful of countries in the Middle East and North Africa, responding to what American officials described as a terrorist threat to global aviation. U.S., U.K. Cite Terror Threat in Laptop, Tablet Ban on Flights

    Companies Scout for EU Locations as Brexit Nears
    The start of Brexit negotiations is putting pressure on U.K. companies to set up shop in other European Union countries. Companies Scout for EU Locations as Brexit Nears

    Trump Warns House GOP to Support Health-Care Bill or Risk Losing Seats
    President Donald Trump urged wavering House Republicans to support proposed health-care legislation, saying Republicans risk losing seats in 2018 if they don't repeal the Affordable Care Act, lawmakers said. Trump Warns House GOP to Support Health-Care Bill or Risk Losing Votes in 2018

    North Korea Fails in Missile Launch, South Korea Says
    North Korea attempted to fire a missile from its east coast on Wednesday morning, according to South Korea's Ministry of National Defense, in an apparent failed launch days after the isolated country claimed a breakthrough with a high-thrust rocket engine. North Korean Missile Launch Apparently Fails

    Greek Police Discover 8 Parcel Bombs Sent to EU Officials
    Greek counterterrorism experts intercepted eight parcel bombs addressed to European Union leaders, institutions and large companies, a Greek police official said. Greek Police Discover 8 Parcel Bombs Addressed to EU Officials
     
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    Tadhg Gaelach

    Tadhg Gaelach Posting Legend Political Irish Donator

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    Tadhg Gaelach

    Tadhg Gaelach Posting Legend Political Irish Donator

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    Dow Jones Newswires , 23 March 2017 04:36
    European Morning Briefing: Markets Focus on US Healthcare Bill
    Snapshot:
    ========
    Stocks seen higher; EUR/USD 1.0791-94; German 10-Year bund yield 0.406%; Brent crude $50.97; gold $1245.29
    -German Current Account Surplus to Decline, Finance Ministry Says
    -Fed Could Allow Higher Inflation as Interest Rates Remain Low, Papers Suggest
    -Volkswagen Tests Waters With First Bond Issue After Emissions Scandal
    Watch For: Germany GFK consumer sentiment index; France business sentiment index; Eurozone consumer confidence; ECB's Lautenschlager speaks; earnings from Deutsche Postbank, Rheinmetall and Valneva

    Headline News:
    =============
    Germany's current account surplus will fall over the next months due to strong domestic demand, said the finance ministry, which also responded to international critics by warning that a change to its business model could hurt other countries.
    "Germany isn't only the world's third largest exporter but also the third largest importer," the finance ministry said Thursday in its latest monthly report. "Particularly those partner countries' economies are profiting from German exports that are well integrated into the international supply chain, that show a strong industrial basis or that offer a good business climate."
    The ministry added, "Any dismantling of well-established market-driven trade structures would be at the expense of countries' prosperity."
    U.S. interest rates are likely to stay historically low, which should prompt the Federal Reserve to rethink its approach to inflation. Those are the conclusions of two new research papers by teams of Fed economists published Thursday by the Brookings Institution.
    Taken together, the two papers conclude that increased demand for safe and liquid assets such as 10-year Treasury notes will continue to hold down yields, making it difficult for the central bank to raise its benchmark short-term interest rate while sticking to its 2% annual inflation target. One response would be to allow higher levels of inflation.
    The research, due to be presented at a Brookings conference Thursday, is likely to reignite debate about the central bank's inflation strategy and could bring fresh calls for officials to raise the inflation target.

    Stocks:
    ======
    IG futures suggest the DAX will open 43 points higher, the CAC 40 11 points higher and the FTSE 100 8 points higher.
    Global markets stabilized after skidding a day earlier, though investors were on edge ahead of a vote on U.S. health care later Thursday that could be a barometer for future Trump administration policies.
    "There is a bit of cautiousness ahead of the health-care bill," said Greg McKenna, chief market strategist at AxiTrader.
    He said a victory in the U.S. House of Representatives for a Republican proposal to replace the Affordable Care Act - despite some conservative opposition - would be "an unmistakable positive," showing that the administration can push through tax reform and infrastructure spending. Questions about risks to non-health care policies helped drive the recent selloff.
    Meanwhile, a defeat could cast doubt on President Donald Trump's ability to push his agenda through Congress.
    "In the lead-up to that," said McKenna, "we do nothing."
    Japan's Nikkei traded 0.2% higher after falling 2.1% Wednesday on a stronger yen, while the Hang Seng rose 0.4% and the Shanghai Composite gained 0.3%.
    Gains in technology shares buoyed the S&P 500 Wednesday as U.S. stocks stabilized following their worst day of the year.
    Investors sent the S&P 500's technology sector to its biggest daily climb in three weeks, while tech companies accounted for the top four gainers in the Dow Jones Industrial Average.
    Tech's advance helped major indexes steady after Tuesday's selloff. Technology shares in the S&P 500 rose 0.8% and the tech-heavy Nasdaq Composite added 0.5%.

    Corporate News:
    ==============
    Volkswagen plans to the return to the bond markets Thursday for the first time since its emissions-cheating scandal, testing confidence after an 18-month hiatus.
    The multibillion-euro bond issuance is a sign of Volkswagen returning to its traditional funding pattern, said Jörg Boche, head of group treasury, during a call with investors on Wednesday. The proceeds will be used for general purposes, he said.
    "It is not that we are underfunded in terms of liquidity," Mr. Boche said, adding the issuance was an exciting moment for the company.

    Forex:
    =====
    The dollar rebounded slightly in Asian trading, with the WSJ Dollar Index up 0.1% and the dollar back above Y111.
    Getting to $1.08 in early European trading Tuesday and staying around there since, the euro is liable to continue trading near current levels for the time being, says Hideo Watanabe, manager of forex products group at Aozora Bank.
    That as the Bank of France's chief said Wednesday it's not nearly the right time to wind down accommodative monetary policy.
    Assuming no headline news regarding the French elections among other eurozone topics, "I can expect the euro will likely move only slightly around $1.08-line" later today, says Wantanabe.
    At 0350 GMT, EUR/USD was at 1.0791-94, USD/JPY was at 111.34-35 and GBP/USD was at 1.2484-86.

    Bonds:
    =====
    The German 10-Year bund yield was flat at 0.406% in Asian trading hours.
    U.S. government bond prices climbed again Wednesday, marking their fourth straight session of gains as investors question President Donald Trump's ability to push through his legislative agenda.
    The yield on the benchmark 10-year Treasury note settled at 2.398% Wednesday, compared with 2.432% Tuesday.
    In some respects, not much has changed in the bond market in recent months. Despite its brief rise above 2.6%, the 10-year yield has mostly hovered between 2.3% and 2.5% this year, reflecting an improved economic outlook compared with last summer when it dropped to a record closing low of 1.366%.
    After recent speculation that the Fed could raise interest rates as many as four times this year, investors are back to holding more modest expectations.
    Fed-funds futures, used by hedge funds and money managers to bet on the Fed's policy outlook, showed 50% odds Wednesday that the Fed will raise rates at its June meeting, according to CME Group.
    The odds for a rate increase by the Fed's September meeting were 74%, suggesting many investors think the Fed could wait until the third quarter to tighten policy again.

    Energy:
    ======
    Crude futures rebounded in Asia trade Thursday after data showed U.S. gasoline and distillates stocks declined in the latest reporting week, signalling that refiners have returned from maintenance and crude demand in the U.S. is set to rise.
    On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $48.39 a barrel, up $0.35 in the Globex electronic session. May Brent crude on London's ICE Futures exchange rose $0.33 to $50.97 a barrel.
    Data by the U.S. Energy Information Administration showed U.S. gasoline stocks fell by 2.8 million barrels in the week ended March 17, marking a fifth straight drawdown. Gasoline demand is expected to march higher as U.S. approaches the summer driving season. Distillate stocks also fell by 1.9 million barrels.
    Crude supplies, however, swelled by 5 million barrels, bringing the total to a record high of 533.1 million barrels. Apart from domestic production which rose for the fourth week to 9.13 million barrels a day, strong imports also contributed to the growth, analysts said.
    The data offered mixed messages to the market. On one hand, the rise in U.S. refinery utilization rate indicates the annual maintenance season is now past and refiners will lap up more crude, said Societe Generale. But the accelerating crude output by upstream players means the U.S. is well positioned to crimp the Organization of the Petroleum Exporting Countries' effort to pare down the still-bloated global crude inventories.

    Metals:
    ======
    London spot-gold prices ticked down in Asia trading as the dollar firmed, but the yellow metal remained near 3-week highs because of safe-haven demand due to political uncertainty.
    "Investors remain cautious as they await the outcome of" Thursday's scheduled House vote on replacing Obamacare with a Republican alternative, notes ANZ.
    Forthcoming elections in France are also adding to the cautious sentiment.
    Gold was down $2.66 at $1,245.29/troy ounce.

    Write to toby.luckhurst@wsj.com

    (MORE TO FOLLOW) Dow Jones Newswires
    March 23, 2017 00:36 ET (04:36 GMT)
    2017 Dow Jones & Company, Inc.
    Dow Jones Newswires , 23 March 2017 04:36
    European Morning Briefing: Other Top Stories

    U.K. Parliament Attacker Leaves 4 Dead, 40 Injured
    A suspected Islamist terrorist mowed down scores of pedestrians on a crowded bridge before crashing his car near the gates of Parliament and stabbing a policeman, leaving four dead in an attack that struck at the heart of British democracy.
    U.K. Parliament Attacker Leaves 3 Dead, Including Police Officer

    With Bloodshed on the Thames, a Lull from Terrorism Ends for the U.K.
    It was July 7, 2005, that four Islamist extremists set off three bombs on the London Underground and another on a double-decker bus, killing 52 people, wounding more than 700 others and searing the date so deeply into the British psyche that it became known simply as 7/7.
    With Bloodshed on the Thames, a Lull in Terrorism Ends for the U.K.

    London Attack Hands Theresa May Her First Security Crisis
    Prime Minister Theresa May, who spent six years in charge of the U.K.'s interior ministry, is facing her first major test handling a security crisis since becoming the country's leader following the Brexit vote.
    London Attack Hands Theresa May Her First Security Crisis as Leader

    Vehicles Becoming Favored Terrorist Attack Weapon
    The assailant in a deadly attack in London Wednesday that left five people dead, including the attacker, used a weapon increasingly common in recent terrorist attacks: a road vehicle that typically draws little notice but can kill with devastating effect.
    Vehicles Becoming Favored Terrorist Attack Weapon

    U.K. Lawmaker Is Hailed as a Hero for Helping Slain Police Officer
    When a police officer was stabbed by a suspected terrorist outside the Houses of Parliament on Wednesday, an unlikely figure rushed to his side: Tobias Ellwood, a New York-born U.K. lawmaker and British army veteran.
    U.K. Lawmaker Is Hailed as a Hero for Helping Slain Police Officer

    What We Know About the Attack Near the British Parliament
    A sport-utility vehicle slammed into pedestrians on a central London bridge near Parliament, leaving four people dead and at least 40 injured. The man believed to be the attacker was shot dead by police, according to the U.K.'s top counterterrorism official. Here is what we know so far.
    What We Know About the Attack Near the British Parliament

    European Hopes Dim for a Brexit Trade Pact
    U.K. Prime Minister Theresa May declared that no Brexit deal is better than a bad deal. It should hardly come as a surprise that many in the European Union feel the same way.
    European Hopes Dim for a Brexit Trade Pact

    Elliott Threatens to Force Akzo Nobel to Engage With PPG
    U.S. activist investor Elliott Management has emerged as a key player in a $24 billion, trans-Atlantic standoff between Akzo Nobel and PPG Industries, two of the world's oldest industrial companies.
    Elliott Threatens to Force Akzo Nobel to Engage With PPG

    Europeans Won't Follow Suit on Electronics on Flights
    Countries in continental Europe said they won't for now adopt new U.S. and U.K. rules barring most electronic gear from the cabins of flights from the Middle East and North Africa-opening up an unusual split among Western security authorities over airplane safety.
    Europeans Won’t Follow Suit on Electronics on Flights

    GOP Lawmaker Sparks New Battle Over Trump Spy Claim
    Rep. Devin Nunes, the Republican chairman of the House Intelligence Committee, ignited a new battle over President Donald Trump's claims that he was spied on by the Obama administration, saying that U.S. intelligence agencies intercepted information about people involved in the Trump transition team.
    GOP Lawmaker Devin Nunes Sparks New Battle Over Trump Spy Claim

    Brazilian Government Racing to Convince Markets Meat Is Safe
    Brazil's government raced Wednesday to convince skittish local and global markets that meatpackers accused of paying bribes to meat inspectors in a corruption scandal did so to get their products out faster, not to sell rancid meat and poultry here and abroad.
    Brazil’s Government Racing to Convince Skittish Markets Meat Is Safe
     
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    Tadhg Gaelach

    Tadhg Gaelach Posting Legend Political Irish Donator

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    Dow Jones Newswires , 23 March 2017 09:51
    N American Morning Briefing: Markets Eye Healthcare Vote

    DJIA 20601.00 5.00 0.02%
    S&P 500 2345.75 3.25 0.14%
    Nasdaq 5368.75 3.00 0.06%
    As of 5.37am ET

    FTSE 100 7317.89 -6.83 -0.09%
    Xetra DAX 11904.00 -0.12 0.00%
    CAC40 4981.31 -13.39 -0.27%
    As of 5.25am ET

    Nikkei 19085.31 43.93 0.23%
    Shanghai 3248.55 3.33 0.10%
    Hang Seng 24327.70 7.29 0.03%
    Close

    Snapshot:
    -U.S. stock futures marginally higher; dollar stabilizes; 10-year Treasury yield 2.413%; Nymex $48.27; gold $1250.90
    -Watch for: Initial claims; New home sales; Fed's Yellen, Kashkari and Kaplan speak

    Opening Call:
    Global markets were roughly stable Thursday, though investors were on edge ahead of a vote on a health-care bill Thursday that could be a barometer for future Trump administration policies.
    Futures pointed to a flat open for the Dow and a 0.1% opening gain for the S&P 500.
    "There is a bit of cautiousness ahead of the health-care bill," said Greg McKenna, chief market strategist at AxiTrader.
    He said a victory in the U.S. House of Representatives for a Republican proposal to replace the Affordable Care Act - despite some conservative opposition - would be "an unmistakable positive," showing that the administration can push through tax reform and infrastructure spending. Questions about risks to non-health care policies helped drive the recent selloff.
    Meanwhile, a defeat could cast doubt on President Donald Trump's ability to push his agenda through Congress.
    "In the lead-up to that," said McKenna, "we do nothing."

    Equities:
    Microsoft agreed Wednesday to license a batch of patents to Toyota as part of the software giant's effort to leverage its vast intellectual-property portfolio to become a key provider of connected-car technology.
    Microsoft has been racing to convince car makers to build connected-car services on top of its Azure cloud-computing service. In a blog post and video announcing the deal, Microsoft highlighted the navigation, predictive maintenance, entertainment, and voice recognition capabilities of Azure.
    But Microsoft declined to say if Toyota intends to use the patents for any of those services. A Toyota spokesman declined to comment.
    The Hartford Financial Services Group is withdrawing a request to replace dozens of funds available to its variable-annuity customers, ending a nearly $15 billion tussle with a fund firm that stood to lose assets.
    The Connecticut insurer previously sought permission from federal securities regulators to supplant 62 funds with a slimmer lineup of 11, an effort that put it at odds with money management giant American Funds.
    Hartford had said the new offerings would be cheaper for clients. American Funds said the replacement funds didn't offer the same potential upside as the products it manages and that the insurer was trying to take business in-house for its own benefit.

    Forex:
    The dollar stabilized after falling to a seven-week low against a basket of currencies on Wednesday. The WSJ dollar index gained 0.1%.
    However, Richard Franulovich, Westpac's New York-based forex macro strategist, said the dollar appears headed for further weakness on near-term risks.
    The reasons are diverse. "Incremental news continues to signal there will be less tangible Trump stimulus than many have assumed," he says. Add to that the message sent from the new administration having to make changes to pass the healthcare bill in a House with a 21-seat Republican majority, he says. That sends a message that "tax reform and infrastructure will potentially run afoul of the same challenging political realities in a few months."
    Political risk to Trump's growth agenda along with a nonthreatening Fed have seen yield spreads trend against the dollar, says Franulovich.
    At 5.50am ET, USD/JPY was at 111.03-04, EUR/USD was at $1.0771-74 and GBP/USD was at $1.2504-06.

    Bonds:
    The yield on the benchmark 10-year U.S. Treasury note was 2.413% in European trading, compared with 2.398% Wednesday.
    In some respects, not much has changed in the bond market in recent months. Despite its brief rise above 2.6%, the 10-year yield has mostly hovered between 2.3% and 2.5% this year, reflecting an improved economic outlook compared with last summer when it dropped to a record closing low of 1.366%.
    After recent speculation that the Fed could raise interest rates as many as four times this year, investors are back to holding more modest expectations.
    Fed-funds futures, used by hedge funds and money managers to bet on the Fed's policy outlook, showed 50% odds Wednesday that the Fed will raise rates at its June meeting, according to CME Group.
    The odds for a rate increase by the Fed's September meeting were 74%, suggesting many investors think the Fed could wait until the third quarter to tighten policy again.

    Commodities:
    Crude futures rebounded slightly after data showed U.S. gasoline and distillates stocks declined in the latest reporting week, signaling that refiners have returned from maintenance and crude demand in the U.S. is set to rise.
    On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $48.27 a barrel, up $0.22 in the Globex electronic session. May Brent crude on London's ICE Futures exchange rose $0.22 to $50.86 a barrel.
    Data by the U.S. Energy Information Administration showed U.S. gasoline stocks fell by 2.8 million barrels in the week ended March 17, marking a fifth straight drawdown. Gasoline demand is expected to march higher as U.S. approaches the summer driving season. Distillate stocks also fell by 1.9 million barrels.
    Crude supplies, however, swelled by 5 million barrels, bringing the total to a record high of 533.1 million barrels. Apart from domestic production which rose for the fourth week to 9.13 million barrels a day, strong imports also contributed to the growth, analysts said.
    The data offered mixed messages to the market. On one hand, the rise in U.S. refinery utilization rate indicates the annual maintenance season is now past and refiners will lap up more crude, said Societe Generale. But the accelerating crude output by upstream players means the U.S. is well positioned to crimp the Organization of the Petroleum Exporting Countries' effort to pare down the still-bloated global crude inventories.
    Gold was trading lower at $1,250.90 in London.
    =======Calendar=======
    ET
    0830 US Weekly Export Sales
    0830 US Unemployment
    Insurance Weekly
    Claims Report
    0830 CAN Jan Employment Insurance
    0945 US Bloomberg Consumer
    Comfort Index
    1000 US Feb New Home Sales
    1030 US EIA Weekly Natural
    Gas Storage Report
    1100 US Mar Federal Reserve Bank
    of Kansas City
    Survey of Tenth
    District
    Manufacturing
    1630 US Money Stock Measures
    1630 US Federal Discount
    Window Borrowings
    1630 US Foreign Central Bank
    Holdings
    1900 US Dallas Fed President
    Robert Kaplan speech
    ======================
    Top Stories Of The Day:
    U.K. Police Arrest Seven in Response to Attack
    British police arrested seven people as detectives worked to piece together the events leading up to a rampage by a suspected Islamist terrorist who plowed a car into pedestrians and fatally stabbed a police officer.

    Manafort's Russia Ties Resurface
    The White House sought to distance itself from President Donald Trump's 2016 campaign manager following a new account Wednesday that alleged he worked to promote Russian interests in his previous work as a political consultant.

    Fed Could Allow Higher Inflation as Interest Rates Remain Low, Papers Suggest
    U.S. interest rates are likely to stay historically low, which should prompt the Federal Reserve to rethink its approach to inflation, according to two new research papers by teams of Fed economists published by the Brookings Institution.

    Trump Team to Meet With Bankers as Deregulatory Push Begins
    Trump administration officials are scheduled to meet with representatives of big banks Thursday to discuss financial regulation, the first in a series of meetings as officials ramp up their review of Obama-era rules.

    SEC Pick Says U.S. Regulators Should Do More to Attract IPOs
    U.S. stock markets have become a less attractive place for companies to raise money and regulators could intervene to improve the trend, President Donald Trump's choice to lead the SEC is set to say at his confirmation hearing Thursday, according to prepared remarks.
     
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    Dow Jones Newswires , 24 March 2017 04:59
    European Morning Briefing: Markets Cautious as U.S. Health Bill Stalls
    Snapshot:
    ========
    Stocks seen little changed; EUR/USD 1.0761-64; 10-Year Bund yield 0.433%; Brent crude $50.63; gold $1243.88
    -Raising Short-Term Rates Three Times in 2017 'Reasonable Baseline,' Fed's Kaplan Says
    -Fed's Kashkari Pushes for Plan to Reduce Balance Sheet
    -House Republicans Postpone Planned Vote on Health-Care Bill
    -Swiss Economy Faces Risks From Global Uncertainty, Strong Franc
    -U.K. Regulator Reopens Probe Into Barclays' 2008 Deal With Qatari Investors
    -Union at BHP's Escondida Copper Mine in Chile to End Strike, Restart Work Saturday
    -Shell Oil Spills Led to 'Astonishingly High' Pollution in Nigeria
    -Experian Fined $3M Over Alleged Deception in Credit-Score Marketing
    Watch For: Eurozone, Germany, France, U.S. PMI; France final 4Q GDP; Spain PPI;U.S. durable goods; speeches by Fed's Bullard, Williams

    Headline News:
    =============
    Federal Reserve Bank of Dallas President Robert Kaplan said Thursday that raising short-term interest rates three times this year "is a reasonable baseline," and that he is not "looking for a pause" in rate raises as long as the U.S. employment and inflation figures continue to improve.
    Mr. Kaplan said that progress in reaching the central bank's full employment and inflation objectives "gives me confidence" to be "gradually and patiently removing accommodation."
    Mr. Kaplan said the central bank will be able to make an announcement on plans for trimming the balance sheet, which will be "a healthy thing," but that "we need to make some further progress" before doing so. He didn't give specifics on timing, but said that when balance sheet announcements are made to the market, it will be done in "a gradual, predictable way."

    Federal Reserve Bank of Minneapolis President Neel Kashkari on Thursday reiterated that Fed officials should decide on a strategy for shrinking the huge portfolio it has amassed from years of bond-buying before raising interest rates again, but wouldn't say whether he will dissent if they don't.
    "It all depends on what the data is saying," he said.
    Mr. Kashkari said officials should release their plans "as soon as possible" for reducing their $4.5 trillion portfolio to give markets plenty of time to understand and digest the plans. He said the process should be put "on autopilot," after which officials should return to raising interest rates.

    Republicans postponed the vote on their legislation to overhaul the Affordable Care Act, after last-minute negotiations and personal lobbying from President Donald Trump failed to gain majority support for the bill.
    House GOP leaders who had planned to put the bill to a floor vote Thursday instead spent tense hours jockeying over possible changes being sought by competing factions in the party, one made of conservatives and the other of centrist Republicans. Aides said the vote could be held Friday. The delay left the first major legislative effort by House Speaker Paul Ryan and Mr. Trump in doubt.

    Switzerland's economy is expected to grow modestly this year but the expansion remains uneven due to a "significantly overvalued" franc, Swiss National Bank governing board member Andréa Maechler said Thursday.
    Ms. Maechler said she expects Swiss gross domestic product to expand about 1.5% this year but noted that this expansion "is not yet broad-based."


    Stocks:
    ======
    European stocks are poised for a subdued open Friday, with DAX futures up 11 points and FTSE 100 futures up 2 points.
    Investors in Asia-Pacific equities regained some risk appetite Friday, despite a delay in Donald Trump's attempt to repeal and replace the Affordable Care Act, as regional markets maintained cautious optimism ahead of a planned final vote.
    Australia's S&P/ASX 200 rose 1.1%, Japan's Nikkei Stock Average added 0.6%, and Hong Kong's Hang Seng Index was up 0.36%.
    Traders see the success or failure of the legislation as a bellwether for Mr. Trump's ability to deliver on tax reform and infrastructure spending plans.
    "The [equity market] has arguably been long on optimism and short on substance for some time now," ANZ said. "The vote on the bill to repeal and replace Obamacare seems to be being interpreted by the market as a touchstone for whether the thrust of Trump's fiscal plans are going to be realized and hence whether a continuation of the reflation trade is warranted."
    Still, Asia-Pacific markets opened higher as the rescheduling of the vote gave traders confidence that Republicans could still pass the bill.
    "There's a view that tax reform will happen no matter what," said Chris Weston, chief market strategist at IG Group.
    U.S. stocks erased early gains on Thursday and closed flat.
    Looking ahead, the market will be watching out for PMI numbers from the European Union and the U.S.

    Corporate News:
    ==============
    Britain's financial regulator has reopened a probe into how Barclays persuaded Qatar's sovereign-wealth fund to bail out the bank during the 2008 financial crisis, just as a separate investigation of that matter by the Serious Fraud Office nears resolution.
    The Financial Conduct Authority recently conducted a fresh round of interviews in the case and is studying new evidence, a person familiar with the matter said Thursday.


    Forex:
    =====
    EUR/USD was a touch lower at 1.0772, from 1.0783 later Thursday in New York, as investors cautiously await the fate of the U.S. health-care bill.
    With its upside weighed down after rising on speculation about European Central Bank tapering, EUR/USD direction "largely depends on the status of the U.S. bill," said Toshiyuki Umekawa, senior vice president of forex division at Mizuho Bank.
    EUR/USD may move in either direction depending on the headlines coming out of Washington regarding this bill, said Mr. Umekawa, who tipped the pair's upside resistance at 1.0850.
    The dollar has gotten a bid as Asian trading ramped up Friday, with the greenback rebounding some as President Trump is ready to move on from health-care reform if a vote doesn't succeed in the House.
    The WSJ Dollar Index was up 0.2% in Asian trading, with the greenback rising above Y111.30 after falling below Y111 in New York trading.

    Bonds:
    =====
    The U.S. government bond market pulled back following the biggest four-day price gains since June.
    The yield on the benchmark 10-year Treasury note had risen to as high as 2.437% Thursday, but at the end of a volatile session, the 10-year Treasury yield settled at 2.418%. It compared with 2.398% Wednesday which was the lowest close since the end of February.
    Some traders warned that any setback in the U.S. legislative agenda is likely to stoke demand for haven bonds as investors pare back appetite for riskier assets.
    The markets "will be very sensitive to any headlines coming out of Washington and could move quickly in either direction depending on what the news is," said Scott Buchta, head of fixed-income strategy at Brean Capital.

    Energy:
    ======
    Oil prices logged meager gains in Asia, a pause in recent selling brought on by signs the OPEC deal is indirectly encouraging U.S. shale producers to boost their production.
    "There is little new factors to add to the oil complex as U.S. inventories remain bloated and many questions remain as to the resolve of OPEC & Co. and their ability to reach quota levels-let alone roll over the caps for six months," said Stuart Ive, a client manager at OM Financial.
    Going to the weekend, investors will be eyeing the weekly U.S. rig count and the outcome of a meeting in Kuwait of energy ministers from OPEC and some non-OPEC countries regarding the output cuts' progress.
    At 0344 GMT, Nymex May oil was up 12 cents at $47.82/barrel and Brent added 7 cents to $50.63.
    Royal Dutch Shell oil spills that haven't been cleaned up for over eight years have contributed to "astonishingly high" levels of pollution in a Nigerian community, according to a consultant who helped produce a confidential damage assessment for Shell and its partners in the cleanup.
    Shell admitted liability for two large oil spills from a broken pipeline in 2008 in Bodo, a Niger Delta fishing community that, according to U.K. court claims, was inundated with over 500,000 barrels of oil -- roughly twice the amount when the Exxon Valdez ran aground in Alaska in 1989. Shell disputed the volume of the spills but reached an out-of-court settlement with the community for GBP55 million in 2015 -- or around $80 million at the time -- after facing a lawsuit in London.
    An environmental damage study was also conducted that year as part of efforts to clean up the area under the Bodo Mediation Initiative, which included Shell's Nigerian subsidiary, civil society groups, and members of the local community and government.
    The study found that "astonishingly high" levels of pollution remained in Bodo's mangroves and creeks years after the spill, endangering the community, wrote Kay Holtzmann, the former director of the cleanup project, in a Jan. 26 letter to the Bodo Mediation Initiative, which was seen by The Wall Street Journal.

    Metals:
    ======
    London spot gold was trading in a narrow range in Asia, down $1.17 at $1,243.88/troy ounce, as investors remained cautious. But safe-haven demand continued to provide a floor to prices.

    Write to paul.larkins@wsj.com

    (MORE TO FOLLOW) Dow Jones Newswires
    March 24, 2017 00:59 ET (04:59 GMT)
    2017 Dow Jones & Company, Inc.
    Dow Jones Newswires , 24 March 2017 04:59
    European Morning Briefing: Other Top Stories

    Europeans Struggle With Elusive Terror Threat
    European officials say they are having trouble monitoring a growing roster of suspected extremists, as they try to zero in on which radicals pose the greatest threat and prevent them from committing terrorist acts. Europeans Struggle With Elusive Terror Threat

    Health Vote's Outcome Carries High Stakes for Trump Presidency
    The health-care bill now stalled in Congress is proving an early test of whether the deal-making skills that made President Donald Trump rich in the business world will also work in the legislative realm, where lawmakers face competing pressures and require different sorts of incentives to reach agreement. Health Vote’s Outcome Carries High Stakes for Trump Presidency

    Trump Says If Vote on Health Bill Fails, Obamacare Stays
    Budget Director Mick Mulvaney told House Republicans President Trump is done negotiating and wants a vote Friday. If it fails, Mr. Trump will leave Obamacare in place and move on to other legislative priorities. Trump Says If Vote on Health-Care Bill Fails, Obamacare Stays

    Trump, Tillerson Settle on No. 2 at State Department
    President Donald Trump is expected to nominate John J. Sullivan to be the State Department's No. 2 official, according to U.S. officials familiar with the discussions. Trump, Tillerson Settle on No. 2 at State Department

    State Department Directs U.S. Embassies to Scrutinize Visa Applicants More Closely
    Working to implement President Donald Trump's vision for "extreme vetting," the State Department has ordered its embassies and consulates to identify visa applicants who warrant additional scrutiny. State Department Directs U.S. Embassies to Scrutinize Visa Applicants More Closely

    Cyprus Rebounds, With Debt Sale and Rating Increase
    Four years after a banking crisis brought Cyprus to its knees, sending shockwaves through global markets, the small island country is reaping the rewards of a stabilizing economy. Cyprus Rebounds, Eyes Debt Sale
     
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    Tadhg Gaelach

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    Dow Jones Newswires , 27 March 2017 04:56
    European Morning Briefing: U.S. Policy Uncertainty to Hammer Stocks
    Snapshot:
    ========
    Stocks face fresh selloff; USD/JPY 110.34-35; 10-Year Bund yield 0.406%; Brent crude $50.72; gold $1258.08
    -Merkel's Party Scores Election Win, in Key Test of Voter Sentiment
    -U.K. Criticizes Tech Firms in Wake of Terror Attack
    -Barclaycard Sells $1.6 Billion in Risky Credit-Card Balances
    -OPEC Warns Members to Comply With Oil-Production Cuts
    -Bulgarian Voters Reject Party Wanting Stronger Moscow Ties
    -Thousands Protest Corruption in Russia in Challenge to President Vladimir Putin
    -China's Industrial Profits Grew 31.5% in January-February
    -BOJ Seeks to Squash Tightening Speculation in Opinion Summary
    Watch For: Germany Ifo Business Climate Index; eurozone M3; Deutsche Bundesbank President Jens Weidmann speech; no major earnings scheduled

    Headline News:
    =============
    German Chancellor Angela Merkel's conservative party scored a clear victory Sunday in the small state of Saarland, dashing hopes among her center-left contenders that the election would signal a change of political sentiment ahead of a national vote in September.
    Preliminary results showed the first of three state elections ahead of the Sept. 24 ballot was likely to return the outgoing government, a conservative-led alliance with the left-of-center Social Democratic Party as a junior partner.
    Such a government mirrors the set-up in Berlin, where Ms. Merkel, now more than a decade in power, rules with her main rivals in a junior position.

    British officials tore into technology companies for what they said was profiting from terrorist propaganda and offering secret places to communicate, in strong criticism of Silicon Valley days after a terrorist rampage outside Parliament left four people dead.
    A U.K. intelligence official said investigators believe after interviews with people connected with Khalid Masood that he acted alone. Police are combing through massive amounts of computer data to establish whether he was influenced online, the official said.
    Home Secretary Amber Rudd on Sunday called it "unacceptable" that technology firms offered end-to-end encryption, which she said gives terrorists places to hide.
    "We need to make sure organizations like WhatsApp, and there are plenty of others like that, don't provide a secret place for terrorists to communicate with each other," Ms. Rudd said. "We need to make sure that our intelligence services have the ability to get into situations like encrypted WhatsApp."
    Foreign Secretary Boris Johnson told the Sunday Times it was "disgusting" that tech companies were profiting from ads placed next to extremist material online.

    Bulgaria's center-right party won a legislative election Sunday, according to preliminary exit polls, batting back an opposition that sought to steer the European Union nation closer to Russia.
    The Citizens for European Development--known by its Bulgarian acronym GERB--held a 32% to 28% lead over the Socialist Party. The latter calls for the EU to drop its sanctions on Russia and has backed a pipeline that would likely increase Europe's dependency on Russian gas.
    Politicians nervous about Russian influence in Eastern Europe celebrated the tally as a rebuke of that vision. Official results are expected Monday.

    Earnings in China's industrial sector surged 31.5% in the January to February period from a year earlier, supported by an acceleration in output and higher commodities prices, official data showed Monday.

    A majority of Bank of Japan officials cautioned against an early reduction in the central bank's monetary stimulus given the current distance of inflation from 2%, according to opinions submitted by board members earlier in March.
    A summary of board members opinions submitted for a March 15-16 policy meeting generally ran counter to growing market speculation that Japan's central bank may be learning toward raising interest rates amid signs of a recovery in inflation.

    Stocks:
    ======
    European stocks face another round of selling Monday, as investors fret over the Trump administration's inability to push through its policy initiatives. At 0335 GMT, DAX futures were down 49 points and FTSE 100 futures were 38 points lower.
    "It's time to take caution on the reflation trade," said Hao Hong, head of research at Bocom International. "The [health-care] impasse puts Trump's ability to execute his election promises in question, on which the markets globally have been running very hard."
    In Asia, Japan's Nikkei Stock Average dropped 1.6%, hitting its lowest levels since early February, while stocks in China, and Hong Kong were flat in initial trading.

    Corporate News:
    ==============
    Barclaycard is shedding a chunk of its subprime card balances, in a deal that reflects diverging views in the card industry about the future of the U.S. economy and the wisdom of wagering on risky borrowers.
    The credit-card issuer, a unit of Barclays, sold $1.6 billion of credit-card balances owed by mostly near-prime and subprime borrowers to privately held personal-loan firm Credit Shop, according to people familiar with the matter.
    The deal marks the first time that Credit Shop, which is mostly focused on extending personal loans to near-prime and subprime borrowers, purchased credit-card accounts and balances. The firm, which launched in 2013 and counts Chinese firm Renren as an investor, is planning on launching its own credit card later this year, according to people familiar with the matter.

    Forex:
    =====
    The dollar fell to its lowest level against the yen since late November as the failure of a Donald Trump-backed measure to repeal Obamacare gave investors another cue for buying the yen and other major currencies.
    The yen strengthened as much as 1.0% against the dollar, to trade at Y110.24. That was the dollar's lowest level against the Japanese currency since Nov. 22. The euro rose to $1.0849, its highest against the dollar since Dec. 8. The Wall Street Journal Dollar Index, a measure of the dollar against a basket of 16 currencies, was 0.4% lower at 89.71.
    "This is the market reacting to Donald Trump's failure to implement one of his major campaign promises," said Bart Wakabayashi, Tokyo branch manager for State Street.
    The setback for the White House has strengthened uncertainty over the U.S. administration's ability to push through its agenda, adding further momentum to an unraveling of support for the dollar that has picked up steam since the Federal Reserve's decision to raise U.S. interest rates without ramping up its expected pace of further increases.
    Investors see the failure of the U.S. administration to secure the votes needed to pass the health-care bill as a "harbinger of things to come," said Mr. Wakabayashi. "They see it as a lot of opposition to his policies. They see general risk on trade and fiscal policy, and a lot of promises we may have to revisit and cross out some of them."
    Foreign-currency investors may now see the dollar falling toward the Y108.20-level as they take short positions, said Mr. Wakabayashi.
    It will take robust monthly employment figures or hawkish guidance from the Fed to stop the slide, said Masashi Murata, currency strategist at Brown Brothers Harriman in Tokyo. He sees the next level of demarcation around Y107.9.
    The euro also continued to gain against the dollar. There are "no incentives to prompt investors to sell" the euro right now, said Daiwa Securities senior FX strategist Yukio Ishizuki.
    At 0450 GMT, USD/JPY was 110.34-35, EUR/USD was 1.0847-50 and GBP/USD was 1.2530-32.

    Bonds:
    =====
    Lead Japanese government bonds were higher in the wake of a fresh risk-off mood in Asia following the U.S. healthcare-reform failure.
    In ealy Asian trade, the U.S. 10-year Treasury yield was down to 2.38% while the benchmark 10-year JGB was at 0.06%, versus 0.065% Friday, and lead futures were up 0.03 at 150.42.

    Energy:
    ======
    Crude prices were lower in Asia, weighed by rising U.S. oil output despite expectations that nearly two dozen non-American producers may hold back production again in the second half of the year.
    On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $47.84 a barrel at 0339 GMT, down $0.14 in the Globex electronic session. May Brent crude on London's ICE Futures exchange slipped $0.08 to $50.72 a barrel.
    Over the weekend, a five-member oversight committee of a multiproducer production cut agreement, which excludes the U.S., said global oil supply is still outstripping demand and production must be further curtailed before a market rebalance can be achieved.
    The committee will reconvene again in late April to finalize their recommendation and if the suggestion is accepted by the wider group, the decision will officially be taken on May 25. Officials from OPEC have said they won't decide on cuts until they have fresh data on vast amounts of oil in storage-a proxy for the global glut.
    "More has to be done," said Kuwaiti Oil Minister Issam A. Almarzooq, chairman of the group's committee overseeing compliance, in a speech distributed by OPEC. "We need to see conformity across the board. We assured ourselves-and the world-that we would."

    Metals:
    ======
    London spot gold prices hit a nearly one-month high in Asia, as the dollar weakened following the demise of the Republicans' health-care bill.
    Gold rose to $1,258.08 a troy ounce, a level last seen at the end of February.

    Write to paul.larkins@wsj.com

    (MORE TO FOLLOW) Dow Jones Newswires
    March 26, 2017 23:56 ET (03:56 GMT)
    2017 Dow Jones & Company, Inc.
    Dow Jones Newswires , 27 March 2017 04:56
    European Morning Briefing: Other Top Stories

    White House Opens Door to Democrats After Bill Failure
    The White House warned congressional Republicans it may increase its outreach to Democrats if it can't get the support of hard-line conservatives, a potential legislative shift that could affect drug prices, the future of a tax overhaul and budgetary priorities. White House Opens Door to Democrats in Wake of Health-Bill Failure

    House Conservatives Are Undeterred After Health-Bill Failure
    The head of the most conservative Republican House faction sought to deflect blame Sunday for last week's stunning collapse of a White House-backed health-care measure, saying the lawmakers hadn't given up on trying to repeal the Affordable Care Act. House Conservatives Are Undeterred After Health-Bill Failure

    How Democrats Aided in the Demise of the GOP's Health Bill
    President Donald Trump blamed Democrats for the defeat of his bid to overturn the 2010 Affordable Care Act and enact Republican policy in its place. In some ways he may have been right. How Democrats Aided in the Demise of the GOP’s Health Bill

    Trump Voters Say President Can Learn From Failure of Health Care Bill
    The implosion of the House health care bill on Friday was a reminder to Donald Trump supporters of the risks of electing a president as inexperienced as he is in the ways of Washington, said voters interviewed over the weekend. Trump Voters Say President Can Learn From Failure of Health-Care Bill

    Thousands Across Russia Protest Corruption
    Russian riot police detain a demonstrator during an anti-corruption rally in central Moscow on Sunday.
    Demonstrators took to the streets of cities across Russia to protest official corruption in the most significant challenge to President Vladimir Putin in years. Opposition figure Alexei Navalny was detained in Moscow. Thousands Protest Corruption in Russia in Challenge to President Vladimir Putin

    A Steel Pioneer Is Getting Out of Steel
    Germany's Thyssenkrupp, which CEO Heinrich Hiesinger aims to refocus on capital goods, took a big step away from its once-core steel business with the sale of its last steel plant in the Americas. Shedding its European steel unit is the next test. Steel Pioneer Thyssenkrupp Is Getting Out of Steel

    A Correction Now Might Not Be So Bad, Some Investors Say
    Many investors and analysts worry the postelection rally has outpaced the fundamentals, such as corporate earnings, that drive stock gains over time; some say a 10% pullback from the March 1 high could be healthy by deflating pockets of froth and providing buying opportunities. A Correction Now Might Not Be So Bad, Some Investors Say
     
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    Tadhg Gaelach

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    Dow Jones Newswires , 28 March 2017 04:55
    European Morning Briefing: Stocks to Rebound on Data Optimism
    Snapshot:
    ========
    Stocks to rebound; EUR/USD 1.0864-67; 10-Year Bund yield 0.401%; Brent crude $50.95; gold $1253.95
    -Fed's Evans: Three 2017 Rate Rises Plausible, Four Possible if Inflation Picks Up
    -Rate Increases Should Be Done Gradually And Patiently, Fed's Kaplan Says
    -Theresa May Urges Brexit-Weary Scotland to Remain in U.K.
    Watch For: Italy industrial turnover & orders; U.S. consumer confidence; speeches by Bank of Canada's Poloz, Fed's Powell; no major earnings scheduled

    Headline News:
    =============
    Federal Reserve Bank of Chicago President Charles Evans said the U.S. central bank could raise short-term interest rates four times this year if inflation picks up, but suggested three increases remain more plausible.
    "At the moment, I don't see the data, I don't have the confidence" for four rate increases in 2017, he said. "If I thought that I was inclined to four rate hikes for 2017, I would presumably be seeing a much stronger lift in inflation."
    Mr. Evans said long-term inflation expectations in the U.S. are running below the central bank's 2% target, even though short-term prices are nearing that objective.

    Federal Reserve Bank of Dallas President Robert Kaplan said Monday he will likely support more interest rate increases as long as the economy continues to see job market gains and a continued move back toward a 2% inflation rise.
    "We would be wise to move gradually and patiently" with increases in short-term interest rates, Mr. Kaplan said, while offering no specifics on the timing of future monetary policy actions.
    The central banker said the economy continues to make progress in terms of the Fed's official mandates of maximum growth and sustainable inflation. He added it is prudent for the central bank to keep policy supportive of growth, while at the same time moving it toward a level that is less stimulative of economic activity.

    Prime Minister Theresa May tried to rally support for maintaining Scotland's place in the U.K. on Monday, seeking to hold her country together as she prepares to break away from the European Union.
    Mrs. May met with Scottish leader Nicola Sturgeon to argue against another push for Scottish independence. Meanwhile in Northern Ireland, efforts at forming a new government fell flat, spurring fresh calls from Irish nationalists for a vote on reuniting with Ireland.
    The ferment underscores how Brexit is fraying ties that have bound England, Wales, Scotland and Northern Ireland, and represents an acute political challenge for Mrs. May as she prepares to officially trigger Britain's exit from the EU.
    Northern Ireland and Scotland voted overwhelmingly to remain in the bloc. In a letter to a U.K. lawmaker seen by The Wall Street Journal, a senior government minister acknowledged that Northern Ireland would likely seamlessly rejoin the EU after Britain left if its citizens voted to reunify with Ireland, an EU member.
    British and European officials say an independent Scotland would have to formally reapply.
    Mrs. May says she will notify European leaders of the U.K.'s intention to leave on Wednesday, setting in motion two years of talks to settle the terms of Britain's exit and forge new ties between the U.K. and the EU's remaining 27 member states.

    Stocks:
    ======
    European stocks are likely to rebound Tuesday, with investors looking beyond the failure of the Trump administration to replace the Affordable Care Act and focusing on improving macroeconomic data out of the U.S. and Europe. At 0301 GMT, DAX futures were up 62 points and FTSE 100 futures were 27 points higher.
    "We are at a stage of the cycle where the economic environment is improving," said Ric Spooner, chief market analyst at CMC Markets in Sydney. Although U.S. interest rates are on their way up, monetary policy is still very accommodative, he said.
    In Asia, Australia's S&P/ASX 200 added 1.1%, trading close to levels last seen on March 17, boosted by higher oil prices. In Japan, the benchmark Nikkei index gained 1.1%, recouping most of its Monday losses boosted by a stronger dollar.
    Political analysts see a sliver of hope that the health-care setback could prompt Republicans in the U.S. to give some ground to Democrats in an effort to pass of tax reform and push through infrastructure spending.
    "President Trump is being given the benefit of the doubt that he will be able to deliver on tax and infrastructure," said Greg McKenna, chief market strategist at AxiTrader.
    Elsewhere in the region, Hong Kong's Hang Seng Index was up 0.5%, with China heavyweights including tech giant Tencent leading gains while the Shanghai Composite Index was down 0.3%.
    U.S. stocks fell Monday, with the Dow Jones Industrial Average notching its longest losing streak since 2011. The Dow fell 46 points, or 0.2%, to 20551, declining for the eighth straight session but paring losses after it dropped more than 180 points earlier. The S&P 500 declined 0.1%, and the Nasdaq Composite ticked up 0.2%.

    Forex:
    =====
    The euro has been hovering around $1.0860 early in the Asian session, after pulling back from a high of $1.0906 Monday, a level last seen on Nov. 11.
    Helping of late behind broad dollar weakness is some euro-short unwinding as some traders cool on the potential of Marine Le Pen becoming France's next president, said Shinsuke Sato, head of FX trading at Sumitomo Mitsui.
    While he says the euro has potential to cross $1.09 again, it may struggle getting toward $1.10.
    Deutsche Securities chief FX strategist Taisuke Tanaka said the dollar could hit Y108 later this week amid ongoing questions the Trump administration will have difficulty fulfilling its promised agenda. He also said investors remain wary on U.S.-Japan high-level economic dialogue and the Treasury's semiannual currency report, both scheduled in April. But if the dollar were to weaken further, Mr. Tanaka said the greenback wouldn't stay below Y110 for long amid anticipated further interest-rate hikes and a resultant increase in bond yields.
    "We keep our basic view that the dollar will regain ground to Y115-120 in 3-6 months."
    At 0450 GMT, USD/JPY was 110.56-57, EUR/USD was 1.0864-67 and GBP/USD was 1.2566-68.

    Bonds:
    =====
    The yield on the benchmark 10-year U.S. Treasury note fell to a one-month low Monday as investors lost appetite for riskier markets.
    The yield on the 10-year note closed at 2.373%, compared with 2.396% Friday. It was the yield's lowest close level since the end of February.
    The GOP's failure to pass its health bill represents a big setback for President Donald Trump's legislative agenda, raising investor concerns over his ability to push through his fiscal stimulus proposals, including lower taxes, large infrastructure spending and less burdensome regulations.
    "The key will be how much tax reform can actually get done, that's the main issue for investors right now," said Jim Caron, fixed-income portfolio manager at Morgan Stanley Investment Management.
    "While we certainly remain skeptical about Trump's ability to deliver on many of his campaign promises in the current political environment, we're reminded of the fact that four years...is a lengthy period in which to reach some type of political reconciliation," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets.

    Energy:
    ======
    Bargain-hunters lifted oil prices in Asia, but rising uncertainty on the fate of the OPEC-led production-cut deal and concerns about a swelling crude glut will likely cap the gains.
    "The focus now shifts to Russia, who has yet to reach its targeted production cut of 300,000 barrels/day," said ANZ Research. This as the latest batch of weekly U.S. inventory-and-production data will be out within the next day and a half. S&P Global Platts estimates U.S. crude stocks grew 300,000 barrels last week.
    At 0322 GMT, Nymex May futures were up 24 cents at $47.97/barrel and Brent gained 20 cents to $50.95.

    Metals:
    ======
    London spot gold prices were flat in Asia after reaching a month's high the previous day.
    Donald Trump's failure to push through a new health care bill has lifted prices due to safe-haven demand while dollar softness also helped, although the currency has now recovered some ground. Analysts say the potential for further upside is limited for gold from current levels.
    At 0241 GMT, gold was trading at $1,253.95/ounce.
    Copper and nickel rebounded in Asia amid some bargain-hunting. Both fell sharply Monday amid a broader risk-off trend in markets. Three-month copper prices on the London Metal Exchange rose 0.7% to $5,800/ton and nickel gained 1.1% to $9,890.
    The spot price of iron ore has mirrored a slump in Chinese futures, shedding 4.3% late Monday to hit its weakest value since early February.
    The fall, alongside a tumble in steel prices, "is consistent with our view that restocking demand [among Chinese steelmakers] has likely run its course and external demand is likely to weaken as countries impose tariffs on Chinese steel imports," Commonwealth Bank of Australia said.
    Also bearish for the market has been a continued rise in port stockpiles of iron ore, signaling the market has ample supplies. CBA is tipping the price to be back around $60 a ton by year-end, versus $80.80 now.

    Write to paul.larkins@wsj.com

    (MORE TO FOLLOW) Dow Jones Newswires
    March 27, 2017 23:55 ET (03:55 GMT)
    2017 Dow Jones & Company, Inc.
    Dow Jones Newswires , 28 March 2017 04:55
    European Morning Briefing: Other Top Stories

    Eurozone Stocks Overtake U.S.
    Stocks in the eurozone are now outperforming U.S. peers this year as local growth picks up and political concerns shift from Europe to the other side of the Atlantic. Eurozone Stocks Overtake U.S.

    With Help From France's Elite, Le Pen Tries to Steer Far-Right Party to Mainstream
    Far-right French presidential candidate Marine Le Pen sought advice from a clandestine group of bankers, executives and government officials called "Les Horaces" that is part of the same establishment she has railed against. With Help from France’s Elite, Le Pen Tries to Steer Far-Right Party Into Mainstream

    Forget Trump v. Congress. The Real Political Danger's Still in Europe
    Politics has been a big driver of markets, but investors may be worrying about the wrong politics. The biggest political threat on the horizon for investors is Italy. Forget Trump v. Congress. The Real Political Danger’s Still in Europe

    Brexit Fuels 18% Decline in U.K. Office Building Prices
    U.K. offices were sold at an 18% discount last year, a sign that the economic uncertainty surrounding plans to exit the European Union, as well as the real estate cycle maturing, took a toll on the market. Brexit Fuels 18% Decline in U.K. Office Building Prices

    Trump to Sign Executive Order to Roll Back Obama Climate-Change Policies
    By Louise Radnofsky and Amy Harder
    President Donald Trump will sign an executive order Tuesday taking steps to unravel the most contentious climate-change policies of his predecessor, the White House said. Trump to Sign Executive Order to Roll Back Obama Climate-Change Policies
     
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    Dow Jones Newswires , 29 March 2017 04:56
    European Morning Briefing: U.S. Data to Boost Stocks; Sterling Slides
    Snapshot:
    ========
    Stocks to extend gains; pound slumps, GBP/USD 1.2413-15; 10-Year Bund yield 0.391%; Brent crude $51.39; gold $1248.18
    -China's Economy Holds Steady in First Quarter
    -Fed's Powell Expects Rate Increases to Continue; Fischer Says Outlook Still Points to Two More 2017 Rate Rises
    -Fed's George Calls for Gradual, Deliberate Rate Rises
    -U.K. Government Rejects Move for Another Scottish Independence Vote
    -BHP Billiton Mulls Australia Iron Ore Investment
    -North Korea May Be Preparing Fresh Nuclear Test
    -EU Rebukes Trump's Order on Climate Policy
    Watch For: France, Italy consumer confidence survey; Bank of England lending figures; U.K. PM Theresa May triggers Article 50; Angela Merkel meets German Council of Economic Experts; speeches by Fed's Rosengren, Williams; TUI trading update

    Headline News:
    =============
    China's economy held steady in the first quarter, though the momentum, fueled by government-directed spending and low-cost funding, may be tough to sustain, according to the China Beige Book survey.
    The stimulus-fueled engines that powered the Chinese economy in the second half of last year and early this year, including real estate and commodities, are increasingly wobbly and are adding to already high debt-levels.
    The trend is setting back China's goal of shifting to consumption, services and high-tech industries, the report said: Some of the best performers and biggest beneficiaries have been state industrial firms, not the private companies Beijing needs to nurture.
    "China's doing everything in its power to keep growth up. But that's meant backtracking on rebalancing the economy," said Leland Miller, the group's chief executive. "When they finally decide to do it, it's going to be even more painful."

    Federal Reserve Gov. Jerome Powell said he expects the central bank to continue raising short-term interest rates gradually this year, and the "time is coming" to begin winding down the Fed's portfolio of long-term bonds and other assets.
    "The time is coming, but it's going to depend on the path of the economy, " Mr. Powell said.
    While Mr. Powell said the Fed has made no decisions on the subject yet, he voiced support for allowing the Fed's balance sheet to shrink in a gradual and predictable way, a stance favored by other officials including San Francisco Fed President John Williams.
    "I would want to start that process at a time when the economy has considerable momentum and at a time when the federal-funds rate has been raised well above the zero lower bound," Mr. Powell said.

    Federal Reserve Vice Chairman Stanley Fischer said Tuesday that he continues to expect the central bank to raise rates about two more times this year, while down playing the economic impact of the Trump administration's failure to deliver on its health care overhaul pledge.
    When it comes to the Fed's current consensus forecast of rate rises, "that seems to be about right, that is to say, it's my forecast as well, " Mr. Fisher said. When it comes to the possibility of the Fed doing more or less than two more rate rises, "I think the risks are more or less balanced," meaning it's equally possible officials could deliver more or less than what's now in the official outlook, he said.


    Stocks:
    ======
    European stocks are likely to extend gains Wednesday following a strong U.S. session, where better-than-expected economic data sparked renewed optimism. At 0226 GMT, DAX futures were up 14 points and FTSE 100 futures were 18 points higher.
    Investors in Asian equities regained some of their risk appetite Wednesday, shrugging off politics and refocusing on data.
    Australia's S&P/ASX 200 was up 0.8%, opening at its highest level since May 2015 and Hong Kong's Hang Seng Index was up 0.3%.
    "The economic indicator of U.S. consumer confidence has been very impressive and I think that's led to the broad-based gains in the U.S. market and that has really helped the Asian markets move higher today as well," said Jingyi Pan, a market strategist at IG Group.
    Meanwhile in Japan, local factors weighed on the Nikkei, which reversed from early gains to decline 0.1%.

    Forex:
    =====
    The pound fell against the dollar and the yen in early Asia trading ahead of formal negotiations by the U.K. to exit the European Union.
    The decline started late Tuesday in New York, when the pound fell as much as 0.9%. The losses mounted in Asia. The pound was recently at $1.2385, its lowest intraday level versus the greenback since January 21. It was at Y137.60, its lowest level since January 17.
    The currency's volatility is hinged to the U.K.'s preparation to exit the EU. Wednesday marks the start of a formal process under which Britain will trigger Article 50, a measure to formally notify its plans to leave the bloc, starting the clock on a two-year period of negotiations over the terms of the divorce.
    "The actual event is not necessarily the risk but it's the surrounding commentary," said Bart Wakabayashi, Tokyo branch manager for State Street Bank and Trust.
    There is a consensus among market participants that the two sides--England and the EU--will get the concessions they are seeking but the concern is the process, Mr. Wakabayashi said.
    "There is no shock factor here but they are starting from such different points that there is a risk of hiccups," he added. "They are going to be discussing completely different points of view and that's where the [market] volatility is coming from," Mr. Wakabayashi said.
    Still, the pound's decline was supported some by the dollar that rebounded Tuesday as investors refocused on the strength of the U.S. economy.
    The Wall Street Journal Dollar Index, a measure of the dollar against a basket of 16 currencies, was up 0.1% at 90.05.
    Adding some flows back into the dollar and calming markets a bit was U.S. data combined with market expectations that the European Central Bank may continue to discuss easing its monetary policy, said Koji Fukaya, chief executive of FPG Securities in Tokyo.
    "Market participants are relieved on the economic front, but some geopolitical risk in Europe remain," Mr. Fukaya said.

    Bonds:
    =====
    Prices of U.S. government bonds fell for the first time in three sessions Tuesday as a strong consumer confidence report and higher stock prices sapped demand for haven debt.
    The selling pushed up the yield on the benchmark 10-year Treasury note to 2.411%, compared with a one-month low of 2.373% Monday.
    Higher yields boosted demand for a $34 billion sale of five-year notes Tuesday. The 68.9% indirect bidding, a proxy of foreign demand, was the highest since December. Overseas buyers were drawn by higher yields on U.S. Treasurys relative to those offered by government bonds in Germany, Japan and the U.K.
    A $28 billion sale of seven-year notes is scheduled on Wednesday. This, along with some new corporate bond supply, also contributed to the bond market's price slides, said traders.
    If far-right candidate Marine Le Pen becomes the next president of France, euro corporate bonds are unlikely to escape the market turmoil, even though high yield debt will bear the brunt, according to UBS calculations. Whether the average French/Italian/Spanish/Portuguese government bond spread to Germany widens 100 bps, 150 bps or 500 bps, euro high yield losses will suffer a multiple of investment grade declines. UBS's worst-case scenario of a 500 bps sovereign spread widening includes a 17% drop in euro high yield and a 4.2% decline in investment grade, assuming risk-off spills over globally.

    Energy:
    ======
    Oil prices continued to gather steam in early Asia trading thanks to ongoing supply disruptions in Libya.
    The African producer was seen as a potential wild card to thwart OPEC's plan to drain the market's glut, but renewed insurgent fighting underscores the high level of volatility and uncertainty facing the nation. The capture of the Es Sider and Ras Lanuf oil-export terminals earlier this month, combined with the current closure of pipelines, has resulted in a disruption of 250,000 barrels/day from two major oil fields, said Tim Evans of Citi Futures analyst.
    "March output will show a decline and the intermediate-term plan to increase output is somewhat less certain than before." Following 1%-plus gains Tuesday, Nymex May futures were up a further 12 cents at $48.49/barrel while Brent added 6 cents to $51.39.
    The EU said Donald Trump's order reversing key clean-energy policies would eliminate the main pillar of U.S. efforts to fight climate change, undermining America's leadership in a critical global effort.
    "Now, it remains to be seen by which other means the United States intends to meet its commitments under the Paris Agreement," said Miguel Arias Cañete, climate action and energy chief at the European Commission.

    Metals:
    ======
    London spot gold fell marginally in Asia but remained close to a one-month high reached earlier this week.
    The uncertainty over whether Donald Trump will be able to push ahead with his policy plans continue to support the yellow metal.
    "That political uncertainty is likely to continue to support gold prices in the short term," said ANZ Bank.
    At 0207 GMT, gold was trading $2.97 lower at $1,248.18/oz.
     
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    Tadhg Gaelach

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    Dow Jones Newswires , 30 March 2017 04:58
    European Morning Briefing: Stocks to Gain; Fresh Cues Eyed
    Snapshot:
    ========
    Stocks seen higher; EUR/USD 1.0750-53; 10-Year Bund yield 0.344%; Brent crude $52.31; gold $1248.18
    -Fed's Williams Backs 3 Rate Rises in 2017, but Says More May Be Needed
    -Germany Weighs Alternatives to Turkish Air Base Used in Islamic State Fight
    -Saudi Aramco Plans to Raise $2B With First Bond Offering
    Watch For: Eurozone business & consumer surveys; Germany, Spain provisional CPI; U.S. final 4Q GDP; H&M earnings

    Headline News:
    =============
    Federal Reserve Bank of San Francisco President John Williams said Wednesday more rate rises are needed to keep the economy on a sustainable path of growth, warning that the U.S. central bank may have to raise rates more than it now expects.
    "My own view is similar to most of my FOMC colleagues." Mr. Williams said, citing the rate-setting Federal Open Market Committee's projection for three rate rises in 2017.
    But he added that "given my forecast, along with upside risks, I would not rule out more than three increases total for this year." He said "there are some upside risks to the outlook we could easily outperform what we are expecting." And because of that, the rate rise outlook has the chance to change. "If you view the risks or probabilities as little bit more upside, I would say three to four rises [for 2017], or two to three more for the rest of the year, seems to me the way I'm thinking about it."

    The German government is weighing alternative locations to Turkey for its forces involved in fighting Islamic State amid rising tensions between the two countries.
    Berlin has identified eight possible alternatives to Incirlik Air Base in Jordan, Kuwait and Cyprus, according to an official document seen by The Wall Street Journal. While Berlin has yet to approach any country about a move, the revelation that it has been researching other locations underlines the rapid loss of trust between the two North Atlantic Treaty Organization allies over recent months.

    Stocks:
    ======
    European stocks are poised for a positive open Thursday, with DAX futures up 20 points and FTSE 100 futures 4 points higher.
    Asian stock markets were broadly lower early Thursday following a mixed session in the U.S., but the declines have been mild so far.
    The Nikkei Stock Average was down 0.2% and the Hang Seng Index in Hong Kong declined 0.4% but Australia's S&P/ASX 200 was up 0.1%, rising for the fourth straight session and getting close to the key 6000-point level.
    "It's very mixed," said Tareck Horchani, deputy head of Asian Pacific sales trading at Saxo Capital Markets. "The market is a bit confused as we have had so many reversals."
    In China, stocks furthered Wednesday's decline due to continued liquidity worries and large declines in recently listed companies. The Shanghai Composite Index fell 0.6%, after the People's Bank of China refrained from open-market operations for a fifth session.
    The Nasdaq Composite rose Wednesday, notching a fourth straight session of gains.
    The Nasdaq's gains came even as other indexes wobbled after the failure of a health-care overhaul spurred concerns that President Donald Trump would struggle to enact key corporate-friendly policies such as tax cuts, deregulation and infrastructure spending.
    The tech-heavy index rose 0.4% while the Dow Jones Industrial Average lost 42 points, or 0.2%, to 20659 and the S&P 500 climbed 0.1%.
    Upbeat economic data have also helped lift stocks and shortened pullbacks in recent months. Still, some investors have pointed to a modest divergence between survey-based measures of consumer and business confidence and readings on real economic output, such as retail and housing sales, that have roughly matched expectations.
    "We appear to have quite a robust simultaneous economic recovery...but survey results are reflecting political optimism which might be running somewhat ahead of economic reality," said Guy Monson, chief investment officer at Sarasin & Partners.

    Forex:
    =====
    The British pound steadied against the dollar in Asia. However, Stephen Innes, head trader for the Asia-Pacific region at forex broker Oanda, said a slow move toward $1.20 is likely, with $1.15 being tested next year as Brexit talks go into full swing.
    The euro may gain momentum to touch Y130 toward the end of the year, as investors become mindful of the monetary policy gap between the European Central Bank and the Bank of Japan, said Nomura Securities chief FX strategist Yunosuke Ikeda in a morning note.
    The ECB's potential move to pull back on some of its policy-easing efforts will likely emerge as a big theme in the currency market in and after the summer. By contrast, there is only a small chance that the BOJ will signal more tightening given low inflation.
    The dollar has been getting a modest bid in early Asian trading after pulling back some in the U.S. session.
    The WSJ Dollar Index was up 0.1% as the currency saw some easily visible gains on the charts versus the pound and yen. It was 0.3% higher than late New York levels at Y111.40, a level not seen this week and moving the dollar back toward what is now resistance at around Y111.50.
    At 0350 GMT, USD/JPY was 111.26-27, EUR/USD was 1.0750-53 and GBP/USD was 1.2444-46.

    Bonds:
    =====
    U.S. government bonds strengthened Wednesday, with the yield on the benchmark 10-year U.S. Treasury note settling at 2.385%, near a one-month low, compared with 2.411% Tuesday.
    Another boost for Treasurys, said traders, was a Reuters article Wednesday saying that European Central Bank policy makers are wary of making any new change to their policy message in April after small tweaks this month upset investors. One of the officials said the ECB had been overly interpreted by markets at its March 9 meeting, according to Reuters.
    The report soothed some anxiety that the ECB may become more hawkish amid improving data and higher inflation. Yields in government bonds in the eurozone fell broadly, including those in Germany, France, Spain, Italy, Portugal and Greece.
    The yield on the 10-year German bund fell to 0.342% late Wednesday from 0.383% Tuesday.

    Energy:
    ======
    Oil prices eased slightly in Asia amid a rising dollar after crude witnessed some of its biggest gains in nearly two months during the U.S. session.
    That bounce, which allowed futures to settle at three-week highs overnight, was stoked by data from the U.S. Energy Information Administration showing a larger-than-expected decline in gasoline and distillate supplies as well as refiners processing oil at a higher rate.
    "The big falls in gasoline inventories, coming near the end of the refinery-maintenance season, suggest crude-oil inventories are on the cusp of declining," said ANZ Research. Crude-oil stockpiles rose a less-than-expected 900,000 barrels last week by the government's count.
    Prices were also propelled by declining U.S. oil imports and rising exports. "The trending combination of higher crude runs and lower net crude imports should result in U.S. crude stocks flattening and then starting to decline by the end of April," said Societe Generale.
    Futures initially built on those gains in Asia, but reversed that move as the dollar climbed on expectation the Fed may increase the frequency of interest rate increases this year. A stronger dollar often deters crude buying for traders holding foreign currencies.
    On the New York Mercantile Exchange, light, sweet crude futures for delivery in May recently traded down 4 cents at $49.47 a barrel in the Globex electronic session. May Brent crude on London's ICE Futures exchange fell 11 cents to $52.31.
    Saudi Arabia's giant state-owned oil company is preparing to raise about $2 billion with its first bond offering, according to investors who have reviewed the prospectus.
    Aramco plans to issue a 7.5 billion riyal-denominated sukuk bond that is in compliant with Islamic law but can be purchased by foreigners, according to these investors.

    Metals:
    ======
    London spot-gold prices continued to ease following this week's 1-month high.
    The dollar has continued to rebound some in Asian trading, though Trump-related uncertainty continues to provide a floor for the metal.
    At 0243 GMT, gold was down $2.97 at $1,248.18/troy ounce.

    Write to paul.larkins@wsj.com

    (MORE TO FOLLOW) Dow Jones Newswires
    March 29, 2017 23:58 ET (03:58 GMT)
    2017 Dow Jones & Company, Inc.
    Dow Jones Newswires , 30 March 2017 04:58
    European Morning Briefing: Other Top Stories

    Fed Officials Say They May Need to Pick Up Pace of Rate Increases
    Most Federal Reserve officials expect to raise short-term interest rates two more times this year, but some are now warning a brightening economic outlook could prompt them to lift borrowing costs even more. Fed Officials Say They May Need to Pick Up Pace of Rate Increases

    LSE Given Competitive Edge After Merger Plan With Deutsche Borse Blocked
    London Stock Exchange Group PLC's bet on the growth of passive investing stands to give it an edge over Deutsche Börse AG as the two go it alone after European regulators blocked their plan to create Europe's largest exchange operator. LSE Given Competitive Edge After Merger Plan With Deutsche Börse Blocked

    Trump Administration Lays Groundwork to Keep Big Tariffs on Chinese Goods
    The Trump administration is laying the groundwork to preserve China's unfavorable status in American trade cases, a step likely to ensure Chinese goods are eligible for higher tariffs in the U.S. well into the future. Trump Administration Lays Groundwork to Keep Big Tariffs on Chinese Goods

    Merrill Lynch Restructures Leadership
    Bank of America Corp.'s brokerage arm is thinning some of its executive ranks and shuffling others in an effort to get brokers collecting more assets and producing more revenue, according to a memorandum viewed by The Wall Street Journal. Merrill Lynch Restructures Leadership

    Britain's Hand Has Weakened
    Prime Minister Theresa May is about to enter Brexit talks with an EU stronger and more united than few dared imagine only months ago, even as the U.K. appears to have a real problem with unity. Britain’s Hand Has Weakened Since Brexit Vote
     
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    Tadhg Gaelach

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    Dow Jones Newswires , 31 March 2017 05:02
    European Morning Briefing: Mixed Open Seen for Stocks
    Snapshot:
    ========
    Stocks seen mixed; EUR/USD 1.0675-78; 10-Year Bund yield 0.337%; Brent crude $52.83; gold $1241.35
    -Chinese Factory Activity Gauge Near Five-Year High
    -Fed's Dudley: Rates Rises to Help Keep Economic Growth Steady
    -Fed's Kaplan: Rate Increases Need to Be 'Gradual and Patient'
    -U.K. Consumers Remain in Glum Mood
    -EU Says It Can't Block Russia-Backed Nord Stream 2 Pipeline
    -Volkswagen, State AGs Reach More Emissions-Cheating Settlements
    Watch For: Eurozone provisional CPI, EuroCOIN indicator; Germany unemployment, retail trade; France provisional CPI, PPI; Italy provisional CPI, PPI; U.K. final 4Q GDP; Donald Tusk issues Brexit negotiations blueprint; speeches by Fed's Kashkari, Bullard; NATO foreign ministers' meeting

    Outlook:
    =======
    Figures to be released by the European Union's statistics agency Friday are expected to show that the annual rate of inflation in the eurozone fell in March, having exceeded the European Central Bank's target for the first time in four years during February.
    If economists prove correct in their projections, the decline may quiet calls from Germany for an end to the ECB's stimulus measures, although most policy makers have shown little sign of heeding that advice given that they have remained unconvinced that the recent pickup in price rises would be sustained.

    Headline News:
    =============
    An official gauge of Chinese factory activity hit a near five-year high in March as government stimulus spending and rising prices for factory goods bolstered the world's second-largest economy.
    China's official manufacturing purchasing managers' index edged up to 51.8 in March from 51.6 in February. The March reading, slightly above a median forecast of 51.7 from a Wall Street Journal poll of by 12 economists, has remained above the 50 mark separating expansion from contraction for eight straight months.

    Federal Reserve Bank of New York President William Dudley said Thursday gradual rate rises should keep the U.S. economic expansion on an even keel, while noting that eventual moves to shrink the Fed's massive holdings of cash and bonds could affect the trajectory of interest rates.
    Given the brightening economic outlook, "it seems appropriate to scale back monetary policy accommodation gradually in order to reduce the risk of the economy overheating, and to avoid a significant inflation overshoot in the medium term," Mr. Dudley said.
    Mr. Dudley said Fed rate rises are more about lowering the overall amount of stimulus as opposed to creating restrictions. He said: "I don't think we are removing the punch bowl, yet. We're just adding a bit more fruit juice."

    Federal Reserve Bank of Dallas President Robert Kaplan said Thursday he believes two more rate increases would be appropriate in 2017 but stressed those moves should be "gradual and patient."
    "I think that number three is, for me, a good baseline, base case for Fed policy this year," Mr. Kaplan said. "It could be more depending on how the economy unfolds but we'll see."
    Overall, the Dallas official said monetary policy needed to be "gradual and patient."

    U.K. consumer confidence was unchanged in March compared with the previous month, as British shoppers remained concerned about their own financial situation as well as the country's economic prospects over the year ahead, a survey showed Friday.
    The long-running barometer of consumer confidence, conducted for the European Union's executive by market researchers GfK U.K. Ltd., stood at minus 6 in February, same as the previous month. Economists polled by The Wall Street Journal expected a one-point decline in consumer sentiment in March.

    Stocks:
    ======
    European stocks face a mixed open Friday, with DAX futures up 2 points and FTSE 100 futures down 22 points.
    Asian stocks began the last day of the quarter mixed.
    The Nikkei Stock Average gained 0.7%, led by rises in Japanese financial stocks. That happened as the dollar reached its highest level in more than a week, topping Y112. The Shanghai Composite was up 0.3%, boosted by solid data, while Australia's S&P/ASX 200 was essentially even with Thursday's closing levels.
    U.S. stock indexes climbed Thursday, buoyed by gains in shares of financial companies. The Dow rose 69 points, or 0.3%, to 20728, while the S&P 500 and Nasdaq each added 0.3%.

    Corporate News:
    ==============
    Volkswagen reached additional emissions-cheating settlements with state attorneys general in the U.S., adding to the big financial hit the auto giant has suffered from rigging diesel-powered vehicles to dupe government regulators.
    Volkswagen agreed to pay roughly $157.5 million to 10 states, settling environmental and consumer claims stemming from the yearslong deception, the company said Thursday. Settlements from the longstanding fraud could eventually cost Volkswagen more than $25 billion in the U.S. alone, depending on how many vehicles the company is forced to repurchase from consumers.

    Forex:
    =====
    After taking another leg lower in U.S. trading Thursday, the euro has been hovering around the $1.0680 level in Asia.
    At the start of the week, the common currency got to $1.09 before a steady pullback since. Due to persistent speculation the ECB will start slowing its asset-purchase efforts, the pair may not gain much further downside momentum, said Mizuho's Kengo Suzuki.
    "I think the euro will stop falling above technical points," including $1.0620, the so-called upper end of Ichimoku chart cloud.
    USD/JPY broke above the 112-line during mid-morning trade in Asia, in a sign that dollar buying by Japanese corporates at the end of Japan's fiscal year on Friday has exceeded selling.
    The dollar rallied Thursday as investors parsed speeches from Fed officials for clues on the path for U.S. interest-rate increases. Several Fed officials have indicated this week that U.S. interest rates are set to rise multiple times this year.
    Fed-funds futures, used by investors to wager on the Fed's interest-rate policy outlook, show a 57% chance that the Fed raises rates at its June meeting, up from 54% on Wednesday. Markets are pricing in a 59% chance that the Fed raises rates two or more times throughout the rest of the year, according to CME Group data.
    "Data and relatively positive yield outlook for the dollar have, at least for now, distracted investors from last week's failed GOP health-care bill and the mounting doubts about the Trump Administration's ability to deliver on bold promises for tax cuts and infrastructure spending," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange.
    At 0350 GMT, USD/JPY was 112.06-07, EUR/USD was 1.0675-78 and GBP/USD 1.2486-88.

    Bonds:
    =====
    U.S. government bonds pulled back Thursday as solid economic data and a rise in oil prices sapped demand for haven debt.
    The yield on the benchmark 10-year Treasury note settled at 2.418%, compared with 2.385% Wednesday.
    "Markets have settled into ranges and we're probably stuck there for the time being," possibly until next week's jobs report, said John Canavan, market analyst at Stone and McCarthy Research Associates.
    Asset swap spreads of euro investment grade corporate bonds for each unit of leverage is back to pre-global financial crisis levels, implying "significant setback risk," UniCredit strategist Christian Weber said in a note Thursday.
    Leverage refers to the net debt-to-Ebitda ratio. Potentially increased earnings this year could even improve companies leverage, but this may not mask how little investors are compensated. And the start of the formal Brexit process is a reminder of looming risks.

    Energy:
    ======
    U.S. oil prices edged lower in early Asian trading but remained above the $50/barrel level they reclaimed during a second-straight rally Thursday.
    Sentiment has improved by the prospect of slowed growth last week in U.S. inventories and renewed optimism that OPEC and others may extend production cuts into the second half of 2017.
    "Saudi Arabia is no longer shouldering the cuts largely on it own, which increases the change of the production cuts being extended until the end of the year," said Commerzbank.
    At 0157 GMT, Nymex May WTI was down 12 cents at $50.24 and Brent was off 13 cents at $52.83.
    The European Union is giving up on efforts to stop a Russian pipeline project and instead proposing negotiations with Moscow to alleviate the security concerns of some of its members.
    Under pressure from about a dozen governments led by Poland, the EU had been attempting to block Nord Stream 2, which would provide a second gas link from Russia to Germany and double the Baltic Sea export capacity of Russian state-owned energy company, Gazprom.
    In a March 28 letter to the Danish and Swedish governments, seen Thursday by The Wall Street Journal, the European Commission said it has no basis to bar the planned pipeline. Pushing for a political solution, the commission said it would seek a mandate from EU governments to broker a deal with Russia that would define Nord Stream 2's legal framework and align it with Brussels's priorities.

    Metals:
    ======
    London spot gold prices extended falls in Asia due to dollar strength and fears the Fed may be more aggressive with rate increases this year.
    However, the retreat in prices is likely to be limited due to political jitters, which have increased safe haven demand. At 0243 GMT, gold was trading $1.50 lower at $1,241.35/ounce.

    Write to paul.larkins@wsj.com

    (MORE TO FOLLOW) Dow Jones Newswires
    March 31, 2017 00:02 ET (04:02 GMT)
    2017 Dow Jones & Company, Inc.
    Dow Jones Newswires , 31 March 2017 05:02
    European Morning Briefing: Other Top Stories

    Brexit Talks Pose Test for EU Unity
    The unexpected harmony that broke out in the European Union over Brexit following June's referendum will be tested now that the U.K. has signaled a start to formal negotiations. Brexit Talks Pose Test for EU Unity

    U.K. Steps Out of EU and Into a 'Bureaucratic Jungle'
    The U.K. government published proposals to convert swaths of EU laws and regulations into U.K. law, a plan it says will pave the way for a smooth transition after Brexit. U.K. Steps Out of EU and Into a ‘Bureaucratic Jungle’

    Russian, NATO Diplomats Discuss Baltic Forces
    Diplomats from Russia and the North Atlantic Treaty Organization met Thursday to discuss the two sides' military buildup in the Baltic Sea region, but questions remain about whether Moscow will brief allies on their large-scale exercise set for later in the year. Russian, NATO Diplomats Discuss Military Deployments in Baltic Sea Region

    Mike Flynn Offers to Testify in Exchange for Immunity
    Mike Flynn, President Donald Trump's former national security adviser, has told the Federal Bureau of Investigation and congressional officials investigating the Trump campaign's potential ties to Russia that he is willing to be interviewed in exchange for a grant of immunity from prosecution, according to officials with knowledge of the matter. Mike Flynn Offers to Testify in Exchange for Immunity

    As Brexit Talks Loom, Wishes Clash With Reality
    Some British ambitions in the divorce negotiations that Prime Minister Theresa May launched this week with the European Union are hard to reconcile with current realities. As Brexit Talks Loom, Wishes Clash With Reality

    Lloyd's of London to Set Up EU Subsidiary in Brussels
    Lloyd's of London Ltd., one of the world's largest insurance providers, said Thursday it will set up a new European Union subsidiary in Brussels to avoid losing business after Brexit. Lloyd’s of London to Set Up EU Subsidiary in Brussels

    Greek Lenders Alpha Bank, National Bank Returned to Profitability in 2016
    Greek banks Alpha Bank and National Bank returned to profitability in 2016 and reduced their exposure to nonperforming loans. Greek Lenders Alpha Bank, National Bank Returned to Profitability in 2016

    Brussels Police say Several People Hurt During Fight Near Turkish Embassy
    Several people were injured after a "serious incident" took place in front of the Turkish embassy in Brussels, following what local police called a confrontation between supporters and opponents of Turkish President Erdogan. Brussels Police say Several People Hurt During Fight Near Turkish Embassy

    London Attacker Made Test Run, Security Officials Say
    Investigators have concluded that the 52-year-old man who killed four people in a car-and-knife attack near Parliament made a test run in the days before, two security officials said Thursday. London Attacker Made Test Run, Security Officials Say
     
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    DJ App
    Dow Jones Newswires , 3 April 2017 04:28
    European Morning Briefing: Unemployment, Manufacturing Data in Focus
    Snapshot:
    ========
    Stocks seen mixed; EUR/USD 1.0679-82; German 10-Year bund yield 0.330%; Brent crude $53.46; gold $1242.72
    -Schneider Electric Nears $1 Billion Sale of Data-Software Unit DTN
    -Portugal Sells Novo Banco to Lone Star
    -Abe Adviser Calls for Clean Break at Bank of Japan
    -China Caixin Manufacturing PMI Edges Down in March
    Watch For: EU, Germany, France, Italy and U.K. Manufacturing PMI; EU Unemployment rate; no major earnings expected

    Outlook/Headline News:
    =============
    The eurozone's jobless rate resumed its long decline in February, figures to be released by the European Union's statistics agency are expected to show Monday. The four-year long drop in unemployment stalled in January, but economists expect a decline to 9.5% in February from 9.6% as the currency area's modest recovery continues.
    That will leave the jobless rate at roughly double its U.S. equivalent, one reason why economists don't expect to soon see the pickup in wages identified by the European Central Bank as essential if it is to meet its inflation target.
    The Bank of Japan should make a clean break from its current policy approach when Gov. Haruhiko Kuroda's term ends in spring 2018, said Nobuyuki Nakahara, an adviser to Prime Minister Shinzo Abe and an influential former BOJ board member.
    Mr. Kuroda's successor should announce a "second phase" of the BOJ's quantitative easing program in which it scraps its attempts to control Japanese government bond yields and slashes its purchasing of Japanese government debt by at least half, Mr. Nakahara said.
    The former central banker said that such a change in policy is needed because the yen's strength has been corrected, the labor market has tightened to reach full employment and wages have started to tick up. Under these circumstances inflation will return so the bank should scale back its intensive approach to trying to fuel inflation.
    China's nationwide factory activity expanded at a slower pace in March, according to a private gauge that gave a weaker reading for the manufacturing sector than official data.
    The Caixin China manufacturing purchasing managers' index fell to 51.2 in March from 51.7 in February, indicating a slower expansion of activity, Caixin Media and research firm Markit said Saturday.
    The index still shows China's manufacturing sector has avoided a contraction of activity for nine-straight months. The 50 level separates an expansion in manufacturing activity from a contraction.

    Stocks:
    ======
    IG futures suggest the DAX will open 23 points higher, the CAC 40 11 points higher and the FTSE 100 11 points lower.
    The second quarter kicked off with a lukewarm start for Asian equities Monday, with stock markets wavering between neutral and slight gains, ahead of Donald Trump's highly anticipated meeting with the Chinese premier later this week.
    Japan's Nikkei Stock Average was up 0.4% in morning trade, shrugging off a stronger yen as the index rebounded from a seven-week low Friday. Australia's S&P/ ASX 200 was 0.2% lower, weighed down by disappointing retail sales data, while Korea's Kospi rose 0.3% and the Hang Seng Index was 0.5% higher. Chinese markets were closed.
    Caution is growing over U.S. economic policies ahead of the meeting of U.S. President Donald Trump and Chinese President Xi Jinping later this week. Trump on Friday signed executive orders aimed at at curbing what he sees as unfair trade practices, which many see as targeted at China ahead of Mr. Xi's visit to the U.S.
    U.S. stocks closed lower on Friday, but still posted sizable weekly and quarterly gains. Monthly performance was mixed.
    The S&P 500 index closed 0.2% lower. Financials, which were the main laggards in March, lead the losses on Friday, down 0.7%.
    Real estate shares, utilities and consumer discretionary stocks attracted buyers. Technology stocks were the best performers over the past quarter, up 12%.
    The Dow Jones Industrial Average shed 0.3%. The blue-chip index was up 0.2% over the week, but down 0.7% over the month.
    The oldest index is up 4.6% over the past quarter, marking the sixth consecutive quarterly gain, the longest since the fourth quarter of 2006.

    Corporate News:
    ==============
    French power-equipment supplier Schneider Electric is close to selling U.S.-based data-software business DTN to a Europe-based financial investor in a deal valued at around $1 billion, according to a person familiar with the matter.
    The planned transaction, depending on final negotiations, could be announced in the next couple of days, the person said. The identity of the buyer couldn't immediately be learned.
    Schneider acquired DTN, which distributes real-time weather information to farmers and other customers, as part of its EUR1.4 billion ($1.5 billion) acquisition in 2011 of Spain's Telvent. But in October, Schneider announced a strategic review of the business, and decided against trying to build a subscription-based business as a new source of revenue.
    Portugal's government said Friday that it reached a deal to sell Novo Banco to U.S. private-equity firm Lone Star Funds, closing a long and chaotic process that started with the collapse of Banco Espirito Santo in 2014.
    Dallas-based Lone Star will inject EUR1 billion ($1.07 billion) into Novo Banco for a 75% stake, while a resolution fund supported by the system's banks will hold the remainder. The setup could ultimately leave Portuguese taxpayers exposed to losses, which is what the country's central bank had tried to avoid when it imposed a resolution on the lender almost three years ago.
    Banco Espirito Santo collapsed in August 2014 amid a record first-half loss triggered by its exposure to its troubled family-controlled parent company. The Bank of Portugal then broke up the bank into a "good bank," called Novo Banco, and a "bad" one, which kept the toxic exposure to the Espirito Santo empire.

    Forex:
    =====
    The euro is likely to remain in a 1.0620-1.0700 range during Asia trade, amid a lack of fresh trading cues, says Osao Iizuka, head of FX trading at Sumitomo Mitsui Trust Bank.
    Investors await the eurozone PMI, among other indicators due later today. However, the pair should show resilience to the data unless something very unusual figures come out, he says. Rather, the euro shows vulnerability to the eurozone politics, as well as to the ECB's policy stance.
    The USD/JPY will likely trade in a 110-120 range this fiscal year, but may find it difficult to stay above 115 until the summer, says FPG Securities chief executive Koji Fukaya in a note.
    "Even after the dollar breaks above Y115, the U.S. currency may find it difficult to go in only one direction," he says. And the USD/JPY also has the potential to slide amid the potential for political surprise he says, referring to doubts that U.S. will be able to push through a promised policy agenda and eurozone elections in key countries.
    At 0250 GMT, EUR/USD was at 1.0679-82, USD/JPY was at 111.35-36 and GBP/USD was at 1.2538-40.

    Bonds:
    =====
    U.S. government bonds remained in a tight range Friday as traders weighed strong inflation data against indications that the Federal Reserve will still take a cautious approach to raising interest rates.
    The yield on the benchmark 10-year Treasury note closed around 2.411% Friday, compared with 2.418% Thursday.
    Yields initially ticked up in the morning after the Commerce Department said the personal-consumption expenditures price index rose 2.1% from a year earlier, marking the first time it has exceeded the Fed's 2% target in nearly five years.
    Shortly after the inflation data was released, however, yields dropped as Federal Reserve Bank of New York President William Dudley said in a television interview that two more rate increases this year "seems reasonable" based on current economic conditions.
    That kept to the forecast of three rate-increases in 2017 that Fed officials have communicated since December and that, by now, has been largely priced into the bond market.
    It was also consistent with what other Fed officials have said in recent weeks, which is "basically that we're looking for more rate increases, but we are absolutely in no rush to raise rates at a much faster pace" given continued weakness in parts of the economy, said Gennadiy Goldberg, U.S. rates strategist at TD Securities in New York.

    Energy:
    ======
    After their strongest week of 2017, oil futures took a breather in Asia trading.
    Sentiment has turned again on the effectiveness and staying power of the OPEC-led production cuts, helping fuel last week's price rebound. In that, "higher oil prices may see energy stocks underbid," says Michael McCarthy of CMC Markets.
    Nymex May WTI was down 4 cents at $50.56 a barrel and June Brent was off 7 cents at $53.46.

    Metals:
    ======
    London spot-gold prices are slightly lower in Asia, though it remains near 1-month highs.
    Investors have now discounted the chance of a more-aggressive pace of monetary tightening this year, and global political uncertainty is also supporting gold. Of late, South Africa President Zuma sacked his finance minister, prompting fears of an imminent downgrade.
    Spot gold was down $1.06 at $1,242.72/troy ounce.

    Write to toby.luckhurst@wsj.com

    (MORE TO FOLLOW) Dow Jones Newswires
    April 02, 2017 23:28 ET (03:28 GMT)
    2017 Dow Jones & Company, Inc.
    Dow Jones Newswires , 3 April 2017 04:28
    European Morning Briefing: Other Top Stories

    Trump Willing to Take Unilateral Action on North Korea
    President Donald Trump emphasized that the U.S. is willing to take unilateral action against North Korea if China doesn't move to contain the burgeoning nuclear power.
    Trump Says U.S. Willing to Take Unilateral Action on North Korea

    Colombia Searches for Survivors of Flood, Landslide
    Colombia's army and emergency response teams continued their search for survivors of a flood and landslide in remote Putumayo state that left more than 200 people dead and more than 200 others missing, officials said.
    Colombia Pledges Aid for Survivors of Flood, Landslide

    Oil Companies' Modest Prize: Breaking Even
    Despite billions of dollars in spending cuts and a modest oil-price rebound, Exxon Mobil, Royal Dutch Shell, Chevron and BP didn't make enough money in 2016 to cover their costs, according to a Wall Street Journal analysis.
    Oil Companies’ Modest Prize: Breaking Even

    Syria's Civil War Produces a Clear Winner: Hezbollah
    The Lebanese militant group, labeled a terror organization by the U.S., has grown stronger through its support of the Assad regime, battling Syrian rebels alongside Russian forces and training local Shiite fighters.
    Syria’s Civil War Produces a Clear Winner: Hezbollah

    U.K.'s Challenge: Reconciling Its Brexit Aims
    Prime Minister Theresa May needs a deal that achieves three objectives. But the objectives may be irreconcilable.
    U.K.’s Challenge: Reconciling Its Brexit Aims

    Serbian Prime Minister Claims Victory in Presidential Election
    Pollsters say Aleksandar Vucic gained 55% of votes cast in Sunday's election.
    Serbian Prime Minister Claims Victory in Presidential Election

    EU Aid to Support Afghan Peace Deal With Warlord
    EU hopes funds will commit to help implement the U.S.-backed peace agreement with Hezb-e-Islami.
    EU Aid to Support Afghan Peace Deal With Warlord

    Europe Deal Value Pushes Sharply Higher Despite China's Pullback
    After more than tripling last year, Chinese acquisitions in Europe fell 87% in the first quarter, but a drive by North American and European companies to boost profits has pushed deal value in Europe sharply higher in the first three months of 2017.
    European M&A Activity Buoyant Despite Chinese Pullback
     
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