(BERLIN) European missile maker MBDA prefers to form cooperation agreements with U.S. companies instead of using takeovers to gain access to the large U.S. arms market, Chief Executive Antoine Bouvier told Reuters in an interview #AceFinanceDesk reports

#AceFinanceReport – Apr.27: MDBA is jointly owned by Airbus Group, Britain’s BAE Systems and Italy’s Leonardo It is not in our plan to take over U.S. companies: There is a very tight regulation and our view is that to partner with large U.S. companies is the preferred option, Bouvier said in an interview on the sidelines of the ILA Berlin Air Show: He said MBDA would pursue cooperation deals inside and outside the United States, but did not name potential partners #AceFinanceDesk reports

MDBA has faced stiff challenges in selling its Brimstone missiles and other equipment in the U.S. market, which constitutes about 40 percent of the world missile market, excluding Russia and China, he said: Bouvier noted that MBDA was already working closely with top U.S. arms maker Lockheed Martin Corp in Germany, where the two companies have formed a joint venture to hammer out an agreement with the defense ministry about a multibillion-euro missile defense system called TLVS.

The head of Lockheed’s missiles and fire control business on Wednesday said the two companies hoped to finalize a contract for TLVS by the end of 2018: Bouvier said that cooperation could expand outside Germany in the future, given what he called the “huge potential for export” of the TLVS system………“When the German customer confirms TLVS then we will have a number of opportunities outside Germany with Lockheed Martin,” he said, citing current Patriot operators outside Europe as possible buyers: Missile maker MBDA plans tie-ups not takeovers in U.S. push: https://t.me/reuters_news/43302: Reporting by Andrea Shalal; Editing by Keith Weir

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(BRUSSELS) The European Union has started monitoring imports of aluminum to determine whether U.S. tariffs have led to a surge in shipments of the metal into Europe, the EU official journal said on Thursday #AceFinanceDesk reports

#AceFinanceReport – Apr.26: Data collected on the quantity and value of incoming aluminum products will help the bloc decide whether to take measures to limit imports: The European Commission began an investigation last month to assess the need for potential “safeguard” measures for steel.. Steel imports have been under surveillance since April 2016 #AceFinanceDesk reports

The United States imposed import tariffs of 25 percent on steel and 10 percent on aluminum in March, although the European Union and six other countries secured temporary exemptions: The Commission, which oversees trade policy in the 28-nation EU, believes that the 10 percent tariff introduced by the United States has increased the risk that more aluminum will be diverted to Europe at depressed prices.

The EU official journal said that aluminum product imports increased by 28 percent between 2013 and 2017, while prices of such imports fell by 5 percent: Significant oversupply has built up since the early 2000s, with most of the new capacity in China, the journal said. …………..It added that although China exports very little primary aluminum, this has depressed prices of the globally traded commodity:

In the European Union, only 16 smelters are still in operation, compared with 26 in 2008, and a number are at risk of closure, it added………..The surveillance will apply to imports of aluminum exceeding 2.5 tonnes: EU starts monitoring aluminum imports after U.S. tariffs https://t.co/jpAUA88xJj pic.twitter.com/218unwNdTY— Reuters Business April 26, 2018: Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek and Hugh Lawson

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JUST IN: Germany agrees to #NordStream2 pipeline running under the Baltic Sea as officials say that does not make us more dependent on Russia they are just a vey “ reliable supplier “ as Merkel plans to meet Trump in Washington on Friday #AceFinanceDesk reports

#AFNews – 26/04/18: Germany is not making itself more dependent on Russia by agreeing to the new Nord Stream 2 gas pipeline running under the Baltic Sea, a senior German government official said on Thursday #AceFinanceDesk reports

Our analysis is … that does not make us more dependent on Russia,” he said before Chancellor Angela Merkel meets U.S. President Donald Trump in Washington on Friday …………” Russia is a very reliable supplier.” https://t.me/reuters_news/43274

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JUST IN: MOSCOW – Russia said on Wednesday that it expected to sign a deal with India this year on the sale of S-400 surface-to-air missiles, the Interfax news agency reported #AceFinanceDesk reports

#AFNews – 25/04/18: It cited Russia’s Federal Service for Military-Technical Cooperation as saying that all the technical aspects of the contract had been agreed and a price just needed to be decided #AceFinanceDesk reports

“I think that in the current year we will sign the corresponding contract document,” Interfax quoted Dmitry Shugaev, the head of the Federal Service for Military-Technical Cooperation, as saying: Russia says expects to sign deal with India on S-400 missiles sale https://t.co/A2i2VcBiAZ pic.twitter.com/GM9osokPvx— The Jerusalem Post April 25, 2018: https://t.me/acebreakingnews/682818

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MARKETS REPORT: #US Dow drops by 600-points on earnings and has fallen for the past five straight days — its longest losing streak in more than a year — and has given up its gains for the year as Wall Street see closure down 424-points #AceFinanceDesk reports

#AceFinanceReport – Apr.24: Seemingly good results from Dow components Caterpillar, Coca-Cola and United Technologies (UTX) didn’t please Wall Street: The Dow closed down 425 points, or 1.7%, after opening with a 130-point gain. At its worst point of the day, the Dow was down more than 600 points #AceFinanceDesk reports

The Dow has fallen for the past five straight days — its longest losing streak in more than a year — and has given up its gains for the year. Why the nearly 650-point swing in the Dow in a matter of hours? Once investors took a closer look at the results, they focused on the negatives………Caterpillar (CAT), for example, warned that profit margins would probably not get any higher this year than they are now……..And Coke (KO) investors were disappointed that lower prices may have helped drive sales — even though Diet Coke finally returned to growth. Shares of Caterpillar plunged 6% while Coke’s stock lost 2%.

Verizon was one of the few companies that posted strong results Tuesday that didn’t seem to have any caveats — and it was rewarded for it. Shares of Verizon (VZ) rose 2%……..But other earnings reports were downright gloomy. 3M (MMM), another Dow component, lowered its outlook for the year. That sent its stock plunging 7%. Insurance company Travelers (TRV), also in the Dow, fell 3% after its earnings missed forecasts……..All this negativity dragged down other old-school, classic industrial Dow companies too. Boeing (BA) and DowDuPont (DWDP) both fell about 3%……..And tech investors were disappointed by increased expenses at Google parent Alphabet:

Why everyone is stressing about the 10-year Treasury

Even though Alphabet (GOOGL) posted solid gains in earnings and revenue that easily topped Wall Street’s estimates, the stock fell 5% — and that helped drag down the S&P 500, Nasdaq and tech titans Apple (AAPL), Amazon (AMZN), Microsoft (MSFT) and Facebook (FB)………..It didn’t help that the yield on the 10-year US Treasury note rose above 3% for the first time in more than four years Tuesday morning……..If this benchmark bond rate keeps climbing, it may make it more expensive to borrow money for mortgages and auto loans and could eat into profits at big US companies — especially since the Federal Reserve is expected to keep raising short-term rates:

Still, one expert said investors may be overreacting to the moves in the bond market.

“I don’t know that there is any magic to the 3.0% level other than it is a nice round number,” said Jeff Mills, co-chief investment strategist for PNC Financial Services Group. “There is no rule that says rising rates are bad for the stock market.” ……….Mills added that since 1928, stocks have actually done a little bit better when rates have gone up. The market has gained about 11% on average during years that rates have gone up and 9% in years of falling rates…………..But jittery investors don’t seem to care about historical market facts right now. They are selling first and asking questions later………Dow drops 425 points on earnings for its longest losing streak in a year https://cnnmon.ie/2Jn23ZX pic.twitter.com/W0hw223UBv: CNNMoney (New York) First published April 24, 2018: 1:47 PM ET #AceFinanceNews

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(WASHINGTON) According to a ‘ Congressional Report ‘ released Monday ‘ tax break ‘ for mortgage interest disappearing for half of those who claimed it and only 13.8-million will be able to claim the ‘ mortgage interest deduction ‘ in 2018 down from more than 32.3-million in 2017: Here’s the chart on how it affects you #AceFinanceDesk reports

#AceFinanceReport – Apr.24: The number of homeowners who will benefit from the mortgage tax break is expected to plummet this year by more than half, according to a congressional report released on Monday: About 13.8 million taxpayers will be able to claim the mortgage-interest deduction in 2018, down from more 32.3 million in 2017, estimates from the Joint Committee on Taxation show……………That’s about a 57 percent drop #AceFinanceDesk reports

Tax returns using mortgage interest deduction

Income 2017 tax returns 2018 tax returns
less than $10,000 under 500 under 500
$10,000-$20,000 105,000 42,000
$20,000-$30,000 244,000 73,000
$30,000-$40,000 540,000 143,000
$40,000-$50,000 961,000 281,000
$50,000-$75,000 3,967,000 1,343,000
$75,000-$100,000 4,563,000 1,826,000
$100,000-$200,000 14,227,000 5,402,000
$200,000-$500,000 6,575,000 3,681,000
$500,000-$1 million 797,000 657,000
$1 million and over 328,000 314,000

Source: Joint Committee on Taxation estimates

Already, the deduction was not used by most taxpayers. Of the 150 million or so tax returns the IRS has received annually in recent years, just 20 percent claimed the deduction, according to research from the Urban Brookings Tax Policy Center:

The anticipated drop is largely due to the near-doubling of the standard deduction that took effect Jan. 1 under the new tax law. Fewer taxpayers are expected to itemize their deductions, which is the only way to take advantage of the tax break for interest paid on mortgages.The new report estimates that 18 million households will itemize deductions this year, down from 46.5 million last year:

Taxpayers would need deductions worth more than the standard deduction for itemizing to make financial sense. And with few deductions left for taxpayers to turn to, that threshold will be a harder hurdle to clear.

For example, married couples filing jointly now get a standard deduction of $24,000, up from $12,700 last year. That amount for single filers is $12,000, up from $6,350. For heads of households, it’s now $18,000, up from $9,350. In combination with raising those amounts, the new tax eliminated personal exemptions: Tax break for mortgage interest disappearing for half of those who claimed it https://t.co/KE71rXsqTH— CNBC (@CNBC) April 24, 2018: https://t.me/acebreakingnews/679338 #AceFinanceNews

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PRESS RELEASE: (MEXICO/EU) Reach trade deal that virtually eliminates tariffs for ALL GOODS traded between EU-member nations and Mexico according to an announcement on Saturday by the EU Commission as Beijing welcomes offer to hold talks with Mnuchin over trade #AceFinanceDesk reports

#AceFinanceNews – Apr.23: The wide-reaching deal will simplify the customs process and eliminate tariffs for “practically all” goods traded between EU-member nations and Mexico, according to an announcement posted Saturday by the European Commission #AceFinanceDesk reports

Mexico and the EU said last year they would accelerate their talks to update a trade agreement signed in 2000 as the United States threatened to slap tariffs on Mexican imports and withdraw from NAFTA: Officials appeared to take a jab at US President Donald Trump’s policies in statements praising the Mexico-EU deal as a defense of “open” and “rules-based” trade.

How cities that are safe attract investment

Discover how safer cities around the world are leveraging technology innovatively and flourishing as a result of their forward-thinking investment………”Mexico and the EU worked together and reached a mutually beneficial outcome,” said European Commission President Jean-Claude Juncker. “We did it as partners who are willing to discuss, to defend their interests while at the same time being willing to compromise to meet each other’s expectations.” ………….The deal marks a move by Mexico to pivot away from its reliance on trade with the United States………..Officials also say the agreement opens the door for companies in the European Union or Mexico to bid for government contracts abroad. It also outlines labor, safety and environmental safety standards………….Additional details about the agreement will still need to be hashed out before it becomes official.

Mexico and the European Union reach a trade deal that virtually eliminates tariffs. The deal marks a move by Mexico to pivot away from its reliance on trade with the US. https://cnnmon.ie/2HSQk5V pic.twitter.com/2UZbiMTH8M: CNNMoney (New York) First published April 22, 2018: 6:22 PM ET

#AceRelatedNewsChina ‘welcomes’ Mnuchin’s offer to hold trade talks in Beijing

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MARKETS: Monday: #Asia stocks mostly down after US-led-Syria strike over fresh concerns about the Middle East as Hong Kong fell 1.6 percent, while Shanghai had slipped 1.5 percent at the close, with traders there awaiting the release Tuesday of first-quarter Chinese growth data #AceFinanceDesk reports

#AceFinanceNews – Apr.16: Most Asian markets fell on Monday after a US-led strike on Syrian targets fuelled fresh concerns over the tinderbox Middle East, though analysts said investors were hopeful the crisis would not escalate #AceFinanceDesk reports

Asia stocks mostly down after Syria strike: The Syria crisis, which has seen the West’s relationship with Russia grow increasingly frosty, has encompassed other regional players including Iran, Saudi Arabia and Israel, and led to talk of a military standoff: Hong Kong fell 1.6 percent, while Shanghai had slipped 1.5 percent at the close, with traders there awaiting the release Tuesday of first-quarter Chinese growth data.

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(MADRID) Spain and Saudi Arabia have signed a framework agreement to sell the Gulf Arab state warships under a deal estimated to be worth around 1.8 billion euros ($2.2 billion) as activists and campaign groups voice dissent at selling military equipment to Saudis over human rights abuses #AceFinanceDesk reports

#AceFinanceReport – Apr.13: Saudi Arabia’s crown prince and Spain’s defense minister signed an “executive summary to facilitate the necessary procedures” for the Saudi Defence Ministry to sign a contract with Spanish state-owned shipbuilder Navantia for the supply of warships, a Saudi government statement said late on Thursday: A Spanish Defence Ministry source said that under the deal, Navantia would sell five small warships, Spain’s army would train Saudi military personnel and contractors would build a naval construction center in the kingdom #AceFinanceDesk reports

Campaign groups Amnesty International, Spain’s FundiPau, Greenpeace and Oxfam have called on Spain to stop selling military equipment to the Saudis, accusing the kingdom of abusing rights – charges it denies: The two sides have been negotiating the warship deal since 2015, and the final contract between the Saudi Defence Ministry and Navantia would take longer to complete, the source said……….An industry official confirmed the details of the agreement, though Navantia declined to comment: Saudi Crown Prince Mohammed bin Salman, who serves as defense minister and controls economic and energy policy, was welcomed by Spain’s King Felipe VI at the Zarzuela palace on the outskirts of Madrid………He also met Prime Minister Mariano Rajoy and Defence Minister Maria Dolores de Cospedal during his visit which culminated in the signing of six agreements in the areas of defense, air transport, culture, technology and labor and social development, the Saudi statement said.

Spain signs $2.2 billion framework deal to sell warships to Saudi Arabia: https://t.me/reuters_news/42370: Writing by Isla Binnie; Editing by Julien Toyer and Alison Williams

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MARKETS REPORT: #US Stocks plunged again Friday over increasing concerns about a trade war between the United States and China: The Dow Jones industrial average lost 572 points by the close, shedding 2.3 percent: The Standard & Poor’s 500 dropped nearly 2.2 percent, while the NASDAQ fell nearly 2.3 percent at the end of trading as Donald Trump promises a $100-billion in Chinese exports #AceFinanceDesk reports

#AceFinanceReport – Apr.07: Earlier Friday, President Donald Trump continued to protest China’s trade practices after threatening China on Thursday with increased tariffs on $100 billion worth of additional goods: In a twitter post Friday, Trump said, “China, which is a great economic power, is considered a Developing Nation within the World Trade Organisation #AceFinanceDesk reports
image1.jpeg

Voice of America reported they therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair. We were badly represented. The WTO is unfair to U.S.” China’s commerce ministry said in a statement Friday that if Washington persisted in what Beijing described as protectionism, China would “dedicate itself to the end and at any cost and will definitely fight back firmly.” Since the start of this week, the United States and China have been engaging in a tit-for-tat trade spat: http://bitly.com/2GE4hHE

Early in the week, the United States proposed tariffs on $50 billion worth of Chinese goods. China then said it would impose tariff hikes on $50 billion worth of U.S. goods, including soybeans and small aircraft: On Thursday, Trump announced he had instructed the U.S. trade representative to consider whether tariffs on another $100 billion worth of Chinese goods would be appropriate. ‘China created this problem’ The White House blamed China on Friday for trade practices it said were illegal and unfair. “China created this problem, and the president is trying to put pressure on them to fix this, and take back some of the terrible actions that they’ve had in the last several decades,” said White House press secretary Sarah Huckabee Sanders during the daily briefing Friday.

Despite Trump’s threats for more sanctions, he has insisted the U.S. is not engaged in a trade dispute with the Asian nation. U.S. stocks also were affected this past Monday by Trump’s new verbal attack on giant online retailer Amazon. Since Trump started his criticism of Amazon, the company has lost more than $37 billion in market value.

Stocks tumbled Friday as trade tensions between the United States and China heated up: The Dow closed down 572 points, a drop of 2.3%, after President Trump threatened to escalate a confrontation with China over trade. It fell as much as 767 points earlier in the day. The S&P 500 and the Nasdaq each declined more than 2%……….Friday’s losses wiped out gains for the week, and the Dow sank back into correction territory — 10% below its all-time closing high in January.

Trump threatens China with new $100 billion tariff plan in Chinese exports as the fear of a policy mistake on trade is increasing,” said Art Hogan, chief market strategist at B. Riley FBR.

All 30 companies on the Dow lost ground on Friday. Caterpillar, Boeing and Nike, giants with heavy exposure in China, were among the biggest losers in the index.

“The ratcheting up of trade tensions clearly carries risks. The tariff threats, even if only intended as bargaining tools, will be difficult to back down from if talks fail to deliver results,” Capital Economics’ Julian Evans-Pritchard wrote in a research note Friday.

Anxiety returned to Wall Street after three days of gains. The VIX, a measure of market volatility, spiked 12%. CNNMoney’s Fear and Greed index sank further into “extreme fear” territory.

Wary investors had been holding out hope that the two sides will reach a deal before the proposed trade barriers go into effect.

White House officials, including top economic adviser Larry Kudlow, have sought in recent days to soothe business leaders’ fears of a trade war that would constrain economic growth.

Earlier this week, the Trump administration announced plans for tariffs on $50 billion worth of Chinese goods in retaliation for China’s alleged theft of US intellectual property. Beijing fired back hours later by threatening tariffs on $50 billion worth of US goods, including cars, planes and soybeans.

The market had been interpreting Trump’s proposed tariffs as negotiating tactics meant to extract concessions out of China rather than a rigid position. But Wall Street began to reassess that view as the administration sent conflicting signals throughout the day.

“We’ve gone from Larry Kudlow trying to calm the markets down to the administration saying, ‘Hey, ignore the markets,’” Hogan said.

In a radio interview Friday morning, Trump said, “I’m not saying there won’t be a little pain, but the market has gone up 40%, 42%, so we might lose a little bit of it.”

Kudlow, speaking to reporters shortly after the markets opened, said, “Now, we’re not running a trade war.” He stressed that the US tariffs on China were simply proposals, still to be vetted by trade officials and open to public comment.

Selling accelerated later in the day after Treasury Secretary Steve Mnuchin told CNBC, “There is the potential of a trade war.”

Investors had been operating under the assumption China and the United States were negotiating to avoid a trade conflict, but Mnuchin avoided questions about whether the two countries were actively talking.

“As no one came out to pull this back, there was a gradual realization that this was something that might be a little more serious,” said Brad McMillan, chief investment officer for Commonwealth Financial Network.

Analysts said the market also responded to Federal Reserve Chair Jerome Powell, who said that the US economy was growing and a turbulent stock market would not change the Fed’s course to gradually raise interest rates.

The Fed is on track to raise rates three times this year, but it could speed up the increases to keep the economy from overheating.

“Markets are forced to confront the idea that rates are going up and the stock market is not going to derail that process,” McMillan said.

Stocks were mostly unaffected by the March jobs report, which showed that the US economy added 103,000 positions, down from a much bigger gain in February and well below what analysts were expecting.

Wages grew 2.7% in March compared with a year earlier, in line with expectations. Investors were watching that number because it’s a barometer of inflation. In February, an unexpected jump in wage growth set off inflation alarm bells and caused stocks to plunge.

The combination of the hiring slowdowns and modest wage growth temporarily eased Wall Street’s concerns that the economy was overheating.

The yield on the 10-year US Treasury note, which has been steadily climbing as investors’ inflation expectations rise, dipped to 2.78% after the jobs report.

“Investors breathed a sigh of relief,” said Sam Stovall, chief investment strategist at CFRA Research. “Now we only have one issue to deal with, and that’s trade.”

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