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DAILY MARKET REPORTS

  • Investors watching for outcome to gauge President Trump’s likely legislative success.
  • President Donald Trump is struggling to get enough votes to pass a healthcare bill in Congress.
  • The S&P 500 has gained 10% since the Nov. 8 presidential election, spurred mainly by Trump’s campaign promises to enact legislation that are seen as pro-business.
  • Ford said it would be less profitable in 2017 on a pre-tax basis, compared with a year earlier.
  • Accenture fell 3.9% after the consulting and outsourcing services provider’s quarterly profit slipped.

US FINANCIAL MARKET

Ford Motor Warns Profit Will Fall in 2017

  • Its current projection for $9 billion in pretax profit for the full year compares with the $10.4 billion earned in 2016.
  • Ford began the year projecting a 4 percent reduction in North American vehicle production in the first quarter.
  • The first quarter will be as bad as it gets for the company this year, Shanks said in a phone interview.

Accenture Reports Strong Second-Quarter Fiscal 2017 Results

  • Revenues increase 5% in U.S. dollars and 6% in local currency to $8.3 billion.
  • Operating income increases 5% to $1.14 billion, with operating margin of 13.7%.
  • New bookings are $9.2 billion, with consulting bookings of $4.6 billion and outsourcing bookings of $4.6 billion.

AT&T, Verizon Pull Ads from Google over ‘Hate’ Videos

  • The companies said the suspensions were in response to evidence that Google placed their ads on extremist YouTube videos.
  • The two wireless carriers and pharmaceutical company GlaxoSmithKline suspended advertising spending on Google except for search, encompassing all ads on Google’s YouTube site and the more than two million third-party websites in Google’s advertising network.
  • Johnson & Johnson and rental-car firm Enterprise Holdings Inc. said they were canceling advertising on YouTube.

Wells Fargo introduces cardless ATMs across U.S. in digital push

  • Starting on Monday, Wells Fargo depositors can withdraw money using a smartphone at any branded ATM, the latest sign of U.S. lenders moving away from traditional brick-and-mortar banking.
  • The San Francisco-based bank decided to apply the smartphone technology to all of its 13,000 cash machines after piloting the idea in select locations across the country.
  • The 20 million customers on Wells Fargo’s mobile banking app will be able to request an eight-digit code to enter along with their personal identification code at an ATM to retrieve cash.

Akzo Nobel CEO: won’t meet with PPG to talk about bid

  • Ton Buechner said on Wednesday he was not planning to meet or talk with Michael McGarry, his counterpart at U.S. suitor PPG Industries.
  • Akzo rejected an improved 22.7 billion-euro ($24.51 billion) takeover offer from PPG as insufficient on Wednesday, prompting calls from several shareholders for the companies to enter talks.

Teva Pharm says media reports of up to 6,000 layoffs incorrect

  • Teva plans to end unprofitable activities and freeze recruitment, but said Israeli media reports of up to 6,000 layoffs were incorrect.
  • Earlier on Thursday, two of Israel’s leading financial news websites carried separate reports that Teva, the world’s biggest generic drug maker and Israel’s largest company, planned to fire between 2,000 and 6,000 workers – or as much as 11 percent of the workforce.
  • Teva employs around 57,000 people globally.

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US ECONOMY & POLITICS

Jobless claims unexpectedly rise; labor market still strong

  • Initial claims for state unemployment benefits increased 15,000 to a seasonally adjusted 258,000.
  • Claims have now been below 300,000, a threshold associated with a healthy labor market for 80 straight weeks.
  • Thursday’s claims report also showed the number of people still receiving benefits after an initial week of aid fell 39,000 to 2.0 million in the week ended March 11.

New Home Sales at 592,000

  • Purchases of newly built, single-family houses, which account for a small share of overall U.S. home sales, jumped 6.1% from January to a seasonally adjusted annual rate 592,000 last month.

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EUROPE & WORLD

Apple to Start Making iPhones in India over Next Two Months

  • Taiwanese contract manufacturer Wistron will likely start making iPhone 6 and 6S models here in the next four-to-six weeks at its plant in Bangalore.
  • It will add Apple’s cheapest iPhone model, the SE, to its assembly line in about three months, the official said.

Canada budget surplus rises slightly in January from year ago

  • The government ran a surplus of C$1.24 billion, up from C$1.07 billion in January 2016. Revenues rose 7.1 percent in January from the year before, though program expenses similarly rose 7.7 percent.

Canadian debt issuance rises with deficit

  • Canada’s bond issuance will rise to C$142 billion in 2017-18 as the budget deficit climbs to C$28.5 billion.
  • Issuance had jumped 45 percent to an estimated C$135 billion in 2016-17.
  • Oil is one of Canada’s major exports.

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TODAY in HISTORY

  • Lewis and Clark began their return journey east (1806)
  • Benito Mussolini founded his own party in Italy, the Fasci di Combattimento (1919)
  • Russia’s Mir space station ended its 15-year orbit of the Earth, splashing down in the South Pacific (2001)
  • President Barack Obama signed a health-care overhaul bill, called the Patient Protection and Affordable Care Act, into law (2010)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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