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Trump says economy would have grown over 4% if not for the Fed: Morning Brief

Friday, March 22, 2019

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World markets sunk on Friday following a report that showed Germany’s economy is in trouble. The preliminary manufacturing purchasing managers’ index (PMI) sunk to a 79-month low of 44.7. “Uncertainty towards Brexit and US-China trade relations, a slowdown in the car industry and generally softer global demand all continue to weigh heavily on the performance of the manufacturing sector, which is now registering the steepest rate of contraction since 2012,” IHS Markit economist Phil Smith said.

IHS Markit releases its preliminary print of the U.S. manufacturing purchasing managers’ index for March at 9:45 a.m. ET, with consensus economists expecting PMI to register at 53.5. This would mark a slight improvement from February’s reading of 53, which had been the lowest since August 2017 as expansion in output and new orders each slowed.

IHS Markit’s report comes as other indicators domestically and abroad have pointed to softening in goods-producing industries. These, in turn, have fueled concerns for a broad global slowdown.

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President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington. (AP Photo/Alex Brandon)

Trump says economy would've grown more if not for the Fed: President Donald Trump says the economy would have grown over 4% instead of 3.1% if the Federal Reserve had not raised rates during 2018. Trump added that he does not care if he “influenced or not” the Fed’s decision to pause on rate hikes. In an interview with Fox Business Network’s Maria Bartiromo to be aired Friday morning, Trump took issue with the central bank’s latest projections for slower growth in 2019. [Yahoo Finance]

Also: Trump to consider Stephen Moore for Federal Reserve Board [Bloomberg]

Pinterest to move up IPO: Pinterest Inc. has moved up its plans for an initial public offering to April, according to a person familiar with the matter, adding to a surge of soon-to-list tech-related companies in the U.S. [Bloomberg]

Uber picks NYSE for its mega IPO: Uber Technologies Inc. has selected the New York Stock Exchange for its imminent initial public offering, handing the trading floor what could be one of the five biggest listings of all time, according to a person familiar with the matter. [Bloomberg]

Nike's North American sales disappoint, shares fall: Sales in North America, Nike’s (NKE) largest market, grew 7% to $3.81 billion in the third quarter, reversing a 6% decline in the year-ago quarter. However, sales in the region were below the $3.85 billion expected by analysts ahead of results. The results sent shares lower in extended trading. [Yahoo Finance]

Novartis will list Alcon eye care business: Shares in Alcon, the eye care business being spun-off by Novartis (NVS), are expected to start trading on April 9 on the Swiss market and the New York Stock Exchange, the Swiss pharmaceuticals company said on Friday. [Reuters]


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