While the relief rally in France over Macron’s lead continues, there is reason for caution. Leftist candidate Mélanchon is refusing to back the former Rothschild banker against Marine Le Pen, the anti-immigrant right-wing populist.

And once again, according to both Macron’s En Marche movement and Japanese counter-espionage trackers, Vladimir Putin’s pirates are trying to hack into the e-mail systems of a strong opponent of the Russian leader. The Kremlin’s “APT 28” has made a half dozen phishing attempts against Macron’s movement, similar to what hit the Democrats during the US election campaign. Like Donald Trump then, Ms Le Pen has been making noises about the need for better relations with Russia.

To give credit where it is due, it looks like Pres. Trump has won Beijing’s leaders over to a tougher stance against North Korean nuclear ambitions. China now says it will not respond if the US makes a surgical military strike on North Korea.

By giving up on his crusade against the RMB’s alleged “manipulation” downward, not backed by what the currency is in fact doing, Trump has gotten the Chinese to switch their stance on murderous juvenile dynast Kim Yong-un in North Korea. Now the US is setting up a missile defense system in South Korea which China is tacitly allowing. It is now moving toward the US despite its official alliance with Pyongyang.

Since there are 4 company quarterly reports to deal with today plus other important news, I will cease pontificating and start reporting in alphabetical order. We have lots of news also about our REITs, real estate investment trusts.

*BCE beat on earnings and (barely) on revenues, but its lower guidance on full-yr earnings took down the share price of the Canadian telco which also offers a full range of internet, cellular, and video (TV) services. Quarterly earnings at 87 loony cents were 4 cents ahead of the Capital IQ consensus while revenues, up 2.2% y/y beat barely, at C$5.38 bn vs consensus C$5.37 bn. It attributed the earnings rise to the build out of its Bell Mobility cellphone LTE network and higher rates. The network now covers 99% of Canada by population and 87% by area.

For the rest of the year while BCE upped its revenue forecast to a 4-6% increase vs an earlier one of 1-2%, it lowered its full year EPS forecast to C$3.30-3.40 from the earlier one ten loony cents higher.

BCE also raised its dividend by over 5% to C$.87 which already was paid for Q1 April 15, so it was not a surprise. Another negative was BCE warning against threats of new Ottawa and provincial regulations which might limit its profits and stressed that

It cited technological improvements which speed up transmission and wireless. This backed a steady increase in household signups for its internet and wireless and quad play options. It also cited small and medium businesses coming on board, but warned that there are competitive alternatives available. As a result BCE must continuously invest to improve its services. After opening down about 0.3% BCE is gaining traction but still lower than yesterday’s close.

*Irish building materials firm CRH plc reported a 3% rise in like for like sales (excluding currency factors and M&A) in the quarter to March 31 and forecast higher H1 earnings from last year’s euros 1.12 bn (now $1.2 bn) from online sales in European markets and greater demand in the Americas. Including acquisitions and currencies, sales rose 4%.

Over the full year, it expects that infrastructure will boost Americas sales, followed by non-residential. But residential construction may not return to long-term average levels. In Asia, because of increased exports from the Philippines, CRH expects lower sales.

Q1 sales last year were boosted by good weather in all its major markets but this year the winter was less mild.It will hold its AGM tomorrow in Dublin.

Cash flow in Q1, normally a down period, beat forecasts but not as handily as last year. As is normal in Ireland quarterly profits are not given in trading updates.

*GlaxoSmithKline beat with good sales growth in Q1 as anticipated because of currency factors. Q1 net income was up nearly fourfold to £1.05 bn vs prior year Q1’s £282 mn, but of course the Brexit decline of sterling helped. Adjusted operating earnings leaving out one-time factors, rose 30% to £1.98 bn. Adjusted eps was 25 pence and diluted eps was 21.3 pence vs 5.8 pence a year ago. Dow-Jones figured that stripping out currency effect means operating profit was up 9% and revenue up 5%.

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