US banks’ first-quarter profits may be the best that they can get this year, Citi analyst says

U.S. banks have delivered a mixed bag of first-quarter financial results so far — but that’s probably the sector’s best this year, especially if the Federal Reserve does not increase interest rates at all, according to a Citi analyst. Four of the six largest American banks have released their first-quarter financial results over the past week. “When we look at profitability, particularly net interest margins … we think we’re at peak margins right now, we think this is as good as it gets both i


U.S. banks have delivered a mixed bag of first-quarter financial results so far — but that’s probably the sector’s best this year, especially if the Federal Reserve does not increase interest rates at all, according to a Citi analyst. Four of the six largest American banks have released their first-quarter financial results over the past week. “When we look at profitability, particularly net interest margins … we think we’re at peak margins right now, we think this is as good as it gets both i
US banks’ first-quarter profits may be the best that they can get this year, Citi analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: yen nee lee, justin sullivan, getty images
Keywords: news, cnbc, companies, thats, think, margins, ghose, analyst, profits, firstquarter, profitability, rates, citi, interest, best, banks, results, net


US banks' first-quarter profits may be the best that they can get this year, Citi analyst says

U.S. banks have delivered a mixed bag of first-quarter financial results so far — but that’s probably the sector’s best this year, especially if the Federal Reserve does not increase interest rates at all, according to a Citi analyst.

Four of the six largest American banks have released their first-quarter financial results over the past week. Among them, J.P. Morgan and Wells Fargo reported quarterly profit and revenue that exceeded analysts’ expectations, while Goldman Sachs and Citigroup both missed estimates on their revenue.

Morgan Stanley and Bank of America are scheduled to report earnings this week.

With the Fed already signalling that it did not expect to hike interest rates this year, the banking industry’s ability to generate higher profits in the coming months may be limited, said Ronit Ghose, the global head of banks research at Citi.

“When we look at profitability, particularly net interest margins … we think we’re at peak margins right now, we think this is as good as it gets both in terms of net interest margins and profitability,” he told CNBC’s “Capital Connection” on Tuesday.

Net interest margin is a widely watched indicator that measures a bank’s lending profitability. The potential absence of further interest rates increases by the Fed means that banks may not be able to charge more on loans in the coming months.

“If we don’t see more rate raises, which is likely … that’s not great news for margins going ahead,” said Ghose.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: yen nee lee, justin sullivan, getty images
Keywords: news, cnbc, companies, thats, think, margins, ghose, analyst, profits, firstquarter, profitability, rates, citi, interest, best, banks, results, net


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JP Morgan says gains in Asian stocks are ‘already behind us’

Stock markets in Asia have already given investors most of the returns they can get this year — and shares prices in the region may struggle to grow much more for the rest of 2019, J.P. Morgan said on Tuesday. Asian stocks have had a strong start to the year after ending 2018 in negative territory. The MSCI Asia ex-Japan index — a widely followed benchmark for stocks in the region — has grown by around 13.68 percent so far this year. “We’ve been a bit more on the cautious side since … the seco


Stock markets in Asia have already given investors most of the returns they can get this year — and shares prices in the region may struggle to grow much more for the rest of 2019, J.P. Morgan said on Tuesday. Asian stocks have had a strong start to the year after ending 2018 in negative territory. The MSCI Asia ex-Japan index — a widely followed benchmark for stocks in the region — has grown by around 13.68 percent so far this year. “We’ve been a bit more on the cautious side since … the seco
JP Morgan says gains in Asian stocks are ‘already behind us’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: yen nee lee
Keywords: news, cnbc, companies, gains, markets, morgan, region, stocks, asian, jp, investors, index, grow, prices, asia


JP Morgan says gains in Asian stocks are 'already behind us'

Stock markets in Asia have already given investors most of the returns they can get this year — and shares prices in the region may struggle to grow much more for the rest of 2019, J.P. Morgan said on Tuesday.

Asian stocks have had a strong start to the year after ending 2018 in negative territory. The MSCI Asia ex-Japan index — a widely followed benchmark for stocks in the region — has grown by around 13.68 percent so far this year. The index fell by 16.24 percent last year.

“We’ve been a bit more on the cautious side since … the second week of March,” Mixo Das, Asia equity strategist at J.P. Morgan, told CNBC’s “Squawk Box.”

“I think most of the gains for this year in Chinese as well as Asian equity markets are already behind us. From here, it’s going to be more of a difficult slog. We still see gains but it’s going to be a much more volatile process,” he added.

Asked how Asian share prices will likely perform between now till the end of the year, Das responded that they could grow by a low single-digit, or remain largely flat.

He explained that valuations have become stretched compared to projections on where earnings are headed in the coming months. In addition, he said sentiment among investors have become “overextended” and “overheated.”


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: yen nee lee
Keywords: news, cnbc, companies, gains, markets, morgan, region, stocks, asian, jp, investors, index, grow, prices, asia


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Mohamed El-Erian: The Fed has swung from ‘too hawkish’ to ‘too dovish’

The U.S. Federal Reserve has switched from a stance that was “too hawkish” at the end of last year to “too dovish” presently, according to Mohamed El-Erian, Allianz’s chief economic advisor. El-Erian is widely followed for his views on the world economy and markets. “I think they went a little too far,” he said, referring to the Fed. “In the fourth quarter, they certainly were too hawkish … and now I think they have swung too dovish.” Three months later, in March, the Fed decided to hold inter


The U.S. Federal Reserve has switched from a stance that was “too hawkish” at the end of last year to “too dovish” presently, according to Mohamed El-Erian, Allianz’s chief economic advisor. El-Erian is widely followed for his views on the world economy and markets. “I think they went a little too far,” he said, referring to the Fed. “In the fourth quarter, they certainly were too hawkish … and now I think they have swung too dovish.” Three months later, in March, the Fed decided to hold inter
Mohamed El-Erian: The Fed has swung from ‘too hawkish’ to ‘too dovish’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: yen nee lee, david orrell
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Mohamed El-Erian: The Fed has swung from 'too hawkish' to 'too dovish'

The U.S. Federal Reserve has switched from a stance that was “too hawkish” at the end of last year to “too dovish” presently, according to Mohamed El-Erian, Allianz’s chief economic advisor.

While such a drastic swing is not expected to hit the U.S. economy in a big way, it has contributed to greater volatility in financial markets globally, he told CNBC’s “Capital Connection” on Friday. El-Erian is widely followed for his views on the world economy and markets.

“I think they went a little too far,” he said, referring to the Fed. “In the fourth quarter, they certainly were too hawkish … and now I think they have swung too dovish.”

The American central bank last December raised its benchmark funds rate by 25 basis points — the fourth increase in 2018 and the ninth since the Fed started normalizing rates at the end of 2015. Three months later, in March, the Fed decided to hold interest rates steady and indicated that it may not hike rates at all this year.

El-Erian said the U.S. economy “is still in a good place,” so he’s surprised that the central bank appeared to have given up on the option to tweak monetary policy for the rest of the year. In fact, he predicted that the U.S. could grow by 2.5 percent to 3 percent this year. In 2018, the U.S. economy grew by 2.9 percent.


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: yen nee lee, david orrell
Keywords: news, cnbc, companies, mohamed, end, central, hawkish, fed, fourth, rates, dovish, think, swung, economy, elerian, bank


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‘Please do not waste this time,’ EU council chief tells UK after another Brexit extension

Donald Tusk, president of the European Council, told the U.K. on Thursday not to waste the additional time that has been agreed on for the country to leave the European Union. “Please do not waste this time,” Tusk said at a media conference after an eight-hour meeting with EU leaders. EU leaders and the U.K. government have agreed to a “flexible extension” of the Brexit deadline until Oct. 31. From now until Oct. 31, the U.K. also has “the possibility to revoke article 50 and cancel Brexit altog


Donald Tusk, president of the European Council, told the U.K. on Thursday not to waste the additional time that has been agreed on for the country to leave the European Union. “Please do not waste this time,” Tusk said at a media conference after an eight-hour meeting with EU leaders. EU leaders and the U.K. government have agreed to a “flexible extension” of the Brexit deadline until Oct. 31. From now until Oct. 31, the U.K. also has “the possibility to revoke article 50 and cancel Brexit altog
‘Please do not waste this time,’ EU council chief tells UK after another Brexit extension Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: yen nee lee
Keywords: news, cnbc, companies, tusk, waste, eu, european, tells, council, deal, brexit, extension, parliament, chief, country, uk, leave


'Please do not waste this time,' EU council chief tells UK after another Brexit extension

Donald Tusk, president of the European Council, told the U.K. on Thursday not to waste the additional time that has been agreed on for the country to leave the European Union.

“Please do not waste this time,” Tusk said at a media conference after an eight-hour meeting with EU leaders.

“This extension is as flexible as I expected and a little bit shorter than I expected, but it’s still enough to find the best possible solution,” he said.

EU leaders and the U.K. government have agreed to a “flexible extension” of the Brexit deadline until Oct. 31. Tusk had earlier suggested giving Britain another 12 months to approve and ratify a deal on how the country would leave the EU.

From now until Oct. 31, the U.K. also has “the possibility to revoke article 50 and cancel Brexit altogether,” said Tusk. He explained that Britain could leave the bloc earlier if members of its parliament find a consensus on a deal. The U.K. could also amend what it wants from a future trade pact with the EU, he added.

EU leaders would assess the situation surrounding Brexit again when they meet in June.

If British lawmakers don’t ratify a deal by May 22, the U.K. must participate in European Parliament elections scheduled for May 23-26, according to the extension document. Failure to do so means the U.K. will leave the bloc on June 1, the document said.

Prime Minister Theresa May later told reporters that “nothing is more pressing or vital” than finding a deal agreed by U.K. members of Parliament. She added that she wants to take the country out of the EU “as soon as possible.”


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: yen nee lee
Keywords: news, cnbc, companies, tusk, waste, eu, european, tells, council, deal, brexit, extension, parliament, chief, country, uk, leave


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IMF raises its 2019 growth forecast for China

The International Monetary Fund upgraded its 2019 growth forecast for China, citing Beijing’s effort to support the economy and improved outlook for the Asian giant’s tariff fight with the U.S.IMF said in its latest World Economic Outlook report that China is projected to grow by 6.3 percent this year, higher than the fund’s previous forecast of 6.2 percent. The latest report, released Tuesday, is widely read globally for the IMF’s assessment of the world economy. China’s economy, the second-lar


The International Monetary Fund upgraded its 2019 growth forecast for China, citing Beijing’s effort to support the economy and improved outlook for the Asian giant’s tariff fight with the U.S.IMF said in its latest World Economic Outlook report that China is projected to grow by 6.3 percent this year, higher than the fund’s previous forecast of 6.2 percent. The latest report, released Tuesday, is widely read globally for the IMF’s assessment of the world economy. China’s economy, the second-lar
IMF raises its 2019 growth forecast for China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-10  Authors: yen nee lee
Keywords: news, cnbc, companies, raises, imf, china, world, usimf, report, economy, forecast, growth, widely, 2019, outlook, worst, latest


IMF raises its 2019 growth forecast for China

The International Monetary Fund upgraded its 2019 growth forecast for China, citing Beijing’s effort to support the economy and improved outlook for the Asian giant’s tariff fight with the U.S.

IMF said in its latest World Economic Outlook report that China is projected to grow by 6.3 percent this year, higher than the fund’s previous forecast of 6.2 percent. The latest report, released Tuesday, is widely read globally for the IMF’s assessment of the world economy.

China’s economy, the second-largest in the world, grew by 6.6. percent last year — its worst performance in 28 years.


Company: cnbc, Activity: cnbc, Date: 2019-04-10  Authors: yen nee lee
Keywords: news, cnbc, companies, raises, imf, china, world, usimf, report, economy, forecast, growth, widely, 2019, outlook, worst, latest


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‘New consensus’ reached on US-China trade, says Chinese Vice Premier Liu He

Xi said he hopes both sides will continue to work together to conclude talks on the trade text as early as possible, Xinhua reported. Trump said on Thursday that “we’ll know over the next four weeks” if the two countries have a deal. Greater China markets were closed on Friday. The Trump administration imposed additional tariffs on $250 billion in Chinese imports, while Beijing slapped duties on $110 billion of American goods. Representatives from both countries have been meeting to address thei


Xi said he hopes both sides will continue to work together to conclude talks on the trade text as early as possible, Xinhua reported. Trump said on Thursday that “we’ll know over the next four weeks” if the two countries have a deal. Greater China markets were closed on Friday. The Trump administration imposed additional tariffs on $250 billion in Chinese imports, while Beijing slapped duties on $110 billion of American goods. Representatives from both countries have been meeting to address thei
‘New consensus’ reached on US-China trade, says Chinese Vice Premier Liu He Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: yen nee lee
Keywords: news, cnbc, companies, premier, vice, sides, trade, xinhua, markets, trump, issues, uschina, liu, reached, consensus, chinese, china, countries, xi


'New consensus' reached on US-China trade, says Chinese Vice Premier Liu He

This is what a US-China trade deal may look like 22 Hours Ago | 02:13

Chinese President Xi Jinping, through a message conveyed by Liu, told Trump that both sides have made new and substantial progress on key issues regarding trade in the past month, according to Xinhua. Xi said he hopes both sides will continue to work together to conclude talks on the trade text as early as possible, Xinhua reported.

Trump said on Thursday that “we’ll know over the next four weeks” if the two countries have a deal.

Greater China markets were closed on Friday.

The U.S. and China — the two largest economies in the world — are engaged in a tariff fight that started last year. The Trump administration imposed additional tariffs on $250 billion in Chinese imports, while Beijing slapped duties on $110 billion of American goods.

Representatives from both countries have been meeting to address their differences on issues such a trade imbalance and alleged forced technology transfers from American firms to their Chinese partners. Tensions between the U.S. and China have roiled global markets and hit economic activity worldwide.

— CNBC’s Jacob Pramuk and Kayla Tausche contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: yen nee lee
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UK asks for another short Brexit delay — while the EU proposes something much longer

First, European Council President Donald Tusk proposed allowing the U.K. a 12-month “flexible” extension to leave the European Union, an EU source told CNBC. Later on Friday morning, U.K. Prime Minister Theresa May officially asked the EU another short extension. At the moment, the U.K. is scheduled to leave the EU on April 12 and will be the first country to leave the bloc. The process to take the U.K. officially out of the EU began two years ago, but has yet to be finalized. U.K. parliamentari


First, European Council President Donald Tusk proposed allowing the U.K. a 12-month “flexible” extension to leave the European Union, an EU source told CNBC. Later on Friday morning, U.K. Prime Minister Theresa May officially asked the EU another short extension. At the moment, the U.K. is scheduled to leave the EU on April 12 and will be the first country to leave the bloc. The process to take the U.K. officially out of the EU began two years ago, but has yet to be finalized. U.K. parliamentari
UK asks for another short Brexit delay — while the EU proposes something much longer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: matt clinch, yen nee lee
Keywords: news, cnbc, companies, minister, longer, eu, asks, tusks, tusk, theresa, leave, brexit, extension, bloc, deal, uk, proposes, short, delay


UK asks for another short Brexit delay — while the EU proposes something much longer

A flurry of Brexit activity early Friday morning saw both the EU and the U.K. move to lengthen the current timetable for negotiations, reducing the prospect of Britain exiting the bloc without a deal.

First, European Council President Donald Tusk proposed allowing the U.K. a 12-month “flexible” extension to leave the European Union, an EU source told CNBC. Tusk’s proposal, first reported by the BBC, would allow the U.K. the flexibility to leave the EU whenever British lawmakers approve and ratify a deal within the 12-month period.

However, leaders of the political and economic bloc would need to agree to Tusk’s plan at a summit next week.

Later on Friday morning, U.K. Prime Minister Theresa May officially asked the EU another short extension. A letter from May to Tusk proposes an extension to June 30, which could be terminated early if a deal is agreed. The letter also mentioned preparations for the U.K. to hold EU elections in late May.

At the moment, the U.K. is scheduled to leave the EU on April 12 and will be the first country to leave the bloc. The process to take the U.K. officially out of the EU began two years ago, but has yet to be finalized. U.K. parliamentarians have so far rejected the deal that Prime Minister Theresa May negotiated with the EU three times.

When asked about a possible extension, German Finance Minister and Vice Chancellor Olaf Scholz said: “Hopefully, in the end we will have an agreement, because this is the best outcome for all the things that are going to happen.”


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: matt clinch, yen nee lee
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Global recession is ‘highly likely’ if there’s no US-China trade deal within months, Moody’s warns

The global economy is “highly likely” to fall into a recession if the U.S. and China don’t reach a trade deal within three months, according to Moody’s Analytics Chief Economist Mark Zandi. The U.S. and China are now negotiating a deal, with representatives from both countries expected to meet in Washington this week. “Business sentiment across the globe is extraordinarily fragile,” the economist told CNBC’s “Squawk Box” on Tuesday. “Businesses are really on edge and I think it’s because of this


The global economy is “highly likely” to fall into a recession if the U.S. and China don’t reach a trade deal within three months, according to Moody’s Analytics Chief Economist Mark Zandi. The U.S. and China are now negotiating a deal, with representatives from both countries expected to meet in Washington this week. “Business sentiment across the globe is extraordinarily fragile,” the economist told CNBC’s “Squawk Box” on Tuesday. “Businesses are really on edge and I think it’s because of this
Global recession is ‘highly likely’ if there’s no US-China trade deal within months, Moody’s warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-02  Authors: yen nee lee
Keywords: news, cnbc, companies, global, think, uschina, fragile, highly, sentiment, theres, recession, trade, months, warns, likely, moodys


Global recession is 'highly likely' if there's no US-China trade deal within months, Moody's warns

The global economy is “highly likely” to fall into a recession if the U.S. and China don’t reach a trade deal within three months, according to Moody’s Analytics Chief Economist Mark Zandi.

His prediction was based on current “extraordinarily fragile” business sentiment that was a result of a protracted tariff fight between the two largest economies in the world that started last year. The U.S. and China are now negotiating a deal, with representatives from both countries expected to meet in Washington this week.

“Business sentiment across the globe is extraordinarily fragile,” the economist told CNBC’s “Squawk Box” on Tuesday. He added that a survey conducted by Moody’s recently showed that confidence among companies was at its weakest since the end of the financial crisis a decade ago.

“Businesses are really on edge and I think it’s because of this trade war. And if it’s not settled in the next couple (to) three months, I think a global recession is highly likely,” said Zandi.


Company: cnbc, Activity: cnbc, Date: 2019-04-02  Authors: yen nee lee
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No need for the Fed to enter ‘panic mode’ and cut rates now, says Moody’s

Economic data in the U.S. don’t justify an interest rate cut by the Federal Reserve — despite recent calls for the American central bank to do so, said Mark Zandi, the chief economist at Moody’s Analytics. Top White House economic advisor Larry Kudlow said last week that the U.S. central bank should “immediately” cut interest rates by 50 basis points. The central bank also warned of slowing growth in Europe and China. While the U.S. is indeed growing at a slower pace, economic data don’t suggest


Economic data in the U.S. don’t justify an interest rate cut by the Federal Reserve — despite recent calls for the American central bank to do so, said Mark Zandi, the chief economist at Moody’s Analytics. Top White House economic advisor Larry Kudlow said last week that the U.S. central bank should “immediately” cut interest rates by 50 basis points. The central bank also warned of slowing growth in Europe and China. While the U.S. is indeed growing at a slower pace, economic data don’t suggest
No need for the Fed to enter ‘panic mode’ and cut rates now, says Moody’s Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-02  Authors: yen nee lee, adam jeffery
Keywords: news, cnbc, companies, interest, enter, zandi, panic, economy, mode, rate, fed, data, rates, need, bank, central, economic, cut, moodys


No need for the Fed to enter 'panic mode' and cut rates now, says Moody's

Economic data in the U.S. don’t justify an interest rate cut by the Federal Reserve — despite recent calls for the American central bank to do so, said Mark Zandi, the chief economist at Moody’s Analytics.

Top White House economic advisor Larry Kudlow said last week that the U.S. central bank should “immediately” cut interest rates by 50 basis points. His comment followed a similar stance by Heritage Foundation fellow Stephen Moore, whom U.S. President Donald Trump has said he intends to nominate for a position on the Fed.

Their comments came after the Fed’s latest decision to hold rates steady as it cut the central bank’s forecasts for U.S. economic expansion and inflation. The central bank also warned of slowing growth in Europe and China.

While the U.S. is indeed growing at a slower pace, economic data don’t suggest the need to cut interest rates, Zandi told CNBC’s “Squawk Box” on Tuesday.

“I’m not sure why the Fed needs to go into panic mode here,” he said. He pointed to the latest data that showed the U.S. economy was still healthy: Unemployment rate was close to a 50-year low, wage growth was strong, inflation inched closer to the Fed’s target of 2 percent and the stock market looked like it could hit record levels again.

Lowering interest rates under such conditions would be “counter-productive” because the move could “juice things up” and encourage debt to build up in the economy, he explained.

Rising debt in the U.S. is a risk that Zandi flagged last year. He said “over-borrowing” among companies would become problematic and could send the economy into a recession.


Company: cnbc, Activity: cnbc, Date: 2019-04-02  Authors: yen nee lee, adam jeffery
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Thailand held an election more than a week ago — voters still don’t know who won

Thailand held a long-awaited general election on March 24 after five years of military rule. But the country’s new government will not be formed until May, which is when the final election outcome is expected to be released. No single party has so far emerged as a clear winner in the lower chamber vote, setting the stage for further uncertainty and political wrangling that could stretch on for months. On Thursday, the Election Commission of Thailand posted preliminary results on its website — wh


Thailand held a long-awaited general election on March 24 after five years of military rule. But the country’s new government will not be formed until May, which is when the final election outcome is expected to be released. No single party has so far emerged as a clear winner in the lower chamber vote, setting the stage for further uncertainty and political wrangling that could stretch on for months. On Thursday, the Election Commission of Thailand posted preliminary results on its website — wh
Thailand held an election more than a week ago — voters still don’t know who won Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: yen nee lee, ye aung thu, afp, getty images, -surakiart sathirathai, former thai cabinet member
Keywords: news, cnbc, companies, know, winner, ago, won, lower, election, went, week, party, chamber, dont, wrangling, held, website, political, voters, thailand


Thailand held an election more than a week ago — voters still don't know who won

Thailand held a long-awaited general election on March 24 after five years of military rule.

But the country’s new government will not be formed until May, which is when the final election outcome is expected to be released.

No single party has so far emerged as a clear winner in the lower chamber vote, setting the stage for further uncertainty and political wrangling that could stretch on for months.

On Thursday, the Election Commission of Thailand posted preliminary results on its website — which came after reporters and the public spotted discrepancies in earlier tallies.

Despite the lack of clarity on which way the votes went, two opposing political camps have claimed the right to form the new government.

Pheu Thai, an anti-military party linked to ousted former Prime Minister Thaksin Shinawatra, banded with six other parties. The alliance projected that it has at least 255 out of 500 seats in the House of Representatives, the lower chamber of Thailand’s legislative branch.


Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: yen nee lee, ye aung thu, afp, getty images, -surakiart sathirathai, former thai cabinet member
Keywords: news, cnbc, companies, know, winner, ago, won, lower, election, went, week, party, chamber, dont, wrangling, held, website, political, voters, thailand


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