• "The different perspectives of Chairwoman Yellen and President Trump further underscore the potential for a future collision, rather than productive collaboration," Michael Arone, chief investment strategist at State Street Global Advisors, said in a note. • The repeal and replacement of the Affordable Care Act (ACA) is the first step toward broader tax reform later this year. The Republican strategy is to pass the American Health Care Act (AHCA) first as part of the final budget resolutions for fiscal year 2017.The effective deadline for this legislation to be passed by both chambers of Congress is April 28, which is when the continuing spending resolution for the current fiscal year expires. However, as we discuss below, there is much less time available on the congressional calendar.This is because Republicans have 237 seats in the House out of a total of 435, and "only" 218 votes are needed. We expect the AHCA to pass when Speaker Ryan brings the bill to the House floor on Thursday. While there is some concern that the Freedom Caucus, a group of roughly 40 House conservatives who have not endorsed the bill, may indeed block it, we believe this to be a low-probability event. ·U.S. President Donald Trump and House of Representatives leaders pushed on Wednesday for votes for their plan to overhaul Obamacare and said they were making progress in their efforts to win over conservative Republicans who have demanded changes to the legislation.Trump was to meet at the White House with members of the Freedom Caucus on Thursday at 11:30 a.m, the White House said. • Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.Brent crude futures, the international benchmark for oil, were at $50.99 per barrel at 0621 GMT, up 35 cents, or 0.7 percent, from their last close. That came after Brent briefly dipped below $50 a barrel on Wednesday for the first time since November.U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 0.8 percent, at $48.41 a barrel, after testing support at $47 overnight.
• CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices probed below but ultimately failed to break key support at 47.22 (50% Fibonacci retracement, rising trend line). A breach of this barrier confirmed on a daily closing basis sees the next downside barrier at 45.33, the 61.8% level. Alternatively, a turn back above the 38.2% Fib at 49.11 paves the way for a retest of the 23.6% retracementat 51.44. • This week's attack just outside the UK parliament has highlighted the importance of protecting national borders and stepping up security measures, French far-right presidential candidate Marine Le Pen said on Thursday.National Front leader Le Pen told BFM TV and RMC radio that countries had to co-operate with each other on sharing intelligence, and advocated closing down mosques with links to extremism and revoking the French nationality of those with more than one passport who were guilty of committing attacks.
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