The election in the USAVotes on Biden's defection
Expert: "The election campaign is being shaken up and is entering a new phase"
The announcement from US President Joe Biden that he will not stand in the autumn presidential election is not surprising, notes US expert Dag Blanck.
- There has been a long period of pressure on Biden to do this, says Blanck, who is a professor of North American studies at Uppsala University, to TT on Sunday evening and continues:
- This means that the entire election campaign is being shaken up and entering a new phase. Right now there are a lot of unknown factors, he tells TT.
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The election in the USA The electoral movement
Investors predict a limited stock market reaction: "Gut feeling"
Joe Biden's resignation is not expected to have any major effects on the financial markets when they open for the week, according to several investors Reuters spoke to.
"My gut tells me this is less of a surprise for the markets, which have been efficient in their pricing," writes B Riley chief strategist Art Hogan.
Michael Brown, senior analyst at Pepperstone, is on a similar track.
"It will above all mean that people are forced to think about the election much earlier than during previous political cycles," he writes.
Several assessors believe that risk appetite will decrease somewhat in the future. Some believe that the "Trump trade" can be affected and the shares that would benefit from a change of power fall back.
Bloomberg's John Authers notes at the same time that the odds are relatively unchanged during Sunday evening. According to the data compiled by the news agency's terminal, the probability of a Trump victory remains at 62 percent, Authers writes on Twitter.
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The election in the USABiden's successor
Economists: "Harris could become a joker - maybe change the odds"
The financial world is looking towards the opening of the markets after the announcement that President Joe Biden is stepping aside.
"Now it will be interesting to see what market reactions there will be when Biden no longer stands as a presidential candidate," writes Alpcot's head of allocation Jonas Olavi on X.
The Democratic convention is held in a month and only then will the picture become clear.
"At the time of writing, Harris is the Democrats' new candidate to face Trump, but the Democrats' convention in August could change the picture. Harris can become a joker in the election & maybe change the odds for Trump," writes SEB economist Robert Bergqvist.
Hedge fund profiler Bill Ackman is confident that Kamala Harris will be elected.
“If Harris is not nominated, it would be an admission that she was never qualified to be vice president. Harris will therefore be nominated," he writes on X.
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Economy
Former Trump minister becomes a lobbyist - will get steel purchases locked up
Japan's Nippon Steel, one of the world's largest steel producers, has hired former US Secretary of State Mike Pompeo as a lobbyist. This is reported by international media. Nippon Steel describes Pompeo as respected by both Democrats and Republicans, with deep insight into US geopolitical and security issues.
In December 2023, Nippon Steel bought its American competitor for 14.1 billion dollars, corresponding to approximately 150 billion kroner. Both Joe Biden and Donald Trump have promised to annul the deal in the fight for voter support, writes AFP.
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The development of electric cars
Honda boss warns of China's car industry: "Very scared"
Japanese automakers are deeply concerned about the rapid development of electric cars in China, according to the Financial Times. Yasuhide Mizuno, CEO of Sony Honda Mobility, is now warning that Japan risks falling behind if it cannot increase its innovation speed.
- Chinese competitors are very strong, and I am very afraid of their implementation and execution speed, says Mizuno, according to the FT.
To meet the challenge, since 2022 Honda has a joint venture with Sony to launch electric cars on the North American market from 2026.
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