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Trump remains strong odds against Biden despite indictments

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As the nation gears up for the first Republican primary debate, former President Donald Trump stands unshaken in his pursuit of the GOP nomination.

With a commanding 40-point lead in the polls, even the weight of 91 criminal charges against him has failed to erode his support among Republican voters.

Unless an unexpected comeback by a rival or unforeseen circumstances intervenes, Trump appears poised to secure the Republican presidential nomination in the upcoming July convention, setting the stage for a possible 2024 rematch of the 2020 election.

Even following Trump’s recent indictment in Georgia, his fourth to date, the anticipated 2024 general election matchup remains a tight race. Both Trump and President Joe Biden face considerable negativity from their respective opposing parties and independents.

Biden’s lead

In the latest national polling averages by RealClearPolitics, Biden clings to a mere half-point lead over Trump, suggesting that Trump remains a formidable contender for 2024.

These polling results arrive in the face of several adverse indicators for Trump, including a favorability rating plummeting below 40 percent, a majority of Americans expressing reluctance to support him in 2024, his ongoing fixation on unfounded claims of election theft, and the looming possibility of his conviction before November 2024.

President Biden and his advisers perceive their most straightforward path to reelection as transforming the contest into a choice between Biden’s perceived normalcy and competence and Trump’s barrage of falsehoods, grievances, and conspiracy theories.

The Biden campaign is likely to emphasize Trump’s role as an alleged existential threat to democracy, particularly stemming from his actions on January 6, 2021, and his leadership of the controversial MAGA movement.

Ample material

Trump’s impending trial dates leading up to Election Day next year, coupled with his and his loyalists’ ongoing focus on the 2020 election and supposed judicial bias against him, provide ample material for Biden’s team to exploit.

To further sway independents and suburban women concerned about the rightward trajectory of the GOP, the Democratic National Committee and Biden will leverage policy issues such as safeguarding abortion rights and advocating for sensible gun safety laws.

Despite Trump’s lack of a cohesive policy platform, his electoral vulnerabilities, and his argument that the 2020 election was stolen, he retains a credible chance of defeating Biden.

Biden faces his own challenges, with a job approval rating currently at just 41 percent. The specter of age-related concerns continues to hound the president, with a significant 68 percent of Americans considering him too old for another term, compared to 44 percent expressing the same sentiment about Trump.

Bidenomics push

The Biden administration’s “Bidenomics” push has yet to yield substantial results, as only 36 percent of Americans approve of his handling of the economy, according to a recent Associated Press-NORC Center for Public Affairs Research poll.

The ongoing scrutiny surrounding President Biden’s son, Hunter Biden, remains a thorn in his side. A plea deal on gun and tax charges fell through, leading to the appointment of a special counsel, David Weiss, and the likelihood of the case extending into the new year.

House Republicans’ investigations into Hunter Biden’s business dealings during Joe Biden’s vice presidency persist and may lead to an impeachment inquiry. Additionally, revelations that Biden may have used a pseudonym in emails during his time as vice president have prompted the House Oversight Committee to seek further information.

Although investigations have yet to uncover evidence of President Biden profiting from his influence, an impeachment inquiry could weaken his standing, especially among critical independent and moderate voters.

While Trump’s chances largely depend on whether he can stay on message and make the election a referendum on President Biden, it remains undeniable that President Biden’s vulnerabilities ensure that Trump retains a viable path back to the presidency in 2024.

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Dollar steady as markets await Fed’s rate decision

Dollar steady ahead of Fed’s expected rate cut decision on Wednesday

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Dollar steady ahead of Fed’s expected rate cut decision on Wednesday

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In Short:
– The U.S. dollar stayed stable as investors await the Federal Reserve’s interest rate cut announcement.
– Asian equities rose, with the MSCI Asia Pacific Index hitting a record high amid U.S. market gains.
The U.S. dollar remained stable on Monday as investors await the Federal Reserve’s upcoming policy meeting, where the central bank is expected to announce its first interest rate cut in nine months.
Trading volumes were low due to a holiday in Japan, causing currencies to remain rangebound.Banner

Market participants have largely priced in a 25 basis point reduction in the federal funds rate, anticipated to bring the key rate to between 4.00%-4.25%.

This marks the first easing action since December 2024.

Recent economic data indicates a cooling labour market, with jobless claims rising to the highest levels since 2021, overshadowing inflation concerns.

Market Movements

Asian equities experienced gains, continuing a global rally, with the MSCI Asia Pacific Index reaching a record high.

Chinese shares rose close to 1% despite disappointing factory and retail sales data.

This momentum follows historical closes in U.S. markets, with the Dow Jones Industrial Average surpassing 46,000.


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ANZ to pay $160 million for bond deal violations

ANZ to pay A$240 million for bond misconduct and customer violations amidst job cuts and regulatory scrutiny

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ANZ to pay A$240 million for bond misconduct and customer violations amidst job cuts and regulatory scrutiny

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In Short:
– ANZ Group will pay A$240 million in penalties for multiple violations, including fees to deceased customers.
– The bank plans to implement A$150 million in reforms and has announced 3,500 job cuts.
Australia’s ANZ Group will pay A$240 million in penalties, the largest ever imposed by the Australian Securities and Investments Commission (ASIC) against a single entity.
The penalties arise from multiple violations, including acting “unconscionably” during a government bond deal and continuing to charge fees to deceased customers.
The development comes alongside ANZ’s announcement of 3,500 job cuts as new CEO Nuno Matos seeks to enhance profitability.Banner

ANZ has admitted to the allegations and acknowledged the need for significant operational changes.

The bank’s trading practices during an A$14 billion government bond issuance negatively impacted bond prices, which led to a substantial loss for the government.

ANZ plans to submit a remediation strategy to the Australian Prudential Regulation Authority by the end of the month.

Company Changes

ANZ has stated it will spend A$150 million on reforms by the end of the financial year.

The Finance Sector Union is expected to file a claim regarding the recent job cuts made by the bank.


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Climate report warns of rising heat deaths and property losses

Australia faces dire climate predictions, with potential for massive property value losses and thousands of heat-related deaths without action

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Australia faces dire climate predictions, with potential for massive property value losses and thousands of heat-related deaths without action

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In Short:
– Climate change could cause hundreds of deaths and $500 billion decline in property values in Australia.
– Increased extreme weather events may lead to rising insurance costs and potential uninsurability of homes.
A government report warns that climate change could lead to significant challenges for Australia, with hundreds of deaths expected from heat-related illnesses.
Property values may decline by up to $500 billion as homes risk becoming uninsurable due to extreme weather events.
The assessment by the Albanese Government forecasts increased frequency of floods, cyclones, and bushfires.The report anticipates over a thousand potential heat-related fatalities in Sydney and Melbourne if action is not taken.

The projected increase in heat-related deaths in Australia’s capital cities, as outlined in the report. Picture: Climate Risk Assessment

Rising sea levels and extreme weather are expected to escalate insurance costs, making coverage unaffordable or unavailable.

Climate Change and Energy Minister Chris Bowen acknowledged that many Australians will find these projections distressing, but they underscore the urgency of addressing climate change.

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Changes in total annual freight costs by Local Government Area in a 2090 scenario, compared to 2024. Picture: Australia’s National Climate Risk Assessment

Property Risks

Projected increases in heat-related deaths are particularly concerning. For instance, at a 1.5-degree rise in temperatures, heat-related mortality in Sydney could increase by 103%, reaching about 450 deaths annually at a 3-degree rise.

Coastal flooding days are expected to increase significantly in major urban areas, necessitating critical intervention.


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