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Kamis, 29 Oktober 2020

US election 2020 LIVE updates: Donald Trump and Joe Biden chase late voters in Florida as nation surpasses nine million COVID-19 cases amid new surge in infections - The Sydney Morning Herald

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US stocks face 20 per cent slide with contested election

By Felice Maranz

Markets want to see a clear victory for either President Donald Trump or Democratic nominee Joe Biden within a week of the November 3 contest. If there's a contested election, stocks could slide as much as 20 per cent.

That's according to a team of Bank of America economists and strategists led by US economist Michelle Meyer and equity and quant strategist Savita Subramanian. A "landslide victory for either Trump or Biden and rapid election conclusion would likely be welcomed by markets while a severely contested election could see risk-off and drive 10-year rates materially lower," they wrote in a research note.

A rocky transfer of power or limbo until December, or even until the Jan. 20 inauguration would make for a worst-case scenario for markets.

"If Trump leads on Election Day with a large backlog of absentee and mail-in ballots, stocks could see more volatility until more results come in," they said. If the count is close, with ballots in question and state recounts, investors may respond as they did during 2000, when the S&P 500 sold off 5 per cent before the Supreme Court called the election for George W. Bush on December 12.

Declines will be sharper if either side refuses to accept the results, with the economy set for an "uncertainty shock" as confidence stumbles -- with businesses delaying hiring and investments, while households turn to precautionary saving -- and as doubts about fiscal stimulus mount.

Here's what BofA expects for stocks within two election outcomes:

  • A Republican sweep would initially be positive (with little change to a gain of 5 per cent), with beneficiaries including real estate, dividend yield, restaurants and services firms; multinationals would lag.
  • A Democratic sweep would be initially neutral (with a drop of as much as 5 per cent to a gain of as much as 5 per cent), and longer positive, with cyclicals and small caps benefiting while energy and luxury goods may be hurt.

Bloomberg

Newsom declines to possible replacement for Harris if Biden wins

By Roy Ward

California Governor Gavin Newsom has declined to comment on whether he has selected a replacement for Senator Kamala Harris should she be elected vice president.

Newsom was speaking a the Golden 1 Centre in Sacramento, home stadium of the NBA's Sacramento Kings, and he joked that Kings forward Harrison Barnes was pushing him hard to take on the role should Harris vacate it for higher office.

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Biden pledges task force to reunite children separated at US-Mexico border

Democratic presidential nominee Joe Biden on Thursday vowed to create a task force to reunite more than 500 children who were separated from their families at the US-Mexico border by the Trump administration and whose parents have not been located.

Under Republican President Donald Trump thousands of children were separated from their parents at the border, mostly in 2017 and 2018, because their parents were being prosecuted for illegal entry or over concerns about their identities or criminal histories.

Separations happened both before and after Trump unveiled a "zero tolerance" policy to prosecute all illegal border crossers in May 2018, only to quickly reverse it after an international outcry.

The American Civil Liberties Union sued over the matter in 2018 and US District Judge Dana Sabraw in San Diego, California, ordered the families be reunited.

There are around 4000 children who could fall under the reunification order, but as of October 20 parents of 545 children could not be reached by attorneys and non-profits searching for them, according to a court filing in the San Diego case.

"On his first day as President, Joe Biden will issue an Executive Order creating a federal task force to reunite these children with their parents," the Biden campaign said.

Trump and Biden clashed over the issue during their final debate on October 22, ahead of the November 3 election (US time).

Asked at the debate whether he had a plan to reunite families, Trump said his administration was "working on it."

On Thursday, Trump campaign spokeswoman Courtney Parella said the president's administration was trying to strengthen border security and "is actively working to undo the mistakes of the previous administrations, identify these separated families, and reunite children with their parents."

According to the ACLU, approximately 1400 additional children were separated by the Trump administration but are not currently covered by Sabraw's reunification order.

ACLU attorney Lee Gelernt said there are hundreds of parents who have been located in Central America but have not been allowed to return to the United States to reunite with their children.

Democrats expose taxpayer-funded plan to 'help the President’ defeat coronavirus despair

By Noah Weiland and Sharon LaFraniere

Washington: A $265 million ($377 million) public campaign to "defeat despair" around the coronavirus was planned partly around the politically tinged theme that "helping the president will help the country," according to documents released on Thursday, local time, by House investigators.

Michael R. Caputo, the assistant secretary for public affairs at the Department of Health and Human Services, and others involved envisioned a star-studded campaign to lift American spirits, but the lawmakers said they sought to exclude celebrities who had supported gay rights or same-sex marriage or who had publicly disparaged President Donald Trump.

Michael Caputo in 2018.

Michael Caputo in 2018.Credit:AP

Actor Zach Galifianakis, for instance, was apparently passed over because he had declined to have Trump on his talk show Between Two Ferns.

Ultimately, the campaign collapsed amid recriminations and investigation.

Democrats on the House Oversight and Reform Committee and the select subcommittee on the coronavirus crisis released the records, declaring that "these documents include extremely troubling revelations." They accused Alex Azar, the secretary of health and human services, of "a cover-up to conceal the Trump administration's misuse of hundreds of millions of taxpayer dollars for partisan political purposes ahead of the upcoming election."

The New York Times

Click here to read the story.

US appeals court nixes Minnesota's extended ballot counting

By Jan Wolfe

A federal appeals court on Thursday said Minnesota's plan to count absentee ballots received after Election Day was illegal, siding with Republicans in the battleground state.

In a 2-1 decision, the US 8th Circuit Court of Appeals said the deadline extension was an unconstitutional maneuver by the state's top election official, Minnesota Secretary of State Steve Simon, a Democrat.

The appeals court said Minnesota election officials should identify and set aside all absentee ballots received after November 3.

"Simply put, the Secretary has no power to override the Minnesota Legislature," the court's majority wrote.

A spokeswoman for Simon did not immediately respond to a request for comment.

Minnesota law requires that absentee ballots be received by Election Day.

But that deadline was extended through a settlement Simon reached with a citizens group that sued earlier this year.

Reuters

Lil Wayne endorses Trump

By Roy Ward

US hip hop superstar Lil Wayne has given President Donald Trump a surprise endorsement via his Twitter account.

Lil Wayne, also known as Lil Weezy, told his 34 million followers that Trump had won him over with his 'platinum' plan to help African-American businesses proper.

Yesterday legendary golfer Jack Nicklaus endorsed Trump and urged all Americans to vote. He faced some backlash from supporters.

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US coronavirus cases approach 9 million with no end in sight

By Mitch Smith, Simon Romero and Giulia McDonnell Nieto del Rio

CHICAGO: The United States, which reported one of its earliest coronavirus cases in Washington state in the beginning of the year, approached more than nine million total infections Thursday, including more than half a million in the past week, as the virus spiralled out of control in the lead-up to Election Day.

Across the country, alarming signs suggested the worst was yet to come: More than 20 states reported more cases over the past week than at any time during the pandemic. Patients were sent to field hospitals in El Paso, Texas, and the Milwaukee suburbs. Growing outbreaks led to new restrictions on businesses in Chicago. Zero states reported sustained declines in cases.

Romelia Navarro, right, is comforted by a nurse as she sits at the bedside of her dying husband, Antonio, in California.

Romelia Navarro, right, is comforted by a nurse as she sits at the bedside of her dying husband, Antonio, in California. Credit:AP

"There is no way to sugarcoat it — we are facing an urgent crisis, and there is an imminent risk to you, your family members, your friends, your neighbours," said Gov. Tony Evers of Wisconsin, where hospitals have been strained, case numbers have exploded and more than 200 coronavirus deaths have been announced in the past week.

With the presidential election days away, the country is now averaging more than 75,000 new cases daily, the worst stretch of the pandemic by that measure. Deaths, which lag behind cases, remain far below their spring levels but have ticked upward to about 780 each day. More cases have been identified in the United States than in any other country, though some nations have higher per capita infection rates.

"This surge is larger than any other wave or surges that we've seen yet," said Amanda Simanek, an epidemiologist at the University of Wisconsin-Milwaukee school of public health, who said she was especially worried to see case numbers spiking just as colder weather forces more people indoors, where the virus can spread easily. "This is the pattern that may continue to happen if we don't suppress the infection down to levels that are manageable."

Recent data is almost uniformly grim.

Twenty-one states added more cases in the seven-day period ending Wednesday than in any other seven-day stretch of the pandemic. In parts of Idaho and Kansas, officials have warned that few hospital beds remained. In North Dakota, where more than 5 per cent of the population has now tested positive, case numbers continue to soar, with a single-day record of more than 1200 new infections Thursday.

The New York Times

Biden rally set for 10am

By Roy Ward

Apologies I put up the Joe Biden rally in Tampa a little too early! It is due to start at around 10am AEDT, not 9.30am.

Local journalists are reporting 400 cars have filled the available spaces and Biden has just arrived in Tampa.

We will endeavour to have a live stream available closer to 10am.

Watch: Joe Biden hosts drive-in rally in Tampa

Former vice president Joe Biden spoke at a drive-in rally in Tampa, Florida on Friday AEST time.

Walmart temporarily pulls guns, ammo off shelves

Walmart Inc. has temporarily pulled ammunition and guns off its shelves ahead of any possible looting or civil unrest that could take place following next week's election.

"We have seen some isolated civil unrest and as we have done on several occasions over the last few years, we have moved our firearms and ammunition off the sales floor as a precaution for the safety of our associates and customers," Walmart said in an e-mailed statement.

A Walmart store.

A Walmart store.Credit:AP

"These items do remain available for purchase by customers."

The retail giant made a similar decision this summer during unrest following the death of George Floyd by police, a move intended to dissuade any potential theft if stores were broken into during protests.

A year ago, Walmart, which only sells firearms in about half its stores, said it would discontinue sales of .223 calibre ammunition and other sizes that can be used in assault-style weapons.

It also announced plans to stop selling handguns in Alaska, the only state where it still sold them.

The move followed deadly attacks at its stores in Texas and Mississippi that left 24 people dead and reinvigorated debate over gun sales at America's largest retailer.

Bloomberg

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2020-10-30 00:53:00Z
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