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Yahoo
12 minutes ago
- Yahoo
Geopolitics dominates, before Fed takes the stage
A look at the day ahead in European and global markets from Wayne Cole. You know it's crazy times, when speculation Putin sent his body double to Alaska doesn't sound so outlandish. What does seem clear is that President Trump has shifted back to echoing Moscow's line, tweeting Kremlin talking points about Crimea and Zelenskiy. Putin's position seems to be that Ukraine should give up all the land Russia has taken, and much that it has failed to take in more than three years of fighting. This has been repeatedly ruled out by Zelenskiy and European leaders, and it's notable they will be by his side in Washington when he meets Trump later today. Markets have judged there is a diminished threat of further U.S. sanctions or tariffs on Russian oil exports, and oil prices are down modestly with Brent off 0.3%. Share markets are mostly firmer as Japan and Taiwan make more records, and Chinese blue chips scale a 10-month top. European stock futures are up 0.2% or so, as are Wall St futures. Valuations have been underpinned by a solid earnings season as Goldman notes S&P 500 EPS grew 11% on the year and 58% of companies raised their full-year guidance. This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. For monetary policy the main event will be the Federal Reserve's Jackson Hole jamboree where Chair Powell speaks on the economic outlook and the Fed's policy framework on Friday, though there doesn't seem to be a Q&A as yet. ECB President Christine Lagarde and Bank of England Governor Andrew Bailey are on panel discussions. Futures are about 85% priced for a Fed rate cut in September so anything less than dovish from Powell would be a setback for debt markets. While Fed expectations are anchoring short-term yields, the long end continues to fret about inflation, budget deficit and the politicisation of monetary policy, so steepening the yield curve. European bond yields have also been on the rise, perhaps in part on a realisation of how much governments are going to have to borrow to cover increased defence spending. Key developments that could influence markets on Monday: - EU trade figures for June, US NAHB housing survey (By Wayne Cole; Editing by Jacqueline Wong) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19 minutes ago
- Yahoo
Newsom Trolls ‘TACO Trump' With a Truth Social-Style All-Caps Rant After Missed Ultimatum Deadline
California Gov. Gavin Newsom trolled President 'DONALD 'TACO' TRUMP' with an all-caps social media post, complete with run-on sentences and random quotation marks, announcing California's response to Republican gerrymandering. Facing the prospect of losing control of the House of Representatives during next year's midterm elections, Trump has pressured several red states to immediately redraw their congressional districts to give Republicans an advantage. The maps are usually redrawn once every 10 years, after the census is completed, and not mid-decade. On Monday, Newsom sent the president a letter asking him to call off the 'unprecedented, mid-decade, hyper-partisan gerrymander to rig the upcoming midterm elections.' 'If you will not stand down, I will be forced to lead an effort to redraw the maps in California to offset the rigging of maps in red states,' he wrote. 'But if the other states call off their redistricting efforts, we will happily do the same. And American democracy will be better for it.' Newsom then followed up Tuesday with a trolling all-caps post saying Trump had 24 hours to respond to his letter, and when that failed, he went full MAGA, writing in a social media post: 'DONALD 'TACO' TRUMP, AS MANY CALL HIM, 'MISSED' THE DEADLINE!!! CALIFORNIA WILL NOW DRAW NEW, MORE 'BEAUTIFUL MAPS,' THEY WILL BE HISTORIC AS THEY WILL END THE TRUMP PRESIDENCY (DEMS TAKE BACK THE HOUSE!).' Among Wall Street traders, the president's flip-flopping on tariff policy earned him the nickname 'TACO' for Trump Always Chickens Out. Newsom's post further announced a 'BIG PRESS CONFERENCE THIS WEEK WITH POWERFUL DEMS AND GAVIN NEWSOM — YOUR FAVORITE GOVERNOR — THAT WILL BE DEVASTATING FOR 'MAGA.' THANK YOU FOR YOUR ATTENTION TO THIS MATTER! — GN.' The Daily Beast has reached out to the White House for comment. Facing record-low polling numbers, Trump launched a redistricting arms race last month when he asked Texas for 'just a simple redraw' of its congressional maps to help Republicans pick up five seats in the Lone Star State. Democrats vowed to retaliate in states like California, New York and Illinois, prompting Republicans to eye states like Republican-controlled states such as Ohio and Indiana. Unlike Texas, though, California has an independent commission that draws political maps, and Newsom will need to push through a special ballot measure in November to carry out his redistricting plans. During an interview Tuesday with Fox News, Florida Gov. Ron DeSantis claimed California's commission was a 'ruse' and the state map is already gerrymandered. 'The Thirst Queen has emerged,' Newsom's office hit back on social media. 'We will not be lectured on democracy by someone who lost to a cartoon mouse with gloves.' Florida became locked in a battle royale with The Walt Disney Company in 2022 when Disney's former CEO Bob Chapek vowed to work to overturn a 2022 state law—colloquially known as the 'Don't Say Gay' law—that prohibited classroom discussion of sexuality. DeSantis retaliated by working with Republican lawmakers to pass a measure revoking Disney's self-governing status. Disney sued, and the case was settled in 2024. The Daily Beast has reached out to DeSantis' office for comment.
Yahoo
20 minutes ago
- Yahoo
Trump Vows MSNBC Host ‘Will Be Fired' in Truth Social Rampage
President Donald Trump has taken aim at MSNBC host Nicolle Wallace in a bizarre social media rant. The drama started when 79-year-old Trump kicked off his Sunday morning with a cryptic post on Truth Social. 'Bela,' he wrote, leaving his followers to debate the meaning of the word. In a reply, one user posted a doctored photo of Wallace with a 'Karen' haircut and a red nose alongside the text, 'Typhoid Mary Nicole Wallace,' 'Clown news,' and 'Nicole Wallace is afraid of losing her job. Get her a Waaambulance.' A fake news ticker showed the MSNBC logo alongside the word 'misinformation.' Wallace, who now hosts Deadline: White House on MSNBC, was former White House communications director under President George W. Bush. 'She is a loser, with bad ratings, who was already thrown off of The View,' Trump replied on Sunday. 'She will be fired soon! MSNBC IS DEAD!' The post came after the president shared his disdain for members of the media after he met with President Vladimir Putin in Alaska on Friday, where he failed to secure a ceasefire. Before the meeting on Friday, Trump firmly stated that Putin could expect 'severe consequences' if he didn't agree to end the fighting in Ukraine. But the president has since changed his tune, saying achieving peace will require territorial concessions from Ukraine. He is slated to meet with Ukrainian President Volodymyr Zelensky on Monday. 'It's incredible how the Fake News violently distorts the TRUTH when it comes to me,' he raged. 'There is NOTHING I can say or do that would lead them to write or report honestly about me. I had a great meeting in Alaska on Biden's stupid War, a war that should have never happened!!!' In a second post, Trump added, 'If I got Russia to give up Moscow as part of the Deal, the Fake News, and their PARTNER, the Radical Left Democrats, would say I made a terrible mistake and a very bad deal. That's why they are the FAKE NEWS!'
