Latest news with #Emanuel
The Hill
a day ago
- Politics
- The Hill
Rahm Emanuel on ‘blinded' Hunter Biden criticism: ‘I think we're giving this more time than it's due'
Former U.S. Ambassador to Japan Rahm Emanuel, who is considering a 2028 presidential run, brushed off criticism from former President Biden's son, Hunter, who accused Emanuel of walking away from the party's values. Emanuel responded on Monday to a clip of the younger Biden's remarks during an interview on SiriusXM's 'The Megyn Kelly Show,' saying he's 'got empathy' for him, but doesn't take the criticism too seriously. 'I think we're giving this more time than it's due,' he said. 'That's my own view. A little empathetic, you have a son who's blinded by his own love for, in effect, and loyalty for his father, and I get that, but not the first phone call I'm going to make for a strategery.' Earlier Monday, Hunter Biden paraphrased remarks from 'Rahm f—ing Emanuel' in an interview with journalist and YouTube personality Andrew Callaghan. 'We got to understand that these people are really mad, and we got to appeal to these white voters,' Biden said. He then responded to the sentiment. 'Rahm, the only people that f—ing appeal to those f—ing white voters was Joe Biden,' he replied. '81 years old and he got 81 million votes… not because he appeased their f—ing Trumpian sense but because he challenged it, and he said, 'You can be an 81-year-old Catholic from f—ing Scranton that doesn't understand it but still has empathy for transgender people and immigrants.'' Emanuel has served in a multitude of political positions — from Chicago mayor to former President Obama's White House chief of staff, to senior adviser to former President Clinton to chair of the House Democrats' campaign arm, among others. He has indicated his interest in launching a 2028 presidential run and has begun to position himself to the right of some progressive members of his party. In the same interview, Emanuel told Kelly that he does not think a man can 'become a woman,' breaking with his party on the issue of transgender rights.
Yahoo
2 days ago
- Business
- Yahoo
'It isn't different this time': Why one strategist sees excessive investor euphoria driving a 15% stock plunge
Investors are overly optimistic as earnings season begins, warns Evercore's Julian Emanuel. The S&P 500 is at a record high, but Emanuel predicts a 7%-15% near-term correction. Tariff negotiations and growing S&P 500 EPS have already been priced into the market, Emanuel says. Investors are optimistic as earnings season kicks off — a little too optimistic, according to Julian Emanuel, Evercore ISI's chief equity strategist. The S&P 500 notched another fresh record high on Monday, and sentiment is skyrocketing as Wall Street banks raise their year-end S&P 500 targets. However, stocks don't just go up: "Every structural bull market since the late 1990's has seen a late stage surge in capital markets activity and a period of intense investor FOMO," Emanuel wrote in a note over the weekend. Evercore is remaining cautious, with Emanuel warning of a 7%-15% correction in the coming months. Evercore's year-end target is 5,600. "FOMO has begun," Emanuel wrote. "Stocks have overdiscounted the potential for continued good news." Emanuel says old-school fund managers who lived through the dot-com bubble are now asking him the four most dangerous words in investing: Is it different this time? The question is a clear signal that FOMO has kicked in as investors become overconfident and play into the cycle of fear and greed. There's a lot of froth in the market: crypto is on a bull run as bitcoin hits all-time highs, zero days to expiration options are becoming popular among retail investors, and investors are counting on the AI story to continue carrying stocks higher. But good vibes aren't reason enough for the stock market to continue rallying. In fact, it's quite the opposite: before the dot-com bubble burst, bulls comprised 75% OF AAII sentiment survey respondents, a level never seen again since. Bullish investors point to strong economic data and an improving tariff backdrop as drivers for the stock market, but those tailwinds are largely already priced in, according to Emanuel. According to an Evercore survey, a majority of institutional investors anticipate tariff rates to come down from present levels of 22% to below 20% by September. They also expect S&P 500 EPS to rise above current levels of $264. With expectations already so elevated, it'll be difficult for economic data to continue surprising to the upside. And while there's much market volatility surrounding the idea of Fed independence and Fed Chairman Jerome Powell's future, markets are still pricing in that Powell will remain at his position by year-end. "Even if there is good news on the tariff front, it is arguably already in stock prices," Emanuel wrote. "Despite the potential for tariff induced guide-downs and the historical tendency of earnings estimates to fall at this point in the cycle, 67% of investors believe earnings estimates for 2025 will be at or above the current $264 on 9/1," Emanuel added. With a trailing price-to-earnings ratio of 24.7x, the S&P 500 is trading at the top decile of valuations since 1960. Emanuel doesn't see a market crash in the cards, as valuations haven't reached the dot-com bubble's 28x price-to-earnings ratio. A near-term pullback is Emmanuel's base case as investors overlook risks associated with ongoing tariff negotiations and the One Big Beautiful Bill posing risks to the bond market. "The asking of 'The Question' shows scant regard for near-term risks. It isn't different this time," Emanuel wrote. Read the original article on Business Insider
Business Insider
2 days ago
- Business
- Business Insider
'It isn't different this time': Why one strategist sees excessive investor euphoria driving a 15% stock plunge
Investors are optimistic as earnings season kicks off — a little too optimistic, according to Julian Emanuel, Evercore ISI's chief equity strategist. The S&P 500 notched another fresh record high on Monday, and sentiment is skyrocketing as Wall Street banks raise their year-end S&P 500 targets. However, stocks don't just go up: "Every structural bull market since the late 1990's has seen a late stage surge in capital markets activity and a period of intense investor FOMO," Emanuel wrote in a note over the weekend. Evercore is remaining cautious, with Emanuel warning of a 7%-15% correction in the coming months. Evercore's year-end target is 5,600. "FOMO has begun," Emanuel wrote. "Stocks have overdiscounted the potential for continued good news." Emanuel says old-school fund managers who lived through the dot-com bubble are now asking him the four most dangerous words in investing: Is it different this time? The question is a clear signal that FOMO has kicked in as investors become overconfident and play into the cycle of fear and greed. There's a lot of froth in the market: crypto is on a bull run as bitcoin hits all-time highs, zero days to expiration options are becoming popular among retail investors, and investors are counting on the AI story to continue carrying stocks higher. But good vibes aren't reason enough for the stock market to continue rallying. In fact, it's quite the opposite: before the dot-com bubble burst, bulls comprised 75% OF AAII sentiment survey respondents, a level never seen again since. Bullish investors point to strong economic data and an improving tariff backdrop as drivers for the stock market, but those tailwinds are largely already priced in, according to Emanuel. According to an Evercore survey, a majority of institutional investors anticipate tariff rates to come down from present levels of 22% to below 20% by September. They also expect S&P 500 EPS to rise above current levels of $264. With expectations already so elevated, it'll be difficult for economic data to continue surprising to the upside. And while there's much market volatility surrounding the idea of Fed independence and Fed Chairman Jerome Powell 's future, markets are still pricing in that Powell will remain at his position by year-end. "Even if there is good news on the tariff front, it is arguably already in stock prices," Emanuel wrote. "Despite the potential for tariff induced guide-downs and the historical tendency of earnings estimates to fall at this point in the cycle, 67% of investors believe earnings estimates for 2025 will be at or above the current $264 on 9/1," Emanuel added. With a trailing price-to-earnings ratio of 24.7x, the S&P 500 is trading at the top decile of valuations since 1960. Emanuel doesn't see a market crash in the cards, as valuations haven't reached the dot-com bubble's 28x price-to-earnings ratio. A near-term pullback is Emmanuel's base case as investors overlook risks associated with ongoing tariff negotiations and the One Big Beautiful Bill posing risks to the bond market. "The asking of 'The Question' shows scant regard for near-term risks. It isn't different this time," Emanuel wrote.
GMA Network
4 days ago
- Business
- GMA Network
Ex-Australian PM Morrison to testify before US House panel on China
Then Australian Prime Minister Scott Morrison speaks to the media during a press conference at Parliament House in Canberra, Australia on April 11, 2019. AAP Image/Mick Tsikas via REUTERS WASHINGTON — Former Australian Prime Minister Scott Morrison will testify at a US House panel hearing on Wednesday about countering China's "economic coercion against democracies," the committee said on Friday. Former US ambassador to Japan Rahm Emanuel will also testify before the House Select Committee on China. Relations with China, already rocky after Australia banned Huawei from its 5G broadband network in 2018, cooled further after Canberra called for an independent investigation into the origins of COVID-19. China responded by imposing tariffs on Australian commodities, including wine and barley and limited imports of Australian beef, coal and grapes, moves described by the United States as "economic coercion." Morrison was defeated in a bid for reelection in 2022. Reuters reported this week Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade. China imposed 100% tariffs on Canadian canola meal and oil this year amid strained diplomatic ties. Australian Prime Minister Anthony Albanese visited China this week, underscoring a warming of ties. Emanuel, who told a Chicago news outlet last month he is considering a run for president in 2028, has been a harsh critic of China, saying last year Beijing constantly uses coercion and pressures other countries, including Japan and the Philippines. "Economic coercion by China is their most persistent and pernicious tool in their toolbox," Emanuel said in a separate speech in 2023. The Chinese Embassy in Washington did not immediately comment. — Reuters
The Advertiser
5 days ago
- Business
- The Advertiser
Ex-Aust PM Morrison to testify before US House on China
Former Australian prime minister Scott Morrison will testify at a US House panel hearing about countering China's "economic coercion against democracies," the committee says. Former US ambassador to Japan Rahm Emanuel will also testify on Wednesday before the House Select Committee on China. Relations with China, already rocky after Australia banned Huawei from its 5G broadband network in 2018, cooled further after Canberra called for an independent investigation into the origins of COVID-19. China responded by imposing tariffs on Australian commodities, including wine and barley and limited imports of Australian beef, coal and grapes, moves described by the United States as "economic coercion." Morrison was defeated in a bid for re-election in 2022. Reuters reported this week Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade. China imposed 100 per cent tariffs on Canadian canola meal and oil this year amid strained diplomatic ties. Australian Prime Minister Anthony Albanese visited China this week, underscoring a warming of ties Emanuel, who told a Chicago news outlet in June he is considering a run for president in 2028. Emanuel as been a harsh critic of China, saying in 2024 Beijing constantly uses coercion and pressures other countries, including Japan and the Philippines. "Economic coercion by China is their most persistent and pernicious tool in their toolbox," Emanuel said in a separate speech in 2023. The Chinese Embassy in Washington did not immediately comment. Former Australian prime minister Scott Morrison will testify at a US House panel hearing about countering China's "economic coercion against democracies," the committee says. Former US ambassador to Japan Rahm Emanuel will also testify on Wednesday before the House Select Committee on China. Relations with China, already rocky after Australia banned Huawei from its 5G broadband network in 2018, cooled further after Canberra called for an independent investigation into the origins of COVID-19. China responded by imposing tariffs on Australian commodities, including wine and barley and limited imports of Australian beef, coal and grapes, moves described by the United States as "economic coercion." Morrison was defeated in a bid for re-election in 2022. Reuters reported this week Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade. China imposed 100 per cent tariffs on Canadian canola meal and oil this year amid strained diplomatic ties. Australian Prime Minister Anthony Albanese visited China this week, underscoring a warming of ties Emanuel, who told a Chicago news outlet in June he is considering a run for president in 2028. Emanuel as been a harsh critic of China, saying in 2024 Beijing constantly uses coercion and pressures other countries, including Japan and the Philippines. "Economic coercion by China is their most persistent and pernicious tool in their toolbox," Emanuel said in a separate speech in 2023. The Chinese Embassy in Washington did not immediately comment. Former Australian prime minister Scott Morrison will testify at a US House panel hearing about countering China's "economic coercion against democracies," the committee says. Former US ambassador to Japan Rahm Emanuel will also testify on Wednesday before the House Select Committee on China. Relations with China, already rocky after Australia banned Huawei from its 5G broadband network in 2018, cooled further after Canberra called for an independent investigation into the origins of COVID-19. China responded by imposing tariffs on Australian commodities, including wine and barley and limited imports of Australian beef, coal and grapes, moves described by the United States as "economic coercion." Morrison was defeated in a bid for re-election in 2022. Reuters reported this week Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade. China imposed 100 per cent tariffs on Canadian canola meal and oil this year amid strained diplomatic ties. Australian Prime Minister Anthony Albanese visited China this week, underscoring a warming of ties Emanuel, who told a Chicago news outlet in June he is considering a run for president in 2028. Emanuel as been a harsh critic of China, saying in 2024 Beijing constantly uses coercion and pressures other countries, including Japan and the Philippines. "Economic coercion by China is their most persistent and pernicious tool in their toolbox," Emanuel said in a separate speech in 2023. The Chinese Embassy in Washington did not immediately comment. Former Australian prime minister Scott Morrison will testify at a US House panel hearing about countering China's "economic coercion against democracies," the committee says. Former US ambassador to Japan Rahm Emanuel will also testify on Wednesday before the House Select Committee on China. Relations with China, already rocky after Australia banned Huawei from its 5G broadband network in 2018, cooled further after Canberra called for an independent investigation into the origins of COVID-19. China responded by imposing tariffs on Australian commodities, including wine and barley and limited imports of Australian beef, coal and grapes, moves described by the United States as "economic coercion." Morrison was defeated in a bid for re-election in 2022. Reuters reported this week Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade. China imposed 100 per cent tariffs on Canadian canola meal and oil this year amid strained diplomatic ties. Australian Prime Minister Anthony Albanese visited China this week, underscoring a warming of ties Emanuel, who told a Chicago news outlet in June he is considering a run for president in 2028. Emanuel as been a harsh critic of China, saying in 2024 Beijing constantly uses coercion and pressures other countries, including Japan and the Philippines. "Economic coercion by China is their most persistent and pernicious tool in their toolbox," Emanuel said in a separate speech in 2023. The Chinese Embassy in Washington did not immediately comment.
