Donald Trump has made his strongest suggestion yet that he will soon launch a third bid for the White House in 2024, telling a crowd of supporters in Ohio last night that he would make a “very big announcement” on November 15.
Speaking at a rally in Ohio on the eve of midterm elections that will determine control of Congress for the next two years, Trump said: “We want nothing to detract from the importance of tomorrow.”
But he added that his “announcement” would come one week after the midterms, at his Mar-a-Lago resort in Palm Beach, Florida.
“This incredible journey that we are on together has only just begun,” Trump, 76, said.
The former president was speaking on the eve of midterm elections that could prove highly significant for the legislative ambitions of the Biden administration. Tens of millions of Americans will flock to the polls today to vote in elections that will determine control of Congress, the Senate and dozens of state and local government contests across the country.
According to the final polling averages, Republicans are expected to win enough seats in the House of Representatives to regain control of the lower chamber of Congress — which they will use to stymie Biden’s agenda and launch investigations into his administration.
But the balance of power in the Senate will depend on the outcome of a handful of races — particularly in Pennsylvania, Nevada and Georgia — that were neck-and-neck heading into the last stretch of the campaign.
By yesterday afternoon, more than 41mn Americans had already cast their ballots by voting early either in person or by mail, pointing to high turnout that could exceed the 122mn people who voted in the 2018 midterm elections.
President Joe Biden rounded out his campaign travels in the Democratic stronghold of Maryland, where polls suggest former investment banker Wes Moore is the odds-on favourite to be elected governor.
Asked by journalists at the White House following the rally whether Democrats could hold on to the reins of the House of Representatives, the president said: “I think it’s going to be tough, but I think we can. I think we’ll win the Senate. I think the House is tougher.”
Opinion: Donald Trump’s future looms over the US midterms, writes US political correspondent Courtney Weaver.
Go deeper: The FT News Briefing team has travelled the country and produced a crash course to today’s elections.
Do you think Trump will run in 2024 and if he does will he win? Email your thoughts to firstft@ft.com or hit reply on this email to send me your thoughts — Gordon
Five more stories in the news
1. Exclusive: Cyprus accountants break from PwC to retain Russia-linked clients A group of partners at the Big Four accountant has launched a breakaway firm in the Mediterranean island to take work from Russia-linked clients whom PwC will no longer touch following Moscow’s invasion of Ukraine. PwC has operated a global “sanctioned anywhere, sanctioned everywhere” policy that goes beyond what is legally required.
2. Global law firms scale back hiring as slowdown begins Profits at many of the largest international law firms are shrinking rapidly because of an increase in costs and a decline in the number of mergers and acquisitions and public offerings, leading some to scale back hiring as they prepare for a deep global recession.
3. Twitter says user growth has picked up since take over Twitter said that user growth is “accelerating” and hit “all-time highs” during Elon Musk’s first week at the helm. In an email sent to some advertisers yesterday and seen by the Financial Times, Twitter said growth of its monetisable active daily users — a homegrown metric that counts the number of logged-in users to whom the platform shows advertising — accelerated to 20 per cent, from 15 per cent in the second quarter.
4. Tiger Global losses mount after whipsawing tech valuations Losses at the New York-based hedge fund mounted in October after being buffeted by the whipsawing value of technology stocks in the US and a sell-off in China. The firm’s flagship hedge fund lost 5.4 per cent in October, taking losses this year to a new low of 54.7 per cent, according to a person with knowledge of the figures.
5. UN chief calls for rich countries to agree ‘climate solidarity pact’ At the opening session of COP27 climate conference yesterday António Guterres said the international financial system should be reformed to support lower income countries that were burdened by debt and which needed money to recover from natural disasters. He singled out the US and China as two countries that should lead efforts to agree a new “climate solidarity pact”.
The day ahead
Outlook for markets Contracts tracking Wall Street’s benchmark S&P 500 struggled for direction while those following the tech-heavy Nasdaq 100 fell 0.4 per cent after a positive close yesterday.
Company earnings Investors will be looking to Disney to provide more information on its efforts to grow its streaming service, Disney+, and its related bundling offerings. Signs of any inflationary pressures on consumers visiting its theme parks could also be of interest to shareholders. Private equity firm Carlyle Group, vaccine maker Novavax, shale producer Occidental Petroleum, semiconductor manufacturer GlobalFoundries and industrial materials maker DuPont will report before the opening bell. Rupert Murdoch’s News Corp and “meme stock” cinema chain AMC Entertainment will join Disney in reporting after the market closes.
Supreme Court The US’s highest court will hear oral arguments in Mallory vs Norfolk Southern Railway, a case that could drastically shift how companies are sued in the US. Currently, cases are brought against companies in the states where they are based or incorporated, but if the Supreme Court rules against Norfolk Southern, plaintiffs could sue companies in any state where they have licences, even if the claim happened elsewhere.
What else we’re reading
‘Loss and damage’ stalemate reaches breaking point It is often hard to predict what will happen at annual UN talks that, since 1995, have been held to thrash out global climate change agreements. But not this year. This meeting will focus on a divisive subject: whether rich countries should pay out to cover the costs of climate damage, writes Pilita Clark.
Pension funds after the UK government bond crisis Wild swings in the gilt markets, such as those caused by the Liz Truss government’s “mini” Budget in September, have taught UK pension funds an important lesson: assets that cannot be quickly converted to cash may deliver higher returns, but in a crisis pension schemes need assets they can sell fast.
Hong Kong takes on Singapore for Asia’s crypto crown Hong Kong trails Singapore in terms of the value of crypto assets received but a sudden shift by regulators last week towards clearer rules to allow retail investors to trade digital assets after years of ambiguity has led executives to warn that Singapore may be squandering its lead.
PoWs recall desperate fight for Mariupol In September, 215 prisoners in Russian captivity were released in the largest exchange since Vladimir Putin launched his full-blown invasion of Ukraine. Now they have shared their insights into a critical early battle of the war with the Financial Times. “It felt like one long day in hell”, said Major Oleksandr Voronenko.
Middle management job cuts raise fears of ‘white-collar recession’ In previous downturns, blue-collar employees including construction workers and truck drivers have tended to be the first to lose their jobs, but this time American companies have been focusing headcount reductions on middle managers in office jobs.
FT Magazine
Can a really, really big flagpole unite America? That’s what the Worcesters are hoping for. They plan to build the world’s tallest flagpole and hoist the largest flag ever flown in New Hampshire.
Source: Economy - ft.com
