Trump victory elicits fears, some cheers around the globe

November 9, 2016

London, Nov 9: The world faces a starkly different America led by a President Donald Trump.trumpGlb

While the billionaire businessman's election was welcomed in some countries, others saw it as a big shock, as governments will now have to deal with a man who has cozied up to Vladimir Putin, told NATO allies they would have to pay for their own protection and vowed to make the Mexican government pay for a multibillion-dollar border wall.

Trump's win was particularly startling in Mexico, where his remarks calling Mexican immigrants criminals and 'rapists' were a deep insult to national pride. Financial analysts have predicted a Trump win would threaten billions of dollars in cross-border trade, and government officials say they have drawn up a contingency plan for such a scenario, though without releasing details.

"It's DEFCON 2," Mexican analyst Alejandro Hope said. "Probably something as close to a national emergency as Mexico has faced in many decades."

"It depends if he means what he says and if he can do what he claims he wants to do," Hope added. "A massive deportation campaign could really put some stress on Mexican border communities. A renegotiation of NAFTA could seriously hobble the Mexican economy. It could create a lot of uncertainty. ... Financial markets could suffer."

The Mexican peso, which has tracked the U.S. election closely, fell sharply to 20.45 to the dollar late Tuesday before recovering somewhat. The Bank of Mexico's interbank rate had stood at 18.42 at the end of the day's trading.

In Europe, NATO allies now wait to see if Trump follows through on suggestions that America will look at whether they have paid their proper share in considering whether to come to their defense.

Trump's rhetoric has challenged the strategic underpinning of the NATO alliance, rattling its leaders at a time when Russia has been increasingly aggressive.

German Defense Minister Ursula von der Leyen called the vote 'a big shock' and 'a vote against Washington, against the establishment.'

Von der Leyen said on German public Television Wednesday that while many questions remain open, "We Europeans obviously know that as partners in NATO, Donald Trump will naturally ask what 'are you achieving for the alliance,' but we will also ask 'what's your stand toward the alliance.'"

The French populist, anti-immigrant politician Marine Le Pen congratulated Trump even before the final results were known, tweeting her support to the "American people, free!"

Foreign Minister Jean-Marc Ayrault said France would work with the new president and that European politicians should heed the message from Trump votes. "There is a part of our electorate that feels ... 'abandoned,' including people who feel left behind by globalization," he said.

Trump's victory is being viewed with shock and revulsion in Ireland, a country close to the Clintons and fearful of Trump's campaign pledge to confront US companies using Ireland as a tax shelter.

The newspaper of record, the Irish Times, branded the New York businessman a 'misogynistic racist liar' who would fan instability overseas and intolerance at home.

Irish Times columnist Fintan O'Toole wrote Wednesday: "The republic of Washington, Jefferson, Lincoln and Roosevelt is now the United Hates of America."

"President Trump is the creation of the same demographic that gave Europe its far-right authoritarian movements with such disastrous consequences for the world," he wrote. "This does not mean that we are facing an American fascism. But it does mean that Trump will not be able to rule without stoking and manipulating fear."

British Prime Minister Theresa May issued a statement saying she looks forward to working with Trump and building on the two countries' longstanding 'special relationship.' Her predecessor, David Cameron, had been outspoken in his criticism of Trump during the primary campaign.

Nigel Farage, acting leader of the UK Independent Party, which played an important role convincing Britons to leave the European Union, told The Daily Telegraph that Trump's victory would bring a 'massive result' for Britain. A spokesman said Farage - who campaigned briefly with Trump- was flying to Washington Wednesday.

Russian President Vladimir Putin sent Trump a telegram Wednesday morning congratulating him on his victory.

Moscow has been unusually prominent in the race. Clinton's campaign and the Obama administration blamed Russian hackers for leaked emails from the Democratic National Committee and Clinton campaign staff. Trump, in turn, has made complimentary remarks about Putin; the ties some of his advisers and former campaign officials have to Russia have raised suspicions.

"We of course regard with satisfaction that the better candidate of the two presented to the American voters was victorious," said Vladimir Zhirinovsky, leader of Russia's nationalist Liberal Democratic party, according to the Interfax news agency.

In Asia, security issues and trade will top the agenda for the new administration, from North Korea and the South China Sea to the contentious and yet-unratified Trans-Pacific Partnership trade agreement.

Chinese state media and government-backed commentators had signaled Beijing's preference for a Trump win. Like Russia, China is seen as favoring Trump because he appears less willing to confront China's newly robust foreign policy, particularly in the South China Sea.

Clinton, by contrast, is disliked in Beijing for having steered the US 'pivot' to Asia aimed at strengthening US engagement with the region, particularly in the military sphere.

Scholar Mei Xinyu wrote in the Communist Party newspaper Global Times that China would find it easier to cope with a Trump presidency.

"Trump has always insisted on abandoning ideological division and minimizing the risks that unnecessary conflicts with other countries may bring to the U.S.," Mei wrote.

In Indonesia, the world's most populous Muslim country, social media was abuzz with speculation about whether Trump would follow through on campaign rhetoric calling for a ban on Muslims entering the United States. Some said they fear they would be prevented from visiting relatives and friends who live in America or traveling there as tourists.

News of Trump's widening lead hit hard in Cuba, which has spent the last two years negotiating normalization with the United States after more than 50 years of Cold War hostility, setting off a tourism boom. Trump has promised to roll back Obama's opening with Cuba unless President Raul Castro agrees to more political freedoms.

"If he reverses it, it hurts us," taxi driver Oriel Iglesias Garcia said. "You know tourism will go down."

In pubs, bars and restaurants in much of the world, people watched TV and took in the surprise news of Trump's victory.

At a pub in Sydney, Pamela Clark-Pearman, a 63-year-old Clinton supporter, sat nursing a beer.
"I never thought the Americans could be so stupid. I just think it's Brexit all over again,'' Clark-Pearman said, referring to the June 23 British vote to leave the European Union.

Serving the last drinks of the night at a Mexico City tavern where a half-dozen TVs were tuned to election news, bartender Angel Mendoza wondered what will happen to his 15 or so family members living in the United States, about half of whom are there illegally.

"They're not coming here," he said. "Their lives are already made there, but (now) with a certain fear."

Comments

ABD
 - 
Wednesday, 9 Nov 2016

When Authority / Power comes to the hands of unfit person, then wait for the Hour - Muhammad(Pbuh)

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 21,2020

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 23,2020

Beijing, Jan 23: China is putting on lockdown a city of 11 million people considered the epicenter of the new coronavirus outbreak that has killed 17 and infected nearly 600 people, as health authorities around the world work to prevent a global pandemic.

The previously unknown coronavirus strain is believed to have emerged late last year from illegally traded wildlife at an animal market in the central Chinese city of Wuhan. Cases have been detected as far away as the United States, stoking fears the virus is already spreading worldwide.

Wuhan's local government said it would shut down all urban transport networks and suspend outgoing flights from the city as of 10 a.m. (0200 GMT) Thursday, state media reported, adding that the government is urging citizens to not leave the city in the absence of special circumstances.

Contrasting with its secrecy over the 2002-03 Severe Acute Respiratory Syndrome (SARS), which killed nearly 800 people, China's communist government has this time given regular updates to try to avoid panic as millions of people travel for the Chinese Lunar New Year holiday.

Chinese authorities have confirmed 571 cases and 17 deaths as of end-Wednesday, state television reported on Thursday. There are eight other known cases around the world - Thailand has confirmed four cases, while the United States, Taiwan, South Korea and Japan have each reported one.

Vice Premier Sun Chunlan said during a visit to Wuhan that authorities needed to be open about the spread of the virus and their efforts to contain it, the official Xinhua news agency reported on Thursday, comments likely to reassure global health experts.

After a meeting at its Geneva headquarters on Wednesday, the World Health Organization (WHO) said it would decide on Thursday whether to declare the outbreak a global health emergency, which would step up the international response.

If it does so, it will be the sixth international public health emergency to be declared in the last decade.

WHO Director-General Tedros Adhanom Ghebreyesus told reporters in Geneva that China's actions so far were "very strong" but called in Beijing to take "more and significant measures to limit or minimise the international spread".

"We stressed to them that by having a strong action not only they will control the outbreak in their country but they will also minimise the chances of this outbreak spreading internationally. So they recognise that," he said.

A senior U.S. State Department official also called on China to "play a bigger role in global health so they taking more and significant measures to limit or minimise the international spread".

"The lack of transparency in the past, especially with SARS ... gives us concern that that may be the case here," the official said, adding however that there were "positive signs that they have taken action in Wuhan".

Fears of a pandemic initially spooked markets but they regained their footing on Wednesday, with investors citing the robust response from authorities as reassuring.

VIRUS SPREADING

The outbreak began in Wuhan, a major transportation hub as well as central China's main industrial and commercial centre, and has now spread to other major population centers including Beijing, Shanghai and Hong Kong.

There is no known cure for the virus. Symptoms include fever, difficulty in breathing and cough, similar to many other respiratory illnesses, and can cause pneumonia.

Chinese authorities are still investigating the origins of the virus, though they confirmed the outbreak began at a market in Wuhan with illegal wildlife transactions and that it can spread from one person to another via respiratory transmission. Among confirmed patients are 15 medical workers, further adding to worries about a possible global pandemic.

Many Chinese were canceling trips, buying face masks, avoiding public places such as cinemas and shopping centers, and even turning to an online plague simulation game as a way to cope.

Airports globally stepped up screening passengers from China and the European Centre for Disease Control and Prevention (ECDC) said in a risk assessment that further global spread of the virus was likely.

Britain joined other countries including Australia in advising citizens against all but essential travel to Wuhan.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 17,2020

Paris, Apr 17: The number of coronavirus-related deaths in France has increased by 753 to 17,920 over the past 24 hours, with the total case count now standing at 108,847, Jerome Salomon, the head of the state health agency, said on Thursday.

On Wednesday, the country reported a total of 106,206 cases, including a record 1,438 new fatalities. Salomon specified that it was not the daily death toll, as the data had been compiled over the last three-day weekend.

"The total number of victims since March 1 is 17,920," Salomon said at a briefing on Thursday.
He noted that 11,060 of them had died in hospitals, and 6,860 others in social and medical-social facilities.

President Emmanuel Macron on Monday extended nationwide movement restrictions, which had been introduced due to the epidemic, until May 11. Afterwards, the country is set to gradually reopen kindergartens, schools and universities.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.