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Treasuries gain as markets reassess ‘Trump trades’ after Biden withdraws

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Treasuries gain as markets reassess ‘Trump trades’ after Biden withdraws

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The dollar and Treasury yields edged lower on Monday following Joe Biden’s decision to drop out of the US presidential race, as investors reassessed the “Trump trade” positions they have built in recent weeks.

As markets opened to news that Biden would not be seeking re-election, the dollar traded 0.1 per cent lower against a basket of rival currencies. US Treasuries gained, pulling the 10-year yield 0.01 percentage points lower to 4.23 per cent, reflecting what traders said were new unknowns in the run-up to the November presidential vote.

“In the next couple of weeks, I think there’s going to be more noise than signal for markets in what comes out on the political side,” said Ray Attrill, global co-head of foreign exchange strategy at National Australia Bank in Sydney. “Does that mean that economics will dominate? I don’t know. I think it all probably plays to a bit more indecision in the markets than has been the case in the last month or so.”

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Growing confidence in a win for former president Donald Trump, which Rabobank’s Stefan Koopman said would likely lead to “deregulation, tax cuts and increased fiscal spending”, had in recent weeks boosted haven assets including gold and bitcoin as traders priced in a higher chance of crypto-friendly policies, rising geopolitical tensions and stronger US inflation.

Yet small moves early on Monday in the price of both assets — bitcoin advanced 0.4 per cent while gold rose 0.1 per cent to $2,402 per troy ounce — as well as in Treasury yields and the dollar, suggest that investors remained cautious about unwinding their recently built positions, said Koopman, whose “base case” remained a Trump win in November.

Prediction markets showed Trump’s victory odds declined slightly on Sunday as Biden officially endorsed vice-president Kamala Harris.

Long-dated Treasuries had been hit in recent weeks as investors priced in a growing chance of a second Trump presidency, betting his tax-cutting policies would be inflationary and bad for bonds. However, the impact had been muddied by increasing expectations of a Federal Reserve interest rate cut as US inflation fell.

In a note to clients, Stuart Kaiser, head of US equity trading strategy at Citigroup, said Biden’s decision to step aside would be a “headwind for Trump trades” and “add an uncertainty premium to the [Democratic National Convention] dates in August and shift odds back closer to our 50/50 base case” for the election outcome.

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S&P 500 futures climbed 0.2 per cent ahead of the Wall Street open. European stocks rebounded from a string of losses last week, with the Stoxx Europe 600 0.6 per cent higher in early trade.

In Asia, the Nikkei 225 index fell 1.3 per cent. Traders said similar falls of 1.4 per cent in South Korea’s Kospi and 0.7 per cent in Australia’s S&P/ASX 200 were likely to be the effect of funds trimming positions built in recent weeks around expectations of a clear Trump victory. The yen traded in a tight range at about ¥157.5 to the dollar.

In Japan, defence industry stocks such as Mitsubishi Heavy, IHI and Japan Steel Works have recently soared to multiyear highs on a bet that a Trump victory and an era of US isolationism would force allies such as Tokyo to spend more on military equipment. Those same stocks dropped sharply on Monday, with shipbuilder IHI leading declines with a 3.7 per cent fall.

Trump’s frequent calls for tariffs to protect US manufacturers have prompted some investor concerns about companies likely to be affected but also provided a tailwind for Asian groups with strong manufacturing bases in the US.

“The bigger picture is that investors probably still see Trump with an advantage, so in market terms, this isn’t a huge change in the narrative. Asian markets are certainly going to be taking a lot of their direction on this from the ‘mother market’ in the US,” said Takeo Kamai, head of execution services at CLSA Securities in Tokyo.

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Former Olympian pleads not guilty in reflecting pool vandalism charges

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Former Olympian pleads not guilty in reflecting pool vandalism charges

Former U.S. Olympian David Hearn (left) walks with his attorney Norman Eisen to speak to reporters and protesters gathered after his arraignment at the Superior Court of the District of Columbia in Washington, D.C. on Thursday.

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Former U.S. Olympic canoeist David Hearn pleaded not guilty to damaging the Lincoln Memorial Reflecting Pool in D.C. Superior Court Thursday morning.

Federal prosecutors charged Hearn with a single count of destruction of property causing more than $1,000 in damage to the pool.

Hearn has previously claimed, which his attorneys repeated during a short press conference outside the court, that he simply touched the water in the pool out of curiosity.

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The Trump administration had just completed a $14 million renovation of the pool.

But shortly after the work finished, peeling paint and algae gathered in the water. The remodel has been largely criticized as a massive failure and waste of taxpayer dollars.

Superior Court Judge Carmen McLean released Hearn on his own recognizance. His next hearing is scheduled for Aug. 5.

Norm Eisen, one of Hearn’s attorneys, spoke to reporters outside of court following the hearing. He said the administration is using Hearn as a “scapegoat … for their own failures.”

“It is not a crime to touch the reflecting pool, to touch water in the United States of America,” he said.

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Prosecutors say there is a host of evidence against Hearn.

This is a developing story.

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

Three more people have been criminally charged with destruction of property at the Lincoln Memorial Reflecting Pool.

Officers say they detained Cameron Thiers, Sophie Dennison-Gibby and Justin Carreno one Saturday afternoon in June and described in court documents witnessing them peeling and removing pieces of blue paint from the Reflecting Pool.

One officer “witnessed Carreno reach down into the reflecting pool and pull up a piece of the blue paint,” according to the court documents.

The officer who detained Dennison-Gibby “found 1 additional piece of the reflecting pool liner” in her purse, the documents said.

All three incidents were recorded on the officers’ body worn cameras, they said in the court documents.

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Several “partnering law enforcement agencies assigned to the Reflecting Pool” working with US Park Police were involved in detaining the two men and one woman — including officers from Texas, Oklahoma, Montana and California.

One of the officers said in court documents that Thiers “admitted to removing a piece of blue sealant from the Reflecting Pool and still had it in his hand when I made contact with him.”

The three defendants were arraigned in court Wednesday and pleaded not guilty to the misdemeanor charges of destruction of property with a value less than $1,000. The judge ordered them to stay away from the Reflecting Pool.

Lawyers for Thiers and Dennison-Gibby declined to comment. CNN has reached out to Carreno’s attorney.

If found guilty of destruction of property, the defendants could be fined up to $1,000 and face a maximum of 180 days behind bars.

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The New York Times first reported that three additional people had been charged with damaging the Reflecting Pool.

President Donald Trump has repeatedly claimed that vandals caused major damage to the pool by gashing the lining after his administration spent more than $14 million on renovations, though he has not provided evidence to support that claim. The officers who charged Carreno, Thiers and Dennison-Gibby did not accuse them of gashing the lining.

Former Olympic canoeist David Hearn was indicted by a grand jury in Washington, DC, last week for allegedly damaging the Reflecting Pool. Hearn — unlike Carreno, Thiers and Dennison-Gibby – was charged with destruction of property with a value of more than $1,000 which carries a maximum penalty of 10 years in prison, if convicted. He is set to be arraigned in court Thursday.

Crews began draining the Reflecting Pool over the weekend to make repairs, according to Interior Secretary Doug Burgum, for the second time in three months.

The move comes after weeks of problems – algae blooms, green-hued water, a chipping bottom and the administration’s allegations of vandalism – that have plagued the iconic landmark, making its woes the subject of national interest.

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Supreme Court financial disclosures reveal how their books add to their income

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Supreme Court financial disclosures reveal how their books add to their income

Supreme Court Justice Amy Coney Barrett speaks at the Reagan Library on Sept. 9, 2025, in Simi Valley, Calif. Barrett discussed and signed copies of her new book, Listening to the Law: Reflections on the Court and Constitution.

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Even as the Supreme Court was handing down one legal thunderbolt after another last week, the justices were quietly releasing their annual financial reports. Justice Samuel Alito was the only sitting justice to request an extension, which he has done for 15 years. The disclosures do not give a complete account of the justices’ total income and wealth, but they give insights into their concertgoing, guest professorships and even their involvement in youth sports.

In addition to their salaries, much of the justices’ reported income came from their book deals. Justice Ketanji Brown Jackson led the pack earning more than $1.1 million last year for a total of roughly $4 million since her memoir, Lovely One, was published in 2024.

Justices Sonia Sotomayor, Neil Gorsuch, Amy Coney Barrett and retired Justice Anthony Kennedy also reported income from published books. Earnings from their books ranged from $849,000 for Barrett, to $300,000 for Gorsuch and $88,000 for Sotomayor, whose books include her 2013 autobiography and five children’s books. Justice Clarence Thomas, who previously earned $1.5 million for his 2007 memoir, listed no publisher payments last year, and Justice Brett Kavanaugh, one of 13 co-authors of a 2016 legal treatise, also received no payments last year. Kavanaugh is said to be working on a memoir but he listed no payments for the anticipated book. Alito does have a book coming out in the fall, but with his financial report still outstanding, there is no data on how much he was paid for the work in 2025.

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The only two sitting justices who have not written books are Chief Justice John Roberts and Justice Elena Kagan.

Many justices also earned income from teaching at law schools. Roberts reported income from New England Law, located in Boston, and Gorsuch reported teaching income from George Mason University in Virginia. Thomas taught classes at Catholic University in Washington, D.C., and Barrett and Kavanaugh taught at Notre Dame Law School. Barrett graduated from the school and began teaching there 23 years ago; Kavanaugh has family connections to Notre Dame.

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