It’s finally over: Donald Trump has secured 304 Electoral Votes following the Texas vote (with 2 faithless electors), officially securing the presidency of the United States. Of course, the now official President-Elect Trump took to twitter to confirm the victory:
We did it! Thank you to all of my great supporters, we just officially won the election (despite all of the distorted and inaccurate media).
Texas’ 36 electoral votes for Trump pushed him over the edge at around 4:30 Central Time, even though two rogue electors’ defections deprived Trump of one of those votes. That gave Trump 304 total electoral votes.
A quick recap of the day’s events from the WSJ:
Members of the Electoral College meeting in state capitals across the country on Monday confirmed President-elect Donald Trump’s victory in the 2016 election, ending a last-ditch campaign to deny him the presidency. Mr. Trump amassed at least 270 electoral votes on Monday afternoon—enough to officially become the president-elect over his Democratic rival, Hillary Clinton, according to a tally of votes by the Associated Press.
Typically just a formality, this year’s Electoral College vote attracted an outsize amount of attention after a group of mostly Democratic electors made a late push to block Mr. Trump’s path to the White House. They argued the Electoral College had a constitutional duty to act independently of the will of the voters in extraordinary circumstances. Protesters gathered in several state capitols across the country to encourage electors to reject Mr. Trump.
Hong Kong Chief Executive Leung Chun-ying said he won’t seek a second term. Korea’s parliament voted 234-56 to impeach President Park. Czech National Bank raised the possibility of negative rates to help manage the currency. A Brazilian Supreme Court justice removed Senate chief Renan Calheiros from his post, but was later overturned by the full court. Brazil central bank signaled a possibly quicker easing cycle. In the EM equity space as measured by MSCI, UAE (+6.2%), Poland (+6.0%), and Mexico (+5.9%) have outperformed this week, while Czech Republic (-0.6%), Hong Kong (-0.2%), and China (+0.6%) have underperformed. To put this in better context, MSCI EM rose 2.8% this week while MSCI DM rose 2.8%.
In the EM local currency bond space, Brazil (10-year yield -60 bp), the Philippines (-59 bp), and Indonesia (-40 bp) have outperformed this week, while India (10-year yield +20 bp), China (+5 bp), and Czech Republic (-1 bp) have underperformed. To put this in better context, the 10-year UST yield rose 3 bp this week to 2.41%.
In the EM FX space, BRL (+3.1% vs. USD), COP (+2.9% vs. USD), and CLP (+2.8% vs. USD) have outperformed this week, while EGP (-2.3% vs. USD), CNH (-0.8% vs. USD), and SGD (-0.7% vs. USD) have underperformed.
Hong Kong Chief Executive Leung Chun-ying said he won’t seek a second term. He cited family reasons. The next chief executive will be selected in March by a committee of 1,200. China has veto power over the final selection, and so it’s clear that another establishment leader will be chosen.
Federal fund futures — or the contracts that investors use to bet on interest rate movements — currently imply a 100 per cent chance of a rate rise next month, compared with 96 per cent on Thursday.
The move comes as New York Fed president Bill Dudley on Friday said that “inflation expectations are well anchored”, adding that “we should be increasingly optimistic that we will reach our inflation objectives over the next few years”.
His remarks arrived a day after Fed chair Janet Yellen said that an increase in short-term interest rates could “become appropriate relatively soon”.
results of the Nov. 8 election if he were to be unsuccessful in gaining 270 electoral votes. “I will look at it at the time…. I’ll keep you in suspense,” Trump told moderator Chris Wallace. His rival at the time, Hillary Clinton, called the now president-elect’s response “horrifying,” and throughout the accusation of “talking down our democracy.”
Clinton would run as long as she could with accusing Trump of undermining the democratic process by refusing to accepted the election results, making it a solid part of her attack platform from the third debate forward. During rallies, her supporters would boo Trump whenever Clinton mentioned the fact he refused to say he’d accepted.
Well, now it turns out that Clinton’s supporters are the ones who are refusing to accept the election results as they were announced in the early morning of Nov. 9.
A Change.org petition started by a man in North Carolina to persuade the Electoral College to elect Hillary Clinton over Donald Trump has 2,170,188 signatures since its creation on Wednesday night.
The petition reads:
On December 19, the Electors of the Electoral College will cast their ballots. If they all vote the way their states voted, Donald Trump will win. However, they can vote for Hillary Clinton if they choose. Even in states where that is not allowed, their vote would still be counted, they would simply pay a small fine — which we can be sure Clinton supporters will be glad to pay!
We are calling on the Electors to ignore their states’ votes and cast their ballots for Secretary Clinton. Why?
Mr. Trump is unfit to serve. His scapegoating of so many Americans, and his impulsivity, bullying, lying, admitted history of sexual assault, and utter lack of experience make him a danger to the Republic.
Secretary Clinton WON THE POPULAR VOTE and should be President.
Hillary won the popular vote. The only reason Trump “won” is because of the Electoral College.
Donald Trump, the property developer known for his divisive rhetoric, has been elected US president in a shock outcome that has roiled global financial markets.
The Associated Press has called the 2016 election for Mr Trump, who is set to garner enough seats in the US Electoral College to pass the critical 270 mark and succeed Barack Obama.
The news represents a stark contrast to polls that had put former secretary of state Hillary Clinton well ahead, and suggested Mr Trump would have a tough path to securing enough support in the Electoral College.
However, Mr Trump, who made controversial stances on immigration and trade pillars of his campaign, managed to score victories in key battlegrounds, including Florida, Ohio and Pennsylvania.
The strong showing was a strong rebuke of the political establishment — something that echoed June’s Brexit vote in which UK citizen’s confounded pollsters by voting to divorce from the EU.
Global financials were rocked by the surprise results, with US stock-index futures pointing to heavy losses on Wednesday. The Mexican peso, which has become a favoured proxy for the election, plummeted more than 10 per cent.
The GOP also had a strong showing in Congressional races, where the AP projected the party to retain control in the House of Representatives. Republicans were also looking more likely to hold their grip on the Senate, repelling an attempt by Democrats that appeared to have good odds of succeeding.
The 2016 presidential contest has been one of many “firsts”: the first to include a nominee of a major political party under an active FBI criminal investigation, the first in which nude pictures of a candidate’s wife hit the internet for all to see, etc. Now, with less than 24 hours left until voting gets underway, according to Reuters the 2016 contest is poised to break yet another record as the “most wagered-upon political event” in history.
With many opinion polls showing a tight race just one day before Tuesday’s election, record numbers of bettors are pouring millions into online platforms from Ireland to Iowa in the hope of capturing a financial windfall from a victory by Democrat Hillary Clinton or Republican Donald Trump.
UK-based internet betting exchange Betfair said on Sunday its “Next President” market was set to become the most traded it had ever seen and expected to surpass even Brexit, the contentious UK referendum to leave the European Union.
By Sunday, roughly $130 million had been traded on who will become the next U.S. president, compared with $159 million on the Brexit referendum, Betfair spokeswoman Naomi Totten said. The amount bet so far on the 2016 contest dwarfs the roughly $50 million laid on the 2012 race.
On sites like Paddy Power, gamblers can bet on anything from the most likely winner of the 2016 presidential race…
The stunned reactions to Comey’s shocking announcement are coming in fast and furious, as moments ago, Donald Trump – during a live speech – made the opening salvo by saying “it’s a rigged system, and she’s protected.”
Then, moments later, the official responses started flooding starting with House Speaker Paul Ryan, who has been notably on the fance regarding his support for Trump, and has failed to come to his support by naming him in recent public appearances, did just that, when in a statement said that “Regardless of this decision, the undisputed finding of the FBI’s investigation is that Secretary Clinton put our nation’s secrets at risk and in doing so compromised our national security. She simply believes she’s above the law and always plays by her own rules. This is a pattern with the Clintons, and the American people should not have to endure four more years of their scandal and baggage. Fortunately, the American people have the opportunity to ensure Secretary Clinton never gets her hands on classified information again. Let’s bring the Clinton era to an end by voting for Donald Trump on Tuesday.”
Three weeks ago, when we first reported that Qatar had offered to pay the Clinton Foundation $1 million after a hacked Podesta email disclosed that the ambassador of Qatar “Would like to see WJC [William Jefferson Clinton] ‘for five minutes’ in NYC, to present $1 million check that Qatar promised for WJC’s birthday in 2011”, we said that in this particular case, the Clinton Foundation may also be in violation of State Department ethics codes.
SecState Hillary Clinton, left, meets the Prime Minister of Qatar Sheik Hamad bin Jassim bin Jabor Al Thani in 2010.
As we said in early October, while this has been seen by critics of the Clinton Foundation as yet another instance of influence pandering and “pay-to-play”, this time there may actually be consequences for the Clinton Foundation: according to the State Department, the previously undisclosed donation suggests there may be an ethics violation by the foundation, even though the State of Qatar is shown on the foundation’s website as having given at least that amount. There is no date listed for the donation.
Underscoring the potential flagrant abuse of ethical guidelines if the Qatar payment is confirmed, Hillary Clinton promised the U.S. government that while she served as secretary of state the foundation would not accept new funding from foreign governments without seeking clearance from the State Department’s ethics office. The agreement was designed to dispel concerns that U.S. foreign policy could be swayed by donations to the foundation.
Donald Trump, according to the latest polling, is ahead in states with 230 electoral votes and is tied in five states with a combined 54 more, giving him a potential haul of 284 votes — 14 more than he needs to win.
Trump is ahead in all the states Romney carried (including Indiana and North Carolina) and in Ohio (18 votes) and Iowa (6). He is tied in Pennsylvania (20), Michigan (16), Nevada (6), New Hampshire (4), and Colorado (8).
And he could still carry Florida and has an outside shot at Wisconsin.
Back in January, when it still wasn’t certain that Donald Trump would be the Republican presidential candidate, let alone be neck and neck with Hillary Clinton in the polls days ahead of the election, we explained why Trump should be praying for a market crash, or rather not so much a market crash as a swoon in the market in the three months prior to the election. We were referring to a market-based indicator which had a near flawless 86.4% accuracy track record.
As we noted at the time, the old saying that “people vote their pocketbooks” is more accurate than the average political analyst thinks. While Wall Street typically worries about how politics might affect the market, presidential candidates are far more concerned about how the stock market might affect their political outcomes.
Here is why this is important: historically, the market performance in the three months leading up to a Presidential Election has displayed an uncanny ability to forecast who will win the White House… the incumbent party or the challenger. Since 1928, there have been 22 Presidential Elections. In 14 of them, the S&P 500 climbed during the three months preceding election day. The incumbent President or party won in 12 of those 14 instances. However, in 7 of the 8 elections where the S&P 500 fell over that three month period, the incumbent party lost.
There are only three exceptions to this correlation: 1956, 1968, and 1980. Statistically, the market has an 86.4% success rate in forecasting the election!