How Biden’s Exit Shakes Up the Campaign
Digest
President Biden's decision to withdraw from the presidential race has sparked a flurry of activity within the Democratic party, with Kamala Harris emerging as the frontrunner. The markets are relatively calm following Biden's withdrawal, with analysts focusing on the long-term implications. The potential for a Trump victory is being reassessed, and investors are considering the economic policies of a potential Harris presidency. Meanwhile, Secret Service Director Kimberly Cheetle faces scrutiny from lawmakers over security failures during the attempted assassination of former President Trump. The aviation industry continues to grapple with the fallout from Friday's tech outage, with hundreds of flights cancelled and delayed. China's central bank has unexpectedly cut a key policy rate in an effort to stimulate the country's slowing economy. Australian oil company Woodside Energy has agreed to purchase Houston-based natural gas firm Tolerian for $900 million. This week is expected to be a busy one for earnings reports, with companies like Verizon, Tesla, Alphabet, and General Motors releasing their results. Economic data, including GDP and home sales figures, will also be released.
Outlines
Democratic Party Consolidates Around Harris
President Biden's decision to withdraw from the presidential race has sparked a flurry of activity within the Democratic party. Kamala Harris has emerged as the frontrunner, receiving endorsements from key figures like Gavin Newsom and Pete Buttigieg. The party is consolidating around her, and there's a surge in small-dollar donations.
Market Reactions and Potential Harris Presidency
The markets are relatively calm following Biden's withdrawal, with analysts focusing on the long-term implications. The potential for a Trump victory is being reassessed, and investors are considering the economic policies of a potential Harris presidency.
Secret Service Under Fire After Trump Assassination Attempt
Secret Service Director Kimberly Cheetle faces scrutiny from lawmakers over security failures during the attempted assassination of former President Trump. Calls for her resignation have been rebuffed, but an independent panel has been appointed to review the incident.
Global News Roundup: Tech Meltdown, China's Economy, and Business Deals
The aviation industry continues to grapple with the fallout from Friday's tech outage, with hundreds of flights cancelled and delayed. China's central bank has unexpectedly cut a key policy rate in an effort to stimulate the country's slowing economy. Australian oil company Woodside Energy has agreed to purchase Houston-based natural gas firm Tolerian for $900 million. This week is expected to be a busy one for earnings reports, with companies like Verizon, Tesla, Alphabet, and General Motors releasing their results. Economic data, including GDP and home sales figures, will also be released.
Keywords
Kamala Harris
Kamala Harris is an American politician who served as the 49th Vice President of the United States from 2021 to 2023. She is the first woman, first African American, and first Asian American to hold the office.
Donald Trump
Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. He is a controversial figure known for his outspoken views and business dealings.
Secret Service
The United States Secret Service is a federal law enforcement agency responsible for protecting the President of the United States, Vice President, their families, and other high-ranking officials.
Tech Meltdown
A tech meltdown refers to a widespread disruption or failure of technology systems, often affecting multiple industries and causing significant inconvenience.
China
China is a vast East Asian country with a rich history and culture. It is the world's most populous country and a major economic power.
Woodside Energy
Woodside Energy is an Australian multinational oil and gas company headquartered in Perth, Western Australia. It is a major producer of liquefied natural gas (LNG).
Tolerian
Tolerian is a Houston-based natural gas company focused on developing liquefied natural gas (LNG) projects.
Q&A
What are the key unknowns surrounding Kamala Harris's potential nomination as the Democratic presidential candidate?
The unknowns include whether the party will quickly consolidate around her, what process will be used to formalize her nomination, who her running mate will be, and how voters will react to her candidacy.
How might the markets react to a potential Kamala Harris presidency?
Investors are considering the potential economic policies of a Harris presidency, particularly in comparison to Biden's policies. The likelihood of a Trump victory is also being reassessed, which could impact interest rates, the dollar, and trade policies.
What are the potential strengths and weaknesses of a Kamala Harris campaign?
Harris's strengths include her ability to draw a contrast with Trump and her appeal to certain demographics within the Democratic party. However, she has faced criticism for her record as a prosecutor and her association with Biden's immigration policies.
How is the Trump campaign responding to Biden's withdrawal and Harris's emergence as the frontrunner?
The Trump campaign has been preparing for this scenario and has already begun running attack ads against Harris. They are also likely to focus on her record as a prosecutor and her association with Biden's immigration policies.
Show Notes
A.M. Edition for July 22. After President Biden bows out of the presidential race, Vice President Kamala Harris gathers support to be the Democrats’ nominee. WSJ editor Aaron Zitner breaks down the strengths and weaknesses of her candidacy, and how the Republican campaign is adjusting course. Plus, lawmakers prepare to grill Secret Service Director Kimberly Cheatle about the security failures during the attempted assassination of former President Donald Trump. And, flight cancellations and delays continue to plague travelers after Friday’s tech meltdown. Luke Vargas hosts.
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