Tag Archives: roiled

Alaska high court reverses ruling that roiled House election

JUNEAU, Alaska (AP) — The special primary for Alaska’s only U.S. House seat moved forward as planned Saturday following a tense legal fight over ballot access issues that had cast a shadow over the election.

The legal drama was the latest twist in what has already been an extraordinary election, packed with 48 candidates running for the seat left vacant by the death in March of U.S. Rep. Don Young. Young, a Republican, held the seat for 49 years.

The Alaska Supreme Court on Saturday reversed and vacated a lower court order that barred state elections officials from certifying the results of the special primary until visually impaired voters were given a “full and fair” opportunity to participate.

Attorneys for the state had interpreted Friday’s order from Superior Court Judge Una Gandbhir as preventing elections officials from concluding voting as scheduled on Saturday. They asked the supreme court to reverse the order.

The high court said an explanation of its reasoning would follow at a later time.

Gandbhir on Friday ruled that Alaska elections officials could not certify the results of the by-mail special primary until visually impaired voters “are provided a full and fair opportunity to participate” in the election. She did not specify what that would entail.

The ruling came in a case filed earlier this week by Robert Corbisier, executive director of the Alaska State Commission for Human Rights. Corbisier sued state elections officials on behalf of a person identified as B.L., a registered voter in Anchorage with a visual impairment.

Attorneys for Corbisier said the election lacks options that would allow people with visual impairments to cast ballots “without invasive and unlawful assistance from a sighted person.” Attorneys for the state said that adequate methods for secret voting were available.

An attorney for Corbisier did not respond to a request for comment.

This is the first election under a system approved by voters in 2020 that ends party primaries and uses ranked choice voting in general elections.

Prominent candidates include former Gov. Sarah Palin, Nick Begich, Tara Sweeney and Josh Revak, all Republicans; independent Al Gross; and Democrats Christopher Constant and Mary Peltola. A self-described “independent, progressive, democratic socialist” whose legal name is Santa Claus has gotten attention but has not been raising money.

Each voter picks one candidate in the special primary, which will whittle the list from 48 to four. The four candidates who win the most votes advance to a special election in which ranked choice voting will be used. The winner of the special election will serve the rest of Young’s term, which ends in January.

The special election is set to coincide with the Aug. 16 regular primary. The regular primary and November general election will decide who serves a two-year term beginning in January.

The special primary is mainly being conducted by mail, which elections officials said they opted for given the tight timeline to hold an election after Young’s death.

As of Friday afternoon, around 130,000 ballots had been returned to the Division of Elections. Ballots began going out in late April.

For some voters, trying to sort through 48 candidates was daunting. Candidates tried to distinguish themselves from their opponents and break through with their messages.

Peltola, a former state lawmaker from Bethel who has been involved in fisheries issues, said she entered the race with low name recognition but believed that had changed and that she has momentum behind her candidacy.

She and Constant, an Anchorage Assembly member, have run perhaps the most visible campaigns among the six Democrats in the race, which also includes 22 independents and 16 Republicans.

Most of those running have reported no fundraising to the Federal Election Commission. Of those who have, Palin reported the biggest haul between April 1 and May 22, more than $630,000. Gross, an orthopedic surgeon who ran unsuccessfully for U.S. Senate in 2020, reported receiving about $545,000 between March 23 and May 22.

Begich, who began running for the House seat last fall, had the most available cash as of May 22, about $715,000. He has loaned his campaign $650,000 so far.

Independent Jeff Lowenfels, a gardening expert with a legal background, reported bringing in about $150,000 from April 1 to May 22, which includes $100,000 he loaned his campaign.

Palin was endorsed by some national political figures, including former President Donald Trump, and took time to campaign in Georgia last month for David Perdue, who lost the Republican primary for governor in that state to incumbent Brian Kemp.

Trump participated in a “telerally” for Palin, saying she would “fight harder than anybody I can think of,” particularly on energy issues.

Some Alaskans questioned Palin’s commitment. She resigned partway through her term as governor in 2009, months after her unsuccessful run for U.S. vice president. In a radio ad, she seeks to assure voters: “I’m in this for the long haul. … I’m going to see this thing through and earn your support.”

During the campaign, opponents seized on that point. Gross said Palin “quit on Alaska.” Begich and Sweeney made points of saying they are not quitters.

Begich, a Republican from a family of prominent Democrats, earned endorsements from conservatives in the state along with the Alaska Republican Party. Sweeney was assistant secretary of Indian Affairs in the U.S. Interior Department under Trump and has been endorsed by a group representing leaders of the state’s influential Alaska Native regional corporations.

Gross, in an email to supporters, said Palin and Begich are candidates who will be hard to beat but said he is “ready and able to take on this fight.”

He stood in the morning drizzle in Juneau on Saturday, waving signs with supporters and said he felt good about his campaign.

Read original article here

Biden unveils migration plan, capping Americas summit roiled by division

LOS ANGELES, June 10 (Reuters) – U.S. President Joe Biden and fellow leaders from the Western Hemisphere on Friday rolled out a new set of measures to confront the regional migration crisis, seeking to salvage an Americas summit roiled by division.

Biden’s aides had touted the migration declaration as a centerpiece of the U.S.-hosted Summit of the Americas, and 20 countries joined him for a ceremonial unveiling of the plan – though several others stayed away.

Capping the summit’s final day, the White House promoted a series of migrant programs agreed by countries across the hemisphere and Spain, attending as an observer, which pledged a more cooperative approach. But analysts were skeptical that the pledges are meaningful enough to make a significant difference.

Register now for FREE unlimited access to Reuters.com

Register

Those measures include the United States and Canada committing to take more guest laborers, providing pathways for people from poorer countries to work in richer ones, and other countries agreeing to greater protections for migrants. Mexico also will accept more Central American workers, according to a White House statement.

“We’re transforming our approach to manage migration in the Americas,” Biden said. “Each of us is signing up to commitments that recognizes the challenges we all share.”

The flags of 20 countries, several fewer than the number attending the summit, festooned the stage where Biden led the rollout. But that number was only achieved after days of U.S. pressure.

It was another sign of tensions that have marred the summit, undermining Biden’s efforts to reassert U.S. leadership and counter China’s growing economic footprint in the region.

That message was clouded by a boycott by several leaders, including Mexico’s president, to protest Washington’s exclusion of leftist U.S. antagonists Cuba, Venezuela and Nicaragua. The line-up was thinned to 21 visiting heads of state and government.

The administration, facing a record flow of illegal migrants at its southern border, pledged hundreds of millions of dollars in aid for Venezuelan migrants, renewed processing of family-based visas for Cubans and Haitians and eased the hiring of Central American workers. read more

The announcements were part of the unveiling of U.S.-led pact dubbed the “Los Angeles Declaration” and aimed at spreading responsibility across the region to contain the migration problem.

The plan culminates a summit designed to re-establish U.S. influence among its southern neighbors after years of relative neglect under former President Donald Trump. Biden proposed an economic partnership to help the region’s pandemic recovery – though it appears to be a work in progress.

But at the summit’s opening on Thursday, leaders from Argentina and tiny Belize rebuked Biden over the guest list, underscoring the challenge the global superpower faces in restoring its status among poorer neighbors.

On Friday, Chile, Bolivia, the Bahamas, St. Lucia, Barbados and Antigua and Barbuda joined the criticism, though Biden was not present.

“No one should exclude another country,” Mexican Foreign Minister Marcelo Ebrard, sitting in for President Andres Manuel Lopez Obrador, said from the podium.

The sessions this week regularly rang out to U.S. composer’s John Philip Sousa’s “The Liberty Bell” march, popularized by the classic British comedy show “Monty Python’s Flying Circus.”

‘THERE’S NOTHING HERE’

U.S. officials scrambled until the last minute to persuade skeptical governments to back the plan.

The leaders vowed in the declaration “to strengthen national, regional and hemispheric efforts to create the conditions for safe, orderly, humane and regular migration.”

Standing together with fellow leaders, Biden insisted “unlawful migration is not acceptable,” and expressed hope that other countries would join the plan.

Eric Olson, director of policy at the Seattle International Foundation, called the declaration a “useful framework” but said it would likely have limited near-term effects because it is non-binding.

Some initiatives listed by the White House were announced previously. Biden’s aides have cast the immigration plan in part to help ease U.S. labor shortages.

Jorge Castaneda, a former Mexican foreign minister, said pledges from the Americas should allow Washington to argue it had secured major commitments, a domestic “political plus” for Biden. But he added: “On substance, there’s nothing here.”

Mexico, whose border with the United States is the main point of migration – backed the declaration, despite Lopez Obrador’s no-show.

The absence from the summit of leaders of Guatemala, Honduras and El Salvador – the Northern Triangle from which many migrants come – has raised doubts how effective the pledges will be. U.S. officials insisted the turnout did not prevent Washington from getting results.

The declaration encompasses commitments by an array of countries, including Mexico, Canada, Costa Rica, Belize and Ecuador. There was no mention, however, of pledges by Brazil, Latin America’s most populous nation.

The announcement did not include any U.S. pledges for additional work visas for Mexicans. That would form part Lopez Obrador’s visit with Biden next month, an official said.

Spain pledged to “double the number of labor pathways” for Hondurans, the White House said. Madrid’s temporary work program enrolls 250 Hondurans, suggesting only a small increase is envisioned.

Curbing irregular migration is a priority for Biden. Republicans, seeking to regain control of Congress in November elections, have pilloried the Democratic president for reversing Republican Trump’s restrictive immigration policies.

But migration has had to compete with Biden’s other major challenges, including high inflation, mass shootings and the war in Ukraine.

Register now for FREE unlimited access to Reuters.com

Register

Reporting by Humeyra Pamuk, Daina Beth Solomon, Dave Graham, Matt Spetalnick, Trevor Hunnicutt, Lisanda Paraguassu and Ted Hesson; writing by Matt Spetalnick; Editing by Jonathan Oatis, Alistair Bell and Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

Massive S&P options trade may have roiled U.S. stocks on Thursday

By Saqib Iqbal Ahmed

NEW YORK (Reuters) – Traders are pointing to a massive quarterly options trade on Thursday they said was from a JPMorgan fund as one reason why the stock market took a nosedive late in the day, as options flows linked to the trade exacerbated market weakness.

The S&P 500 Index fell 1.2% in the last hour of trading on Thursday, marking the largest hourly drop for the index in more than three weeks. It finished the day down 1.56%, with some attributing part of the weakness to the large options trade that went down earlier in the day.

“I think that trade exacerbated volatility,” said Brent Kochuba, founder of analytic service SpotGamma, noting that this was out of the ordinary since the quarterly hedging activity typically does not move markets much.

The way the trade is structured means when the market starts to fall, options dealers – typically big financial institutions who facilitate trading but seek to remain market neutral – would have been forced to sell an increasing number of stock futures, thereby aggravating the selloff, SpotGamma’s Kochuba said.

Markets have had a rollercoaster quarter due to Russia’s invasion of Ukraine, volatile commodities prices and the U.S. Federal Reserve starting to hike interest rates. It was unclear what caused the initial late-afternoon market weakness on Thursday that triggered the cascade of stock futures selling.

The trade, which took place shortly before 11:00 am, was a large collar options trade, involving the sale of about 44,000 June calls and the purchase of an identical number of June put spreads, that would pay up if the S&P 500 were to decline more than 5% from its current level. A collar is an options hedging strategy involving a combination of puts and calls.

The trade also involved the sale of about 24,800 calls linked to the 4,300 level on the S&P 500, set to expire at the end of Thursday’s session, as a way to guard against any sharp moves in the market during the trading session.

Traders pointed to the $19 billion JPMorgan Hedged Equity Fund as being behind the moves. The fund, which holds a basket of S&P 500 stocks along with options on the benchmark index and resets hedges once a quarter. As the fund is so large, traders know and anticipate its patterns.

Kochuba said that based on past trading patterns and details of investment strategies laid out in the fund’s prospectus, the trade was initiated by the JPMorgan Hedged Equity Fund.

Joe Tigay, portfolio manager at Equity Armor Investments, also said the trades had the hallmark of the JPMorgan fund’s hedging program.

Asked about the trades, Kristen Chambers, a spokesperson for JP Morgan Asset Management, confirmed that the fund has a scheduled quarterly hedging program but did not confirm the exact details of the trade.

Systematic traders, often hedge funds, take a rules-based approach in their investments and are often driven by fixed quarterly schedules rather than strong investment themes.

As such, other investors don’t try to glean signals from their choices of options strike prices and expiration dates, as they would with a trade by a discretionary investor.

“This is a systematic trade that we see at the end of every quarter,” Chris Murphy, co-head of derivatives strategy at Susquehanna International Group, said.

Thursday’s trade, worth about $20 billion in notional terms – based on the index level – replaces a similar position opened at the end of last quarter, according to Trade Alert data.

(Reporting by Saqib Iqbal Ahmed; editing by Megan Davies and Sam Holmes)

Read original article here

Asian markets roiled by global bond whiplash By Reuters

2/2

© Reuters. Pedestrians are reflected in an electronic board displaying various stock prices at a brokerage in Tokyo

2/2

By Wayne Cole and Swati Pandey

SYDNEY (Reuters) – Asian stocks fell by the most in nine months on Friday as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.

In a sign the gloomy mood will reverberate across markets, European and U.S. stock futures were a sea of red. Eurostoxx 50 futures lost 1.7% while futures for and those for London’s dropped 1.3% each.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid more than 3% to a one-month low, its steepest one-day percentage loss since May 2020.

For the week the index is down more than 5%, its worst weekly showing since March last year when the coronavirus pandemic had sparked fears of a global recession.

Friday’s carnage was triggered by a whiplash in bonds.

The scale of the sell-off prompted Australia’s central bank to launch a surprise bond buying operation to try and staunch the bleeding.

Yields on the 10-year Treasury note eased back to 1.538% from a one-year high of 1.614%, but were still up a startling 40 basis points for the month in the biggest move since 2016.

“Bond yields could still go higher in the short term though as bond selling begets more bond selling,” said Shane Oliver, head of investment strategy at AMP (OTC:).

“The longer this continues the greater the risk of a more severe correction in share markets if earnings upgrades struggle to keep up with the rise in bond yields.”

Markets were hedging the risk of an earlier rate hike from the Federal Reserve, even though officials this week vowed any move was long in the future.

Fed fund futures are now almost fully priced for a rise to 0.25% by January 2023, while Eurodollars have it discounted for June 2022.

Even the thought of an eventual end to super-cheap money sent shivers through global stock markets, which have been regularly hitting record highs and stretching valuations.

“The fixed income rout is shifting into a more lethal phase for risky assets,” says Damien McColough, Westpac’s head of rates strategy.

“The rise in yields has long been mostly seen as a story of improving growth expectations, if anything padding risky assets, but the overnight move notably included a steep lift in real rates and a bringing forward of Fed lift-off expectations.”

shed 3.7% and Chinese blue chips joined the retreat with a drop of 2.5%.

EMERGING STRAINS

Overnight, the Dow fell 1.75%, while the lost 2.45% and the Nasdaq 3.52%, the biggest decline in almost four months for the tech-heavy index.

Tech darlings all suffered, with Apple Inc (NASDAQ:), Tesla (NASDAQ:) Inc, Amazon.com Inc (NASDAQ:), NVIDIA Corp (NASDAQ:) and Microsoft Corp (NASDAQ:) the biggest drags.

All of that elevated the importance of U.S. personal consumption data due later on Friday, which includes one of the Fed’s favoured inflation measures.

Core inflation is actually expected to dip to 1.4% in January, which could help calm market angst, but any upside surprise would likely accelerate the bond rout.

The surge in Treasury yields also caused ructions in emerging markets, which feared the better returns on offer in the United States might attract funds away.

Currencies favoured for leveraged carry trades all suffered, including the Brazil real, Turkish lira and South African rand.

The flows helped nudge the U.S. dollar up more broadly, with the rising to 90.371. It also gained on the low-yielding yen, briefly reaching the highest since September at 106.42. The euro eased a touch to $1.2152.

The jump in yields has tarnished gold, which offers no fixed return, and dragged it down to $1,760.8 an ounce from the week’s high around $1,815.

However, analysts at ANZ were more bullish on the outlook.

“We now expect U.S. inflation to hit 2.5% this year,” they said in a note. “Combined with further depreciation in the U.S. dollar, we see gold’s fair value at $2,000/oz in the second half of the year.”

Oil prices dropped on a higher dollar and expectations of more supply.[O/R]

fell 67 cents to $62.86 per barrel and also lost 67 cents to $66.21.



Read original article here