What the attempted assassination of former President Trump could mean for US, global economies

https://www.businessrecord.com/wp-content/uploads/2022/11/BR_web_311x311.jpeg

The attempted assassination of former President Donald Trump during a campaign rally Saturday in Butler, Pa., made global headlines, prompting responses from President Joe Biden and other government and corporate leaders that condemn political violence. It also resulted in the death of one rally attendee as well as the alleged 20-year-old gunman.

As Pennsylvania and federal law enforcement officials continue to discover and release details about the incident, the broader electoral and economic effects remain unclear, but U.S. and global economies began reacting to the developments over the weekend and into today.

Below is a series of articles that look at the immediate business and economic implications of the attempted assassination.

Publisher’s Note: As an apolitical business publication, our organization’s mission is to help businesses do business better, and our newsroom works diligently to take a nonpartisan and balanced approach to reporting on business issues and policies that could affect our business community. While we are apolitical, it does not mean that we shy away from critical issues of vast import to our readers. When there is a national political and civic news story, our approach is to aggregate well-sourced content from trusted news organizations in the short term to help provide access to balanced context, analysis and reporting as we work to cover any local business impacts of situations. Click here to learn more about how we handle national political and civic news.

Stocks start the week higher
Wall Street Journal: U.S. stock indexes rose alongside government bond yields, as investors assessed the implications of Saturday’s assassination attempt on Donald Trump. Bets on a Trump victory in the November presidential election have increased, PredictIt data show. That has put the “Trump trade” back in focus for investors. Shares of Trump Media & Technology (DJT), the parent company of Truth Social, skyrocketed at the open. And the price of bitcoin surged, lifting crypto-linked stocks Coinbase Global (COIN), Marathon Digital (MARA) and MicroStrategy (MSTR). Trump has cast himself as a pro-crypto candidate and is due to speak at a crypto conference this month. Earnings season also revs up this week, starting with today’s results from Goldman Sachs (GS) and BlackRock (BLK).

CEOs respond after Trump assassination attempt
Axios: America’s top CEOs were quick to comment following the assassination attempt on former President Donald Trump. Corporate America had been reticent to make any statements about the 2024 presidential campaigns until now. After the shooting on Saturday, Apple CEO Tim Cook, Google CEO Sundar Pichai and Microsoft CEO Satya Nadella took to social media to condemn the violence. Similar sentiments were shared by tech CEOs from Amazon, Meta, OpenAI, Airbnb, Intel and Dell. Executives from Pfizer, GM, Ford and Accenture also weighed in as of Sunday. “This is not the time to avoid comment,” Nathan Miller, CEO of crisis communications firm Miller Ink, told Axios.

Increased prospects of Trump victory dent Mexican peso, Chinese yuan
Wall Street Journal: The Mexican peso and the Chinese yuan are among the biggest losers against the U.S. dollar as the weekend’s assassination attempt against Republican presidential candidate Donald Trump boosts bets on him winning the presidency, says Chris Weston, head of research at Pepperstone. “The threat of sweeping tariffs is a dollar positive, and notably, on the day we see the dollar finding buyers versus the Mexican peso, and Chinese yuan.”

Global markets ramp up the ‘Trump Trade’ after rally attack
Bloomberg: As world financial markets reopened after the attempted assassination of Donald Trump, one thing was clear: The Trump trade is gaining momentum. The series of wagers — based on anticipation that the Republican’s return to the White House would usher in tax cuts, higher tariffs and looser regulations — had already been gaining ground since President Joe Biden’s poor performance in last month’s debate imperiled his re-election campaign. But the trades took deeper hold, with Trump galvanizing supporters and drawing sympathy by exhibiting defiant resilience after being shot in the ear on stage at a Pennsylvania rally.