Ritorna alle Analisi

Trump – Biden Debate

Friday feeling, first debate of the 2024 US Presidential elections, and proposal for new fiscal bill in Kenya continues to cause instability.

Friday Feeling
Check out this week’s playlist here!
Heads Will roll (A-Trak remix) – Yeah Yeah Yeahs, A-Trak
I Bet on Losing Dogs – Mitski
Home Is Where the Hatred Is – Gill Scott-Heron
Uncle Sam Goddamn – Brother Ali
If I Ruled the World (Imagine That) – Nas

Trump – Biden Debate

Global news headlines this morning have been dominated by the first debate of the 2024 US Presidential election. With both Donald Trump and Joe Biden having four years’ experience in the oval office, it marked the first time any former and sitting President had gone head-to-head in a presidential election debate.

Broadly speaking, coverage has centred on what many see as an underwhelming performance from the incumbent President which has renewed fears over the Democrats’ position in the race for the White House.

Following the debate in Georgia, headlines led with such concerns being voiced. For example, the FT’s leading headline stated that “Democrats panic as Biden stumbles in bad-tempered debate with Trump” while the BBC ran with “Biden falters in debate as Trump goes on attack”. The Telegraph’s meanwhile led with the headline: “Biden faces calls to quit after disastrous debate” while The Guardian’s coverage voiced how “Biden’s raspy voice, tendency to meander and difficulty finishing his answers have his allies deeply worried about his ability to beat Trump”. Speaking in the Spin Room, Vice-President Kamala Harris conceded that it “was a slow start” for Biden but maintained that the President had a “strong finish”. The BBC’s North American editor Sarah Smith stating that “Even the most loyal lieutenants know this was a disaster”.

CNN, who hosted last night’s debate led with “Biden has shaky debate showing as Trump repeats falsehoods”. On Trump, the headline alluded to what the network said amounted to 30 false claims by Trump during the debate including his statement that Biden was planning to quadruple people’s taxes and that fraud marred the results of the 2020 election.

(For more fact checking by CNN, follow the link here.)

This was also the first Presidential debate since Trump was convicted of 34 felonies for falsifying business records, marking the first time any sitting or former president has been criminally convicted.

Trump still faces three other ongoing criminal trails. This includes the case in Washington DC where the former president has been accused of conspiring to overturn the election in 2020 in addition his involvement on the January 6 riots which saw the US houses of Congress broken into. Trump has also been charged in Florida, accused of mishandling classified documents in Mar-a-lago, in addition to Georgia for allegedly conspiring to overturn the election.

As commentary continues to surface following the first Presidential debate, the Biden administration will be hoping that enough time will pass before November for the dust to settle on last night’s performance.

 

Instability in Kenya

Instability is growing across Kenya as unrest continues following the government’s proposals to introduce a new fiscal bill which would heighten taxes.

Earlier this week, protestors stormed the Kenyan parliament with demonstrators setting alight areas of the building. While exact details of the event are still unclear, as of Wednesday, at least 23 people had already been killed with hundreds more being injured.

While the Kenyan president William Ruto – who mobilised military units earlier in the week – said that criminals were causing an “existential threat to our republic”, the Kenya Human Rights Commission have also said that police forces have killed unarmed protesters in clashes.

The United Nations Secretary-General Antonio Guterres has called for restraint by security forces while also insisting that protesters should be peaceful.

The proposed fiscal bill would seek to raise an additional $2.3bn in over the coming year, through raising taxes and cutting public spending.

According to Kenya’s Treasury Secretary, if left unchanged, there would be a further $1.5bn gap in the country’s finances.

This comes as members of the Kenyan government look to address its deficit which currently stands at 5.7% of GDP. According to government officials, the proposals would reduce the deficit by 2.4 percentage points to 3.3% of GDP by 2024-25.

With Kenya’s Debt-to-GDP also standing at 68%, concern has been growing in Nairobi over the country’s fiscal position. Already, just under 40% of Kenya’s tax revenues is spent on covering the interest payments on its debt.

Given its outstanding debt with the IMF, the Kenyan government also maintained that the measures would seek to comply with the fund’s programme.

On Wednesday, Kenya’s President William Ruto said that he would withdraw support for the bill, however the situation in Nairobi still remains fragile.

Altri
Analisi di mercato

Find out how we have helped our clients meet their hedging requirements.

Vuoi parlarci delle tue esigenze di gestione Forex?

Contattaci oggi stesso per sapere come una strategia Forex personalizzata può aiutarti a ottimizzare il risultato operativo.

Contattaci