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Business leaders call for ‘patience and civility’ ahead of US election, tying economic health to democracy

Business leaders call for ‘patience and civility’ ahead of US election, tying economic health to democracy

Business leaders are calling on Americans to be patient and civil ahead of the 2020 presidential election, citing the importance of maintaining confidence in democracy during the coronavirus pandemic.



Michael E. Porter wearing a suit and tie: Harvard Business School professor Michael Porter.


© David De La Paz
Harvard Business School professor Michael Porter.

More than 50 executives across the fields of tech, finance, retail, and real estate signed onto a statement released Wednesday by the Leadership Now Project, a group founded by Harvard Business School alumni focused on protecting democracy.

“America has successfully held elections through previous challenges, like the Civil War, World Wars l and ll, and the 1918 flu pandemic… we can and must do so again,” the group said in the statement. “As business leaders, we know firsthand that the health of America’s economy and markets rests on the founding principle of our democracy: elections where everyone’s vote is counted.”

The statement was backed by big names in business, including LinkedIn co-founder Reid Hoffman, Harvard Business School professor Michael Porter, former Yahoo chief executive Marissa Mayer, and General Assembly chief executive Lisa Lewin. Massachusetts executives on the list include Seth Klarman of Baupost Group, Tricia Glynn of Advent International, Trinidad Grange-Kyner from Tufts Health Plan, and Eric Spindt from Commonwealth Financial Group.

The group emphasized that it could take weeks or more until election results are confirmed because of the number of citizens voting by mail this year. They asked Americans to stay calm, “making it clear that they will refuse to accept any results called too early or based on insufficient data.”

The statement also called on journalists to “avoid calling the election before sufficient data are available,” and asked business leaders to “promote patience and civility among employees, communities, and the American people.”

LinkedIn’s Hoffman wrote that “election results inaccurately or prematurely reported by journalists, elected officials

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Gold gains on U.S. election uncertainty, economic worries

Gold gains on U.S. election uncertainty, economic worries

An employee arranges gold bars for a photograph at the YLG Bullion International headquarters in Bangkok, Thailand.

Dario Pignatelli | Bloomberg | Getty Images

Gold firmed on Wednesday after last session’s sharp drop spurred demand for the safe-haven metal from investors worried about global economic recovery and uncertainty surrounding next month’s U.S. presidential election.

Spot gold was up 0.2% to $1,895.41 per ounce by 0947 GMT, after shedding as much as 1.9% on Tuesday in reaction to the dollar’s jump. U.S. gold futures gained 0.2% to $1,899.20.

“We’re seeing some price recovery as lower prices generated buying interest by investors since the general backdrop of gold is still positive,” said Commerzbank analyst Carsten Fritsch. “Low interest rates, expansion of monetary policy, ballooning public debt, uncertainty regarding U.S. elections; all these factors are supportive for gold prices,” he added.

Gold is considered a hedge against inflation and currency debasement amid the unprecedented levels of global stimulus to ease the economic blow from the pandemic. But investors who trim risk assets also tend to shift into the dollar and fading hopes for a new coronavirus relief package in the United States and a pause in key COVID-19 vaccine trials boosted the U.S. currency’s appeal, limiting gold’s advance.

The dollar hit a near one-week high against major currencies.

“In the near term, the dollar could continue to rise both because of risk aversion because stimulus seems to be stuck and also because of (company) earnings forward guidance,” said DailyFx currency strategist Ilya Spivak.

Investors also kept an eye on the U.S. presidential campaign, with polls showing Democrat rival Joe Biden leading the race.

On the technical side, “bullion will need to break through $1,920 to have the chance to once again challenge the psychological threshold of $2,000,” ActivTrades chief analyst Carlo Alberto De

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PRECIOUS-Gold gains on U.S. election uncertainty, economic worries

PRECIOUS-Gold gains on U.S. election uncertainty, economic worries

* Dollar hits near one-week high

* Equities hit by halted vaccine trials, stimulus talks
impasse

* Interactive graphic tracking global spread of coronavirus:
https://graphics.reuters.com/world-coronavirus-tracker-and-maps/

(Recasts, adds comments, updates prices)

By Brijesh Patel

Oct 14 (Reuters) – Gold firmed on Wednesday after last
session’s sharp drop spurred demand for the safe-haven metal
from investors worried about global economic recovery and
uncertainty surrounding next month’s U.S. presidential election.

Spot gold was up 0.2% to $1,895.41 per ounce by 0947
GMT, after shedding as much as 1.9% on Tuesday in reaction to
the dollar’s jump. U.S. gold futures gained 0.2% to
$1,899.20.

“We’re seeing some price recovery as lower prices generated
buying interest by investors since the general backdrop of gold
is still positive,” said Commerzbank analyst Carsten Fritsch.

“Low interest rates, expansion of monetary policy,
ballooning public debt, uncertainty regarding U.S. elections;
all these factors are supportive for gold prices,” he added.

Gold is considered a hedge against inflation and currency
debasement amid the unprecedented levels of global stimulus to
ease the economic blow from the pandemic.

But investors who trim risk assets also tend to shift into
the dollar and fading hopes for a new coronavirus relief package
in the United States and a pause in key COVID-19 vaccine trials
boosted the U.S. currency’s appeal, limiting gold’s advance.

The dollar hit a near one-week high against major
currencies. [USD/]

“In the near term, the dollar could continue to rise both
because of risk aversion because stimulus seems to be stuck and
also because of (company) earnings forward guidance,” said
DailyFx currency strategist Ilya Spivak.

Investors also kept an eye on the U.S. presidential
campaign, with polls showing Democrat rival Joe Biden leading
the race.

On the technical side, “bullion will need to break through
$1,920 to have the chance to

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Dollar lower as investors now believe US economic stimulus will be reached after Nov. 3 election

Dollar lower as investors now believe US economic stimulus will be reached after Nov. 3 election

TOKYO – The dollar flirted with three-week lows on Tuesday as investors stuck to hopes that there will be large U.S. fiscal stimulus after the Nov. 3 election to shore up a pandemic-hit economy, supporting riskier currencies.

The dollar index stood at 93.036, just above Friday’s near-three-week low of 92.997. The euro traded at $1.1841, having gained 0.60% on Monday.

“It seems there is a strong optimism that eventually there will be stimulus. It is hard to argue against fiscal expansion given the coronavirus epidemic is almost like a natural disaster,” said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities.

DOLLAR’S RECENT DIRECTION POINTS TO BIDEN WIN

While markets are getting sceptical about the chances of having a bipartisan package before the election, a widening lead by Democratic presidential candidate Joe Biden over President Donald Trump is leading investors to expect big stimulus after the election.

A Biden victory is also seen as negative for the dollar partly because his pledge to hike corporate tax would reduce returns from investments in the United States.

The dollar flirted with three-week lows on Tuesday as investors stuck to hopes that there will be large U.S. fiscal stimulus after the Nov. 3 election to shore up a pandemic-hit economy, supporting riskier currencies. (iStock)

Thus the dollar also weakened against currencies that are deemed “safer” – those that tend to have small or inverse relations with risk sentiment – such as the yen and the Swiss franc.

The yen strengthened to 105.34 per dollar while the Swiss franc traded at 0.9102 to the dollar, near its highest in three weeks.

Sterling traded above the key $1.30 level as hopes for a Brexit deal offset concerns about pressure

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Author Ryan Girdusky says Trump should focus on economic stimulus to make comeback before election

Author Ryan Girdusky says Trump should focus on economic stimulus to make comeback before election

Author Ryan Girdusky said Monday that President TrumpDonald John TrumpDes Moines mayor says he’s worried about coronavirus spread at Trump rally Judiciary Committee Democrats pen second letter to DOJ over Barrett disclosures: ‘raises more questions that it answers’ Trump asks campaign to schedule daily events for him until election: report MORE should focus on economic stimulus in the final 22 days before Election Day.

Girdusky told Hill.TV’s “Rising” that he thinks the “most important thing” the president could do is give direct payments to Americans during the coronavirus pandemic. The author acknowledged that talks between the White House and Speaker Nancy PelosiNancy PelosiTrump slight against Gold Star families adds to military woes Pelosi calls Trump administration policies on testing and tracing inadequate Trump claims he is ‘immune’ from coronavirus, defends federal response MORE (D-Calif.) have hit obstacles but said Trump should use executive powers to distribute stimulus checks. 

“I think that it’s really important to try to get that direct aid out,” he said. “I think that direct $1,200 or $1,800 check would be really, really important.” 

Girdusky said Trump should zero in on assisting those who make less than $25,000, saying “that’s a huge chunk of the population” that “could flip the entire election.”

“Remember as much as it appeals to sit there and talk about the stock market, there’s far more people in this country who make up the workers … than shareholders, and that’s who he should be appealing to in this last 20 day push,” he said.

Last week, the White House proposed a $1.8 trillion coronavirus stimulus package, which includes direct payments. But Republicans expressed displeasure with the plan in a phone call over the weekend, and House Democrats, who have passed two coronavirus relief packages of their own, have called it insufficient.

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