Presidential Elections: Stock markets rise, dollar pressured as US votes

On the day of the US Presidential elections, major stock markets rose and dollar remained under pressure Tuesday.  "A contested election result could cause volatility on the markets," Russ Mould, investment director at AJ Bell told AFP. "Equally, a clear winner quickly after voting ends could provide some relief to investors."

Nonpartisan analysts suggest that Republicans have a strong chance to reclaim the Senate, where Democrats currently hold a slim 51-49 majority. However, Republicans risk losing control of the House, with Democrats needing to gain just four seats to regain a majority in the 435-seat chamber, according to CNBCTV18.

Some key battleground states are likely to be hit by a strong cold front on Election Day that’s bringing heavy rainfall and severe storms, reports CNN. The front will continue to head east, bringing showers to Minnesota and the battleground states of Wisconsin and Michigan south to Louisiana.

With sacred chants, ringing of bells and offerings of flowers and bananas, a Hindu priest in Kamala Harris' ancestral village in southern India conducted prayers for her victory on Tuesday, hours after she and her opponent Donald Trump closed out their campaigns. The temple ceremony in Thulasendrapuram, in the state of Tamil Nadu, was organised by local villagers and attended by more than a dozen of them and a few tourists.

On the eve of Election Day, a star-studded event featuring top entertainers gathered to rally support for Vice President Kamala Harris and boost voter turnout in key battleground states, as reported by The Hollywood Reporter.

Climate Change: Gen Zers are deeply concerned about the environment .

Racial Justice: They advocate for equity and equality.

Economic Opportunity: Student loan debt and economic mobility are top priorities.

Individual Rights and Freedoms: Gen Z cares about health, education, and safety.

Former US President Barack Obama made an appeal to voters while addressing a rally in Wisconsin, telling them that "your vote could determine the fate of our republic -- the world that our children and grandchildren will inherit".

While closing her last rally in Philadelphia, Democratic nominee Kamala Harris appealed to first-time voters and said, "To you in particular, I say I see your power, and I am so proud of you."

She said her month-long election campaign "brought together people from all corners of the nation, and all walks of life", reported the BBC.

The Electoral College consists of 538 electors who represent all 50 states and the District of Columbia. Each state has between three and 54 electoral votes. The number of electors from any given state is determined by adding its total number of US senators and US representatives.  A candidate needs a majority of electoral votes – 270 – to win.

At least 17 US states have placed a total of 600 National Guard troops on standby if needed as the country heightens security ahead of Election Day. Meanwhile, thstates of Oregon, Washington and Nevada have already activated the National Guard over potential political violence.

Europe's STOXX 600 edged lower in early trading on Tuesday as some downbeat earnings, including from Danish firm Vestas and UK's Schroders, weighed, while all eyes remained on the US presidential election. The pan-European benchmark had slipped 0.2% as of 0814 GMT, with the oil and gas index's 0.7% decline the most among the major sectors.

Kamala Harris and Donald Trump received 3 votes each in New Hampshire's Dixville Notch in the early hours of Tuesday, reflecting the tight contest in the presidential race. The tiny settlement in New Hampshire's northeast, traditionally begins Election Day at midnight on Monday before other polling stations open.

At least 17 US states have placed a total of 600 National Guard troops on standby if needed as the country heightens security ahead of Election Day. Meanwhile, the states of Oregon, Washington and Nevada have already activated the National Guard over potential political violence.

While closing her last rally in Philadelphia, Democratic nominee Kamala Harris appealed to first-time voters and said, "To you in particular, I say I see your power, and I am so proud of you."

Nine Indian Americans are also in fray contesting for the US House of Representatives, with five seeking re-election and three making their first attempt at Congressional office.

"Deciding not to decide is a vote to let other people control your future. If we show up for our country tomorrow, then we have the power to choose a leader who sees us. Kamala Harris will do her mighty best to serve all of us," said Oprah Winfrey.

"We finish as we started, with optimism, energy, joy," said Kamala Harris as she closed campaign in Philadelphia. Harris predicted her victory as she campaigned across Pennsylvania on the final day of the most consequential presidential elections in the history of the United States.

Mayor Amer Ghalib of Hamtramck, Michigan, the country's only Muslim majority city, joins President Trump at his last campaign rally in Grand Rapids and says that a survey among the Arab Americans in Metro Detroit area showed President Trump leading by 76%.

Vice President Kamala Harris will spend Election Day in Washington, DC and participate in radio interviews, according to her office.

At a final campaign rally in Detroit on Monday night, Minnesota Governor Tim Walz said that female voters would decisively vote against former President Donald Trump in the upcoming election. "Folks, this is getting pretty simple now: Kamala and I trust women. Now tomorrow, women all across America, of every age, both parties, are going to send a loud, clear message to Donald Trump, whether he likes it or not," Walz said.

"To every citizen across this land, I am asking for the honor of your vote. As your president, I will fight for you every single day with every breath in my body. Together, we will save this great country that we love, we will defeat the corrupt system in Washington," said Trump.

• Donald Trump is still addressing supporters in Grand Rapids, Michigan, after arriving hours late—it’s now past 1:00 a.m. local time.
• In contrast to Kamala Harris, who barely referenced her opponent on her final campaign day, Trump has been heavily criticizing Harris, calling her a "radical left lunatic."
• Confidently predicting victory, he told the crowd, “This will be the single greatest victory, politically speaking, in the history of our country.”

• Californians are voting Tuesday to fill the U.S. Senate seat long held by the late Democratic Sen. Dianne Feinstein after a low-key contest dominated by Democratic U.S. Rep. Adam Schiff.
• In a year when control of the Senate is in play, Democrats are favored to easily hold the seat in the liberal-leaning state where a Republican hasn’t won a Senate race since 1988, when President Ronald Reagan was in the White House.
• Schiff, a Los Angeles-area congressman who rose to national prominence as the lead prosecutor in then-President Donald Trump’s first impeachment trial, held an edge for months in campaign financing and polling over Republican former baseball star Steve Garvey. (AP)

• Donald Trump delivered his final campaign speech in Grand Rapids, Michigan—the same place he concluded his campaigns in 2016 and 2020.
• "Doing four rallies in one day is a little difficult," Trump admitted, but he added that the enthusiastic support at each event has "made it all worth it."

In a small New Hampshire township near the US-Canada border, ballots were cast just minutes after midnight.

• Elon Musk attempted to host a digital town hall-style rally on behalf of former President Donald Trump, but the event on X ended just minutes after it began on Monday night due to technical difficulties.
• The streaming started over 20 minutes late, at 8 p.m. ET, and when Musk finally joined, he promoted a podcast interview he conducted with Joe Rogan and expressed a willingness to take questions. However, when the operator tried to take questions from four listeners who had been on hold, the line went silent after calling on them.

• The dollar began Tuesday on the defensive as traders adjusted their positions on the day of the U.S. presidential election, following recent polls that weakened some market expectations for a Republican victory by Donald Trump.
• Democrat Kamala Harris has seen her odds improve on election betting sites and holds a slight lead on PredictIt, although Polymarket still favors Trump.
• In recent weeks, financial markets and some betting platforms had heavily favored a Trump win, as analysts view his tariff and immigration policies as inflationary. This sentiment contributed to a rise in U.S. Treasury yields and gains for the dollar.

• Gold traded in a narrow range on Tuesday as investors stayed away from taking big positions ahead of the U.S. presidential election and the Federal Reserve policy meeting later this week.
• Spot gold ticked 0.1% down to $2,733.39 per ounce by 0225 GMT. Bullion hit a record high of $2,790.15 last week.
• U.S. gold futures edged lower by 0.1% to $2,742.40. (Reuters)

• The US intelligence community has called Russia as "the most active threat" to election integrity in a joint statement issued on Monday. The statement was signed by:
• Office of the Director of National Intelligence (ODNI)
• Federal Bureau of Investigation (FBI)
• Cybersecurity and Infrastructure Security Agency (CISA)Their assessment indicates that individuals "linked to Russia in particular" are:
• Creating videos and fake articles aimed at undermining the legitimacy of the electionInstilling fear in voters about the election process
• Suggesting that Americans are resorting to violence against one another due to political preferences

• Equity investor and former VP Datascience at Freshworks Swaminathan Padmanabhan has listed out key factors that may impact India's interest due to the outcome of the US election 2024. "If Donald Trump secures victory, it's expected that tariffs on Chinese imports would increase dramatically, potentially up to 200% for certain products, according to recent statements," Padmanabhan said.
• In a lengthy post of X, he went on to say that this scenario of hike in tarrifs on Chinese imports "would create significant challenges for Chinese exports to the US, disrupting China's export-driven economy. On the other hand, if Kamala Harris wins, current tariffs would likely remain in place, maintaining the status quo."
• The entrepreneur said that for India, "higher tariffs on Chinese goods could open significant opportunities. Indian exports, particularly in sectors like steel and electronics, would likely see increased demand from Western markets."
• Talking about the possibility of job creation for Indians, he said that, "Chinese companies would need to establish alternate manufacturing bases to bypass these tariffs, potentially leading to increased investments in India’s manufacturing sector. This would not only create jobs but also facilitate valuable knowledge transfer as Chinese expertise in manufacturing moves to India."

• Vice President Kamala Harris’s running mate, Tim Walz, is now speaking at a rally in Detroit, Michigan. This marks the latest stop in a battleground state for the Minnesota governor, who has traveled across the country promoting Harris's vision for America.
• Michigan, a key “blue wall” state, is critical to the Democrats' strategy for winning the presidential race. So far, nearly 3.2 million people have voted in the state, representing about 44% of active registered voters.

Puerto Rican singer Ricky Martin brought his usual energy to Harris' rally in Philadelphia, performing with backup dancers and a full horn section. Though Martin didn’t mention Harris or the election during his brief appearance, he was introduced by Puerto Rican rapper Fat Joe, who voiced criticism of Donald Trump and his supporters’ attitudes toward Puerto Rico and Latinos in general. Martin previously performed at an inaugural ball for George W. Bush in 2001.

Ohio Senator JD Vance, Trump’s running mate, called Kamala Harris “trash” during a speech in Atlanta on Monday. Vance criticized Harris by referring to a past comment from President Joe Biden, who had implied that some Trump supporters were “garbage.” Biden’s remark had been a response to a joke made by comedian Tony Hinchcliffe at Trump’s recent Madison Square Garden rally, where Hinchcliffe had controversially described Puerto Rico as a “floating island of garbage.”

• Stock markets moved sideways and an uneasy calm settled over currencies and bonds as investors waited for the United States to choose a new leader with polls showing the contest on a knife edge.
• Oil held sharp overnight gains on delays to producers' plans for increased output, leaving benchmark Brent crude futures at $75.08 a barrel after a 3% rise on Monday.
•  MSCI's broadest index of Asia-Pacific shares outside Japan was flat. Tokyo's Nikkei returned from a holiday and rose 1.3% in morning trade. (Read More)

Each state in the US has its own ballot for the Presidential Election. New York's Presidential poll ballot has sparked lot of chatter online. Latest reports suggest that, Bengali has found its way to the ballot. New Yorkers speak in over 200 languages. Michael J. Ryan, Executive Director of New York City’s Board of Elections, underscored the commitment to serving these communities, stressing that voting accessibility is more than just symbolic.

Although Barbadian superstar Rihanna can’t vote on Tuesday, November 5, she’s enthusiastically supporting her preferred presidential candidate from afar. In a playful video caption, the multi-talented star joked about “trying to sneak into the polls with my son’s passport” while encouraging Americans to make their votes count. She added the hashtag “#VoteCauseICant” to an Instagram reel showing her gazing out a car window, suggesting her support for Democratic candidate Kamala Harris and a clear disapproval of her Republican opponent, Donald Trump.

• Popular podcast host Joe Rogan has officially endorsed Donald Trump on the eve of the election, a development Trump’s team quickly promoted as a significant boost in the campaign’s final hours.
• Advertising a recent interview with Elon Musk on X, Rogan said the billionaire “makes what I think is the most compelling case for Trump you’ll hear, and I agree with him every step of the way.
• “For the record, yes, that’s an endorsement of Trump,” Rogan said in a post on X.

• “Instead of stewing on an enemies list I will spend everyday working on my to-do list” Kamala Harris said
• “Ours if not a fight against something it is a fight for something,” Kamala Harris said
• “I will listen to people who disagree with me” and in fact “I will give them a seat at the table,” Kamala Harris said
• “When you know what you stand for you know what to fight for” and “your vote is your voice and your vote is your power,” said Kamala Harris

• On the eve of the election, the mood within the Democratic campaign is upbeat, with Kamala Harris reportedly in high spirits. Sources close to the vice president told CBS, the BBC's US news partner, that she is calm and optimistic as polling day approaches.
• While fully aware of how close the race is, Harris is described as “genuinely excited and energetic,” yet believes that strong voter turnout will be essential for her chances of victory.

An hour after Donald Trump, now Kamala Harris is addressing poll rally at the same venue - Pittsburgh. With folded hands, she says that she is asking for America's votes to offer a new leadership. Without taking Trump's name, Harris says that she is ready to prepare her to-do list instead of focusing on the opponents.

• The early voting figures indicate that the ruling Democratic Party is facing a massive turnout deficit, the Trump Campaign claimed on Monday.
• By Monday, more than 80 million registered voters have exercised their right to franchise and in some of the key battleground states, more than 50 per cent of the electors had already voted.
• Early voting is considered to be advantageous to the Democratic Party given the past trend of the last two election cycles. The Trump Campaign in a confidential memo argued that that might not be the case this time. (PTI)

• Oil prices dipped slightly on Tuesday as markets prepared for uncertainties surrounding the U.S. presidential election. This followed a more than 2% increase in the previous session, driven by OPEC+'s decision to postpone a planned production increase in December, alleviating supply concerns.
• By 0106 GMT, Brent crude futures had dropped 15 cents, or 0.2%, to $74.93 a barrel, while U.S. West Texas Intermediate crude was down 14 cents, or 0.2%, at $71.33 a barrel. (Read More)

• A Reuters journalist has shared a photo of a restaurant in Washington
• The photo shows the restaurant windows covered with plywood

• As Trump spoke nostalgically about the end of his campaign, he invited several of his children on stage and shared a story about his youngest son, Barron, teaching him about technology. “Do I have good kids?” he asked, met with loud cheers. “Are my kids here? Where are my kids?”
• He was joined by Donald Trump Jr., Eric Trump and his wife Lara, as well as Tiffany Trump and her husband. He mentioned that Barron was watching from home and that Ivanka “loves the whole thing.” Earlier on Monday, several of Trump’s children had joined him on stage at another rally in Reading, Pennsylvania.

• Over three dozen Indian Americans are running for local bodies and state legislation elections across the country reflecting the growing interest among this small ethnic community to be part of political mainstream.
• “If you are not at the table, you are on the menu,” Indian American Congressman Raja Krishnamoorthi comments at various Indian American gatherings motivating and encouraging community members to run for elections at all levels.
• Probably the largest number of Indian Americans running for local offices are in the state of California, which sends two members to the House of Representatives – Ro Khanna and Dr Ami Bera – in addition to Vice President Kamala Harris whose mother was from India.
• Those include Adlah Chisti who is running for County Supervisor for District 11, Aliya Chisti for City College Board San Francisco, Darshana Patel for State Assembly, Nicole Fernandez for San Mateo City Council, Nithya Raman for Los Angeles City Council, Richa Awasthi for Foster City Council and Sukhdeep Kaur for Emeryville City Council. (PTI)

According to the University of Florida Election Lab, 81 million Americans have already cast their ballots. The breakup of the turnout stands at 81,379,684 votes. These include 36,977,311 votes, which are mail ballots returned and 44,402,375 are in-person votes

The crowd at Trump’s rally booed when he mentioned Beyoncé Knowles-Carter and her endorsement of Kamala Harris, which he implied was “for a check” (despite Forbes estimating her net worth at over $700 million). “We don’t need a star,” Trump continued. “We don’t need a star, because we have policy. We have great policy.”

• Terming Kamala Harris as the “least talent person in the government,” Trump went on to say his ‘The Apprentice’ punchline – “Kamala, you are fired!” Crowd cheers as Trump says “Kamala get out.” “
• “Your paychecks will be higher, your streets will be safer, your communities will be richer, and your future will be brighter than ever before,” says Trump.

• Federal authorities have arrested a Georgia election worker accused of sending a letter threatening poll workers he wrote to make it seem like it had come from a voter he had gotten into a fight with earlier.
• Nicholas Wimbish, 25, of Milledgeville, Georgia, got into a verbal altercation with a voter while serving a poll worker at the Jones County Election Office in Gray, Georgia, last month, the Justice Department said.
• The next day, prosecutors say he sent a letter from a “Jones County Voter” to the the elections superintendent. The letter said Wimbish was “conspiring votes” and “distracting voters from concentrating.” It said Wimbish and others should “should look over their shoulder” and that “I know where they all live because I found home voting addresses for all them.”
• Prosecutors say Wimbish wrote at the bottom of the typed letter: “PS boom toy in early vote place, cigar burning, be safe.”
• When authorities interviewed Wimbish about the letter, he blamed it on the voter, according to court records. (AP)

Republican candidate and former President Donald Trump is has begun his address at the Pittsburgh rally in battleground state of Pennsylvania. He vows to restore peace in the world. Referencing the assassination attempt, Trump said that "some say that God saved me so that I can save America." he said that in cases Harris wins the November 5 election, "America will never recover."

Former US President Donald Trump got an unexpected boost in the final weeks of campaigning as a chunk of Asian voters in Michigan shifted their support towards the Republican candidate. Michigan is one of the seven swing states which can determine the outcome of the hotly contested US elections between Trump and Vice President Kamala Harris. (Read More)

• During a rally in Reading, Pennsylvania, former President Donald Trump suggested that his opponent, Vice President Kamala Harris, should be "put in the ring" with former heavyweight champion boxer Mike Tyson. He made these comments while discussing the controversy surrounding women’s boxing at this year’s Olympics, mistakenly claiming that two boxers were men who had "transitioned into womanhood."
•  “Did you see the two boxers? Did you see the two boxers - they were men, they transitioned into womanhood. And they fought a very good Italian. They have women’s boxing in the Olympics. They fought a very good Italian young lady, and boom, she got hit with just the left jab,” Trump said.

The US State Department has approved the possible sale of Airborne Early Warning and Control Aircraft to South Korea for an estimated $4.92 billion, the Pentagon said on Monday. The principal contractor will be Boeing Co, the Pentagon said. (Reuters)

• False or misleading claims by billionaire Elon Musk about the U.S. election have amassed 2 billion views on social media platform X this year, according to a report by non-profit group Center for Countering Digital Hate.At least 87 of Musk's posts this year have promoted claims about the U.S. election that fact-checkers have rated as false or misleading, amassing 2 billion views, according to the Center for Countering Digital Hate.
• Musk's political posts have amassed 17.1 billion views since he endorsed Donald Trump in July – over twice as many views as all the U.S. political campaigning ads that X has recorded in its political ads disclosure dataset in the same period, the non-profit group added.
• X did not immediately respond to a request for comment. (Reuters)

Trump is currently on his way to his third rally of the day at PPG Paints Arena in Pittsburgh.

• Donald Trump has pledged to implement a 25 percent tariff on all imports from Mexico unless the government addresses what he calls an "onslaught" of immigrants crossing the border.
• “We’re being invaded by Mexico. But now we have a new president of Mexico. Supposed to — a very nice woman, they say. I haven’t met her. And I’m going to inform her on day one or sooner that if they don’t stop this onslaught of criminals and drugs coming into our country, I’m going to immediately impose a 25 percent tariff on everything they send into the United States of America,” Trump said during a rally in North Carolina.

A jury of 12 New Yorkers convicted Trump of felony falsification of business records, a crime involving the intentional creation of false entries in records to facilitate or conceal a second offense.

In May of this year, Donald Trump was found guilty on all 34 counts of falsifying business records in a criminal hush-money scheme aimed at influencing the outcome of the 2016 election. The historic verdict, marking the first criminal trial against a current or former U.S. president, came after less than 12 hours of jury deliberation.

A Pennsylvania judge ruled in favor of Elon Musk, allowing his daily $1 million giveaway to voters to continue, though the sweepstakes is scheduled to conclude on Election Day, Tuesday. Judge Angelo Foglietta of the Philadelphia Court of Common Pleas dismissed arguments from District Attorney Larry Krasner, who claimed the sweepstakes constituted an illegal lottery that violated state law and should be stopped immediately.

US media outlets will declare the election winner once either candidate secures the required majority of 270 electoral college votes out of a total of 538. In the 2020 election, voting occurred on November 3, but media channels didn’t call the race for Joe Biden until November 7, when results in Pennsylvania became clearer. (Read More)

• European and US stock markets dipped while the dollar slid Monday as investors steel themselves for a coin-toss US presidential election, an interest rate decision and expected Chinese stimulus measures.
• Oil prices rallied more than two percent after eight members of the OPEC+ group of producers said Sunday they would extend supply cuts until the end of next month.
• They had been delaying output hikes on worries about slowing demand in China and the United States.
• While Asian markets gained, tracking a positive lead from Wall Street ahead of the weekend, European markets were mostly lower and US markets wobbled. (AFP)

• Panic buttons for poll workers, special weapons teams deployed on rooftops, and hundreds of National Guard personnel on standby.
• The 2024 US presidential campaign has been a particularly volatile one, and security for Election Day on Tuesday is being ramped up to unprecedented levels given concerns over possible civil unrest, election chicanery, or violence against election workers.
• The states of Oregon, Washington and Nevada have activated the National Guard -- and the Pentagon says at least 17 states have placed a total of 600 National Guard troops on standby if needed. (AFP)

The crowd outside the Museum of Art in Philadelphia is rapidly growing, even though the vice president isn’t expected for another four hours. The museum steps, illuminated in blue, lead up to a banner reading, "A President For All." According to the BBC, Lady Gaga and Oprah Winfrey are set to be part of the star-studded lineup.

Over 78 million people have already cast their votes.

While Harris is holding five events across Pennsylvania, finishing her day in Philadelphia. Meanwhile, Trump is campaigning in three states: North Carolina, Pennsylvania, and will conclude with a rally in Michigan.

Hello and good morning to our live coverage of the US Presidential Election 2024. In the final hours of the campaign, both Kamala Harris and Donald Trump are going all out to woo the voters and make an impact in the critical swing states. Stay with us as we bring you the latest from the US and reactions from around the world.