- NewsThe Independent
Trump will use emergency powers to remain in White House if he loses election, says House majority whip
Donald Trump could use emergency powers to extend his term in the White House, a senior Democrat has said, as fears grow that the president may attempt to hold onto office should he lose November’s election.James Clyburn, the House majority whip, said he believes Trump has no intention of “peacefully” transferring power to presumptive Democratic candidate Joe Biden, who is well ahead in several major polls in the race for the Oval Office.
- FinanceThe Telegraph
The US stock market is at its most overvalued ever on some closely watched measures as Wall Street continues to rise despite the global downturn. The average S&P; 500 stock is trading at record high valuations factoring in profits, surpassing levels seen during the dotcom bubble on some measures, according to Bank of America. Investors warned that US stocks “cannot defy economic gravity indefinitely” after the wave of central bank stimulus triggered a remarkable turnaround on markets. The Wall Street bank found that the S&P; 500 is well above average levels on the vast majority of indicators watched by investors. While many measures still put stock prices below the frothy valuations reached during the dotcom bubble in the late 1990s and early 2000s, some have pushed past those levels to record highs. “Stocks are trading above average on all but two of the 18 measures we track - most notably, the forward price/earnings to growth is at record highs and the median forward price to earnings is in-line with the prior record,” said Savita Subramanian, Bank of America strategist. The S&P; 500 has recovered all of its 2020 losses despite US GDP plunging 33pc on an annualised basis in the second quarter. Since the low hit in March as US stocks fell into a bear market at a record pace, the index has gained 44pc. Indices have Europe have struggled to keep pace with the FTSE 100 rebounding 18pc.