Daily Spotlight: Good Year for Global Stocks
Macron names ally Sébastien Lecornu as new French PM
President Emmanuel Macron has named close ally Sébastien Lecornu as new French prime minister, 24 hours after a vote of confidence ousted François Bayrou as head of his government.
Lecornu, 39, was among the favourites to take over the job, and has spent the past three years as armed forces minister, with a focus on France’s response to Russia’s war in Ukraine.
In a statement the Elysée Palace said he had been given the task of consulting political parties with the aim of adopting France’s next budget.
Bayrou had visited the president hours earlier to hand in his resignation, paving the way for Lecornu to become the fifth prime minister of Macron’s second term as president.
Lecornu will face the same challenges as his predecessor, including getting a cost-cutting budget past parliament without a majority.
France has a spiralling public debt, which hit €3.3tn (£2.8tn) earlier this year and represents 114% of the country’s economic output or GDP.
Bayrou had proposed €44bn in budget cuts, and his decision to put his plans to a vote of confidence was always going to fail. In the end France’s National Assembly decided to oust his government by 364 votes to 194.
Lecornu’s appointment has already been condemned by parties on both the left and right, an indication of the difficulties he will face.
On Friday, the credit agency Fitch will reassess France’s debts and could make its borrowing costs higher if it lowers its rating from AA-.
More immediately, a grassroots movement called Bloquons Tout – “Let’s Block Everything” – is planning widespread anti-government protests on Wednesday and authorities are planning to deploy 80,000 police.
Kansas lawmakers 'horrified' as more nurses testify against Board of Nursing
TOPEKA, KAN. (KSNT) — Worries and fears about the Kansas Board of Nursing are piling up, and calls to defund the board are getting attention.
In July, a Government Oversight Committee Meeting uncovered some issues with the Board of Nursing. Several nurses testified that they had been wrongfully accused of “Unprofessional Conduct.”
Now, after the committee met again, several more nurses have stepped forward, claiming they are struggling to find jobs due to the “Unprofessional Conduct” demerit. These nurses say they were given this label for simple mistakes, such as a computer error while renewing their licenses or renewing their licenses a few days late.
However, they are now struggling to find jobs as Kansas continues to deal with a nursing shortage.
One of these nurses, Amy Siple, testified during Monday’s meeting, asking the legislature to take action.
“Do not let my efforts and the efforts of my colleagues be in vain,” said Siple. “We are here at great personal risk because we are trying to represent the next generation of nurses.”
State lawmakers responded by saying they are “horrified” by what’s happening. They have officially asked the Board of Nursing to evaluate their official rules and regulations. Additionally, some lawmakers on the committee have expressed interest in defunding the Kansas Board of Nursing altogether.
We spoke with Kansas Rep. Troy Waymaster, who said this is essentially meant to be a wake-up call to the Board.
“Usually when we use the term to defund the board or defund the agency, it’s to get their attention on a particular item,” said Waymaster. “I think we have done that.”
Carol Moreland, the executive director for the Kansas Board of Nursing, warned lawmakers against any effort to defund the board.
“The Board of Nursing affects public protection; it affects the nursing workforce in the state of Kansas,” Moreland said. “I hear all the time about shortages of nursing. Let me tell you, you could make it a whole lot worse.”
Lawmakers have expressed interest in other solutions, such as establishing a grace period for nurses who may have forgotten to renew their license. Additionally, Waymaster has expressed interest in a Constitutional Amendment, which would give the Kansas legislature oversight over the rules and regulations of the Board.
“I believe we could go back and rewrite the rules and regulations that were put in place in 1982 by the Board of Nursing and say no, you’re not going to classify a license being lapsed as unprofessional conduct,” said Waymaster.
Starmer to meet Israel’s president in Isaac Herzog in No 10
Brian WheelerPolitical reporter and
James LandaleDiplomatic correspondent
EPA/ShutterstockSir Keir Starmer has condemned Israeli strikes targeting senior Hamas leaders in Doha, ahead of talks with Israel’s president Isaac Herzog.
The UK prime minister, who will host Herzog in Downing Street on Wednesday, said on X the strikes “violate Qatar’s sovereignty and risk further escalation across the region”.
“The priority must be an immediate ceasefire, the release of hostages, and a huge surge in aid into Gaza. This is the only solution towards long-lasting peace.”
Sixty MPs and peers, including members of Labour, the Greens and the SNP, are calling on the government to deny Herzog entry to the UK to avoid the risk of being complicit in genocide in Gaza, under the terms of a UN treaty.
Israel says it is working to destroy the Palestinian armed group Hamas and get back hostages they have taken. It has strongly denied allegations of genocide, claims which are also being examined by the International Court of Justice.
Isaac Herzog’s office has said he is visiting the UK “to show solidarity with the Jewish community, which is under severe attack and facing a wave of antisemitism”.
But Health Secretary Wes Streeting has said he must answer allegations being levelled at the Israeli government over its actions in Gaza.
“I think he needs to answer the allegations of war crimes, of ethnic cleansing and of genocide that are being levelled at the government of Israel,” he told Times Radio.
“I think he needs to explain how, when we have seen so much evidence of the atrocities being perpetrated by the Israeli army, how he can possibly claim that the IDF (Israel Defence Forces) is the most moral army in the world.
“I think he should explain that, if it is not the intent of the government of Israel to perpetrate genocide or ethnic cleansing, how on earth does he think his Israeli government is going to achieve its stated aim of clearing Palestinians out of Gaza without the war crimes, without ethnic cleansing, or even without genocide?”
Downing Street underlined Sir Keir’s “revulsion” at the suffering in Gaza, but stopped short of repeating Streeting’s calls for Herzog to answer for alleged Israeli war crimes and ethnic cleansing.
But a spokesman said Sir Keir will raise the “intolerable situation in Gaza” and the “action Israel must take to end the horrific suffering we’re witnessing” with the Israeli president.
Lammy letter
In a letter to a select committee published last week, sent when he was foreign secretary, David Lammy said the UK had not concluded that Israel is committing genocide, as set out in a United Nations treaty.
But Downing Street insisted on Tuesday this did not represent a shift in the UK’s position, which was still that it is for international courts to determine whether Israel “has or has not” committed genocide in Gaza.
In the letter, sent before he was replaced as foreign secretary in Friday’s cabinet reshuffle, Lammy said: “As per the Genocide Convention, the crime of genocide occurs only where there is specific ‘intent to destroy, in whole or in part, a national, ethnic, racial or religious group’.
“The government has not concluded that Israel is acting with that intent,” it added.
The prime minister’s official spokesman said Lammy’s letter “reflects the UK’s position that we’ve not come to any conclusion as to whether genocide has or has not been committed in Gaza”.
The spokesman said the government was clear that it was for “international courts to make these determinations”.
Foreign Office sources said the government had merely considered whether there was a “serious risk of genocide” – as it was obliged to do as a signatory of the Genocide Convention.
That assessment, the sources said, was required under its arms exports licensing criteria and reflected a one-off judgement based on the information at the time. And it was then that the government did not conclude that Israel was acting with genocidal intent.
Lammy, who was made justice secretary and deputy prime minister in the reshuffle, had been responding to a letter from the Labour chair of the development committee, Sarah Champion.
In her letter to Lammy, dated 12 August, Champion raised concerns that the UK’s decision to exempt F-35 fighter jet components from suspended arms exports to Israel breached its duty to prevent genocide under the UN treaty.
EPA/ShutterstockIn a statement, campaign group Amnesty International said Sir Keir Starmer “must not provide diplomatic cover for a state committing genocide,” when he meets Herzog.
“This visit is a test of leadership and principle: polite handshakes and warm words will demonstrate neither.”
The new Green Party leader Zack Polanski called for the arrest of Herzog when he visits the UK, accusing him of being part of the “Israeli government engaged in an ongoing genocide”.
On Monday night, Sir Keir hosted Palestinian Authority president Mahmoud Abbas in Downing Street.
Abbas welcomed Sir Keir’s pledge to recognise a Palestinian state ahead of the UN General Assembly meeting in New York later this month if Israel does not change course.
Both leaders agreed there will be “absolutely no role” for Hamas in the future governance of Palestine, a Downing Street spokesman said.
“They discussed the intolerable situation in Gaza, and the prime minister reiterated the need for an urgent solution to end the horrific suffering and famine – starting with an immediate ceasefire, the release of all hostages and a huge surge in humanitarian aid.”
Lib Dem leader Sir Ed Davey also met Abbas, and called on the UK government summon the US ambassador to demand the reversal of what he called President Trump’s “reckless and callous” block on Palestinian visas ahead the UN meeting.
“He [Trump] can’t be allowed to act as a block on progress towards a two-state solution,” added Sir Ed.
The Israeli military launched a campaign in Gaza in response to the Hamas-led attack on southern Israel on 7 October 2023, in which about 1,200 people were killed and 251 others were taken hostage.
At least 64,605 people have been killed in Israeli attacks in Gaza since then, according to the territory’s Hamas-run health ministry.
Trump downplays Epstein 'hoax'; Massie speculates ties to intel community
We don’t know why the Trump administration suddenly reversed course this summer on its promise to release extensive new documents in the Jeffrey Epstein case. What we do know is that every time the public has demanded answers, we’ve gotten half-measures in return — moves that look good on paper, but ultimately protect the powerful more than the truth.
That’s why Republican Congressman Thomas Massie (Ky.) stepped forward with a measure that would force the Department of Justice to release *every* *single* Epstein document that exists. And he’s just two GOP votes away from making that happen.
The White House immediately fired back, warning that any Republican who supports Massie’s petition is committing a “hostile act.” Let’s pause there. If the administration is truly committed to full transparency, why fight so hard against it?
Massie seems to know the answer; he said on ABC News’s “This Week” on Sunday, “I think it’s going to be embarrassing to some of the billionaires, some of the donors who are politically connected to his campaign.”
And then he went further: “There are probably intelligence ties to our CIA and other foreign intelligence, and the American people would be shocked to know that our intelligence agency was working with a pedophile who was running a sex trafficking ring. These are the reasons I think that they’re resisting this, but we can’t avoid justice just to avoid embarrassment for some very powerful men.”
This is where things get even murkier. The acting deputy chief of the Justice Department, Joseph Schnitt, was caught on hidden camera saying the government will “redact every Republican” from an Epstein client list. That video was released by O’Keefe Media Group — a far-right outlet — but the point is undeniable: the Epstein case is splitting the Trump administration and its MAGA base right down the middle.
And yet, instead of showing concern for survivors, the president himself downplayed the scandal last week: “It’s really a Democrat hoax,” said President Trump, “because they’re trying to get people to talk about something that’s totally irrelevant to the success of the nation since I’ve been president.”
It may be “irrelevant” to the president’s idea of success, but it’s not irrelevant to survivors of sexual abuse. One survivor made that crystal clear:
“Mr. President Donald J Trump … I am registered Republican, not that that matters because this is not political; however, I cordially invite you to the Capitol to meet me in person so you can understand this is not a hoax. We are real human beings, this is real trauma.”
That’s the heart of this issue. Sexual violence isn’t partisan — it’s a national crisis. More than 423,000 people ages 12 and up are sexually assaulted in the U.S. each year. Nearly 70 percent are between the ages of 12 and 34. Behind those numbers are children, teenagers and young adults whose lives are derailed by trauma while too many abusers walk free.
Yet even now, the Justice Department is fighting to keep names secret. Just days ago, they asked a federal judge to block the unsealing of Epstein associates who received six-figure payments from him in 2018. Their reason? “Privacy concerns.” Privacy for Epstein’s associates. Not for his victims.
So we’re left asking: Why does our system protect predators more fiercely than it protects survivors? Why are powerful names still hidden while survivors have to plead to be seen?
If we are serious about justice, then full transparency is not optional. Survivors deserve to be believed, heard and protected. And no one — no matter how rich, powerful or politically connected — should ever be above accountability.
America has to stop protecting predators and start putting survivors first.
Lindsey Granger is a News Nation contributor and co-host of The Hill’s commentary show “Rising.” This column is an edited transcription of her on-air commentary.
Memecoin ETF era kicks off with Dogecoin fund that’s ‘useless by design’
Wall Street is about to package a joke into an exchange-traded fund — and charge 1.5% for the privilege.
The REX-Osprey DOGE ETF launches Thursday as the US’s first fund dedicated to Dogecoin, the memecoin created in 2013 as satire that now commands a staggering $57 billion market value.
Trading under the ticker DOJE, it marks a somewhat surreal milestone: institutional products for assets that proudly serve no purpose.
And funds are charging up to six times more than for most Bitcoin ETFs, suggesting investors are willing to pay a hefty premium for a self-described parody cryptocurrency.
“Pretty sure this is the first-ever US ETF to hold something that has no utility on purpose,” Eric Balchunas, Bloomberg Intelligence ETF analyst, wrote on X on Tuesday.
Back in December 2024, Balchunas forecasted a wave of cryptocurrency ETFs coming to the market. Balchunas had pointed to eventual approvals for six cryptocurrencies, one of which was Dogecoin.
Dogecoin is a memecoin conceived in 2013 and has since become a favourite of Tesla CEO Elon Musk. Like most memecoins, it has no intrinsic value apart from speculation.
But what’s particularly interesting about the Dogecoin ETF is the backdoor route it’s taking to get in front of investors.
DOJE is launching under the Investment Company Act of 1940.
Basically, the ‘40s Act serves as a regulatory loophole, circumventing some of the SEC’s approval requirements. This means the fund can start trading immediately but faces stiff marketing restrictions.
The 1933 Securities Act approval is harder to get, but allows for broader distribution. This is the route spot Bitcoin ETFs took.
According to Balchunas, there’s a “big group of ’33 Act-ers waiting for SEC approval still.”
Dogecoin is up 150% this year, trading at about $0.24 per token. The token’s total market value floats around $36 billion, landing it in ninth place overall in the crypto industry.
Getting a memecoin ETF into the market wouldn’t be possible without Bitcoin ETF’s stunning success story.
Last year, 11 US Bitcoin ETF issuers raked in $107 billion in their first year — the most successful ETF launch in history — with BlackRock’s IBIT alone taking in $76 billion.
That turned IBIT into BlackRock’s third-largest revenue-generator across the firm’s ETF offering that extends to nearly 1,200 funds.
Still, a memecoin ETF is uncharted territory. Unlike Bitcoin’s clear-cut value proposition — it’s supposedly digital gold — or Ethereum’s smart contract utility, Dogecoin exists purely as a cultural phenomenon. And a parody one, at that.
Man arrested after CS gas found in Heathrow evacuation
A man has been arrested on suspicion of possession of CS gas and causing a public nuisance following the partial evacuation of Heathrow Airport on Monday night.
Hundreds of people were forced to leave Terminal 4 at about 17:00 BST on Monday, before being allowed back in three hours later.
No hazardous materials were found but the Metropolitan Police discovered a can of CS spray which it said “caused a reaction to those within the airport”. London Ambulance Service treated and discharged 20 people for “irritation”.
The incident is not being treated as terrorism related, Scotland Yard said, and the 57-year-old suspect remains in police custody.
An investigation is ongoing, police added.
On Monday, a Heathrow spokesperson said the airport reopened to passengers shortly after 20:00 and they were “very sorry for the disruption caused”.
Disruption to flights landing and departing from Terminal 4 appeared minimal during the evacuation, according to flight data.
Ronda Rousey passes on UFC White House card: 'I got better s— to do'
Former MMA fighter Ronda Rousey says don’t expect to see her come out swinging at an Ultimate Fighting Championship (UFC) cage match at the White House.
“I’m not fighting at the White House,” Rousey said in a recent interview on the “Lapsed Fan” podcast, when asked if anyone had reached out about the fight, scheduled to take place next June on the South Lawn.
“After Mike Tyson being the biggest fight of the year, you never say never, but I ain’t fighting at the f—ing White House,” Rousey, a 38-year-old Olympian who retired from MMA in 2016, said.
In July, President Trump floated the idea of hosting a UFC event at the White House next summer to help mark the United States’s 250th anniversary.
“We’re going to have a UFC fight, think of this, on the grounds of the White House,” Trump said.
“We have a lot of land there. We’re going to build a little — we’re not, Dana’s going to do it. Dana’s great. One of a kind,” he said at the time, referring to UFC President Dana White.
Pressed on whether she would participate in the event if given the opportunity, Rousey responded to laughs, “Even if offered? I got better s— to do.”
Gold rallies to new record on U.S. rate cut hopes, Fed tension
By Anushree Mukherjee and Sherin Elizabeth Varghese
(Reuters) – Gold hit a record high above $3,600 an ounce on Tuesday, spurred by expectations of U.S. rate cuts, concerns about Federal Reserve independence and robust demand from investors and central banks.
Having hit a record high at $3,673.95 a troy ounce, spot gold was trading around $3,637.39 at 1524 GMT for a gain of more than 38% so far this year.
Analysts expect gold to trade in a $3,600-$3,900 range in the near to medium term and see potential for it to test $4,000 next year if economic and geopolitical uncertainties persist.
A Reuters survey published in July showed analysts expected gold prices to average $3,220 this year compared with $3,065 in the April survey and $2,756 an ounce in the January survey.
“Supportive for gold is the bearish dollar outlook underpinned by expectations of Fed cuts, investors distancing from U.S. assets and tariff-related economic uncertainty,” said Ricardo Evangelista, senior analyst at ActivTrades.
The dollar has fallen nearly 11% since Donald Trump returned to the White House in January. Expectations of further U.S. rate cuts will further undermine the U.S. currency, which when it falls makes dollar-denominated gold cheaper for holders of other currencies.
Traders see a 92% chance of a 25-basis-point rate cut in September when the Fed meets, according CME Group’s FedWatch tool.
Meanwhile, Trump’s criticism of Powell and attempts to remove Governor Lisa Cook have heightened concerns over the Fed’s independence and sparked further gold purchases.
“The most bullish wildcard is … potential interference with the U.S. Federal Reserve and concerns about the dollar’s status as a safe-haven,” said Julius Baer analyst Carsten Menke.
Among other factors fortifying gold’s appeal are security concerns emanating from the Middle East and between Russia and Ukraine. Central bank gold purchases such as those by China have also provided impetus to gold prices.
According to the World Gold Council, central banks plan to raise the gold portion of their reserves while reducing dollar reserves over the next five years.
Physically-backed gold exchange traded funds have also seen significant inflows. Holdings in the the SPDR Gold Trust, the world’s largest physical gold ETF, rose to 990.56 tons on September 2 for a over 12% increase so far this year and its highest since August 2022.
(Reporting by Anushree Mukherjee and Sherin Elizabeth Varghese in Bengaluru, additional reporting by Kavya Balaraman; Editing by Pratima Desai and xxxxx)