FT News Briefing US midterm elections: what we know so far
Nov 10, 2022
The fallout from Binance's withdrawal from a deal with FTX raises eyebrows over cryptocurrency practices and regulatory concerns. Midterm election insights reveal mixed results, with Democrats faring better than expected despite inflation and abortion impacting voter sentiment. Trump's endorsements play a pivotal role, showcasing his clout, while the divide in Congress raises investor worries. Finally, a look at how government spending intricately ties to corporate profits during economic uncertainty.
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Binance-FTX Deal Collapse
- Binance backed out of acquiring FTX after due diligence raised concerns about FTX's handling of customer funds and ongoing investigations.
- This has led to a significant drop in Bitcoin's price and shaken confidence in the crypto market.
Spanberger's Victory
- Democrat Abigail Spanberger's reelection in Virginia was a key moment for Democrats on election night.
- Her win, despite Republican focus on inflation, signaled potential Democratic resilience.
Midterm Election Results
- The Republican's anticipated "red wave" in the midterm elections didn't materialize as expected.
- While Republicans are likely to control the House, Democrats performed better than predicted, and the Senate control remains contested.