Friday, October 25, 2024

Swing-state blitz

Bloomberg Morning Briefing Americas

Good morning. US presidential candidates Kamala Harris and Donald Trump keep up their campaign blitz in swing states. Whoever wins, there's going to be a big effect on businesses. And two influencer bros are redefining the baseball-equipment industry. Listen to the day's top stories.

On the campaign trail: Vice President Kamala Harris enlisted rock legend Bruce Springsteen and former President Barack Obama to help turn out the vote in swing-state Georgia. Donald Trump was out west in Arizona, another key state, where he talked about immigration and denied making remarks about Adolf Hitler

Elon Musk, riding high after Tesla's blowout results this week, gave another $56 million to elect Trump and other Republicans, bringing his total contributions to at least $132 million. He's been busy: Musk has had regular contact with Russian President Vladimir Putin since late 2022, the Wall Street Journal reported.

It's not just McDonald's. Burger King and Yum! Brands including Taco Bell and Pizza Hut are pulling onions from some locations "out of an abundance of caution," following an E. coli outbreak. McDonald's hasn't yet confirmed the source; so far, the story starts with stool samples

Porsche and Mercedes cars in Monaco. Photographer: Jeremy Suyker/Bloomberg

China's economic slump means drivers are hitting the brakes on luxury cars. Mercedes has now pledged to step up cost-cutting efforts after fierce competition and weaker demand in the country hit profit margins. Porsche will probably face questions on China, too, and its battery strategy when it reports later today.

The Pentagon's inspector general has begun an audit of Israel's use of American weapons, but a spokesperson said it won't review allegations from human rights groups of misuse against targets in civilian areas. Separately, the State Department issued a warning over protests planned today at Israeli and US embassies around the world. Negotiators between Israel and Hamas will meet in the coming days.

Deep Dive: Industry After the Election

Photographer: Alex Wong/Getty Images

Whoever wins the US election, there'll be big business consequences. We take a look at the industries with the most at stake after November. 

  • Health care and energy will surely be affected. Insurers such as Centene and UnitedHealth face a projected $25 billion revenue drop in 2026 if enhanced Obamacare subsidies aren't extended when they expire at the end of next year, Bloomberg Intelligence estimates.
  • Carmakers such as Tesla and GM have a lot riding on the contest. Trump has promised big tax breaks for vehicles made in the US, while a Harris win probably means federal tax credits for electric vehicles especially. 
  • And of course, there's the risk of tariffs that Trump often touts in his "America First" platform. That may lead to more expensive retail items, such as clothing, of which China is the dominant source. 

The Big Take

Opinion

Source: The Simpsons

The Simpsons is a parody of itself, Gearoid Reidy writes. The long-running series recently teased a final episode that wasn't what it seemed. But its creators should let it end—because it lives on elsewhere.

Before You Go

Will (left) and John Taylor, "The Bat Bros." Photographer: Christine Dong for Bloomberg Businessweek

Will Taylor has hit a home run as the charismatic co-founder and star of the Baseball Bat Bros, whose YouTube reviews have become a singular force in the billion-dollar market for baseball equipment. And don't forget—the World Series starts tonight with the Yankees facing the Dodgers. A seat behind the home plate will set fans back a pretty $20,000.

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