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Trump Admin Asks SCOTUS To Revive Mail-In Voting Order Ahead Of Midterms

Zero Rss
2 weeks 6 days ago
Trump Admin Asks SCOTUS To Revive Mail-In Voting Order Ahead Of Midterms

Authored by AG News Staff via American Greatness,

The Trump administration asked the Supreme Court on Monday to let the president's mail-in voting executive order take effect ahead of the midterms, after a federal appeals court sided with Democrat-led states seeking to keep it blocked just months before Election Day.

Trump signed the order in March, directing the Postal Service to restrict delivery of mail-in ballots in states that refuse to hand over lists of eligible voters. It also orders the Department of Homeland Security and Social Security Administration to compile lists of verified absentee voters for the Postal Service to reference, and threatens to withhold federal funds from states that do not comply, part of a larger effort by the president to tighten a mail voting system he has long argued is vulnerable to abuse.

A federal judge in Massachusetts blocked the order in June, ruling that its timing made it impossible for the Postal Service to propose the rule through proper channels and would deny Congress its required chance to weigh in. The 1st U.S. Circuit Court of Appeals upheld that ruling Saturday, rejecting the administration's appeal and leaving the order blocked in the 23 states and Washington, D.C., that sued to stop it.

In Monday's filing, Solicitor General D. John Sauer argued the injunction improperly impedes the president's authority over the executive branch, noting the Postal Service falls within it despite its independent structure. Sauer warned that further delay could make the order impossible to implement in time for November even if the administration ultimately wins on appeal. "Every day that the agencies are unable to take steps to carry out the Executive Order as to the November 2026 election makes it less likely that they will, as a practical matter, be able to implement any lists or rules that they ultimately finalize, even if they obtain appellate relief," the filing states.

The order is one piece of a larger push by Trump to overhaul election security, an effort that has repeatedly run into resistance from federal judges. Trump has also urged Congress to pass his SAVE America Act, which would restrict mail voting and require identification to cast a ballot, though the legislation has stalled on Capitol Hill despite mounting pressure from the president.

Trump devoted a primetime address earlier this month to laying out his concerns about election interference, releasing declassified documents alongside the speech. Trump used the address to direct federal agencies to investigate a Michigan get-out-the-vote operation and to examine whether intelligence officials withheld information about Chinese efforts to influence the 2020 election.

Tyler Durden Wed, 07/29/2026 - 08:05
Tyler Durden

Gulf Bond Boom: Record Borrowing Fuels Race To Future-Proof Against Hormuz Shutdown

Zero Rss
2 weeks 6 days ago
Gulf Bond Boom: Record Borrowing Fuels Race To Future-Proof Against Hormuz Shutdown

Gulf monarchies are hitting international debt markets at a record-shattering pace, Bloomberg figures show, amid a conflict-driven rush to harden domestic infrastructure and forge alternative supply corridors that bypass the vulnerable and effectively closed Strait of Hormuz. Added to this, just this month, Red Sea passage has become another problematic area, as the Houthis have targeted several Saudi vessels with missiles and drones.

Regional heavyweights led by the UAE and Saudi Arabia are seeking massive funding for new or expanded deep-water ports along the Red Sea and Gulf of Oman, backed by desert networks and crude oil pipeline bypasses. This modernization will take years, but is being hastened by the urgency of war.

As Bloomberg reports Tuesday, "Borrowers from the United Arab Emirates are tapping global bond markets at a record pace as the Middle East conflict rages, with sales up a third so far in 2026 versus year-ago levels."

Image via Global Capital 

The underlying totals underscore the unprecedented size of the paper issuance:

"Sovereigns and companies from the UAE, a federation of seven emirates, have sold a combined $30.3 billion of dollar- or euro-denominated bonds this year through July 28, according to data compiled by Bloomberg. That’s about $3.7 billion above the previous record for this period hit six years ago."

This is consistent with our analysis from April, just a little two months into Trump's Iran "excursion" - as he was calling it at the time, which saw the world's largest bond manager, PIMCO (Pacific Investment Management Co), step in amid the emerging Gulf scramble to find buyers for its bonds.

More broadly among regional Gulf Cooperation Council (GCC) states, bond sales have exploded to a record $112 billion so far this year, according to Bloomberg data, with government debt desks actively probing international banks for additional leverage.

When the US-Israeli war on Iran originally flared and reached a peak in March and April, regional banks froze fundraising and market participants retreated into defensive capital preservation mode to gauge the economic fallout.

But in the wake of the April 8 ceasefire - which was eventually extended before collapsing by mid-summer, UAE lenders drove the charge to tap global capital markets, with UAE-based institutions claiming five of the eight major capital market transactions completed in Q2.

Chart: Ed Clowes/Semafor, Source: Bloomberg

According to UAE's English-language daily Khaleej Times:

Emirates NBD became the first Gulf lender to tap international capital markets after the outbreak of the conflict, issuing $750 million in additional Tier 1 (AT1) capital on May 1. The offering attracted strong investor demand, with subscriptions reaching three times the amount offered despite ongoing market volatility, according to the bank.

First Abu Dhabi Bank (FAB) emerged as the region’s most active debt issuer during the quarter. In June, the lender completed two senior debt transactions under its $20 billion euro medium-term note programme, including a €750 million ($858.3 million) three-year green bond and a separate $300 million issuance.

The quarter also featured a notable equity transaction from Sharjah Islamic Bank, which raised Dh2.59 billion ($704.8 million) through a rights issue. The bank said the offering was more than 3.2 times oversubscribed, with the Government of Sharjah fully subscribing to its allocation while remaining shares attracted subscriptions exceeding 4.5 times the amount available.

Gulf capitals are looking to ensure in a long-term way that even if regional maritime flashpoints flare up or traditional choke points get closed down, the vital flow of energy exports and trade keeps moving along uninterrupted. This is one of the bigger 'lessons' of this ongoing costly Washington adventurism, given it has been largely Gulf infrastructure that's had to absorb the bulk of Iran's retaliation pain.

Tyler Durden Wed, 07/29/2026 - 07:45
Tyler Durden

Birkin Bag Maker Plunges Most Since 2010 As Soft China Demand Weighs On Leather Sales

Zero Rss
2 weeks 6 days ago
Birkin Bag Maker Plunges Most Since 2010 As Soft China Demand Weighs On Leather Sales

Hermès shares in Paris suffered their steepest intraday decline in nearly 16 years after second-quarter leather goods sales missed estimates among analysts tracked by Bloomberg, reigniting concerns over the luxury group's large exposure to the Chinese market. 

Second-quarter sales in the leather goods division rose 10.2% at constant exchange rates, missing the Bloomberg Consensus estimate of 10.7%. Overall revenue increased 6.7% to about 4.1 billion euros, slightly ahead of estimates, driven by 13.7% growth in the Americas.

Here's a snapshot of 2Q Earnings:

Sales at constant exchange rates +6.7%, estimate +6.51% (Bloomberg Consensus)

  • Leather goods sales at constant exchange rates +10.2%, estimate +10.7%
  • Watches revenue at constant exchange rates +4.4%, estimate +0.17%
  • Perfumes revenue at constant exchange rates -9.5%, estimate -1.47%
  • Silk and Textiles revenue at constant exchange rates +12.2%, estimate +7.5%
  • Ready-to-Wear and Fashion revenue at constant exchange rates +3.6%, estimate +3.53%
  • France revenue at constant exchange rates +6.2%, estimate +3.78%
  • Total Europe revenue at constant exchange rates +7.4%, estimate +6.89%
  • Japan revenue at constant exchange rates +12.3%, estimate +10.7%
  • Asia Pacific revenue at constant exchange rates +2.5%, estimate +3.2%
  • Asia revenue at constant exchange rates +4.4%, estimate +4.51% (2 estimates)
  • Americas revenue at constant exchange rates +13.7%, estimate +13.9%

UBS analyst Zuzanna Pusz wrote in a note to clients that her initial takeaway from the earnings call was "softer messaging on leather," suggesting management had adopted a more cautious tone toward the key division.

Pusz continued:

Subtle shift in messaging may raise questions on medium-term targets

At the Group level, results were broadly in line with expectations, however one of the key concerns was softness in the Leather Goods division (OSG of +10% vs. cons. & UBSe of +11%). In our view, management's commentary is unlikely to provide much shortterm reassurance. When asked about the MT growth algorithm and prior guidance for FY26 (6-7% volumes + 6% pricing), management stressed that the framework cannot be reduced to a simple combination of volume growth and price/mix, arguing that such an approach would be overly simplistic ignoring the regional pricing and productivity. Although the company reiterated robust demand for its handbags and reaffirmed its ambition to continue expanding volumes, the shift in messaging may be interpreted as a subtle softening of its commitment to previously assumed MT growth targets.

Tourism drag becomes harder to ignore in France

Management reiterated that France remains more exposed to tourism than the rest of Europe, helping explain the weaker performance relative to Europe ex-France. French stores are said to have been affected by lower tourist flows, particularly from the Middle East, which continued to weigh on Parisian locations, with the impact estimated at c.- 1.5ppt to Q2 growth, unchanged from Q1. By contrast, Europe ex-France remained strong, supported by Italy, Northern Europe, Germany, Greece and the UK following its recent space expansion. While local demand in the Middle East remained resilient, trends in concession markets were more mixed. Overall, management's comments suggest tourism, particularly Middle Eastern spending, remains an important swing factor, while growth is increasingly supported by strong local demand in markets such as the US, Japan, Korea and parts of Europe.

There are multiple factors underpinning the strength in margins

One of the key positives from the release was the strength of the EBIT margin, which came in at 41.0% (vs. consensus of 40.4%). While management unsurprisingly refrained from providing near-term guidance, it highlighted healthy product sellthrough rates without any build-up in inventories. The company also pointed to a favourable contribution from FX hedges in H1, while noting that the H2 impact will depend on where exchange rates ultimately settle. In addition, Hermès reiterated its intention to step up investments in communication and marketing initiatives to support customer recruitment, alongside continued expansion of its sales teams in key markets such as the US, Japan and South Korea. On raw material costs and pricing, management indicated that price increases in 2027 are likely to be somewhat lower than those implemented in 2026.

Jefferies analysts led by James Grzinic told clients that "the ongoing lack of growth in China" remains a major concern for the stock. The luxury industry has been under pressure for several years as Chinese consumers dial back on spending, inflation weighs on discretionary demand and conflict in the Gulf region disrupts regional shopping hubs and tourism flows.

China, once a key growth driver for the sector, remains under pressure. Hermès Executive Chairman Axel Dumas said the market is showing signs of stabilizing but has yet to stage a meaningful recovery.

"I see a stabilization of the Chinese market, but I don't see a fundamental rebound yet," Dumas said during the earnings call, adding that Hermès continues to grow in the country, but at a slower pace than in recent years.

The disappointing earnings report sent Hermès shares tumbling as much as 11% in Paris, the steepest intraday decline since Oct. 10, 2010. The stock has fallen to levels last seen in 2023 and has nearly halved since peaking in early 2025.

Here's what other desks on Wall Street are saying (courtesy of Bloomberg):

Citi (neutral)

  • Thomas Chauvet says misses in the leather and perfumes divisions offset strong performance in silk & textiles, watches, France and Middle East
  • Expects limited changes to FY26 consensus sales and Ebit

Deutsche Bank (buy)

  • Adam Cochrane says firm delivered "solid" 2Q performance, which was modestly ahead of expectations
  • Adds that "quality of growth was mixed," with Americas particularly strong as well as Japan accelerating, while Europe was softer than expected 
  • Highlights rising gross margin helped offset higher operating expenses

Jefferies (buy)

  • James Grzinic says "more critical to the debate will be the extent to which the ongoing lack of growth in China may also reflect the group restricting the supply of some products in that market"

RBC (outperform)

  • Piral Dadhania notes that, by region, there are "no major surprises with Other less bad than feared"

Sector-wide, the Goldman Sachs European Luxury Index has largely stalled over the past three to four years.

UBS remains "Neutral" on Hermès, with a 1,795-euro 12-month price target.

Professional subscribers can read more on luxury here at our new Marketdesk.ai portal

Tyler Durden Wed, 07/29/2026 - 07:20
Tyler Durden

Ali Najmi is too sleazy and conflicted to be Mamdani’s chief judge-picker

NY Post
2 weeks 6 days ago
Ali Najmi is suing the city over the Central Park carriage crash — a clear conflict of interest with his work as the head of Mayor Zohran Mamdani’s judicial-nominations board.  Yes, Romanch Mahajan’s family has every right to an attorney in their case over their 18-year-old son’s fatal fall from a runaway Central Park horse...
Post Editorial Board

US Corn Conditions Suffer Sharpest Deterioration In Three Years, Fueling Food Inflation Fear

Zero Rss
2 weeks 6 days ago
US Corn Conditions Suffer Sharpest Deterioration In Three Years, Fueling Food Inflation Fear

Less than a week after we reported that an options whale placed a $20 million bet on corn futures, a new U.S. crop report revealed the sharpest weekly deterioration in conditions in three years.

Bloomberg cites a new USDA report that rated 63% of the U.S. crop as good or excellent, down 4 percentage points from the previous week and below consensus estimates. The decline was due to heat and dryness battering some of the nation's top agricultural growing belts.

US Corn Conditions Slide 4% 🌽

Farmers are saying it’s the largest crisis on the Farm since last week pic.twitter.com/D0iX8PFL93

— GrainStats 🌾 (@GrainStats) July 28, 2026

1YR Net Change Corn Crop Yield Forecasts

The most-active contract gained as much as .9%.

Heat warnings plague parts of Illinois and Missouri, although Corn Belt weather is expected to improve later this week.

Last week, an options trader made a $20 million bet that corn futures will surge to their highest since 2023, as reduced U.S. planting, record exports, and heat-damaged crops tighten the supply outlook. The trade involved 105,000 November $5.50/$6 call spreads, equivalent to more than 500 million bushels.

The Bloomberg Agriculture Spot Index (BCOMAGSP) recently hit a three-year high. This dollar-denominated benchmark tracks 10 major agricultural futures, including Chicago and Kansas City wheat, corn, soybeans, soybean meal, soybean oil, coffee, cocoa, sugar, and cotton.

Read our latest note on BCOMAGSP, where traders are increasingly focused on maritime chokepoint disruptions, El Niño risks, and extreme heat gripping key growing regions across the U.S. and Europe.

Bank of America: The Timing Of The Next Grocery Inflation Surge Revealed By BofA. 

Tyler Durden Wed, 07/29/2026 - 06:55
Tyler Durden

Britain Backs Ukraine With New Electronic Warfare Cooperation

Zero Rss
2 weeks 6 days ago
Britain Backs Ukraine With New Electronic Warfare Cooperation

Via RFE/RL,

  • Zelensky met newly appointed British Prime Minister Andy Burnham, who reaffirmed the U.K.'s military support and announced technology sharing for the Stone Cloak electronic warfare system.

  • Ukraine and Russia carried out long-range attacks that caused civilian casualties and damage to energy infrastructure on both sides.

  • Zelensky is continuing a major diplomatic push with a planned visit to Washington as Ukraine seeks additional military and political support.

President Volodymyr Zelensky met British Prime Minister Andy Burnham on July 27 as he kicked off a key week of talks with officials around the world to bolster Ukraine's defenses amid a rising civilian death toll from Russian air strikes back home.

Zelensky became the first foreign leader hosted by Burnham since he took office one week ago following the resignation of fellow Labour Party member Keir Starmer.

The two leaders met at the Portsmouth Naval Base on England's southern coast as Burnham pledged his country's "unwavering" support for Kyiv as the war with Russia runs well into its fifth year.

Zelensky said being the first foreign leader to meet Burnham was "an important signal of support."

"We discussed our defense – for Ukraine, it is important to have sufficient capabilities to protect lives both in the sky and at sea," Zelensky wrote on social media after the meeting, adding the development of joint defense production was also touched upon.

Burnham and Zelensky were later scheduled to meet some of the 200 Ukrainian military personnel who have been in Britain the past three weeks participating in a maritime security and counter-mine exercise in preparation for potential future Black Sea missions.

'Stone Cloak' System

Burnham announced the sharing of the intellectual property behind Britain’s new Stone Cloak electronic warfare system, enabling Ukraine to produce the technology itself.

The jammers, the size of a tablet computer, can be used to prevent Russian air defenses from tracking and targeting drones when attached to the projectiles, officials said.

Downing Street pointed out that the United Kingdom's support for Ukraine has reached 25 billion pounds ($33 billion) since Russia's full-scale invasion of February 2022, including 16 billion pounds ($21 billion) in direct military assistance.

Following the London visit, Zelensky is scheduled to travel to Washington on July 28 for talks with US President Donald Trump.

Zelensky is also expected to attend the funeral of US Senator Lindsey Graham, who died earlier this month. The Republican lawmaker was a vocal Ukraine supporter and had traveled to Kyiv for meetings with Zelensky days before his death.

Russia, Ukraine Exchange Deadly Strikes

Five people, including a child, were killed and eight injured in a Ukrainian drone attack on Russia's Rostov region, local officials reported on July 27.

Rostov Region Governor Yuri Slyusar said rescuers recovered bodies, two adults and one child, from the rubble of an apartment building hit by a drone, while emergency crews continue recovery operations and provide assistance to victims.

Zelensky, in a post on X, said that Ukraine's long-range strikes hit an export terminal in the Rostov region and oil facilities in the Yaroslavl and Udmurtia regions to reduce Russia's ability to finance the war.

"Last night, our long-range sanctions were effective in the Rostov region. An export terminal approximately 250 kilometers from the front line was hit. Deep strikes also targeted oil facilities in the Yaroslavl region and the Udmurt Republic, which is 1,300 kilometers from Ukraine's state border," Zelenskyy wrote.

Meanwhile, the death toll continued to rise in Ukraine, with the capital, Kyiv, coming under a Russian ballistic missile attack on July 26, authorities said, while other regions suffered air strikes during the day that led to at least six deaths.

In the northern Ukrainian city of Chernihiv, a Russian drone struck a supermarket, killing two people and wounding ‌25, Ukraine's emergency services said.

"This is deliberate Russian terror that has no military justification," Zelensky wrote on Telegram.

Regional Governor Ivan Fedorov said a glide bomb attack killed one person and wounded six in the southern Ukrainian city of Zaporizhzhya, which has been a frequent target of Russian bombardment.

In the frontline city of Slovyansk in Ukraine's Donetsk region, the Naftogaz oil and gas company said two of its employees were killed in a Russian attack while trying to help ‌residents affected by an earlier air strike.

One person was killed, and eight others were injured in a Russian strike on the town of Balakliya in Ukraine's Kharkiv region on July 27, regional authorities reported.

Russia denies targeting civilian areas despite widespread evidence of such attacks that have killed thousands of people since the start of Russia’s full-scale invasion.

Tyler Durden Wed, 07/29/2026 - 06:30
Tyler Durden

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