FirstFT: FBI raid casts cloud over Trump’s 2024 presidential bid

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Hello. It was the first time in American history that the FBI raided the home of a former president. Now Donald Trump supporters, challengers and officials from the Republican and Democratic parties are demanding answers.

The Justice Department and FBI have yet to comment on the investigation into Trump’s Florida residence. The White House said it “did not have advance notice” of the FBI’s plans to storm its home. But people close to Trump said Monday night’s search related to the former president’s removal of classified White House documents after leaving office.

Attention is now turning to what this means for his ambitions to run for president again in 2024. The raid on Mar-a-Lago quickly turned into a political campaign map, with Trump releasing video of advertising style following the transaction. . Republican candidates have sent fundraising emails to supporters citing FBI research in a bid to rally the party base ahead of the midterm elections.

Although Trump was quick to denounce the raid – calling it an “assault that could only take place in broken Third World countries” – experts say he is walking on thin ice, while many multiple legal challenges follow the former president.

Thank you for spending part of your morning with FirstFT Americas — Georgina.

1. Elon Musk sells $7 billion worth of Tesla stock ahead of legal battle with Twitter SpaceX’s chief executive took advantage of a recent rebound in Tesla’s stock price to dump $6.9 billion worth of the electric car maker’s stock since the end of last week, according to a report. series of regulatory filings yesterday.

2. Carlyle boss quits after being denied $300m pay package Ousted chief executive Kewsong Lee quit the US private equity group after its co-founders refused to discuss his request for a package worth up to $300 million over five years, people familiar with the matter said.

3. Joe Biden’s tax proposals fail to meet OECD standards for minimum rates Washington’s enforcement of a global tax deal proposed by the OECD last October – specifically, a 15% minimum tax floor for corporations – is at odds with how the deal is likely to work somewhere else. Where Does Biden’s Inflation Cut Act Fail?

4. Investors watch for cracks in the US consumer loan market US household debt levels have skyrocketed this year as Americans borrow more to pay for increasingly expensive homes and cars. As the Federal Reserve tries to rein in price growth by raising interest rates, analysts and economists are worried.

5. Foxconn’s stake in Chinese chipmaker under scrutiny Taiwanese national security officials want to force supplier Apple to unwind an $800 million investment in Tsinghua Unigroup as Taipei seeks to align itself more closely with the United States amid escalating threats from Beijing.

The day ahead

Inflation data All eyes will be on a crucial U.S. inflation report at 8:30 a.m. EST that could influence the direction of the Federal Reserve’s monetary policy.

Consumer prices in the United States in July are expected to have risen 0.2% from June, while its annual gain is expected to moderate to 8.7%, according to economists polled by Reuters. Core inflation – excluding food and energy costs – is expected to have risen 0.5% in July.

These figures would mark a slight slowdown in inflation compared to the annual increase of 9.1% and the monthly increase of 1.3% recorded in June.

Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari are expected to comment later at separate events. Monthly retail sales in Brazil are expected to have fallen 1% in June, according to economists polled by Refinitiv, as persistently high inflation may have prompted consumers to cut back on spending.

business profits Walt Disney is expected to post higher revenue in the third quarter. The company has been boosted by steady subscriber growth on its streaming platforms coupled with returning theme park goers. Disney shares have fallen more than 30% in the past year. Investors are questioning the stability of the streaming market after watching Netflix subscriber numbers plummet over the past two quarters.

Media company Fox and fast food chain Wendy’s report before the bell. Dating app Bumble reports after the bell. A full list can be found in our week ahead. Register here to receive the newsletter in your inbox every Sunday.

Interview with Rishi Sunak at the BBC The former British Chancellor and Conservative leadership candidate will be interviewed by Nick Robinson. Opponent Liz Truss has a clear lead in the betting market.

What else we read

‘Meticulous’ work to help mitigate California wildfires In Napa Valley, private groups and local businesses are doing what they can to protect the land from catastrophic fires. In California, a state with 33 million acres of forest that has been in drought for much of this century, the past two years have seen fires reach unprecedented levels, according to Cal Fire.

Netflix is ​​looking to become a big player in the gaming sphere The group’s plans to release more video games come at a precarious time for the company, writes Tom Faber. Are these gaming deals just a desperate attempt to maintain dominance in an increasingly competitive streaming market?

Rich and poor should mix more New research suggests that children from lower-income families who are friends with wealthier peers will earn more later in life. “Economic connectivity” – in short, having rich knowledge – can be a valuable first rung on the economic ladder, writes Anjana Ahuja.

Lessons from Irish history on the famine in Somalia The UN has warned that following a drought that has killed 3 million animals and caused crop failures, parts of Somalia could face widespread famine next month. A look back at Ireland in 1846 in the midst of a potato famine provides insight into the potential scale of the devastation, writes Jude Webber.

Europe can weather a winter recession There is virtually no escaping a Europe-wide recession after Russia tightens natural gas supplies, but it need not be deep or prolonged. Substitution, solidarity and conversation can help overcome a gas embargo, writes Chris Giles.

sport

Tennis star Serena Williams will retire after the US Open tournament. His achievement of 23 Grand Slam singles titles stands alone, but Williams’ tennis legacy goes far beyond the statistics. Writing in Vogue, she reflects on how her arrival at this crossroads highlighted what she hopes has been her lasting message for female athletes: “They can wear what they want and say what they want. , kick ass and be proud of everything.”

Serena Williams and her daughter

Serena Williams’ quest to break Margaret Court’s record of 24 career Grand Slam titles has made her a consistent ratings and ticket seller at tournaments around the world © Chris Symes/Photosport/AP

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