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Donald Trump claims victory

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DONALD TRUMP claimed victory in the 2024 presidential election, saying that “America has given us an unprecedented and powerful mandate”. Pennsylvania was called for the Republican shortly after 2am Eastern time. He had already taken a clear lead in the race, having earlier claimed the swing states of North Carolina and Georgia. Kamala Harris’s path to victory vanished, as she badly underperformed Joe Biden’s showing of four years ago.

Ms Harris’s fortunes shrank remarkably quickly. Within a few hours of the first polls closing it had become clear that she was failing to make headway against Mr Trump. It appears that Mr Trump was able to draw support from both urban and rural voters at levels notably higher than in his contest against Mr Biden in 2020.

Mr Trump was speaking during the early hours of November 6th, at Palm Beach County convention centre, in Florida. In the previous days opinion polls had appeared to show that momentum favoured Ms Harris, whereas the former president had appeared tired and frustrated with his campaign. That makes his apparent success all the more remarkable. Republicans also claimed control of the Senate, as had been widely expected, and seemed well placed to take the House too.

Beyond the key battlegrounds, the picture had been similarly dispiriting for the Harris campaign. In Virginia, which Mr Biden won comfortably in 2020, Ms Harris eked out only a narrow victory, though even there she was lagging behind Mr Biden’s performance in suburban counties such as Loudoun, outside Washington, DC. That was a concerning trend—and a hint of her eventual losses in Pennsylvania. Her prospects in other parts of the Midwest, including in Michigan and Wisconsin, where suburban voters were crucial to her chances, looked no better. In Florida, Ms Harris did worse than Mr Biden, who lost by just over three percentage points in 2020.

A pressing question for Ms Harris—and the Democrats more widely—is why they did so poorly. As incumbents in other parts of the world discovered, voters were evidently ready to punish those in office. In addition, expectations that women would turn out in sufficiently large numbers to elect the first female president proved wrong. Mr Trump, meanwhile, appears to have done enough to fire up non-white voters, including Latinos and black male voters, to broaden his appeal beyond his showing in previous presidential elections. As a political comeback story, it is a striking one.

This story has been updated

Economics

Andrew Cuomo plots a comeback in New York City

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Political disgrace isn’t as constraining as it used to be. Andrew Cuomo, whose public career was thought to be dead just three years ago, is back in the spotlight as a newly declared candidate for mayor of New York City—and he is topping polls. Mr Cuomo resigned as governor of New York state in August 2021 amid multiple sexual-harassment allegations (which he denied). On March 1st he announced his comeback.

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Trump’s armed forces won’t look like Biden’s

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America is set to spend more—and differently

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Economics

Euro zone inflation February 2025

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Two parents and their two children walk through a section of sweet cakes, biscuits and jam.

Nicolas Guyonnet | Afp | Getty Images

Euro zone inflation eased to 2.4% in February but came in slightly above analyst expectations, according to flash data from statistics agency Eurostat.

Economists surveyed by Reuters had expected inflation to dip to 2.3% in February, down from the 2.5% reading of January.

Euro zone inflation re-accelerated in the fourth quarter, but European Central Bank policymakers remain optimistic about its trajectory. Accounts from the central bank’s January meeting last week showed that policymakers believed inflation was on its way to meeting the 2% target, despite some lingering concerns.

The ECB meets again later this week and is widely expected to announce another interest cut, which would mark its sixth reduction since it started easing monetary policy back in June.

Markets will also pay close attention to the ECB statement accompanying the rate decision, searching for clues on policymakers’ assessment of inflation and monetary policy restrictions.

The Monday data comes after several major economies within the euro zone reported inflation data last week. Provisional data showed that February inflation was unchanged at a higher-than-expected 2.8% in Germany, but eased sharply to 0.9% in France. The readings are harmonized across the euro zone to ensure comparability.

This breaking news story is being updated.

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