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WASHINGTON (AP) — Working-class voters helped Republicans make steady election gains this year and expanded a coalition that increasingly includes rank-and-file union members, a political shift spotlighting one of President-elect Donald Trump’s latest Cabinet picks: a GOP congresswoman, who has drawn labor support, to be his labor secretary. Oregon Rep. Lori Chavez-DeRemer narrowly lost her bid for a second term this month, despite strong backing from union members, a key part of the Democratic base but gravitating in the Trump era toward a Republican Party traditionally allied with business interests. “Lori’s strong support from both the Business and Labor communities will ensure that the Labor Department can unite Americans of all backgrounds behind our Agenda for unprecedented National Success - Making America Richer, Wealthier, Stronger and more Prosperous than ever before!” Trump said in a statement announcing his choice Friday night. For decades, labor unions have sided with Democrats and been greeted largely with hostility by Republicans. But with Trump's populist appeal, his working-class base saw a decent share of union rank-and-file voting for Republicans this year, even as major unions, including the AFL-CIO and the United Auto Workers , endorsed Democrat Kamala Harris in the White House race. Trump sat down with the International Brotherhood of Teamsters union leadership and members this year, and when he emerged from that meeting, he boasted that a significant chunk of union voters were backing him. Of a possible Teamsters endorsement, he said, “Stranger things have happened.” The Teamsters ultimately declined to endorse either Trump, the former president, or Harris, the vice president, though leader Sean O’Brien had a prominent speaking slot at the Republican National Convention. Kara Deniz, a Teamsters spokesperson, told the Associated Press that O’Brien met with more than a dozen House Republicans this past week to lobby on behalf of Chavez-DeRemer. “Chavez-DeRemer would be an excellent choice for labor secretary and has his backing,” Deniz said. The work of the Labor Department affects workers’ wages, health and safety, ability to unionize, and employers' rights to fire employers, among other responsibilities. On Election Day, Trump deepened his support among voters without a college degree after running just slightly ahead of Democrat Joe Biden with noncollege voters in 2020. Trump made modest gains, earning a clear majority of this group, while only about 4 in 10 supported Harris, according to AP VoteCast, a sweeping survey of more than 120,000 voters nationwide. Roughly 18% of voters in this year's election were from union households, with Harris winning a majority of the group. But Trump's performance among union members kept him competitive and helped him win key states such as Pennsylvania, Michigan and Wisconsin. Chavez-DeRemer was one of few House Republicans to endorse the “Protecting the Right to Organize” or PRO Act, which would allow more workers to conduct organizing campaigns and add penalties for companies that violate workers’ rights. The measure would weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment. Trump's first term saw firmly pro-business policies from his appointees across government, including those on the National Labor Relations Board. Trump, a real estate developer and businessman before winning the presidency, generally has backed policies that would make it harder for workers to unionize. During his recent campaign, Trump criticized union bosses, and at one point suggested that UAW members should not pay their dues. His first administration did expand overtime eligibility rules, but not nearly as much as Democrats wanted, and a Trump-appointed judge has since struck down the Biden administration’s more generous overtime rules. He has stacked his incoming administration with officials who worked on the Heritage Foundation’s “Project 2025” blueprint, which includes a sharp swing away from Biden’s pro-union policies. “Chavez-DeRemer’s record suggests she understands the value of policies that strengthen workers’ rights and economic security,” said Rebecca Dixon, president and CEO of National Employment Law Project, which is backed my many of the country’s major labor unions. “But the Trump administration’s agenda is fundamentally at odds with these principles, threatening to roll back workplace protections, undermine collective bargaining, and prioritize corporate profits over the needs of working people. This is where her true commitment to workers will be tested.” Other union leaders also issued praise, but also sounded a note of caution. “Educators and working families across the nation will be watching ... as she moves through the confirmation process,” the president of the National Education Association, Becky Pringle, said in a statement, “and hope to hear a pledge from her to continue to stand up for workers and students as her record suggests, not blind loyalty to the Project 2025 agenda.” AFL-CIO President Liz Shuler welcomed the choice while taking care to note Trump's history of opposing polices that support unions. "It remains to be seen what she will be permitted to do as secretary of labor in an administration with a dramatically anti-worker agenda,” Shuler said.I'm optimistic that the (ASX: XJO) will continue to break records in 2025. But unfortunately, it is impossible to know what will happen with any certainty. And while a would be disappointing next year, I think it is important not to fear such an event. Instead, investors should see a crash as an opportunity to load up on high-quality ASX 200 shares at good prices. With that in mind, let's take a look at a couple of ASX 200 shares that could be strong buys if the market pulled back. They are as follows: ( ) The first ASX 200 share that could be a buy if the stock market crashes is Life360. It is a growing family connection and safety company that aims to keep people close to the ones they love. Its category-leading mobile app, the Life360 app, provides location sharing, safe driver reports, and crash detection with emergency dispatch to a massive 76.9 million monthly active users (MAU) across more than 170 countries. Bell Potter is bullish on the company and believes it is well-placed for long-term growth. Its analysts recently said: Life360 operates a market-leading app that provides communication, driving safety, and location-sharing features. With over 70 million monthly active users and 2 million paying circles, the company has significant growth potential as it continues to rapidly monetise its customer base. Bell Potter currently has a buy rating and $26.75 price target on its shares. Pro Medicus could be an ASX 200 share to buy in the event of a stock market crash. It is a leading health imaging technology provider, delivering services and solutions to hospitals, imaging centres, and healthcare groups worldwide. Goldman Sachs is a big fan of the company and believes it has a significant long-term opportunity. It recently said: We remain positive on the PME equity story as one of Australia's best global growth companies. [...] PME is not cheap, trading on 114x FY26E EV/EBITDA, but we highlight its revenue/margin outlook, unique cloud offering, and significant long-term opportunity. Additionally, with a focus on the US regulatory outlook, we believe MedTech is increasingly being evaluated as a safe haven within healthcare as it is generally more insulated from impending policy volatility. Goldman Sachs currently has a buy rating and $278.00 price target on its shares.
U.S. stocks are extending their lead over global peers and some investors believe that dominance could grow if President-elect Donald Trump can implement his economic platform without becoming mired in a full-blown trade war or ballooning the federal deficit. The S&P 500 .SPX has gained over 24% in 2024, putting it well ahead of benchmarks in Europe, Asia and emerging markets. At 22 times expected future earnings, its premium to an MSCI index of stocks of more than 40 other countries stands at its highest in more than two decades, according to LSEG Datastream. Though U.S. stocks have outperformed their counterparts for more than a decade, the valuation gap has widened this year thanks to resilient economic growth and strong corporate earnings — particularly for the technology sector, where excitement over developments in artificial intelligence have boosted the shares of companies such as chipmaker Nvidia NVDA.O. Some market participants believe Trump’s agenda of tax cuts, deregulation and even tariffs can further fuel U.S. exceptionalism, outweighing worries over their potentially disruptive nature and inflationary potential. "Given the pro-growth tendencies of this new administration, I think it's tough to fight the battle against U.S. equities, at least in 2025," said Venu Krishna, head of U.S. equity strategy at Barclays. Invest wisely: Best online brokers Signs of a growing U.S. bias were evident immediately after the Nov. 5 election, when U.S. equity funds received more than $80 billion in the week following the vote while European and emerging market funds saw outflows, according to Deutsche Bank. Strategists at Morgan Stanley, UBS Global Wealth Management and the Wells Fargo Investment Institute are among those who recommend overweighting U.S. equities in portfolios or expect them to outperform next year. Earnings engine A critical driver of U.S. strength is corporate America's profit edge: S&P 500 company earnings are expected to rise 9.9% this year and 14.2% in 2025, according to LSEG Datastream. Companies in Europe’s Stoxx 600, by contrast, are expected to increase earnings by 1.8% this year and 8.1% in 2025. "The U.S. continues to be the geographic region of the world that generates the highest earnings growth and the most profitability," said Michael Arone, chief investment strategist at State Street Global Advisors. The dominant role of massive technology companies in the U.S. economy and their heavy weightings in indexes such as the S&P 500 .SPX are helping drive that growth. The five largest U.S. companies — Nvidia, Apple AAPL.O, Microsoft MSFT.O, Amazon.com AMZN.O and Alphabet GOOGL.O — have a combined market value of more than $14 trillion, compared with roughly $11 trillion for the entire STOXX 600 .STOXX, according to LSEG data. More broadly, the U.S. economy is expected to grow by 2.8% in 2024 and 2.2% in 2025, compared with 0.8% this year and 1.2% next year for a group of about 20 countries using the euro, according to forecasts from the International Monetary Fund. Trump’s plans to raise tariffs on imports could help the U.S. extend that advantage, despite the risk of some blowback, said Mike Mullaney, director of global markets research at Boston Partners, who favors U.S. stocks. "If Trump throws on a 10% to a 20% tariff on European goods, they're going to get hurt more on a relative basis than we are," Mullaney said. Trump trades: Bitcoin at record highs, sets sights on $100,000 Republicans’ lock on power in Washington — which could make it easier for Trump to enforce his agenda — prompted Deutsche Bank’s economists to raise their 2025 U.S. growth forecasts to 2.5% from 2.2%. While tax cuts and deregulation are expected to boost growth, relatively tight margins in U.S. Congress and the administration's sensitivity to market reactions could limit the scope of the most “extreme” policies, such as tariffs, the bank wrote on Thursday. Analysts at UBS Global Wealth Management, meanwhile, expect the S&P 500 to hit 6,600 next year, driven by advances in artificial intelligence, lower interest rates, tax cuts and deregulation. The index closed at 5,948.71 on Thursday. Still, an all-out trade war with China and other partners could hit U.S. growth and stoke inflation. A scenario in which countries retaliate against far-reaching U.S tariffs could send the S&P 500 to as low 5,100 — though global stocks would also decline, UBS said. Certain corners of the market could be particularly vulnerable to Trump’s policies: worries over plans for cutting bureaucratic excess bruised shares of government contractors last week, for example, while drugmakers fell when Trump picked vaccine skeptic Robert F. Kennedy Jr. to lead the Department of Health and Human Services. Broad tax cuts could also spark concerns about adding to U.S. debt. Deficit worries have helped drive a recent selloff in U.S. government bonds, taking the 10-year Treasury yield to a five-month high last week. At the same time, the valuation gap between the U.S. and the rest of the world could become so wide that U.S. stocks start looking expensive, or international equities become too cheap to ignore. For now, however, the long-term trend is in favor of the U.S., with the S&P 500 gaining more than 180% against a rise of nearly 50% for Europe's STOXX over the past decade. "Momentum is a great thing," said Colin Graham, head of multi-asset strategies at Robeco. "If you've got something that keeps outperforming, then investors will follow the money." Reporting by Lewis Krauskopf in New York; Editing by Ira Iosebashvili and Matthew LewisThe top US securities regulator, a skeptic towards cryptocurrency who was appointed by President Joe Biden, announced Thursday he will step down in January when Donald Trump takes office. Gary Gensler, chair of the Securities and Exchange Commission (SEC), said he will resign on January 20, the same day Trump assumes the presidency. The move clears the way for the Republican president-elect to pick Gensler's successor. The news comes as bitcoin hit a fresh record of $98,473,64 on Thursday. Gensler's five-year term does not end until 2026, but agency chairs customarily step down when the party of presidential administration turns over. Gensler took office in April 2021 shortly after the so-called "meme stock" frenzy in January 2021 prompted massive volatility in GameStop and a handful of other stocks. A former mergers and acquisitions partner at Goldman Sachs, Gensler led rulemaking proposals intended to improve efficiency in capital markets. But his future in Washington looked precarious in light of the SEC's confrontational approach to cryptocurrency throughout the Biden years. During the campaign, Trump drew heavy financial support from cryptocurrency backers, some of whom are also close to the president-elect's close ally, Tesla and SpaceX CEO Elon Musk. In the absence of clear regulations, Gensler took an aggressive stance toward digital currencies, treating them like traditional financial securities such as stocks and bonds. The approach has prompted SEC lawsuits against major trading platforms including Binance, Coinbase, and Kraken, along with various smaller startups. Leading legislation in Washington would shift oversight to the Commodities Futures Trading Commission, known for its lighter-touch approach to regulation. Gensler thanked Biden and fellow commissioners, saying in a statement, "The SEC has met our mission and enforced the law without fear or favor." (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) Track Latest News Live on NDTV.com and get news updates from India and around the worldNone