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Bernie Sanders wins New Hampshire’s presidential primary election

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Bernie Sanders won New Hampshire’s presidential primary election Tuesday night, narrowly edging moderate rival Pete Buttigieg and scoring the first clear victory in the Democratic Party’s chaotic 2020 nomination fight.

In his win, the 78-year-old Sanders, a self-described democratic socialist, beat back a strong challenger from the 38-year-old former Midwestern mayor — two men representing different generations and wings of their party.

“This victory here is the beginning of the end for Donald Trump,” Sanders declared.

As Sanders and Buttigieg celebrated, an unexpectedly strong performance from Amy Klobuchar gave her a path out of New Hampshire as the contest moves on to the string of state-by-state primary contests that lie ahead. Joe Biden and Elizabeth Warren posted disappointing results and were on track to finish with zero delegates from the state.

The New Hampshire vote made clear that the early days of the Democratic contest will be a battle largely between two men four decades apart in age and ideological opposites. Sanders is a leading progressive voice, calling for substantial government intervention in health care and other sectors of the economy. Buttigieg has pressed for more incremental changes, giving Americans the option of retaining their private health insurance and making a point of appealing to Republicans and independents who may be dissatisfied with Trump.

“Thanks to you, a campaign that some said shouldn’t be here at all has shown that we are here to stay,” Buttigieg told cheering supporters.

Yet Sanders and Buttigieg enter the next phase of the campaign in different political positions.

While Warren made clear she will remain in the race, Sanders, well-financed and with an ardent army of supporters, is quickly becoming the leader of the progressive wing of the party.

Meanwhile, Buttigieg still has moderate rivals to contend with, including Klobuchar, whose standout debate performance led to a late surge in New Hampshire. Biden promises strength in upcoming South Carolina, while former New York Mayor Mike Bloomberg was not on Tuesday’s ballot but looms next month.

After a chaotic beginning to primary voting last week in Iowa, Democrats hoped New Hampshire would provide clarity in their urgent quest to pick someone to take on Trump in November. At least two candidates dropped out in the wake of weak finishes Tuesday night: just-the-facts moderate Colorado Sen. Michael Bennet and political newcomer Andrew Yang, who attracted a small but loyal following over the past year and was one of just three candidates of color left in the race.

While struggling candidates sought to minimize the latest results, history suggests that the first-in-the-nation primary will have enormous influence shaping the 2020 race. In the modern era, no Democrat has ever become the party’s general election nominee without finishing first or second in New Hampshire.

The action was on the Democratic side, but Trump easily won New Hampshire’s Republican primary. He was facing token opposition from former Massachusetts Gov. Bill Weld.

Warren, among the front-runners for months, offered an optimistic outlook as she faced cheering supporters, “Our campaign is built for the long haul, and we are just getting started.”

Despite an embarrassing defeat that raised questions about her path forward, Warren vowed to move trudge on.

“Our campaign is built for the long haul, and we are just getting started,” she declared.

Having already predicted he would “take a hit” in New Hampshire after a distant fourth-place finish in Iowa, Biden essentially ceded the state. He traveled to South Carolina Tuesday as he bet his candidacy on a strong showing there later this month boosted by support from black voters.

He was not on the ballot, but Bloomberg, a New York billionaire, loomed over the New Hampshire contest as moderates failed to embrace a single alternative to Sanders. The former New York City mayor was skipping all four states that vote this month in favor of dozens of delegate-rich contests in March. He’s already devoted hundreds of millions of dollars to the effort.

Bloomberg returns to the campaign trail Wednesday with stops in Tennessee but will face fresh scrutiny after audio emerged on Tuesday raising new questions about his support for New York’s controversial stop-and-frisk policy found to disproportionately target people of color.

Sanders and Buttigieg were on track to win the same number of New Hampshire delegates with most of the vote tallied, and Klobuchar a few behind. Warren, Biden and the rest of the field were shut out, failing to reach the 15% threshold needed for delegates.

AP has allocated six delegates each to Sanders and Buttigieg and four to Klobuchar with eight still to be called.

After Iowa and New Hampshire, Buttigieg held a one delegate lead over Sanders with one Iowa delegate yet to be allocated and Buttigieg leading ever so slightly in that contested count. Klobuchar now joins a close knot in a second tier with Warren and Biden, about ten delegates behind the two leaders.

Democrats were closely monitoring how many people showed up for Tuesday’s contest. New Hampshire’s secretary of state predicated record-high turnout, but if that failed to materialize, Democrats would confront the prospect of waning enthusiasm following a relatively weak showing in Iowa last week and Trump’s rising poll numbers.

The political spotlight quickly shifts to Nevada, where Democrats will hold caucuses on Feb. 22. But several candidates, including Warren and Sanders, plan to visit states in the coming days that vote on Super Tuesday, signaling they are in the race for the long haul.

More must-read stories from Fortune:

—2020 candidates’ positions, and records, on economic issues that affect women
—How a company with 120 Facebook likes ended up at the center of the Iowa caucus firestorm
Europe’s refugee crisis is getting worse—for these children
—Fortune Explains: The debt ceiling
America’s young voters could sway 2020 results. What will it take to get them to the polls?

Get up to speed on your morning commute with Fortune’s CEO Daily newsletter.



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People Are Rushing to Buy 100-Ounce Bars of Gold

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People Are Rushing to Buy 100-Ounce Bars of Gold(Bloomberg) — There are few corners of the global financial market that have been upended as spectacularly, or as oddly, by the coronavirus pandemic as gold trading.Not only are prices swinging in an erratic fashion — surging one moment and crashing the next — that is undermining the metal’s vaunted status as a haven in times of crisis, but unprecedented logistical disruptions have also kicked off a frantic hunt for actual bars of gold.At the center of it all are a small band of traders who for years had cashed in on what had always been a sure-fire bet: shorting gold in the futures market. Usually, they’d ride the trade out till the end of the contract when they’d have a couple of options to get out without marking much, if any, loss.But the virus, and the global economic collapse that it’s sparking, have created such extreme price distortions that those easy-exit options disappeared on them. Which means that they suddenly faced the threat of having to deliver actual gold bars to the buyers of the contract upon maturity.It’s at this point that things get really bad for the short-sellers.To make good on maturing contracts, they’d have to move actual gold from various locations. But with the virus shutting down air travel across the globe, procuring a flight to transport the metal became nearly impossible.If they somehow managed to get a flight, there was another major problem. Futures contracts in New York are based on 100-ounce bullion bars. The gold that’s rushed in from abroad is almost always a different size.The short-seller needs to pay a refiner to re-melt the gold and re-pour it into the required bar shape in order for it to be delivered to the contract buyer. But once again, the virus intervenes: Several refiners, including three of the world’s biggest in Switzerland, have shut down operations.Signs of distress picked up on Friday, March 20, when the cost to swap New York futures and spot physical gold in London — the world’s biggest market — rose to about $2. Typically, this trade cost almost nothing. After the close of the next session on Monday, that premium had jumped further to $6.75.When traders in Asia entered Tuesday morning, there weren’t many sellers or offers, and suddenly they were scrambling to buy whatever gold they could get their hands on. By the time London came in, most of the market was squeezed and nobody wanted to sell.“I realized it was going to be an extremely volatile day,” Tai Wong, the head of metals derivatives trading at BMO Capital Markets in New York, said of Tuesday. “We watched this panic develop literally over the course of 12 hours. Having seen enough market dislocations, you recognize that the frenzy wasn’t likely to last, but at the same time you also don’t know how long it would extend.”By the time the panic finally subsided Tuesday night, major investors and decades-old veterans were reeling. At the peak of the carnage, potential total losses were estimated at as much as $1 billion, according to market participants. That’s even though the people involved in the trade represented less than 4% of total open interest — or the amount of outstanding contracts.Traders in need of physical metal went as far as to cold-call holders of gold bars in hopes that they’re in possession of exchange-approved metal. Some investors paid massive fees to have the remaining operating refineries to mint new gold bars, according to people with knowledge of the matter.The spread between April and June futures contracts on Tuesday jumped to $20 an ounce, meaning it cost that much more to buy metal for April than it did for two months later. That signaled more near-term demand for bullion and the need to soon have physical supply in hand.By the end of the week, though, the situation had flipped. The June contract cost almost $30 more than the April contract, suggesting that traders appetite for physical gold has subsided for now.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.



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What to watch on Disney+ while social distancing during the coronavirus pandemic

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Subscribe to Fortune’Outbreak newsletter for a daily roundup of stories on the coronavirus and its impact on global business.

Disney+ is rolling out in Europe just as the coronavirus has caused nations to urge citizens to stay indoors. But it has already spent months racking up subscribers in the United States, thanks to a jam-packed catalog spanning Pixar classics, the Marvel Cinematic Universe, Star Wars, National Geographic documentaries, ’90s animated cartoons, and much more.

With so many options to stream, families surfing Disney+ might find themselves understandably overwhelmed. Fortune’s here to help, breaking down the major services’ offerings into a few distinct recommendations based on whatever mood our current global crisis might have you in (all of which are completely valid). And if nothing in the Mouse’s new House strikes your fancy, here are our Netflix and Amazon Prime guides, for your continued perusing pleasure.

For a badly needed laugh:

Heath Ledger in the 1999 teen movie “10 Things I Hate About You.”
Buena Vista Pictures/Courtesy Everett Collection

10 Things I Hate About You A romantic-comedy classic you might be surprised to discover on Disney+, this ’90s touchstone featured one of the best non-clown-related performances by the late, great Heath Ledger, as the bad boy tricked into dating a smart-mouthed classmate (Julia Stiles), so that her sister (Larisa Oleynik) can get around their father’s strict dating rules and make out with the new kid (Joseph Gordon-Levitt). Twenty years later, it’s remarkable how smart and fresh its script still feels, piled high as it is with quotable one-liners and endlessly clever turns of phrase.

Meet the Robinsons A whiz-bang animated outing that heads to some surprisingly dark places—as well as a wondrously bright future of flying cars, cookie-baking grandmas, and musical gangster frogs—this 2007 effort came at a time when Disney’s animated output was seen to be running low on imagination, after a few high-profile misses. But even if that hadn’t been the case, this thoroughly hilarious and heartwarming story, not to mention its bedeviled bowler hats, would have been met with open arms.

Who Framed Roger Rabbit Pioneering and peculiar, this Robert Zemeckis–directed classic from 1988 renewed public interest in animation technology while crafting a delightfully skewed noir playground in which its mixture of animated cartoon characters and real actors could trade barbs and blows. Surprisingly, its off-kilter look holds up today; there’s something sneakily surreal yet effortless about its balancing of cartoon antics and the 1940s Hollywood sleuthing that brings private eye Eddie Valiant (Bob Hoskins) into Toontown’s heart of unlikely darkness.

Additional picks

The Emperor’s New Groove
Newsies
Home Alone
The Nightmare Before Christmas
Holes

For the whole family:

Nala and Simba in the original animated “The Lion King.”

Inside Out Pixar’s most towering achievement, this 2015 animated insta-classic takes audiences inside the mind of an 11-year-old girl named Riley, introducing us to the five basic emotions responsible for informing and influencing behaviors in her everyday life. Those would be Joy (Amy Poehler), Sadness (Phyllis Smith), Anger (Lewis Black), Fear (Bill Hader), and Disgust (Mindy Kaling). Cubicle colleagues in the office of Riley’s brain, all five hover around a control console, eager to help their little human navigate the turbulence of a destabilizing move. More than just a brilliantly imagined tale and a beautifully animated family adventure, Inside Out invents a radically visual language for emotions, gently teaching it in terms children grappling with their many feelings will understand. The doors that open to deeper dialogue between children and the adults around them cannot be undervalued. Inside Out is at once an important public service and a work of true filmmaking wizardry all at once.

Sky High Too many missed this 2005 superhero comedy, but it demands revisiting in the age of the Marvel industrial complex. Refreshingly light on its feet and unironically enamored of comic-book sagas, the Mike Mitchell–directed movie split the difference between high-school comedies (especially Mean Girls and The Breakfast Club) and the save-the-world stakes found in most caped-crusader concoctions. As a result, its breezy, in-on-the-joke tone feels like more of a revelation now than it did then, amid the ongoing glut of too-big-to-fail blockbusters. And its characters—from Steven Strait’s adorably broody Warren Peace to Mary Elizabeth Winstead’s shifty upperclassman Gwen Grayson—are as memorably sub-Hughesian as ever.

The Lion King (1994) Sure, I’m highlighting this one in part as an opportunity to sucker-punch last year’s abysmal live-action remake. Is that petty? Absolutely. But there’s nothing like a soulless cash-grab from the more modern, mega-corporate Disney to remind everyone what a dream factory its animation studio once was. This emotionally potent, exquisitely drawn masterpiece still plays like Shakespeare in the Serengeti. Its songs remain the classics they always were, heartwarming and soul-stirring. And through its traditionally hand-drawn approach to realizing its world, The Lion King brings a measure of expressive, ecstatic humanity to its animal kingdom.

Additional picks

Black Panther
Atlantis: The Lost Empire
Flight of the Navigator
Togo
Frozen II
A Wrinkle in Time

To find your next binge-watch:

“The Child” and Pedro Pascal as the title character in “The Mandalorian,” which follows the travails of a lone gunfighter in the outer reaches of the galaxy, far from the authority of the New Republic.
Courtesy of Disney+

The Mandalorian The flagship series for Disney+, this surprisingly rich, impressively mounted Star Wars spinoff is a space western on the level that television hasn’t seen since Firefly went off the air. Its masked protagonist offers that perfect shade of Clint Eastwood cool, and its outer-reaches setting grants him an appropriately lawless sandbox to play in, complete with sea slugs and saloon shootouts. But let’s be real: The biggest draw of The Mandalorian (at least out of the gate, in the eight episodes currently available) is the presence of The Child, more commonly known as pop-cultural sensation “Baby Yoda,” particularly precious cargo the titular bounty hunter is tasked with protecting against a legion of former comrades in arms.

Gravity Falls A true mystery box of a kids’ series, Gravity Falls arrived now eight years ago on Disney Channel with little introduction. And across its 40 episodes—initially about the misadventures of 12-year-old twins shipped off to live with their eccentric great-uncle in a haunted Oregon outpost—it gradually revealed itself to be a much richer, smarter, more narratively purposeful tale of hidden worlds and fractured families than anyone could have guessed.

X-Men: The Animated Series Yes, the animation’s somewhat dated, but this ’90s cartoon laid the groundwork for many a serialized small-screen series to come with its uncommonly ambitious storytelling and nuanced treatment of the titular super-team. From season one’s epic saga surrounding the deadly Sentinels program to season two’s deepening of the dynamic between Wolverine and Rogue, X-Men: The Animated Series was one of the first comic-book shows to balance complex story lines with a fully fleshed-out, emotional approach to its characters. And its later-season staging of the Dark Phoenix saga, through which Jean Grey’s cosmic powers began to consume her, stands as the best telling of that arc to date, despite two separate efforts to dramatize it on the big screen.

Additional picks

The Simpsons
DuckTales
Star Wars: The Clone Wars
Ultimate Spider-Man
The Imagineering Story

Coming attractions:

Narrated by Natalie Portman, Disneynature’s “Dolphin Reef” tells the story of Echo, a young Pacific bottlenose dolphin who seems far more interested in exploring the coral reef and its intriguing inhabitants than learning to survive in it.
Courtesy of Disney+

Onward (April 3) Pixar’s latest opened mere weeks before the spread of the coronavirus led major theater chains across the country to close their doors. Set in a suburban fantasy world where elves and centaurs drive decal-decked vans and slack their way through high school, it may be a slighter entry from the studio that brought you Up and The Incredibles. But even middle-shelf Pixar still has magic to spare.

Dolphin Reef (April 3) Natalie Portman narrates this stunning Disneynature documentary about Echo, a young Pacific bottlenose dolphin filled with curiosity about the coral reef his pod calls home. Exploring his surroundings and bumping up against all manner of sea critters, Echo gradually learns his place in the delicately balanced ecosystem of the reef.

National Treasure (April 30) Nicolas Cage heads up a ragtag team of self-described “treasure protectors” in this 2004 adventure gem, in which the epically named Benjamin Gates (Cage) leads the FBI on a merry chase through American history after, yes, stealing the Declaration of Independence (but only because the bad guys were already going to, see!). One of the more endearingly odd highlights of Cage’s filmography, made at the unlikely peak of his time as a Hollywood leading man, it has aged like fine wine and buried riches. (And if you can’t wait till the end of April, it’s on Netflix until it shifts to Disney+).

Additional picks:

David Lynch’s The Straight Story (April 3)
Running Wild With Bear Grylls, Season Five (April 10)
America’s Funniest Home Videos, Seasons 12–19, 23 (April 24)
John Carter (May 2)

More must-read stories from Fortune:

What to watch on Amazon Prime while social distancing during the coronavirus pandemic
What to watch on Netflix while social distancing during the coronavirus pandemic
—For Jesse Eisenberg, WWII biopic Resistance and sci-fi nightmare Vivarium both hit close to home
—Sobriety is the new black: How musicians are upending the usual narrative surrounding addiction
MusiCares’s COVID-19 Relief Fund gets all-star help for donations, concerts
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.



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BSP may pump more money into system amid outbreak

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THE Philippine central bank is expected to pump more money into the financial system as low lending rates fail to stimulate an economy that has been put into a standstill by a novel coronavirus pandemic.

“Quantitative easing measures, through bond purchases and other tools by central banks are faster to implement and have immediate positive effects on the economy and financial markets,” said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp.

They are unlike stimulus measures that may require more time through legislation, he said in an e-mailed reply to questions.

The Bangko Sentral ng Pilipinas (BSP) earlier went on a buying spree of three-month government securities worth $300-billion from the Bureau of the Treasury under a repurchase agreement payable in six months.

Both quantitative easing measures and policies are needed at a time of a pandemic, according to Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc.

“With the magnitude of an impact such as a pandemic, all monetary and fiscal means should be on deck, and nothing should be left unused,” he said.

Quantitative easing would also help boost lending, apart from the liquidity boost and rate cuts enforced by the central bank, said Robert Dan J. Roces, chief economist at Security Bank Corp.

“The additional reserves would kick-start lending, causing broad money growth to expand, and eventually lead to an increase in real economic activity,” he said in an e-mail.

STRONGER MEASURES
Meanwhile, BSP needs to come up with a bigger and stronger scope of response to ensure the economy is better cushioned from the impact of the COVID-19 pandemic, analysts said.

The economic effects of the pandemic could be worse than the 2008 global financial crisis, UnionBank’s Economic Research Unit said in a report, adding that the government needs to boost its response.

“By mere optics, the current crop of policies may have to be augmented further and a more targeted policy support is very much needed,” it said in an e-mailed note.

The share of exports, imports and tourist arrivals in the gross domestic product (GDP) last year rose to 59.3% (from 52.9%), 68.7% (from 50.1%), and 12.7% (from 5.9%), respectively from 2007, the bank said, citing government data.

On the other hand, the share of consumption and remittances in the economy fell to 68.4% (from 71.6%) and 8.5% (from 9.7%), respectively. In absolute amount, consumption almost doubled to P6.7 trillion last year from 2007, while remittances more than doubled to P30.1 billion

“Apart from the trade’s bigger part of the economy, tourism has more than doubled in terms of GDP contribution,” according to the report.

“Aggregate consumption, the biggest contributor to GDP, and remittance inflows have continuously supported economic growth for more than a decade,” it added.

“An estimated deeper impact of the COVID-19 pandemic on the bigger real macroeconomy, compared with the economic losses caused by the global financial crisis warrants wider and more encompassing policies,” it added.

The month-long lockdown in Luzon, which contributes 70% to GDP, is expected to slow the economy. Tourism, trade and remittances are also expected to suffer because of the outbreak.

Economic managers have estimated losses of P428.7 billion to P1.355 trillion in gross value added or about 2.1% to 6.6% of GDP. The government had targeted growth of 6.5-7.5% this year.

“If we are going to take their initial assessments seriously, then the response to this pandemic should be stronger and the scope bigger,” according to the report.

The central bank cut policy rates by 50 basis points this month and will buy P300 billion worth of securities from the Treasury bureau to help fund government initiatives related to the outbreak.

On Thursday, it remitted in advance P20 billion in dividends to the National Government to help it deal with the health crisis. — Luz Wendy T. Noble



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