Wednesday, August 02, 2023

AXIOS Today

The bottom line: Per the new report and other work from the World Weather Attribution group, the extreme heat seen in the southern tier of the U.S. is unambiguously tied to human-caused climate change.

6 hours ago - Energy & Environment

Study: Climate change boosted July's heat for 81% of world's population

Map of climate change-influenced heat waves worldwide during July 2023 from a Climate Central report.

Map showing daily average Climate Shift Index readings averaged over July 1, 2023 to July 31, 2023. Image: Climate Central.

About 80% of humanity experienced unusually hot temperatures during July that were attributable in large part to human-caused climate change, a new report finds.

Why it matters: The analysis shows the extraordinary reach of climate change, and its influence on temperature extremes. It's made extreme heat far more likely, particularly in many developing countries.

The report uses Climate Central's daily tool for climate attribution known as the Climate Shift Index. It underscores how the human influence on, and exposure to global temperature extremes was far broader than the three main heat waves making headlines last month.

  • It complements other research from a different group of scientists, which found the extreme heat in the Southwest U.S. and southern Europe was "virtually impossible" in the absence of human-caused climate change.

The big picture: The analysis covered climate change's influence on daily average temperatures across 200 countries and 4,700 cities. It found that during July, nearly 7 billion people experienced at least one day that was amplified at least threefold by climate change.

  • The report, which is based on peer reviewed methods, found that at least 2 billion people felt a strong influence of climate change on each day in July. This was calculated based on CSI readings of three or higher.
  • Study author Andrew Pershing, who leads Climate Central's science work, found that global exposure to climate-influenced extreme heat peaked on July 10, when 3.5 billion people were rated as living in locations with a CSI reading of 3 or higher.
  • The study identified several hotspots for climate change influence, including the Caribbean, Central America, northern Africa, the Middle East, the Sahel and parts of Canada.

Zoom in: Much of the Caribbean was ranked as a five on the CSI scale, meaning climate change made the heat there at least five times more likely to occur today than in a preindustrial climate.

  • Cities that were particularly prone to climate change-fueled heat during July include Alexandria, Egypt, Jeddah, Saudi Arabia, Dhaka, Bangladesh and Mexico City, the report found.

Zoom in: The nonprofit climate science research and communications group rolled out the CSI scale last year. Pershing likened it to a "screening tool" for climate change fingerprints, operating on daily timescales globally.

The intrigue: The new analysis reveals that during the record-hottest month on Earth, the people who live in places that contributed the least to the problem, such as small island developing states, had some of the most significant climate-related heat impacts.

Meanwhile: New numbers in Tuesday show that July was the hottest month on record for more than two dozen U.S. cities including Phoenix, which became the first U.S. city to have an average monthly temperature above 100°F.

  • The all-time heat records were concentrated across the southern tier of the U.S., stretching from Florida to the Southern California desert.
  • The monthly mean temperature is calculated by averaging each day's high and low temperature.

By the numbers: The southernmost city in the U.S., Key West, had its hottest month, as did Miami and Tampa Bay. The records there and at other Florida locations were tied in part to record-breaking sea surface temperatures, which is causing widespread coral bleaching.

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Erin Doherty
Updated 2 hours ago - Politics & Policy

Trump legal woes heat up with Jan. 6 indictment

Data: Axios research; Table: Jacque Schrag/Axios

Former President Trump was indicted Tuesday by a grand jury convened by special counsel Jack Smith on four counts over alleged efforts to overturn the 2020 election.

Why it matters: Trump, who has now been indicted three times since launching his 2024 campaign, has been the consistent frontrunner in the crowded GOP primary despite numerous legal woes.

What's next for Trump in the Jan. 6 legal case

Former President Trump at a campaign rally in Erie, Pa., on July 29. Photo: Dustin Franz/Getty Images

Former President Trump is set to appear in court this week after being indicted for a historic third time on Tuesday, further complicating his 2024 bid for the White House.

The big picture: Special counsel Jack Smith investigated Trump's efforts to interfere with the peaceful transfer of power after the 2020 election, and a federal grand jury indicted him for his actions on and leading up to the Jan. 6 Capitol attack.

Hans Nichols
Updated 3 hours ago - Politics & Policy

Indictment describes a cast of six Trump helpers

A silhouette of former President Trump in front of an American flag.

Former President Trump enters a political rally in Erie, Pa., on July 29. Photo by Jeff Swensen/Getty Images

Former President Trump's indictment alleges that six unidentified co-conspirators helped him carry out his plot to overturn the 2020 election — and multiple media outlets quickly zeroed in on five of Trump's close advisers and lawyers whose roles matched prosecutors' very detailed descriptions.

Why it matters: None of the six has been indicted by special counsel Jack Smith, but they are all on notice that they face potential criminal liability.

Emily Peck
5 hours ago - Economy & Business

The heat wave is driving up gas prices

Data: AAA; Chart: Axios Visuals

Gas prices ticked up 15 cents in just the past week, as the heat wave hitting Texas and Louisiana slowed oil refineries down.

Why it matters: The nation's mood runs on gas prices — when they're high, economic vibes worsen. And, rising energy prices keep inflation levels elevated, complicating the Fed's efforts to rein in higher prices.

Ina Fried
7 hours ago - Technology

Apple moves cautiously on AI as other tech giants race ahead

Illustration: Shoshana Gordon/Axios

As every other big name in tech has jumped on the generative AI bandwagon, Apple — while not entirely ignoring the technology — has stayed largely aloof.

Driving the news: With Microsoft, Google, Meta and Amazon all staking out their turf, Apple's relative silence on the subject is likely to be challenged by analysts when the company reports earnings Thursday.

Tina Reed
7 hours ago - Health

Pfizer signals future cuts amid waning COVID demand

Illustration of a hand on a syringe with a dollar bill inside

Illustration: Sarah Grillo/Axios

Pfizer says it's eyeing possible cost-cutting measures to manage potential losses from low uptake of its COVID-19 vaccine and antibody treatment — a sign of how the market for COVID products has weakened, even as hospitalizations and cases tick up again.

Why it matters: The pharmaceutical giant's disclosure on a quarterly earnings call Tuesday reflects both the public's apathy for booster shots and declining support from governments for its COVID products.

Republicans used to hate the Supreme Court. Now Democrats do

Data: Gallup; Chart: Axios Visuals

American approval of the U.S. Supreme Court is tied for a record low, with the second-lowest support from Democrats ever recorded by Gallup.

Why it matters: Just 40% of the American public now approves of the court, a sharp decline from the 51% average since data was first collected in 2000.

Trump's "most consequential" indictment elicits emotional Dem response

House Minority Leader Hakeem Jeffries. Photo: Chip Somodevilla/Getty Images.

Democratic lawmakers responded with uncharacteristic intensity to the third indictment of former President Trump over his actions in the run-up to, and during, the Jan. 6 attack on the U.S. Capitol.

Why it matters: Most Democrats carefully avoided weighing in too heavily on Trump's other indictments – but, as Axios previously reported, this time it's personal.

Trump indictment alleges 5-part plot to overturn election

ormer U.S. President Donald Trump speaks to supporters during a political rally while campaigning for the GOP nomination in the 2024 election at Erie Insurance Arena on July 29, 2023 in Erie, Pennsylvania.

Former President Trump speaks to supporters at Erie Insurance Arena on July 29 in Erie, Pennsylvania. Photo: Jeff Swensen/Getty Images

Former President Trump and six unnamed co-conspirators followed a five-part plan to cling to power after losing the 2020 presidential election, special counsel Jack Smith alleged in a criminal indictment unsealed Tuesday.

Why it matters: The indictment alleges that Trump conspired to "impair, obstruct, and defeat the federal government," including by "knowingly" using false claims of election fraud "to subvert the legitimate election results."

Erin Doherty
Updated 16 hours ago - Politics & Policy

Trump's courtroom calendar clashes with 2024 campaign

Data: Axios research; Timeline: Jacque Schrag/Axios

Former President Trump and his legal team are now staring down the prospect of three civil and three criminal trials before Election Day 2024.

Why it matters: If the two current criminal trial dates hold, Trump could largely clinch the GOP presidential nomination before voters learn whether he has been convicted on any of the charges.

Travel boom fuels record Global Entry applications and long waits

Illustration of a man holding a suitcase in the center of a maze.

Illustration: Aïda Amer/Axios

Surging international travel demand is fueling record applications and long waits for Global Entry, a program that promises "expedited processing" when returning from abroad.

Why it matters: Call it the summer of "revenge travel" part two with COVID-19 restrictions largely a thing of the past and travelers wanting to make up for delayed trips.

Re_PLAY...Sports bettors may be a driving force behind the stock market surge

 

Jun 9, 2020 - Economy & Business

Sports bettors may be a driving force behind the stock market surge

Gif of bouncing red and green rectangles.

Illustration: Aïda Amer/Axios

Professional investors have largely abandoned the stock market amid the coronavirus pandemic, but sports bettors and bored millennials have jumped into the retail stock trading market with both feet.

Why it matters: They may be a driving force pushing U.S. stocks to their recent highs — and potentially driving them further.

What's happening: Online brokerages have seen a record number of new accounts opened this year, and the big four — E-Trade, TD Ameritrade, Charles Schwab and Interactive Brokers — executed as many trades in March and April as in the whole first half of last year, per public disclosures.

  • Equity strategists at Deutsche Bank note there is "plenty of evidence" that new retail investors have been buying since the stock market began to crash and that professional money managers are "now chasing" them.

Between the lines: Robinhood, whose easy-to-use app makes the transition between sports betting and trading seamless, boasts a similar customer base to most sportsbooks, notes Marc Rubinstein in his newsletter, Net Interest.

  • "43% of North American men aged 25-34 who watch sports also bet on sports at least once per week, and that's the same group that has flocked to Robinhood," Rubinstein writes.
  • "On the basis that their customers love sports betting, there's something meta about DraftKings itself having worked its way into more Robinhood portfolios than practically any other stock over the past month."

The big picture: Sports betting and stock trading aren't all that different. In fact, most online betting platforms are modeled on stock exchanges, and Nasdaq itself provides sportsbooks with technology that was born in the financial markets.

  • The comparisons between the two have only increased with the rise of legal sports betting and the surge in mobile stock trading, two activities that cater to the thrill of short-term gains and losses.
  • "For a gambler, investing has a ton of similarities," said Barstool Sports founder Dave Portnoy, who has begun streaming his day-trading sessions for an audience that normally consumes sports betting content.
  • Barstool also changed its daily gambling radio show from "Picks Central" to "Stocks Central" — further evidence of the crossover between the two.

Meanwhile, most professional investors were sitting on the sidelines.

  • Nearly $5 trillion now sits in money market funds, which are effectively savings accounts, the largest total on record and about $1 trillion more than the record high during the global financial crisis.
  • In its note to clients, Deutsche strategists add that for "large swathes of the equity market in the U.S. as well as globally ... positioning is still extremely low."

Professionals have also been buying bonds rather than stocks as U.S. equity indexes raced back from their lows over the last two months.

  • Data from the Investment Company Institute shows equity funds saw six straight weeks of outflows from the week ending April 22 to the week ending May 27, totaling $78.2 billion. Bond funds, on the other hand, have had seven straight weeks of inflows through May 27, totaling $91.7 billion.
  • Professional traders have finally started dipping their toes back into the stock market in June, according to Bank of America's data, which showed $6.2 billion into stocks last week, compared with $32.5 billion into bonds.
  • BofA's Bull & Bear indicator rose from its lowest possible level — 0.0 — where it had been since March 25 to move to 0.4 last week, still indicating a paucity of institutional investors buying stocks.

The bottom line: Day trading has replaced sports betting as a form of entertainment for many Americans during the shutdown, and this phenomenon could partly explain the current disconnect between the economy (down) and the stock market (up).

Go deeper: Sports betting stocks are surging despite the lack of live games

Zelensky Calls for a European Army as He Slams EU Leaders’ Response

      Jan 23, 2026 During the EU Summit yesterday, the EU leaders ...