|

Biden dominates Super Tuesday returns but nomination remains elusive

  • Biden leads in states won and delegates awarded.
  • Leading candidates Biden and Sanders are far from winning nomination.
  • Warren fades and Bloomberg remains a second tier candidate.

Former Vice-President Joe Biden revived his campaign to be the Democratic nominee against incumbent Donald Trump in November winning at least eight of 14 primary contests but the count in the remaining six, including the two largest California and Texas, will likely ensure that neither man reaches the July convention with enough pledged delegates to win on the first ballot. 

At just after midnight in New York Biden had a total of 383 delegates and Sanders 300 of the 1991 needed for the nomination.  Only two states, Texas and Maine, had not been called with Sanders narrowly leading in Maine and Biden in Texas..  

In the Democratic Party nomination process candidates are awarded delegates in proportion to the percentage of their vote. The winner in each state matters less than the margin of victory.  For instance in Texas as of this writing  with 64% reporting Biden leads with 30.2% to Sanders 28.8% but because of  the delegate award system Sanders has 39 delegates and Biden 38. 

In order to make up his deficit in delegates Sanders needs to dominate in California.  Though the state has been called for Sanders leading 28.5% over second place Michael Bloomberg with 19.0%, only 10% of the districts have reported results and Sanders has 33 delegates to Bloomberg's 2. 

Despite spending upwards of $400 million of his own money, former New York Mayor Michael Bloomberg seems to have made little headway with the Democratic primary electorate, garnering  just 27 delegates for an average cost of $15 million apiece.  Massachusetts Senator Elizabeth Warren came in third in her own state at 20.7% of the vote behind the winner Biden with 33.7% and Biden at 27.0%. 

RealClearPolitics

Author

Joseph Trevisani

Joseph Trevisani began his thirty-year career in the financial markets at Credit Suisse in New York and Singapore where he worked for 12 years as an interbank currency trader and trading desk manager.

More from Joseph Trevisani
Share:

Editor's Picks

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure 

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.