♦ The FT’s Martin Wolf asks whether the US is a functioning democracy.
♦ Charles Pierce at Esquire is already convinced that this was to be expected from “the worst Congress in the history of the Republic”.
♦ Russia is spending $755m on bolstering its military as part of Vladimir Putin’s plan to rebuild the country’s status as a credible diplomatic and military force.
♦ Silvio Berlusconi’s antics now do little to shock the bond markets – an indication that the eurozone crisis has moved decisively into a less aggressive phase, argues the FT’s Ralph Atkins.
♦ India’s Hindu temples are resisting requests from the central bank to declare their gold holdings amid mistrust of authorities trying to cut a hefty import bill.
♦ A new book on the birth of Bangladesh and the White House diplomacy of the time unearths conversations between Nixon and Kissinger that reveal their hateful attitudes towards Indians.
Welcome back to the FT’s live coverage of the US Election 2012 as voters have re-elected Barack Obama over Mitt Romney. The Democrats will retain a majority in the Senate, while the Republicans will hold the house. Follow all the action with Shannon Bond, Arash Massoudi and Anjli Raval in New York (All times EST).
02.20: As the celebrations continue in Chicago, we leave you with these closing thoughts.
The President came into tonight’s election a damaged political figure with victory far from certain. He won with help of a unmatched grass-roots campaign and his direct appeal to a broad cross-section of America’s ever-changing demographics. He won’t enter his second-term in office with the same momentum in his sails but that’s not to say his challenges are any less daunting.
Welcome back to the FT’s live coverage of the US Election 2012 in which US voters will choose between Barack Obama and Mitt Romney. As millions of Americans continue to head to polling sites around the country, some results will begin to trickle in shortly.
By Arash Massoudi and Anjli Raval in New York (All times EST)
19.00: Continue to follow our election live blog here.
18.55: How will markets react tomorrow? Michael Mackenzie, FT’s US markets editor, says bond traders believe Treasury yields are likely to fall if President Obama is re-elected as attention will focus on gridlock and the “fiscal cliff”.
“Traders think a Romney win would push the benchmark yield higher as the risk of a fiscal accident is reduced. For equities, the consensus view is that a relief rally beckons once the election result is finalised, with a Romney win pushing stocks even higher.”
Voters wait outside a makeshift polling station on Sandy-ravaged Staten Island, New York. (AP)
Welcome to the FT’s live coverage of a momentous election in which US voters will choose between Barack Obama and Mitt Romney to lead them through a future of economic and political uncertainty. Here is our moment-by-moment reporting as months of bitter campaigning and rancorous rhetoric end, and voters finally have their say. By Anjli Raval and Arash Massoudi in New York and John Aglionby and Ben Fenton in London. (All times EST)
16.52 We’re going to take a short break before the polls start to close. Stay tuned for more live coverage on FT.com, which can be found here.
16.49: Lionel Barber, Financial Times editor, writes a piece from Washington saying that America’s real test comes after the polls:
The final stretch: Barack Obama presses the flesh at a rally in Cincinnati, Ohio on Sunday (AP)
Welcome to the penultimate summary of media coverage of the 2012 US election campaign on a day when geography means nothing and psephology everything as the candidates make their final push for the few, surely very few, remaining undecided voters.
The polls on this last day of campaigning suggest President Barack Obama has a slight edge in the states he needs to hold – Ohio, Wisconsin, Iowa, Nevada – to keep the White House, but his opponent Mitt Romney is easily close enough for polls to be wrong and an upset to be possible.
RealClearPolitics.com shows “Obama (D)” ahead of “Romney (R)” by a sliver – half of a percentage point. Five national polls on Sunday gave the following margins: Obama +3; Obama +1; Obama +1; Tie; Tie. The possibility, last seen in 2000, of the victor losing the popular vote but winning in the electoral college, remains open.
After the conventions: the race for the White House
Did President Barack Obama’s Democratic convention speech convince the American electorate that he is worth another four years in the White House? Or has Mitt Romney begun to swing the race towards the Republicans? With the opinion polls at level pegging, Gideon Rachman is joined by John McDermott and Richard McGregor to discuss how the parties stand post convention.