March 3, 2026: Texas GOP Senate Race Heads to Runoff, Asia Markets Selloff, More
episodePreviously titled “Texas GOP Senate Race Heads to Runoff, Asia Markets Selloff, More” — renamed by the publisher on Aug 2, 2026
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Doug Krisner. It was primary night in three states and the outcomes could determine whether Democrats have a shot at narrowing the gap with Republicans in the U.S. Senate come November. In Texas, both parties' primaries were close. On the Republican side, incumbent Senator John Cornyn and Texas Attorney General Ken Paxton are now heading for a runoff in late May since neither candidate got more than 50 percent of the vote. Here's Cornyn.
Over the next 12 weeks, Texas Republican primary voters will hear more about my record of delivering conservative victories in the United States Senate and learn more about Ken's indefensible personal behavior and failures in office.
And now Paxton.
The people of Texas made your voices heard. After all the personal attacks, which there were many, and after all the lies, You listened to what John Cornyn was selling and you weren't buying it.
On the Democratic side, U.S. Representative Jasmine Crockett and State Representative James Tallarico faced off. Now, voting in the Democratic primary in Dallas County was extended for two hours by a judge's order after voter confusion over a new rule about polling locations. However, the Texas Supreme Court halted extended voting and ruled votes cast by voters who were not in line to vote as of 7 p.m. should be separated. There were also primary races in North Carolina, AP reporting that Roy Cooper has won the Democratic nomination for U.S. Senate, and AP also reporting Michael Whatley has won the Republican nomination for U.S. Senate in North Carolina's primary election. Meantime, in Arkansas, incumbent Senator Tom Cotton is projected to win the GOP Senate primary, and Hallie Schaffner was the declared winner in Arkansas' Democratic Senate primary.
The geopolitical risk from the Iran war seemed to be dominating the price action in equity markets across the Asia-Pacific. Now, developed economies in Asia are particularly vulnerable to any energy shock stemming from these Mideast tensions. In South Korea, for example, the KOSPI was down as much as 8%. In the U.S., there was more weakness in the equity market, although most of those losses were recovered after President Trump said the U.S. would provide insurance guarantees and naval escorts to oil tankers and other vessels traveling through the Strait of Hormuz. That said, there are no signs of de-escalation and the outlook does remain precarious. Scott Cronert is Global Head of ETF Research at Citi.
The market's going to react as they are to the immediate consequences of this, which is the oil price spike and the potential implications of that through the macroeconomic variables that come into play. The moment you get a confidence that there is a line of sight towards the end, then you can begin to discount out the other side. We're not there yet. That's what we're watching for every day.
That is Scott Krohnert, Global Head of ETF Research at Citi. At the same time today, we heard from Goldman Sachs Chairman David Solomon.
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