A4| Monday, August 19, 2019 PWLC101112HTGKBFAM123456789OIXX ** THE WALL STREET JOURNAL.**
The Wall Street Journal/NBC News
poll was conducted Aug. 10-14. The
margin of error for 1,000 interviews
among adults is plus or minus 3.1 per-
centage points, while the margin of
error for 834 interviews among regis-
tered voters is plus or minus 3.39 per-
centage points.companies with more interna-
tional exposure fell an average
of around 12% in the second
quarter compared with a year
earlier, while those with moredomestic revenue posted
growth of more than 4%, a
FactSet analysis of a selected
group of recent earnings re-
ports found.Companies that have cited
the dollar as a negative factor
this year include Levi Strauss &
Co.. International Business Ma-
chines Corp. and medical-tech-nology company Hologic Inc.
At the same time, the dol-
lar’s strength has made inves-
tors more cautious on emerg-
ing markets, which in recentU.S. NEWS
geting people based on their
color or country of origin, with
55% saying they were “very
worried.” Those concerns go
well beyond terrorism, with
50% expressing fear of another
major terrorist attack.
Democratic pollster Jeff Hor-
witt, who conducted the survey
with Republican pollster Bill
McInturff, said the worries
about another mass shooting
were “striking by itself but even
more so that even after 9/11,
concerns about another major
terrorist attack have never come
anywhere close to that level.”
Overall, the poll found 36%
approve of the manner in
which Mr. Trump handled the
aftermath of the two shoot-
ings, with 52% expressing dis-
approval. The poll found a sim-
ilar split among Americans for
Mr. Trump’s response to the
October 2018 mass shooting at
a synagogue in Pittsburgh.
As the president considers
taking action on gun controlheading into his re-election
campaign, 75% of respondents
in the poll strongly support ex-
panding background checks for
gun buyers, and an additional
14% somewhat support the
changes. Only 10% expressed
opposition to the checks. Back-
ground checks held strong
support even among house-
holds that include gun owners
or hold a positive view of the
National Rifle Association.
The survey also found 57%
strongly support “red flag” leg-
islation aimed at temporarily
preventing people deemed dan-
gerous from accessing firearms.
An additional 19% somewhat
support it while 22% registered
some form of opposition.
The survey also offers in-
sight into the public’s view of
international trade as
Mr. Trump has been engaged in
a trade dispute with China and
sought to end or renegotiate
multilateral trade agreements.
Sixty-four percent considerfree trade with foreign coun-
tries to be good for America,
while 27% said it was bad for
the nation. A poll taken in
April 2017, at the start of Mr.
Trump’s administration, found
57% supported free trade and
37% opposed it.
The poll found slightly
greater disapproval of the
president’s handling of the
economy, with 49% approval
and 46% disapproval. A similar
survey taken in late April and
early May found 51% approved
of his handling of the economy
while 41% disapproved.
A Journal/NBC poll taken in
July 2018 found 50% approved
of Mr. Trump’s handling of the
economy and 34% disapproved.WASHINGTON—About half
of Americans disapprove of
President Trump’s response to
the deadly mass shootings in
Texas and Ohio, while broad
majorities support Congress
moving to expand background
checks for all firearm sales, ac-
cording to a new Wall Street
Journal/NBC News poll.
The poll, taken in the after-
math of the back-to-back
shootings in El Paso, Texas,
and Dayton, Ohio, portrays an
anxious nation uneasy about
gun violence. Sixty-eight per-
cent of respondents expressed
worry the U.S. will experience
another mass shooting or at-
tack by white nationalists tar-BYKENTHOMASFears Over Shootings Grow
Poll shows most
disapprove of Trump’s
response; wide support
for background checks55%1321515Very worriedFairly worriedNot sureOnly slightly worriedNot really worried at allAmericans are uneasy about gun violence and about how
President Trump has handled mass killings.
How worried are you that the U.S. will experience another mass
shooting or attack by white nationalists, targeting people
based on their color or country of origin?Approve or disapprove ofPresident Trump’s
response to each eventSource: WSJ/NBC News telephone poll of 1,000 adults conducted Aug. 10-14;
margin of error +/- 3.1 pct. pts.0% 25 50 75 1000% 25 50 75 100Approve Not sure DisapproveShootings in El Paso,
Texas, and Dayton,
OhioOct.2018shootingat
synagogue in
PittsburghU.S. WATCH
SUMMER FUN: George Buss, portraying Abraham Lincoln, sped past a group of Illinois state troopers
on a slide at the Illinois State Fair in Springfield on Sunday, the final day of the annual event.JUSTIN L. FOWLER/THE STATE JOURNAL-REGISTER/ASSOCIATED PRESSmonths have been hit by fears
of slowing global growth stem-
ming from the trade battle be-
tween China and the U.S.
A rising dollar makes it
more expensive for developing
countries to service their dol-
lar-denominated debt, pressur-
ing those that have borrowed
heavily in the U.S. currency.
The outstanding dollar-de-
nominated debt of emerging-
market companies and govern-
ments stood at $6.4 trillion at
the end of the first quarter,
compared with $2.7 trillion a
decade ago, according to the
Institute of International Fi-
nance.
Prices of commodities,
which have been buffeted by
growth fears and the trade-war
escalation, also have been hurt
by the strengthening dollar.
Oil, copper and most other
raw materials are denominated
in dollars and become more ex-
pensive to foreign buyers when
the U.S. currency appreciates.
The strong dollar does bene-
fit U.S. companies that import
goods from abroad by increas-
ing their buying power.
It also, in theory, helps U.S.
consumers buying foreign
goods. American tourists also
will see their money go further
abroad.
The dollar’s strength also
has been a boon to countries
trying to boost growth because
it makes their own currencies
cheaper.
That has drawn the ire of
Mr. Trump and heightened
speculation that the Treasury
Department may try to weaken
the dollar through intervention
in currency markets, a tactic
the U.S. hasn’t tried since
2000.
Mr. Trump and his economic
advisers discussed a proposal
to intervene in foreign-cur-
rency markets to weaken the
dollar, but ultimately decided
against such an action, officials
said in July.borrowing costs in other devel-
oped countries.
As recently as last year, in-
vestors were betting that
growth would accelerate
abroad, boosting foreign cur-
rencies as central banks out-
side the U.S. raised rates.
That pickup never material-
ized, and investors now believe
the gap in yields is likely to re-
main in place as central banks
ease monetary policy to coun-
ter the effects of a global slow-
down.
Even with last week’s de-
cline in Treasury yields, inves-
tors can still expect to collect a
far larger payout from U.S.
government bonds than from
those in any other developed
country, including Europe and
Japan, where negative yields
have proliferated in recent
years.
“There is nothing excep-
tional about U.S. growth, but it
still looks pretty exceptional
compared to other parts of the
world,” said Alan Ruskin, chief
international strategist at
Deutsche Bank.
The dollar’s strength has
been a double-edged sword,
both inside and outside the U.S.
A stronger dollar is a nega-
tive for U.S. exporters because
it makes their products less
competitive abroad. It also is
hurting U.S. multinationals by
making it more expensive for
them to convert foreign reve-
nue into U.S. currency—a wor-
risome trend for investors bet-
ting on an earnings rebound in
the second half of the year.
The earnings of S&P 500
Continued from Page One
Resurgent
Dollar
Takes Toll
The dollar’s strength has rippled throughout the world to pressure
U.S. corporate earnings, commodity prices and debt-laden emerging markets.Sources: FactSet; Institute of International Finance (debt) *Based on first 20 companies to report results in the current period †As of ThursdayU.S. Dollar IndexMSCI Emerging Markets Currency Index†Outstanding emerging-market debt, as of 1Q of each year Copper futures price, front-month contractAverage quarterly earnings*
30- 15
- 10
- 5
0510152025%2015 ’ 1 6’ 17 ’ 1 8’ 19 2015 ’ 1 6’ 17 ’ 1 8’ 19Companies
with more than
50% revenues
outsideU.S.Companies
with more than
50% revenues
insideU.S.988890929496201 8’ 1917251575160016251650167517002018 2019$0246trillion1 Q 2005 ’ 07 ’ 0 9’ 11 ’ 1 3’ 15 ’ 17 ’ 19U.S. dollar
Euro
Other$3.4 02 .4 02 .6 02 .8 0- 00
- 20
a pound201 8’ 19LOUISIANA
Former Governor
Kathleen Blanco Dies
Former Louisiana Gov. Kath-
leen Babineaux Blanco, who be-
came the state’s first female
elected governor only to see her
political career derailed by Hurri-
cane Katrina, has died.
Gov. John Bel Edwards’s of-
fice confirmed Ms. Blanco had
died Sunday in hospice care in
Lafayette. She was 76 years old.
Ms. Blanco had a rare eye
cancer that she battled success-
fully in 2011, but that later re-
turned and spread to her liver.
Her death came more than a
year after the Democrat who
served in state government of-
fices for more than two decades
announced in December 2017
that she was being treated for
the incurable melanoma.
Ms. Blanco held Louisiana’s
top elected job from 2004 to
- Until her campaign for
governor, she spent much of her
political career moving steadily
and quietly through state poli-
tics, rarely creating waves or
controversy.
Katrina, the devastating hurri-
cane of August 2005, killed
more than 1,400 people in Loui-
siana, displaced hundreds of
thousands and inundated 80% of
New Orleans. Historians will con-
tinue to debate whether any
governor could have been pre-
pared for such a catastrophe,
but Ms. Blanco shouldered much
of the blame after images of
thousands stranded on rooftops
and overpasses were broadcast
to the world, and the govern-
ment was slow to respond. Ms.
Blanco was criticized as unpre-
pared, overwhelmed and indeci-
sive. She was described as
“dazed and confused” in the
post-Katrina chaos. The recovery
she guided moved ploddingly.
“Katrina certainly left its
mark...on Louisiana. It made us
tougher people though. It made
us stronger,” the former gover-
nor said in July.
A former high school busi-
ness education teacher from the
small Cajun village of Coteau,
Ms. Blanco started in politics as
a consultant on local redistrict-
ing issues before going on to
serve 24 years in elective office.
Her first, in 1984, was a seat in
the state House.
—Associated PressIMMIGRATIONChildren’s Shelters
Could Be ReopenedThe nation’s largest provider
of shelters for immigrant chil-
dren is looking to reopen two fa-
cilities that the state of Arizona
forced it to shutter last year be-
cause of issues with employee
background checks and allega-
tions of abuse.
Southwest Key filed applica-
tions to reopen a downtown
Phoenix facility that can house
420 children and one in the outer
suburbs that can house 139.
The suburban facility, in the
town of Youngtown, was closed
last year amid reports that staffshoved and dragged unruly chil-
dren. Videos released to report-
ers show staffers dragging chil-
dren on the ground and shoving
a boy against a door.
A separate state health de-
partment investigation found the
organization didn’t have finger-
print records for some employ-
ees. Southwest Key agreed to
temporarily stop taking in more
children and close two facilities,
among other caveats to keeping
its licenses in Arizona.
Spokesman Neil Nowlin said
Southwest Key has resolved the
issues that led to the closing of
the shelters and that there is a
continuing need for beds tohouse immigrant children.
Southwest Key filed the new
applications to reopen in June
and July. An Arizona Department
of Health and Human Services
spokesman said the department
hasn’t yet completed a review,
and he couldn’t say how long it
would take.
—Associated PressCALIFORNIAFormer Palm Springs
Mayor Is IndictedA grand jury has indicted the
former mayor of Palm Springs in
a public corruption case that al-leges he took $375,000 in bribes
from real-estate developers.
Former Mayor Stephen Philip
Pougnet could be barred for life
from holding public office if he is
convicted, according to Riverside
County District Attorney Mike
Hestrin. He faces up to 19 years
in prison.
Real-estate developers Rich-
ard Hugh Meaney and John El-
roy Wessman were also charged.
The defendants will be arraigned
in Riverside County Superior
Court on Sept. 12.
Officials allege Messrs.
Meaney and Wessman secretly
funneled money to Mr. Pougnet
between 2012 and 2014 whenthey had lucrative development
projects before the city council.
Mr. Pougnet allegedly voted on
the projects and didn’t disclose
his financial interest.
Malcolm Segal, an attorney
for Mr. Pougnet, called the votes
“noncontroversial” in a state-
ment and said his client was a
“terrific mayor” who “did his
very best” for Palm Springs.
“This filing is simply another
step in the legal process which
will enable Steve to have the
matter heard by a jury,” Mr. Se-
gal said Sunday. “He will plead
not guilty and expects to be
fully vindicated when all the
facts are presented.”
Mr. Pougnet was indicted on
21 counts and Mr. Meaney and
Mr. Wessman, who face up to 12
years in prison respectively, were
each indicted on 10 counts. It
wasn’t clear if Messers. Meaney
and Wessman had lawyers who
could comment on their behalf.
—Associated PressDELAWARECrash of Small Plane
Leaves Two DeadDelaware State Police say two
people have died in a small plane
crash in New Castle County.
Police said the crash hap-
pened at about 8:53 a.m. Sun-
day, west of Interstate 95 in a
wooded area at Churchman’s
Road. The plane was occupied by
the pilot and a passenger, police
said. They were pronounced
dead at the scene.
—Associated Press