Day: October 26, 2018

Equities’ Slide Sends Bonds Higher, Dents Greenback

Stock markets around the world tumbled Friday while U.S. Treasury prices rose along with demand for safer bets as better-than-expected U.S. economic data did little to ease anxiety over disappointing corporate profits and trade wars.

Wall Street closed above its session lows, but earnings reports from Amazon.com and Alphabet, issued late Thursday, rekindled a rush to dump technology and other growth sectors.

MSCI’s gauge of stocks across the globe shed 1.19 percent. The global index went 13.7 percent below its Jan. 26 record close and clocked its fifth straight week of consecutive losses for the first time since May 2013.

With equities whip-sawing each day in reaction to the last big earnings beat or miss, investors braced for more volatility through the remainder of the U.S. earnings season and ahead of the Nov. 6 U.S. midterm congressional elections.

“Once the elections and earnings are out of the way we’ll have a calmer market but not necessarily a big move up,” said Ernesto Ramos, portfolio manager for BMO Global Asset Management in Chicago.

“Investors are anxious about 2019 earnings. They know 2018 is going to be phenomenal,” he said. “There’s been a lot of panic selling. One of the things you don’t want to do is buy or sell based on emotion. … The volatility is incredible.”

The Dow Jones Industrial Average fell 296.24 points, or 1.19 percent, to 24,688.31; the S&P 500 lost 46.88 points, or 1.73 percent, to 2,658.69; and the Nasdaq Composite dropped 151.12 points, or 2.07 percent, to 7,167.21.

There was some support from data that showed third-quarter U.S. economic growth slowing less than expected as a tariff-related drop in soybean exports was partially offset by the strongest consumer spending in nearly four years.

But while U.S. Treasury yields initially rose after the data, stock market volatility caused them to reverse course and fall to a three-week low.

Benchmark 10-year notes last rose 15/32 in price to yield 3.0793 percent, from 3.136 percent late Thursday.

The U.S. dollar slid alongside stocks after rising to a two-month high in morning trade after the GDP data.

The dollar index fell 0.35 percent, with the euro up 0.28 percent to $1.1406.

Doubt grew about whether the U.K. and the European Union can clinch a Brexit deal. Bloomberg, citing people familiar with the matter, reported Friday that Brexit talks were on hold because Prime Minister Theresa May’s cabinet was not close enough to agreement on how to proceed.

The Japanese yen strengthened 0.52 percent versus the greenback at 111.83 per dollar, while sterling was last trading at $1.2834, up 0.15 percent on the day.

European and Asian stocks had led the way lower. The pan-European STOXX 600 index lost 0.77 percent and MSCI’s broadest index of Asia-Pacific shares outside Japan dropped one percent, hitting its lowest level since February 2017.

Bear markets — a price drop of 20 percent or more from recent peaks — have increased across indexes and individual stocks since the start of this year.

Oil prices rose Friday, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook.

U.S. crude settled at $67.59 per barrel, up 0.4 percent, and Brent settled up 1 percent to $77.62 on the day.

Spot gold added 0.2 percent to $1,233.95 an ounce.

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Study: Online Attacks on Jews Ramp Up Before Election Day

Far-right extremists have ramped up an intimidating wave of anti-Semitic harassment against Jewish journalists, political candidates and others ahead of next month’s U.S. midterm elections, according to a report released Friday by a Jewish civil rights group.

The Anti-Defamation League’s report says its researchers analyzed more than 7.5 million Twitter messages from Aug. 31 to Sept. 17 and found nearly 30 percent of the accounts repeatedly tweeting derogatory terms about Jews appeared to be automated “bots.”

But accounts controlled by real-life humans often mount the most “worrisome and harmful” anti-Semitic attacks, sometimes orchestrated by leaders of neo-Nazi or white nationalist groups, the researchers said.

“Both anonymity and automation have been used in online propaganda offensives against the Jewish community during the 2018 midterms,” they wrote.

Billionaire philanthropist George Soros was a leading subject of harassing tweets. Soros, a Hungarian-born Jew demonized by right-wing conspiracy theorists, is one of the prominent Democrats who had pipe bombs sent to them this week.

The ADL’s study concludes online disinformation and abuse is disproportionately targeting Jews in the U.S. “during this crucial political moment.”

“Prior to the election of President Donald Trump, anti-Semitic harassment and attacks were rare and unexpected, even for Jewish Americans who were prominently situated in the public eye. Following his election, anti-Semitism has become normalized and harassment is a daily occurrence,” the report says.

The New York City-based ADL has commissioned other studies of online hate, including a report in May that estimated about 3 million Twitter users posted or re-posted at least 4.2 million anti-Semitic tweets in English over a 12-month period ending Jan. 28. An earlier report from the group said anti-Semitic incidents in the U.S. in the previous year had reached the highest tally it has counted in more than two decades.

For the latest report, researchers interviewed five Jewish people, including two recent political candidates, who had faced “human-based attacks” against them on social media this year. Their experiences demonstrated that anti-Semitic harassment “has a chilling effect on Jewish Americans’ involvement in the public sphere,” their report says.

“While each interview subject spoke of not wanting to let threats of the trolls affect their online activity, political campaigns, academic research or news reporting, they all admitted the threats of violence and deluges of anti-Semitism had become part of their internal equations,” researchers wrote.

The most popular term used in tweets containing #TrumpTrain was “Soros.” The study also found a “surprising” abundance of tweets referencing “QAnon,” a right-wing conspiracy theory that started on an online message board and has been spread by Trump supporters.

“There are strong anti-Semitic undertones, as followers decry George Soros and the Rothschild family as puppeteers,” researchers wrote.

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Facebook Removes 82 Iranian-Linked Accounts

Facebook announced Friday that it has removed 82 accounts, pages or groups from its site and Instagram that originated in Iran, with some of the account owners posing as residents of the United States or Britain and tweeting about liberal politics.

At least one of the Facebook pages had more than one million followers, the firm said. The company said it did not know if the coordinated behavior was tied to the Iranian government. Less than $100 in advertising on Facebook and Instagram was spent to amplify the posts, the firm said.

The company said in a post titled “Taking Down Coordinated Inauthentic Behavior from Iran” that some of the accounts and pages were tied to ones taken down in August.

“Today we removed multiple pages, groups and accounts that originated in Iran for engaging in coordinated inauthentic behavior on Facebook and Instagram,” the firm said. “This is when people or organizations create networks of accounts to mislead others about who they are, or what they’re doing.”

Monitoring online activity

Facebook says it has ramped up its monitoring of the authenticity of accounts in the runup to the U.S. midterm election, with more than 20,000 people working on safety and security. The social media firm says it has created an election “war room” on the campus to monitor behavior it deems “inauthentic.”

Nathaniel Gleicher, head of cybersecurity policy for Facebook, said that the behavior was coordinated and originated in Iran.

The posts appeared as if they were being made by citizens in the United States and in a few cases, in Britain. The posts were of “politically charged topics such as race relations, opposition to the president, and immigration.”

In terms of the reach of the posts, “about 1.02 million accounts followed at least one of these Pages, about 25,000 accounts joined at least one of these groups, and more than 28,000 accounts followed at least one of these Instagram accounts.”

A more advanced approach

The company released some images related to the accounts. 

An analysis of 10 Facebook pages and 14 Instagram accounts by the Atlantic Council’s Digital Forensic Research Lab concluded the pages and accounts were newer, and more advanced, than another batch of Iranian-linked pages and accounts that were removed in August.

“These assets were designed to engage in, rather than around, the political dialogue,” the lab’s Ben Nimmo and Graham Brookie wrote. “Their behavior showed how much they had adapted from earlier operations, focusing more on social media than third party websites.”

And those behind the accounts appeared to have learned a lesson from Russia’s ongoing influence campaign.

“One main aim of the Iranian group of accounts was to inflame America’s partisan divides,” the analysis said. “The tone of the comments added to the posts suggests that this had some success.”

Targeting U.S. midterm voters

Some of the accounts and pages directly targeted the upcoming U.S. elections, showing individuals talking about how they voted or calling on others to vote.

Most were aimed at a liberal audience.

“Proud to say that my first ever vote was for @BetoORourke,” said one post from an account called “No racism no war,” which had 412,000 likes and about half a million followers.

“Get your ass out and VOTE!!! Do your part,” said another post shared by the same account.

U.S. intelligence and national security officials have repeatedly warned of efforts by countries like Iran and China, in addition to Russia, to influence and interfere with U.S. elections next month and in 2020.

Democratic Representative Adam Schiff, who is a ranking member of the House Intelligence Committee, said Facebook’s decision to pull down the questionable pages and accounts and share the information with the public is critical to “keeping users aware of and inoculated against such foreign influence campaigns.”

“Facebook’s discovery and exposure of additional nefarious Iranian activity on its platforms so close to the midterms is an important reminder that both the public and private sector have a shared responsibility to remain vigilant as foreign entities continue their attempts to influence our political dialogue online,” Schiff said in a statement.

But not all the Iranian material was focused on the U.S. midterm election.

“These accounts masqueraded primarily as American liberals, posting only small amounts of anti-Saudi and anti-Israeli content,” the Digital Forensic Research Lab said.

A number of posts also took aim at U.S. policy in the Middle East in general. One post by @sut_racism, accused Ivanka Trump of having “the blood of Dead Children on Her Hands.”

Still, the analysts said many of the posts also contained errors that gave away their non-U.S. origins. For example, in one post talking about the deaths of U.S. soldiers in World War II, the account’s authors used a photo of Soviet soldiers.

Michelle Quinn contributed to this report.

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US Stocks Plunge, Then Recover Some Ground Friday

U.S. stock market indexes fell sharply in Friday’s early trading, but saw losses ease later in the day. 

At one point the S&P 500 and the Dow were down by two percent or more, while the NASDAQ was off by 3.5 percent at one point. 

Investors worried about faltering growth, rising interest rates, trade tensions, and weak profit outlook for major tech firms, including Amazon and Google’s parent company.

By afternoon, losses moderated with the S&P off by 1.3 percent, the Dow down six-tenths of a percent, and the NASDAQ sliding 1.9 percent. 

Key European indexes dropped about one percent.Earlier in Asia, Hong Kong’s Hang Seng was off a bit more than one percent, while Japan’s Nikkei moved down four-tenths of a percent.

The market turbulence comes at the same time as U.S. unemployment is low, and reports show growth and consumer confidence are strong.

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US Economy Grew at Strong 3.5 Percent Rate in 3rd Quarter

The U.S. economy grew at a robust annual rate of 3.5 percent in the July-September quarter as the strongest burst of consumer spending in nearly four years helped offset a sharp drag from trade. 

The Commerce Department said Friday that the third quarter’s gross domestic product, the country’s total output of goods and services, followed an even stronger 4.2 percent rate of growth in the second quarter. The two quarters marked the strongest consecutive quarters of growth since 2014.

The result was slightly higher than many economists had been projecting. It was certain to be cited by President Donald Trump as evidence his economic policies are working. But some private economists worry that the recent stock market declines could be a warning signal of a coming slowdown.

The GDP report along with next week’s unemployment report for October are the last major looks at the economy before voters go to the polls in the mid-term elections.

For this year, economists are projecting the momentum built up should result in growth of 3 percent, the best annual showing in 13 years. But they believe the impact of Trump’s trade war with China and rising interest rates will slow growth in 2019 to around 2.4 percent, with a further decline to under 2 percent in 2020.

“I think we will see a significant slowdown, in part because economic growth has been raised to an artificially high level by the tax cuts,” said Sung Won Sohn, chief economist at SS Economics in Los Angeles.

Trump in recent weeks has accelerated his attacks on the Federal Reserve for raising interest rates, contending that the higher rates by slowing the economy will work against his efforts to speed up growth through the $1.5 trillion tax cut package Trump got Congress to pass last year.

“Every time we do something great, he raises interest rates,” Trump said in an interview this week with the Wall Street Journal in which he again said he viewed the Fed as the “biggest risk” facing the economy “because I think interest rates are being raised too quickly.”

The central bank has raised rates three times this year and signaled it will raise rates one more time this year and expect to raise rates three times in 2019. Those moves are being made to ensure that tight labor markets, with unemployment at a 49-year low of 3.7 percent, and strong growth don’t trigger unwanted inflation.

The GDP report Friday was the government’s first of three reviews of overall economic activity for the July-September period.

The report showed that consumer spending, which accounts for 70 percent of economic activity, surged at an annual rate of 4 percent in the third quarter, even better than the 3.8 percent gain in the second quarter and the best showing since last 2014.

Trade, which had boosted second quarter growth by 1.2 percentage points, shaved 1.8 percentage points off growth in the third quarter. Exports, which had surged at a 9.3 percent rate in the second quarter, fell at a 3.5 percent rate in the third quarter. Analysts had forecast this turn-around, saying it reflected the surge in exports of goods such as soybeans in the spring as producers tried to beat the higher tariffs being imposed by China in retaliation for Trump’s tariffs.

Another big swing factor in the third quarter was business restocking of their shelves. Inventories had trimmed 1 percentage point off growth in the second quarter but boosted growth by 2 percentage points in the third quarter.

Housing continued to be a drag, falling for a third straight quarter. Business investment, which had surged at an 8.7 percent rage in the second quarter, slowed to a small 0.8 percent gain the third quarter.

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Sources: Honda Mulls Moving US-Bound Fit Production to Japan

Honda Motor Co is considering shifting production of its U.S.-bound Fit subcompact cars to Japan from Mexico in a few years, partly due to a new North American trade agreement, two people familiar with the deal told Reuters.

Fit cars for export to the United States are now made at Honda’s auto plant in Celaya, Mexico. The Celaya plant also makes HR-V sport utility vehicles (SUVs) for the U.S. market.

A Honda spokesman said the company had not made any decisions on Fit production.

The new trilateral deal, which replaces the 1994 North American Free Trade Agreement (NAFTA), is set to raise the minimum North American content for cars to qualify for duty-free market access to 75 percent from 62.5 percent.

U.S. President Donald Trump wants the deal to shrink the U.S. trade deficit by curbing imports into the United States and boosting production of foreign-branded vehicles there.

But the terms of the trade deal reduce Honda’s incentive to produce the Fit in Mexico for the U.S. and European markets, said the sources, one of whom has direct knowledge of the plan and the other who was briefed on it.

They declined to be identified as the matter was still confidential.

In addition, they said, U.S. consumers are increasingly shifting to SUVs, making it more advantageous for the Mexico plant to build those, rather than subcompacts.

One of the sources said if Honda decides to shift production, it would come when the company launches its next Fit model in the next few years.

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Most Popular Halloween Candy in Each US State

Americans are expected to spend about $9 billion on Halloween this year as they buy costumes, decorations, greeting cards and candy for the annual Oct. 31 event.

The National Retail Federation estimates that more than 175 million Americans are planning to participate in Halloween activities this year, spending about $3.2 billion on costumes, $2.7 billion on decorations, and $2.6 billion on candy.

Bulk candy dealer CandyStore.com looked through 11 years of data to come up with the favorite Halloween candy in each U.S. state.

Overall, Skittles, M&M’s and Snickers top the list.

Americans who plan on buying candy for Halloween are expected to spend an average of $27 for the sweet treats. Trick-or-treaters in Oregon might be among the luckiest kids in America because giving out full-sized candy bars has become the norm in the northwest state.

The bulk candy dealer also came up with a list of the worst Halloween candy Candy corn, Tootsie Rolls and Smarties make the list.

The most popular costumes for kids include princess, superhero and Batman. Adults are partial to witch, vampire and zombie looks.

And even America’s pets are getting into the action. Pet owners plan to dress their little animal friends as pumpkins, hotdogs and bumblebees, according to the National Retail Federation.

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‘Hunter Killer’ Depicts 21st Century Naval Warfare

Since the 20th century, submarine movies have reflected the times. World War II gave rise to nerve-wracking thrillers such as the German “Das Boot.” Tom Clancy’s “The Hunt for Red October” and “Crimson Tide” in the 1990s introduced the perilous nuclear submarines of the Cold War. Now, “Hunter-Killer,” is the latest entry from filmmaker Donovan Marsh. It focuses on perils at sea and the delicate balance of power in the Post-Cold War era. VOA’s Penelope Poulou spoke with lead actor Gerard Butler.

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North Korea Mass Games a Hit, Run Extended in Pyongyang

North Korea has extended the run of its iconic mass games, which it revived last month to mark the country’s 70th birthday.

Despite a travel ban blocking tourists from the U.S. and pricey tickets for tourists from other countries, the games, which involve tens of thousands of gymnasts, dancers and flip-card-wielding hordes in the stands, appear to once again be a hit, filling Pyongyang’s 150,000-seat May Day Stadium more than a month after they resumed to end a five-year hiatus.

For the past month, to celebrate the 70th anniversary of the country’s independence on Sept. 9, North Korea has been staging its latest version of the games, called “The Glorious Country.’’

Performances had been expected to conclude Oct. 10.

Ticket sales appear to be good — the stadium was nearly full Thursday, with many Chinese and some Japanese tourists — despite a travel ban that has stopped American tourists from visiting and seats for foreigners and VIPs that begin at $110 and go up to nearly $900.

The performances run about two hours and are divided into “chapters’’ that depict important ideas or stages in the growth of the nation. One of the highlights of this year’s performance is a segment on Korean reunification that depicts leader Kim Jong Un greeting South Korean President Moon Jae-in for their historic summit earlier this year.

The games have been criticized as an insouciant homage to authoritarianism, with the individual so totally melded into the larger whole and performing for the glorification of the leader. But they are also almost certainly one of the biggest examples of performance art ever undertaken. The previous iteration of the games received a world record for having more than 100,000 participants.

North Korea first staged its mass games in 2002, when Kim’s father, Kim Jong Il, was the country’s leader. They continued almost without interruption on an annual basis until 2013.

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Trump Says Proposal Will Lower Some US Drug Prices

Less than two weeks before the midterm elections, President Donald Trump on Thursday announced a plan to lower prices for some prescription drugs, saying it would stop unfair practices that force Americans to pay much more than people in other countries for the same medications. 

“We are taking aim at the global freeloading that forces American consumers to subsidize lower prices in foreign countries through higher prices in our country,” Trump said in a speech at the Department of Health and Human Services. 

“Same company. Same box. Same pill. Made in the exact same location, and you would go to some countries and it would be 20 percent of the cost of what we pay,” said Trump, who predicted the plan would save Americans billions. “We’re fixing it.” 

But consumers take note: 

— The plan would not apply to medicines people buy at the pharmacy, just ones administered in a doctor’s office, as are many cancer medications and drugs for immune system problems. Physician-administered drugs can be very expensive, but pharmacy drugs account for the vast majority of what consumers buy. 

— Don’t expect immediate rollbacks. Officials said the complex proposal could take more than a year to be put into effect. 

In another twist, the plan is structured as an experiment through a Medicare innovation center empowered to seek savings by the Affordable Care Act. That’s the law also known as “Obamacare,” which Trump is committed to repealing. 

Trump has long promised sweeping action to attack drug prices, both as president and when he was running for the White House. He made his latest announcement just ahead of the Nov. 6 elections, with health care high among voters’ concerns. 

Under the plan, Medicare payment for drugs administered in doctors’ offices would gradually shift to a level based on international prices. Prices in other countries are lower because governments directly negotiate with manufacturers. 

Drugmakers immediately pushed back, arguing the plan amounts to government price-setting. 

“The administration is imposing foreign price controls from countries with socialized health care systems that deny their citizens access and discourage innovation,” Stephen Ubl, president of the Pharmaceutical Research and Manufacturers of America, said in a statement. “These proposals are to the detriment of American patients.” 

Trump is linking the prices Americans complain about to one of his long-standing grievances: foreign countries the president says are taking advantage of U.S. research breakthroughs. 

Drug pricing expert Peter Bach of Memorial Sloan Kettering’s Center for Health Policy and Outcomes called the plan “a pretty substantive proposal” but one that faces “serious political challenges.” 

“The rhetoric about finally dealing with foreign freeloading suggests that we are going to take steps to get other countries to pay their fair share for innovation,” Bach added. But that’s “quite literally the opposite of what is being proposed. What is being proposed is that we freeload off of other countries’ ability to negotiate more effectively.” 

Democratic leaders on Capitol Hill were dismissive. House Minority Leader Nancy Pelosi of California said if Trump wants to save seniors money, he should seek congressional approval for Medicare to negotiate prices for its main prescription drug program, Part D. Senate Democratic leader Chuck Schumer of New York said, “It’s hard to take the Trump administration and Republicans seriously about reducing health care costs for seniors two weeks before the election.” 

The health insurance industry, at odds with drugmakers over prices, commended the administration’s action. 

As an experiment, the proposal would apply to half the country. Officials said they’re seeking input on how to select the areas that will take part in the new pricing system. Health and Human Services Secretary Alex Azar said politics would have nothing to do with it. 

In advance of Trump’s speech, HHS released a report that found U.S. prices for the top drugs administered in doctors’ offices are nearly twice as high as those in foreign countries. The list includes many cancer drugs. Medicare pays directly for them under its Part B coverage for outpatient care. 

Physician-administered drugs cost Medicare $27 billion in 2016. HHS says the plan would save Medicare $17.2 billion over five years. Beneficiaries would save an estimated $3.4 billion through lower cost-sharing. 

The plan could meet resistance not only from drugmakers but also from doctors, now paid a percentage of the cost of the medications they administer. However, HHS officials said the plan was designed so it would not cut into doctors’ reimbursements. 

Azar said more plans were being developed on drug costs. 

“This is not the end of the road, the end of the journey,” he said. “There is more coming.” 

Trump has harshly criticized the pharmaceutical industry, once asserting that the companies were “getting away with murder.” But it’s largely been business as usual for drugmakers even as Trump has predicted “massive” voluntary price cuts. 

A recent Associated Press analysis of prices for brand-name drugs found far more increases than cuts in the first seven months of this year. The analysis found 96 price hikes for every price cut. The number of increases slowed somewhat, and they were not quite as steep as in past years, the AP found. 

The Trump administration proposal is open for public comment for 60 days.  

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WTO Member Group Vows to Reform Rules on Subsidies, Dispute Settlement

Top trade officials from 12 countries and the European Union on Thursday vowed to reform World Trade Organization rules in the face of U.S. actions that threaten to paralyze the body and address some of Washington’s complaints about Chinese subsidies.

The officials, meeting in the Canadian capital Ottawa, said they shared a “common resolve for rapid and concerted action” to address challenges to the WTO.

“The current situation at the WTO is no longer sustainable. Our resolve for change must be matched with action,” the officials said in a communique issued after their daylong meeting ended.

The United States and China, which are locked in an escalating tariff war that is threatening the WTO’s foundations, were not invited to the meeting to discuss reform ideas, but Canadian Trade Minister Jim Carr said he would report outcomes to them and try to persuade them to join the reform effort.

Carr acknowledged that no WTO reforms could proceed without a buy-in from the world’s two largest economies.

“They should listen because we’re making good arguments,” Carr told a news conference after the meeting, adding that the group’s proposals would ultimately serve U.S. and Chinese interests.

The officials from Canada, the European Union, Japan, Brazil, Mexico, Australia and seven other countries agreed to meet again in January 2019 to review progress from their discussions.

They were short on specifics of their proposals, but called for urgent action to unblock the appointment of new judges to the Appellate Body of the WTO’s dispute settlement system, which they said puts the functioning of the entire body at risk, causing rules enforcement to grind to a halt by the spring of 2019.

The statement did not refer directly to U.S. actions to block such appointments over longstanding complaints that many past appellate rulings have exceeded the judges’ authority, unfairly favoring China and some other members.

“Our number one priority is getting dispute settlement back on track. What good is there to have rules if they cannot be enforced?” said one participating minister who spoke on condition of anonymity.

U.S. President Donald Trump has repeatedly threatened to pull out of the 23-year-old trade body, with roots that date back to the end of World War II, if it does not “shape up” and treat the United States more fairly.

At the Ottawa meetings, Carr said “there was no blaming, there was no shaming” of the United States and the group agreed to consider “alternative” ways to settle disputes, including mediation.

The trade officials also said they recognize “the need to address market distortions caused by subsidies and other instruments,” a reference to complaints by the United States and some other Western economies that current WTO anti-subsidy rules fail to capture all the ways China’s government supports its industries and state enterprises.

The statement said the officials were concerned with WTO members’ track record in complying with subsidy notification requirements and called for stronger monitoring and transparency of countries’ trade policies.

The member group also vowed to “reinvigorate” the WTO’s long-stalled negotiating function, calling for talks to curb fisheries subsidies to be completed in 2019.

Mexico’s Deputy Economy Minister Juan Carlos Baker said world leaders would have a chance to press the United States, China and other nations twice next month — at an Asia-Pacific summit and a meeting of leaders of the G-20 group of nations.

“We are going to waste no opportunity whatsoever in terms of political events. … I am sure that we will use these occasions to speak about what we’re doing,” he said in an interview.

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Meghan’s Wedding Gown on Exhibit at Windsor Castle

Meghan, the Duchess of Sussex, has described how she worked with designer Clare Waight Keller of Givenchy to create a “timeless” wedding gown for her wedding to Prince Harry earlier this year.

Harry and the former Meghan Markle recorded their memories of the wedding for an audio commentary that is part of the new “Relive the Royal Wedding” exhibition at Windsor Castle that opens Friday.

The gown is set to be the prime attraction at the 10-week display.

In the audio recording, the former actress said she worked with Keller to create a “timeless” gown with a “classic feeling.” The dress also needed to be suitably modest for the May 19 wedding held in a chapel on the grounds of Windsor Castle, she said.

“There was a great level of detail that went into the planning of our wedding day,” the duchess said.

“I think for us, we knew how large the scale of the event would be, so in making choices that were really personal and meaningful, it could make the whole experience feel intimate, even though it was a very big wedding,” she said.

Meghan described the “incredibly surreal day” when she and her fiance visited Queen Elizabeth II, Harry’s grandmother, to choose a tiara for her to wear during the wedding ceremony. She picked Queen Mary’s diamond and platinum bandeau tiara from the queen’s collection. It is featured in the new exhibit.

For his part, Harry said it was “very sweet” of his grandmother to lend his bride-to-be the priceless headpiece.

Harry’s wedding outfit, including the frockcoat uniform made by master tailors on Savile Row, is also display, though likely to be overshadowed by Meghan’s gown and the tiara.

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