President Donald Trump shakes hands with speaker of South Korean national assembly Chung Sye-Kyun. Photo: Chung Sung-Jun / Getty Images

Victor Cha, the White House's choice for U.S. ambassador to South Korea, "is no longer expected to be nominated" after he raised concerns about parts of President Trump's North Korea policy, the Washington Post reports.

Why it matters: Cha objected to the administration's suggestion "of a limited strike on the North aimed at sending a message." He also opposed Trump's threats to "tear up a bilateral trade deal with Seoul." He was favored by South Korean diplomats, who had encouraged the White House to finalize the nomination.

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U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 38 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.