Biden shocks tearful Sir Elton John with Humanities Award

Sir Elton John gave a special performance for US President Joe Biden, first lady Jill Biden and about 2,000 “everyday history makers” on Friday night.

Those attending on the South Lawn of the White House included teachers, first responders and veterans, as well as Transport Secretary Pete Buttigieg, former first lady Laura Bush and her daughter Jenna Bush Hager, singer Anna Kendrick, activist Malala Yousafzai and tennis legend Billie Jean King.

"Elton once said, 'Music has healing power. It has the ability to take people out of themselves for just a few hours'," Ms Biden said in opening remarks.

"We’re here tonight to once again lose ourselves and be brought together, perhaps even healed, by the power of music."

The event signals the return of A-list celebrities to Washington after a four-year, Trump-inspired backlash.

Sir Elton, 75, avoided the Trump White House, starting with the Republican’s 2017 inauguration.

The British musician said he did not think it was appropriate for someone with his heritage to play at the swearing-in of an American president.

"Elton found his voice … to help others and help them find their voice," Mr Biden said.

"Elton often talked about how American music changed his life and how the different genres and sounds influenced his own music and imagination.

"It’s clear Elton John’s music has changed our lives. And to Elton, on behalf of the American people, thank you — and I sincerely mean this — thank you for moving the soul of our nation."

After belting out some of his biggest hits, including Tiny Dancer, Rocketman, Your Song and I’m Still Standing, Sir Elton received seven standing ovations.

But when the Bidens surprised the singer with the National Humanities Medal, the Grammy Award-winning star was moved to tears and was nearly speechless.

"I just said to the first lady, 'I’m never flabbergasted', but I’m flabbergasted and humbled and honoured by this incredible award from the United States of America," said Sir Elton.

"Your kindness — America’s kindness to me as a musician is second to none. But in the war against Aids and HIV, it’s even bigger.

"And I can’t thank you enough. I’m really — I’m really emotional about this.

Sir Elton also took a moment to talk about the continued work through the Elton John Aids Foundation.

“Since I founded the Foundation at my kitchen table in Atlanta 30 years ago, I made a commitment not to leave anyone behind and will continue on this mission,” he said.

“We are striving for a future where people of all races, ethnicities, nationalities, sexual orientations and gender identities have the opportunity to live free from Aids, stigma, injustice and maltreatment – and I’m so grateful recognition like this brings us a step closer to making that a reality.”

It was this first White House gig since he performed with Stevie Wonder at a state dinner in 1998 to honour US president Bill Clinton and UK prime minister Sir Tony Blair.

Sir Elton is on a farewell tour that began in July after more than 50 years of performing.

A&E's stars-studded History Talks event in Washington -- in pictures

Agencies contributed to this report

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”