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US Supreme Court will hear Bayer's request to limit Roundup cases
The U.S. Supreme Court ruled on Friday that it would hear Bayer’s request to limit lawsuits claiming the Roundup weedkiller caused cancer. This could potentially save billions of dollars in damages. The justices heard Bayer's appeal against a lower court ruling in a case filed by a man who claimed he had been diagnosed with non-Hodgkin lymphoma following years of exposure Roundup. The Missouri Court of Appeals has upheld a $1.25-million verdict awarded by a St. Louis juror to the plaintiff John Durnell over his cancer diagnosis. Bayer's shares rose almost 5% after the news broke that the court will hear the case. The court has not yet announced when it will hear arguments. Bill Anderson, CEO of Bayer, said in a statement that the court's ruling was "an important part of our multi-pronged approach to effectively contain this litigation." Anderson stated that it was time to ensure that state laws do not punish companies for adhering to federal warning label requirements. A request for comment from an attorney of the plaintiff was not immediately responded to. The Missouri Court of Appeals has rejected the German pharmaceutical company's argument that federal law governing chemicals bars claims made under state laws. Bayer faces similar claims in state and federal court proceedings in the United States from about?65,000 plaintiffs. Roundup is one of the most commonly used weedkillers across the United States. In December, the administration of President Donald Trump urged Supreme Court to hear Bayer's appeal. U.S. In a brief submitted to the court, U.S. D. John Sauer, the Solicitor-General of the United States, stated that Bayer's interpretation of the relevant law is correct. Bayer argues that consumers should not be allowed to sue the company under state law because it failed to warn them that Roundup increased cancer risk, as the U.S. Environmental Protection Agency found no such risk. Bayer argued federal law prohibits it from adding any warning to its product beyond that approved by the EPA. The company's strategy for managing the claims has been to make the U.S. Supreme Court an important part of it, since a ruling that federal laws preempt claims brought under state laws would close down the vast majority. Durnell's lawyers had asked that the Supreme Court dismiss Bayer’s appeal. Durnell's lawyers argued that Durnell relied heavily on Bayer advertising, not just the label, when he decided to use Roundup. They also claimed the marketing of Bayer failed to warn the public about the risks. The company paid $10 billion in settlements to most Roundup lawsuits pending by 2020. However, it failed to reach a deal that would cover future cases. Since then, new lawsuits continue to flood in. Plaintiffs claim they developed non-Hodgkin lymphoma or other cancers after using Roundup at home, on the job or in their garden. Bayer, who acquired Roundup in 2018 as part of the $63 billion acquisition of Monsanto, an agrochemicals company, has stated that studies over decades have proven Roundup, and its active ingredient glyphosate are safe for use by humans. Sauer stated in the brief of the administration to the Supreme Court that "EPA has repeatedly 'determined that glyphosate does not appear to be carcinogenic to humans. And the agency has approved Roundup labels which did not include 'cancer warnings. The company's record in court has been mixed. Bayer has won a number of Roundup lawsuits, but in recent years it's also been hit with large jury verdicts, such as a $2.1 Billion verdict in Georgia, U.S.A. in 2025. Bayer had asked the Supreme Court in the past to review the Roundup litigation, but it was denied by the court in 2022. In a break from other appeals judges, a federal appeals court has sided with Bayer since then. Bayer has threatened withdrawal of Roundup from the U.S. Market as it battles the litigation. Bayer replaced glyphosate with other weed-killing chemicals in its U.S. consumer product line.
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US Supreme Court will hear Bayer's request to limit Roundup cases
The U.S. Supreme Court has agreed to hear Bayer’s request to limit lawsuits claiming the Roundup weedkiller caused cancer. This could potentially save billions of dollars and prevent millions of dollars in damages. The justices heard Bayer's appeal of a lower-court ruling in a case filed by a man who claimed he had been diagnosed with non-Hodgkin lymphoma following years of exposure Roundup. The Missouri Court of Appeals has rejected the German pharmaceutical &?biotechnology firm's argument that federal law governing insecticides prohibits lawsuits relating to pesticides brought under state laws. Bayer faces similar claims in state and federal courts in the United States from 65,000 plaintiffs. Roundup is one of the most commonly used weedkillers across the United States. In December, the administration of President Donald Trump urged Supreme Court to hear Bayer's appeal. U.S. In a court brief, U.S. D. John Sauer, the Solicitor-General of the United States, stated that Bayer's interpretation of the relevant law is correct. Bayer argues that consumers shouldn't be able sue the company under state law because it failed to warn them that Roundup "increases cancer risks" as the U.S. Environmental Protection Agency found no such risk, and therefore did not require a warning. Bayer argued federal law did not allow them to 'add any warnings to the product other than the EPA approved label. The U.S. Supreme Court is a crucial part of the company's strategy to manage claims. A ruling that federal law preempts state-law claims would end the vast majority. Monsanto stated that different courts have taken opposing sides on the issue. The Missouri Court of Appeals has upheld a $1.25-million verdict awarded by a St. Louis Jury to plaintiff John Durnell for his cancer diagnosis. Durnell's lawyers had asked the Supreme Court not to hear Bayer’s appeal. Durnell's lawyers argued that Durnell relied heavily on Bayer's advertisements and not only the label to make his decision to use Roundup. They also claimed the marketing of the company failed to warn the public about the risks. The company paid $10 billion in order to settle the majority of Roundup lawsuits as of 2020. However, it failed to reach a settlement that would cover future cases. Since then, new lawsuits continue to be filed. Plaintiffs claim they have developed non-Hodgkin lymphoma or other cancers after using Roundup at home or in the workplace. Bayer, who acquired Roundup as part of its $63 Billion purchase of Monsanto, an agrochemicals company in 2018, said that studies over decades have proven Roundup, and its active ingredient glyphosate are "safe for human usage". Sauer, in the brief of the administration to the Supreme Court, said: "EPA has repeatedly determined glyphosate does not cause cancer in humans. The agency has approved Roundup labels without cancer warnings." The company's record in court has been mixed. Bayer has won a number of Roundup lawsuits, but in recent years it's also been hit with large jury verdicts, including $2.1 billion in a 2025?case from the U.S. State of Georgia. Bayer had asked the Supreme Court in the past to take the Roundup litigation into consideration, but it was rejected by the court in 2022. In a break from other appeals judges, a federal appeals court has sided with Bayer since then. Bayer has warned that it will withdraw Roundup products from the U.S. marketplace as it battles the lawsuit. In the U.S., the company has replaced glyphosate with other weed-killing chemicals. Diana Novak Jones, Chicago; Andrew Chung, Additional Reporting; Will Dunham, Editing
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Sources say that Venezuelan banks are set to receive $300 million in oil money for them to exchange on the market.
Two financial sources and a market analyst reported that four Venezuelan 'banks' were informed this week that they would split $300 million of oil revenue deposited on a Qatari account. This will allow them to sell dollars to Venezuelan companies who need foreign currency to pay for material. This injection of foreign money comes after the U.S. seizes Venezuelan oil tanks and hits the country's main revenue stream. Venezuelan companies that need to import raw materials are forced to convert their local?bolivars into dollars, which the central bank holds. These dollars were generated through oil sales and transactions with foreign credit cards in the country. The U.S. announced this week that it had completed its first $500 million of sales of Venezuelan crude oil. This is part of a $2 Billion agreement reached in this month after the ouster and swearing-in of interim leader Delcy Rodriguez. U.S. President Donald Trump's administration said Venezuela would sell between 30 and 50 million barrels. A source familiar with the plan stated that the main account used for transactions was in Qatar. A portion of the revenues will be used for social projects and infrastructure. This was the statement made by Rodriguez on Thursday as she presented a proposal to reform the hydrocarbons laws, which aims to boost oil investment. Two sources say that authorities told four local financial institutions on Thursday, who all have correspondent banks abroad, that they would receive $75 million from oil revenue each in the next few days. Sources added that the dollars could be sold by central bank to Venezuelan companies under its guidelines. The central bank and the finance ministry did not respond to comment requests. "Some $500m has been deposited into the Qatar trust." Alejandro Grisanti of the local analyst firm Ecoanalitica wrote in X on Friday that $300 million would be sold to four major private banks. "The central bank will not be involved in the operations because it is still under sanctions." Venezuelan authorities began to allow the use of dollar-linked crypto currencies like USDT on the exchange markets in the second half 2025. This was after the U.S. granted Chevron an export license with restrictions but prohibited payments to the Venezuelan government. One source said that even crypto flows into the private sector have fallen. She added that if there are more dollars coming in from crude oil sales, crypto allocations will likely decline. The bolivar fell 83% by 2025, which led to a rapid increase in prices. (Reporting and Editing by David Gregorio).
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White House wants to auction off the largest US electric grid in an emergency
The White House on Saturday urged the U.S. largest electric grid to hold an "emergency auction" to prevent rolling blackouts, as data center energy demands are growing faster than the country's ability to build new generation plants. The Trump Administration initiative calls for PJM Interconnection, a company that serves 67,000,000 customers across 13 states, including Washington, D.C., and conducts an emergency auction to address escalating prices of electricity and increasing reliability risks in the mid-Atlantic area of the United States. PJM will unveil its plan on Friday. PJM has been criticized for its slow response to the rising demand and the rotating blackouts. The rapid expansion of data centres to power artificial intelligence and other things has strained the resources of PJM, as well as other regional U.S. electrical grids. Donald Trump wants to fight consumer price inflation, which could undermine Republican support ahead of the November midterm elections. The White House wants to cap the amount that existing power plants are allowed to charge on the PJM market. Recent PJM auctions set record prices for power generators, which were 800% higher than last year. This increased electricity prices in homes and businesses. Data centers would be required to pay for new power generation, whether or not they use it. This agreement would require them to purchase existing power rather than buy up the new power. BYOG is the concept, which stands for "bring you own generation." PJM stated that it is reviewing principles laid out by the White House, governors and other government agencies. A PJM spokesperson confirmed that PJM had not been invited to the event. PJM forecasts that summer peak grid usage will increase by 70 gigawatts, to 220 gigawatts in the next 15 year. ?PJM's record summer peak was 165 gigawatts. PJM has said that it has handled more than 170 Gigawatts in new generation requests since 2023. PJM has completed the study of nearly 60 gigawatts and signed or offered generation interconnection agreements to projects. BACKLASH RESULTS FROM RISING POWER BILLS PJM's rising power bills have sparked a political backlash in the past year, and some governors have threatened to abandon the grid. Nine state governors sent an open letter last summer to the PJM Board of Managers criticizing the grid operators for failing to do enough to combat an escalating crisis in electricity affordability. Pennsylvania Governor Josh Shapiro told the White House on Friday that PJM had been "too damn slow" to allow new generation onto their grid, at a time when energy demand was increasing. Burgum said PJM was lucky to have avoided widespread blackouts so far. Reporting by Jarrett Renshaw, Tim McLaughlin and Timothy Gardner from Philadelphia; editing by Liz Hampton and Matthew Lewis
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Bloomberg News: Mercuria to post $1.3 billion profit by 2025
Bloomberg News reported on Friday that Swiss commodity trading group Mercuria had a profit last year of $1.3 billion, despite paying almost no taxes. Bloomberg, citing its accounts, reported that the company had reported taxation of $ 1?million? on its profit of $1.31?billion, which is an effective tax of 0.08%. Bloomberg, citing sources, reported that Mercuria, which is privately held, does not publish its results, but it recently shared its accounts for the year ending in September with lenders. Bloomberg reports that the company will prepare separate results for its calendar year ending in December. It will then finalize these results and communicate them to its banks,?counterparties and other stakeholders within 14 days. Mercuria is one of many energy traders who has expanded into metals trading. They bet that the structural changes in global energy system will prove profitable. Mercuria stated last month that the global copper market would be squeezed?again in next year's price of concentrate and refined metal. The company has struck a few deals in the last few months, including an 'upfront payment of up to $100m to the Kazakh mining giant Eurasian Resources Group. According to the report, the group's profits were down 37% compared to last year. However, they were pleasantly surprised by the extremely low tax bill. Mercuria didn't immediately respond to our request for comment. (Reporting and editing by Anil D’Silva in Mexico City, with Fabiola Aramburo)
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Holiday schedule for US economic and other data
Martin Luther King Jr. Federal holiday on Monday, 19th January will affect the release of major economic, energy, and commodities reports during the week beginning January 18. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Monday, January 19, 2019 Martin Luther King Jr. Day. Closed federal government offices, Federal Reserve and International Monetary Fund. Stock and bond markets. Tuesday, January 20, 2019 The U.S. Department of Agriculture publishes weekly U.S. Export Inspections for Grains, Oilseeds, 1110/1600. NOTE: Delay from Monday due holiday Treasury Department announces weekly sale of 4-, 8, and 17-week Bills, 1100/1600 Treasury Department offers weekly sales of 3- and 6-month bills at 1130/1600 Treasury Department sells 52-week notes at 1300/1800 Wednesday, January 21 Mortgage Bankers Association releases weekly Mortgage Application Survey, 0700/1200 Redbook releases weekly retail sales index 0855/1355. Note: this report is delayed from Tuesday due to the holiday. National Association of Realtors releases Pending Home Sales for the month of December, 1000/1500 Commerce Department releases Construction Spending Report for October, 1 000/1500. NOTE: Report to include initial September estimates Treasury Department sells 17-week bills every week, 1130/1600 Treasury Department sells?bonds of 20-year maturity, 1300/1800 The American Petroleum Institute releases a?weekly National Petroleum Report, 1630/2130. Note: This report is delayed from Tuesday because of the holiday. Thursday, January 22, 2019 Commerce Department releases updated estimates of Q3 gross domestic product and Q3 corporate profits, 0830/1330. Note: The GDP report replaces normal third estimate GDP. Labor Department releases weekly jobless claims, 830/1330 Commerce Department releases Personal Income for November 1000/1500. The data includes the initial October estimates. Energy Information Administration releases weekly U.S. Underground Natural Gas Stocks, 1030/1530 Treasury Department Weekly Announcement of 3-month and 6-week Bill Sale Offerings; 2-, 5-, and 7-year 'notes'; 2-year floating rate Notes, 1100/1600 Treasury Department sells 4- and 8 week bills every Wednesday, 1130/1600 EIA releases weekly petroleum stock and output data at 1200/1700. Note: Time change on Wednesday due to holiday. Federal Reserve Bank of Kansas City releases?Manufacturing Survey of January, 1100/1600 Federal Reserve Bank of Dallas releases Trimmed Mean PCE Price Index (November) at no fixed time. The data will include the initial October estimates Freddie Mac issues weekly U.S. mortgage rates, ?1200/1700 Treasury Department Sells Treasury Inflation Protected Securities for 10 Years, 1300/1800 Federal Reserve Weekly Balance Sheet, 1630/2130 Friday, January 23, 2019 USDA Releases Weekly Export Sales, 0830/1330. Due to the holiday, export sales are released on Fridays. S&P Global issues Manufacturing PMI preliminary January, 945/1445 Consumer Sentiment Index released by University of Michigan, final January, 1000/1500 USDA releases monthly Cattle on feed, Cold Storage, 1500/2000. (Compiled by Washington Newsroom).
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US manufacturing production increases on the back of primary metals, but outlook is unclear
U.S. Factory Production Surprisingly Increased in December, amid a surge of primary metals production that offset a decrease at motor vehicle assembly plant. However, activity contracted in fourth quarter due to the challenges posed by import tariffs. Manufacturing is expected to improve this year, as President Donald Trump's import duties begin to ease and new tax legislation that made bonus depreciation permanent, among other benefits, comes into effect. A boom in artificial intelligence investments is also expected to provide support. However, some economists warn that the manufacturing environment remains fragile due to weak factory surveys. There are many reasons why capital expenditure plans have been delayed. Shannon Grein is an economist with Wells Fargo. She said that they expect traditional investments to recover this year. "Trade policy is likely to remain a concern, but we don't expect as many changes in tariff rates as last year." The Federal Reserve announced on Friday that manufacturing output increased by 0.2% in December after a 0.3% increase, which was upwardly revised. The Federal Reserve said on Friday that economists polled had predicted production in the 10.1% sector would fall by 0.2%, after previously reporting a unchanged reading for November. In December, the production at factories increased by 2.0%?on an annual basis. It dropped by 0.7% annually in the fourth quarter, after increasing at a pace of 2.8% in the quarter from July to September. Trump's import duties have hurt the manufacturing industry. He has ironically justified them as necessary to restore a declining domestic industrial base. The rest of the manufacturing sector has suffered, with 68,000 jobs being lost in 2025. Economists argue that a manufacturing revival is impossible due to structural issues. These include worker shortages which are exacerbated by Trump's immigration crackdown. The production of primary metals increased by 2.4%. Electrical equipment, appliances, and components were all up in production as well as aerospace and other transportation. Motor vehicle production fell 1.1% for the fourth consecutive month. In December, motor vehicle production fell 2.8% on an annual basis. NO GENUINE SIGN OF RESHORING Economists dismissed the increase in manufacturing output 'in the last two months of 2025' as unsustainable. They argued that the rise was due to the front-loading by domestic and foreign producers of U.S. made goods in anticipation of higher tariffs. "With the data available now, it is fair to say that any manufacturing boost from tariffs last year was driven by a front-running strategy and short-lived. There are limited signs of reshoring," Bradley Saunders said, North America economist for Capital Economics. Durable goods production increased by 0.1%. The nondurable manufacturing sector increased by 0.3%. This was boosted by the production of food and beverage, tobacco, as well as plastics, rubber, and petroleum and coal. Some economists warned that tariff uncertainty still persists. The U.S. Supreme Court is expected to rule on the legality Trump's tariffs. The manufacturing surveys are largely subdued. Tariffs have been cited as an obstacle in many of them, which is consistent with economists' predictions that output will be flat to falling over the next few months. The increased uncertainty over tariffs and federal government policies will likely discourage manufacturers from investing in extra capacity needed for the recovery to extend its legs, said Samuel Tombs. The manufacturing output will not change much from its current level by the end of this calendar year. The rise in manufacturing last month, combined with an increase of 2.6% in utility output due to the weather, lifted overall industrial production by 0.4%. This is in line with November's gains. In December, mining output decreased by 0.7%. In December, industrial output increased by 2.0% compared to the previous year. The fourth quarter saw a growth of 0.7%. The capacity utilization rate for the industrial sector has increased from 76.1% to 76.3% in November. This is 3.2 points below the average for 1972-2024. The operating rate for the manufacturing industry remained unchanged at 75.6%. This is 2.6 points below the long-term average. A separate report shows that homebuilder confidence declined in January. The National Association of Home Builders/Wells Fargo Housing Market Index dropped two points this month to 37, and has been below 50 for 21 consecutive months. The NAHB stated that most responses were received before Trump's last-week order for the Federal Housing Finance Agency – which oversees mortgage giants Freddie Mac & Fannie Mae – to purchase $200 billion in bonds issued by both companies. The goal is to lower mortgage rates in order to increase housing affordability. However, economists and real estate agents argue that a lack housing inventory is what is holding back the housing market. The tariffs on building materials, appliances and other goods have increased the price, while the crackdown on immigration, which includes raids of construction sites, has reduced labor supply. Carl Weinberg is the chief economist of High Frequency Economics. He said that despite the short supply of housing, a rapid homebuilding recovery is unlikely until the corrosive uncertainties about costs, tariffs, and other policies are resolved.
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European shares are down as miners and luxury stocks weigh.
The European share market was subdued Friday due to weakness in mining and luxury stocks. This marked a gloomy end to a week that had been dominated by?the beginning of a busy earning season along with geopolitical concerns. The pan-European STOXX 600 index finished at 614.38, while the luxury index fell 3.2%. This was its largest daily drop since early October. Richemont, one of the biggest losers, fell 5.4%, after BofA Global Research cut its recommendation for the Swiss jewellery firm to neutral from buy, and advised investors to "wait", citing inflated valuations following a recent rally. "European stocks are not cheap, but neither are they expensive." Michael Field, Morningstar's chief European equity analyst, said that the margin of safety investors previously had is no longer there. The STOXX 600 still posted its fifth consecutive weekly gain. This is its longest winning streak, dating back to May 2025. As prices of precious metals, crude oil and other safe-haven commodities soared in recent days due to geopolitical tensions in Venezuela and Iran, the index reached multiple records. These tensions seemed to have abated on Friday, with mining stocks falling 1.9%. Richard Flax is the chief investment officer at Moneyfarm. Defence stocks gained 1% and helped to limit the losses in the STOXX Index. Analysts said that the weight-loss drug Wegovy had made an "encouraging start" after its launch in this month. The healthcare index rose 0.6%. The British health regulator has approved a higher dosage of Wegovy to treat obesity patients, and Berenberg has also increased its price target for the stock. This week, we've seen a variety of earnings reports from companies like BP, BE Semiconductor and?Richemont. According to LSEG, fourth quarter earnings are expected to drop 4.1% compared to a year ago. Consumer cyclicals will be the hardest hit. HSBC shares dipped 0.4%. The lender announced that it would be undertaking a strategic review to streamline its global operations. The Norwegian defence equipment manufacturer's shares rose 9.5% on Friday after two brokerages raised their price targets. Reporting by Niket Nishant, Avinash P, and Johann M Cherian from Bengaluru. Editing by Mrigank Dahniwala and Devika Syamnath.
Euronext Wheat Holds Firm as Exports Weigh
Euronext wheat rose again on Friday, in line with Chicago. The market had recovered from its early-week lows.
The most active March milling grain futures contract on Euronext’s Paris-based exchange settled?0.9% higher, at 191.00 euro ($221.52) per metric ton.
Euronext monitored the strength of Chicago wheat after it fell on Thursday.
The European market was also helped by the drop of the euro against the dollar to its lowest level since November.
The weaker euro will make western European grain more affordable for export. This could be a boost in a time when global supplies are abundant, including Argentina.
Free-on-board, or FOB, Argentine 11,5% protein wheat finished the week?again at the world's cheapest price of $216-$220 a tonne for February shipment. Russian was around $223$225. French, Romanian, and Ukrainian wheat were all in the same range of $228-$230 per ton.
The cost of shipping in the Black Sea has increased due to the military conflict between Russia and Ukraine, which targets vessels and ports.
A German trader reported that the price of French 11.5% protein grain was around $244 per ton (cost and freight included) for shipment to Egypt in February, as opposed to $245 for Russian wheat and $247-248 a ton for Ukrainian or Romanian wheat.
The results of the Saudi tender for 595,000 tonnes are expected to be announced on Monday.
Export sales were hampered by the slow selling of farmers who were unhappy with current prices.
A Polish trader stated that it was difficult to argue for higher prices when Poland has large quantities of wheat that must be exported during the second half of this season, or stored in carryover stock.
Exporters offered to buy Polish 12,5% protein wheat for around 815 zloty (?193 euros) per ton, with delivery to port silos in January/February. This was little changed from the previous week.
According to traders, in France, the wheat premium was held steady by a combination of limited farmer sales and steady demand from Morocco and the European Union.
The barley premiums at Rouen's main export hub remained above the wheat level, and supplies are dwindling after a busy?exporting season that included a rare shipment into Iraq this week.
The May futures for rapeseed on Euronext rose 0.5% to 467 euros per ton, after reaching a new monthly high. A trade agreement between Canada & China helped boost Canadian prices. ($1 = $0.8622 euros) Reporting by Gus Trompiz and Michael Hogan, Hamburg; Editing Leroy Leo
(source: Reuters)