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The top cases in the US Supreme Court docket
During its current term, the U.S. Supreme Court weighs a number of important cases involving such issues as presidential powers and tariffs, gun rights, race, transgender sportspeople, campaign finance laws, voting rights, LGBT “conversion therapy”, religious rights, capital punishment, and more. The term began in October, and will run through June. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. TRUMP'S FIRE OF FED OFFICIAL The Justices expressed skepticism about Trump's attempt to fire Federal Reserve governor Lisa Cook, a move that could threaten the independence of the central bank. The justices said they would not grant Trump's request for a judge to overturn a decision that prevented him from firing Cook immediately while her legal challenge played out. Congress created the Fed by passing a law, the Federal Reserve Act, that contained provisions to protect the central bank against political interference. The law stipulated that governors could only be removed "for cause" and did not specify the procedure for removal. Trump claimed that Cook's firing was due to unproven allegations of mortgage fraud, which she has denied. Cook, who is still in her position for now, said that the allegations were a pretext used to fire Cook over differences on monetary policy, as Trump pressures the Fed to reduce interest rates. The ruling is expected to be made by the end June. TRUMP TARIFFS During arguments on November 5, the justices raised questions about the legality and impact of Trump’s tariffs. This case has implications for the global economic system, which?marks an important test of Trump’s powers. The conservative and liberal justices questioned the lawyer for Trump's administration on whether or not a 1977 law intended to be used during national emergencies had given Trump the authority he claimed to impose the tariffs. They also questioned whether the president infringed upon the powers of Congress. Some conservative justices, however, also emphasized the inherent authority that presidents have when dealing with foreign nations. This suggests the court may be divided on the final outcome. Lower courts ruled Trump had overreached by invoking the 1977 International Emergency Economic Powers Act in order to impose tariffs. This was challenged by 12 U.S. States and various businesses. The ruling is expected to be made by the end June. Birthright Citizenship The court will hear arguments about the legality of Trump’s directive on April 1, which restricts birthright citizenship. This is a controversial part of Trump’s efforts to curb immigration, and would change the way a 19th-century constitutional provision has been understood for many years. The lower court ruled against Trump's executive orders that instructed U.S. agencies to not recognize citizenship for children born in the U.S. when neither parent was an American citizen, or a legal permanent resident (also known as a "green-card" holder). The court found that Trump's directive violated both the 14th Amendment of the U.S. Constitution and federal law codifying the birthright citizenship rights. LOUISIANA ELECTORAL DISTRICTS The conservative justices of the court signaled on October 15, their willingness to undermine another key section in the Voting Right Act, the 1965 landmark law enacted to prevent racial bias in voting. This was during arguments in a case involving Louisiana's electoral districts. The case centers on Section 2 of the Voting Rights Act, which prohibits voting maps that dilute the power of minorities without proof of racism. The lower court ruled that the Louisiana electoral map, which divided the six U.S. House of Representatives district into two districts with a majority of Black people instead of one before, violated the Constitutional promise of equal protection. The ruling is expected to be made by the end June. FEDERAL TRADE COMMISSION FIREING The conservative justices of the court have signaled that they will uphold Trump's legality in firing a Federal Trade Commission Member and also give a historical boost to president power, while also putting at risk a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department’s appeal of the lower court’s decision that the Republican President exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term she was due to finish. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to independent agency heads unlawfully infringed on presidential powers under the U.S. Constitution. Trump was allowed to remove Slaughter until the case concluded. The court is expected to make a decision by the end June. Transgender sports participation The conservative justices seemed ready to uphold the state laws that ban transgender athletes to female teams, amid an escalating nationwide effort to restrict transgender rights. On January 13, the court heard arguments from Idaho and West Virginia in appeals of lower court decisions siding with transgender student who challenged the bans as being in violation of the U.S. Constitution, and a federal antidiscrimination act. 25 other states also have laws similar to Idaho's. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid a sharp disagreement and uncertainty about whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sport. The ruling is expected to be made by the end June. LGBT 'CONVERSION THERAPEUTY' On October 7, the conservatives of the court appeared to be ready to support a challenge to a Colorado statute that prohibits psychotherapists from performing "conversion therapy", which aims to change minors' sexual orientation or gender identity. Christian counselors challenged the Colorado law under First Amendment protections from government abridgment. Colorado claimed it was regulating professional conduct and not speech and had the legal authority forbidding a healthcare practice that it deemed unsafe and ineffective. A lower court upheld this law. The ruling is expected to be made by the end June. HAWAII GUNS LAW The conservative Justices expressed skepticism about a Hawaii gun law which restricts the carry of handguns in public places, such as businesses. They appeared ready to expand the right to own guns again. On January 20, the court heard arguments in an appeal filed by opponents of the law, backed by the Trump administration. The challengers were appealing a ruling that Hawaii’s Democratic-backed measure likely conforms to the U.S. Constitution’s Second Amendment right. Hawaii's law demands that a property owner "expressly authorize" the bringing of a handgun on to private property. Four other states in the United States have laws similar to Hawaii's. The ruling is expected to be made by the end June. Drug Users and Guns The Supreme Court will hear arguments in a case on March 2, involving a dual American/Pakistani national in Texas, to defend the Trump Administration's bid for a federal gun law that prohibits users of illegal drugs. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a lower court ruling which found that the gun restrictions were in violation of the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution. The Gun Control Act, which was passed in 1968, prohibited gun ownership by drug users. CAMPAIGN-FINANCE On December 9, the court heard arguments in a Republican led bid to overturn federal spending limits by political parties coordinated with candidates. The case involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. However, the three liberal members of the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates' input violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that ruled on restrictions on how much money can be spent on campaigns by parties with input from the candidates they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June. MAIL-IN VOTES The court will hear arguments March 23 when Mississippi defends its state law that allows mail-in votes received after Election Day be counted. This case could lead to stricter voting laws in the United States. A lower court declared illegal the state law allowing mail-in votes sent by certain voters that were received up to 5 business days after an election to be counted. U.S. ASYLUM - PROCESSING - The court will hear arguments from the Trump administration on March 24, as it defends its authority to limit asylum processing at the ports of entry along U.S. - Mexico border. The Trump administration appealed the lower court's ruling that the "metering policy" was illegal. This allowed U.S. Immigration officials to stop asylum seekers and refuse to process their claims at the border. Former President Joe Biden rescinded the policy, but Trump’s administration indicated that it may consider resuming. Human Rights Abuses Abroad The court heard an appeal from Cisco Systems, in which the company and Trump administration asked the justices to limit?the reach of a federal statute that was used to hold companies liable for abuses committed overseas. Cisco appealed the 2023 ruling which gave new life to a lawsuit filed in 2011 accusing the California-based firm of developing technology that enabled China's government surveillance and persecution of Falun Gong members. The Alien Tort Statute was the basis of the lawsuit. This 1789 law had lain dormant in U.S. courtrooms for almost two centuries, before attorneys began to use it in the 1980s in international human rights cases. Arguments in the case have not been scheduled. CRISIS PREGNANCY COUNTER The court seems to be inclined to side with an operator of Christian faith based anti-abortion “crisis pregnancy center” in New Jersey, in a dispute arising from the state attorney's investigation as whether these facilities engages in deceptive practice. During the December 2 arguments, a large majority of the Justices appeared to be inclined to revive a lawsuit filed by First Choice Women's Resource Centers against Democratic Attorney General Matthew Platkin's subpoena 2023 seeking information about the organization's doctors and donors. First Choice's facilities are designed to discourage women from getting abortions. The decision is expected to be made by the end June. RASTAFARIAN INMATE The conservative justices seemed inclined to reject the Rastafarian inmate's attempt to sue Louisiana state prison officials after they shaved his head in violation of religious beliefs. The case was brought before the court in November 10 under a federal statute protecting incarcerated persons from religious discrimination. Plaintiff Damon Landor's religion requires that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit, because they found that the statute in question did not allow for him to sue officials individually for monetary damages. The ruling is expected to be made by the end of June. DEATH ROW INMATE The court heard arguments in December in an attempt by Alabama officials in order to pursue the execution for an inmate who was convicted of a murder in 1997 after a lower judge found him intellectually disabled, and therefore ineligible to receive the death penalty. The Republican-led state has appealed a lower court ruling that Joseph Clifton Smith was intellectually disabled based upon his intelligence quotient (IQ), test scores, and expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person intellectually challenged violated the Eighth Amendment of U.S. Constitution prohibiting cruel and unusual punishment. The Supreme Court is expected to rule by the end June. WEEDKILLER CANCER LAWSUITS The court will consider Bayer's request to limit lawsuits claiming the German biotechnology and pharmaceutical company's Roundup weedkiller is cancerous. This could save billions of dollars. Bayer appealed the ruling of a lower court in a case filed by a man claiming he had been diagnosed with non-Hodgkin lymphoma following years of exposure Roundup. The lower court rejected Bayer’s argument that U.S. laws governing pesticides bar lawsuits based on claims made under state law. Arguments in the case have not been scheduled. FCC FINES FOR WIRELESS CARRIER The Justices will hear the dispute over fines levied by the Federal Communications Commission against major U.S. carriers who shared customer location data with other companies without their consent. This is the latest case that has reached the Supreme Court challenging the authority of an American regulatory agency. The case concerns the FCC's efforts to impose tens-of-millions-of-dollars in fines on carriers like Verizon Communications and AT&T before they had their day in the court. Arguments in the case have not been scheduled. COX COPYRIGHT DISSERT The court heard arguments in December in an attempt by Cox Communications, a provider of internet services, to avoid financial responsibility in a major copyright lawsuit brought by record labels who accused Cox of allowing its customers to piracy thousands of songs. Justices were skeptical about Cox's claim that mere knowledge of piracy by users could not be enough to hold it responsible for copyright violations. A lower court ordered that a new trial be held to determine the amount of money Cox owes Sony Music Group, Warner Music Group Universal Music Group, and other labels in relation to contributory copyright violations. Cox, which is the largest division of privately-owned Cox Enterprises said that the retrial may result in a verdict of up to $1.5 billion against it. The ruling is expected to be made by the end June.
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Exxon exceeds Wall Street's Q4 targets as Permian and Guyana fields bring output to a 40-year high
Exxon Mobil's fourth-quarter earnings, announced on Friday, exceeded Wall?Street expectations. Higher oil production in the profitable Permian basin and Guyana?assets helped to boost the company. Results for the No. 1 U.S. Oil Producer. The adjusted earnings for the quarter from October to 'December' were $1.71 a share. This was higher than the consensus estimate of $1.68 based on LSEG analyst data. The company reported that the annual upstream production had reached its highest level in over 40 years, at 4.7 millions barrels of oil-equivalent per day. Brent oil futures fell 19% in the last year due to an oversupplied market. This pressured oil producer profits throughout 2025. Exxon's 2025 full-year adjusted profit fell by 10% as the company concentrated on cost cutting. Exxon still had its smallest annual profit since 2021. Exxon CEO Darren Woods stated in a press release that "we're capturing a greater value from each barrel and molecule produced and building?growth platform at scale - a long runway for profitable growth beyond 2030." In the morning trading, shares were down 0.6%. Stocks are up 30% in the last year, bringing the company's market capitalization to its highest level ever. On Track for Higher 2026 Oil Production The adjusted upstream earnings for the fourth quarter were $4.4 billion compared to $5.7 billion in the previous quarter. Exxon has stated that it is on track to increase full-year production in 2026 to 4.9 millions boepd. This will include 1.8 million of these boepd from the Permian basin, the largest U.S. Oilfield. Production reached 5 million boepd in the fourth quarter. Woods told analysts that the company was able to achieve the desired results during a call. Technological capabilities The U.S. President said that the United States needed to extract Venezuela’s expensive heavy crude oil, but he made no commitments regarding reentering Venezuela. U.S. president Donald Trump After the U.S. captured President Nicolas Maduro and forced him to resign, Woods has called on American companies to invest billions of dollars in Venezuela to revitalize the oil industry. Woods stated earlier on Friday, that Exxon had recovered "a significant?amount?" of the money owed to it after its Venezuelan asset were nationalized in 2007 Woods stated in an interview with CNBC that "today, the balance does not matter with respect to what we owe the entire corporation." In a conference call, he said that Exxon was still interested in sending a team of technical experts to Venezuela to assess the situation. STRONGER RIFINING HELP LIFT?RESULTS Oil majors saw their quarterly and annual profits in refining jump, thanks to cost savings, higher industry margins and record refinery output. The adjusted downstream profit increased 60% since the third quarter, to $2.9 billion. Exxon reported that the chemicals division had a loss of 11 million dollars compared to a profit of 515 million dollars in the third quarter. This was due to lower margins, writedowns, and higher seasonal expenditure. In a recent research note, Biraj Borkhataria of RBC Capital Markets said, "This is notable as it is the first negative results for (Exxon’s) chemicals product segment since 4Q19 and highlights the severity?of the chemicals downturn that the industry is experiencing." Exxon paid out $17.2 billion as dividends last year and bought back $20 billion of shares. The company plans to continue buying back shares in the same amount until 2026. Exxon spent $29 billion on capital expenditures last year. Oil producer Exxon has stated that capex for this year will range between $27 billion to $29 billion. Sheila Dang reported from Houston, and Nathan Crooks edited the story.
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Germany's Merz declares economy to be his primary focus after 12-year-high jobless figures
The German Chancellor Friedrich Merz announced on Friday that his priority for this year would be to boost the economy. Data showed that unemployment had risen above the 3-million mark, a 12-year-high. Merz promised to revive Europe’s largest economy after two years of mild contraction by a dramatic increase in infrastructure spending and defence expenditure. Merz's initiatives are not translating into improved conditions as quickly as expected, despite the fact that the economy is showing more resilience. Merz, a social media user on X, wrote: "The increase in the number unemployed to over three million is alarming." The economic recovery must be the top priority for this year. The Labour Office released figures on Friday that showed the impact of economic stagnation in recent years. 177,000 people were out of work more in January than they were in December. This brings the total of 3.08 million to 3,08?million. In seasonally adjusted terms, the unemployment rate increased by 0.4 percentage point to 6.6%. In a more positive note, the German Gross Domestic Product grew 0.3% in Q4 compared to the previous quarter, exceeding the consensus estimate of 0.2%. The Statistics Office has confirmed that the first estimate of 0.2% annual growth is accurate. Separate data revealed that German inflation had unexpectedly accelerated to 2.1% on a year-on-year basis in January. Data showed that analysts polled had predicted the EU-harmonised rate of inflation to remain unchanged at 2.0% from December. Sluggish? Labour Market Director of the Labour Office, Andrea Nahles, said that there is little movement in the labour market. "At the beginning of the year, seasonal factors led to a marked increase in unemployment." When seasonal trends are taken into account, the picture improves slightly. The Labour Office reported that the number of unemployed people was the same as December, at 2.976 millions, and the seasonally-adjusted jobless rate was the same at 6.3%. In a survey, economists and analysts predicted that the number of unemployed people would rise by 4,000 when seasonally adjusted. Economy Minister Katherina Riese stated that Germany needs to pivot towards new "growth engines" as traditional export strengths "no long carry our growth". Carsten Brzeski is global head of macro for ING and he called for structural reforms. Germany's growth forecasts were lowered on Wednesday due to the fact that fiscal-policy changes haven't taken place as quickly as expected. Joerg Kraemer is the chief economist of Commerzbank. He said that the large fiscal package from the German government will not be well received by companies, as they do not trust the much-anticipated restart in economic policies. Ralph Solveen, senior economist at Commerzbank, said that core inflation (excluding food and energy) was 2.5% in January. This is up from 2.4% the previous month. However, it's still lower than in autumn when it was stable around 2.5%. The ECB won't be too concerned by the small increase in German inflation that occurred in January, as the rise was primarily due to an?increase of food inflation," said Franziska Palmeras, senior Europe analyst at Capital Economics. She added that officials will be encouraged by the fact the services inflation has significantly decreased since it spiked towards the end last year. German inflation data is released ahead of the Eurozone reading expected on Wednesday. The economists polled predicted euro zone inflation to be 1.7% in January, down from the 1.9% recorded in December. (Editing by Mark Heinrich and Hugh Lawson; additional reporting by FriederikeHeine and Miranda Murray)
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TSX drops over 2% after Trump selects new Fed Chair
Canada's main index fell over 2% on Friday. Mining shares plummeted, and gold dropped after U.S. president Donald Trump nominated Kevin Warsh, who is often seen as a hawkish Federal Reserve Chair. As of 10:31 a.m., the S&P/TSX composite index was down 2.3% to 32,268.84. ET, amid a wider decline, was on course for its largest?one-day fall since April 25 when Washington's universal tariff threats roiled the global markets. Despite today's?losses, which pushed the benchmark index to a weekly decline of 2.6%, the TSX rose 1.8% for the month and is poised to reach its ninth consecutive advance monthly, its longest run since 2017. Trump has named Warsh, a former Fed Governor to succeed Jerome Powell at the end of his term in May. This gives a Fed critic who is a frequent critic an opportunity to put his "regime-change" idea for monetary policy into practice. Shiraz Ahmed is the founder of Sartorial Wealth. He said, "He has historically been a hawkish, cautious person when it comes to inflation and the Fed’s balance sheet. But he's...become a more supportive person for lower short-term interest rates." The gold sector dropped 7%. Spot gold fell 6.6%, after briefly falling below the $5,000 mark. Meanwhile, the U.S. Dollar strengthened following a recent decline. Analysts have described the sell-off as a profit-taking. It also affected silver, copper and other base metals. The materials index fell 6.2%, and it was on course for its biggest one-day decline since October 2025. Imperial Oil, a major oil producer, fell by 4.5% among individual stocks after its fourth-quarter profit fell. Bombardier's stock fell 6.7% when Trump threatened to decertify?its business planes and impose 50% import tariffs on any aircraft manufactured in Canada until Canada's regulator approved a certain number of planes made by its U.S. competitor Gulfstream. The fall of the Canadian jet maker dragged down the Industrials Index by 1.7%. Data showed that the economy slowed in November, as growth in service industries was offset by a weakness in the goods-producing sectors. (Reporting and editing by Jonathan Ananda, Vijay Kishore and Utkarsh Tushr Hathi)
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Stocks drop, dollar increases after Trump taps Warsh to lead Fed and inflation data
The dollar grew on Friday after U.S. president Donald Trump nominated former Federal Reserve Governor Kevin Warsh to be?the new chair of the Central Bank. Meanwhile, a reading for inflation was higher than expected. Warsh is a 'frequent critic of the Fed, and is seen as a supporter of lower interest rates. However, he would not go as far as some of his other possible nominees in terms of aggressive easing. If his nomination is approved by a Senate that is closely divided, Warsh will replace Jerome Powell when the term of Jerome Powell ends in May. "Given the history of his life, he is a hawk dressed in a dove's clothes." He is a man of great intellect and experience, who will continue to think independently, not as a puppet for the president, said Brian Jacobsen. Chief economist at Annex Wealth Management, Menomonee Falls in Wisconsin. "He might want lower rates now, but that won't last forever." In a year, the White House may be complaining about him. Wall Street stocks fell in early trading after economic data revealed that the Producer Price Index for "final demand" rose 0.5% in December, exceeding the 0.2% estimated by economists. This was an increase of 0.2% from November's unrevised 0.2%. Import tariffs appear to be increasing the costs of businesses. Apple's quarterly results, which showed a drop of almost 1%, also weighed on the equities. The Dow Jones Industrial Average fell 114.05?points, or 0.23% to 48,957.51?the S&P 500 dropped 13.92?points, or 0.20% to 6,955.97?and the Nasdaq Composite was down 53.22?points, or 0.22% to 23,631.90. MSCI's global stock index fell by 3.45 points or 0.33% to 1,046.74. However, it was still on track to achieve its biggest weekly percentage gain since September. The pan-European STOXX 600 rose by 0.77%. This index has been on a steady upward trend since Trump's Fed announcement. Strong earnings have also helped the index reach its largest monthly gain in May. The index is on track to achieve its longest monthly streak since 2021, with a seventh consecutive gain. The dollar has continued to stabilize after recent weakness, despite the Warsh announcement, and the inflation data. The dollar index (which measures the greenback versus a basket of currencies) rose by 0.57%, to 96.73. Meanwhile, the euro fell 0.54%, to $1.1904. The dollar is still on course for a?third consecutive monthly decline, and a?second straight weekly drop. The yield on the benchmark 10-year U.S. note rose by 2 basis points, to 4,247%. This is on track for the third consecutive weekly gain, and the second straight monthly increase. This would be the first time since early 2024 that there have been consecutive monthly gains. Gold's recent rally was cooled by the strength of the dollar. The metal Briefly dropped back After hitting a record high of almost $5,600 last Thursday, gold prices are now below $5,000. Gold spot was down 6.4% to $5,046.49 per ounce but still set for its fourth consecutive weekly gain. It has risen by about 17% this month, which is its best monthly performance since 1982. U.S. crude climbed 0.17% to $65.53 per barrel and Brent rose to $70.74 per barrel, up by 0.04% for the day. This was after Trump announced on Thursday that he planned to speak to Iran's leaders as the Pentagon prepared to launch possible military strikes.
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Exxon claims to have the technology required for Venezuela's high cost crude
Exxon 'Mobil 'CEO Darren Woods said to analysts on Friday that his company has the technology needed to produce barrels at higher prices from Venezuela. Woods, who had earlier in the month called the South American nation "uninvestable," made remarks at a White House event that drew a criticism from President Donald Trump. He said now he believes the U.S. government is committed to making changes to 'attract and ensure investment. Woods said that he believed the U.S. administration was committed to making changes needed to?attract and secure investment. "If you look at the current focus, it is stabilizing a country, kicking-starting the?economy, and then transitioning to a more democratically elected, representative government. He said that he believed that these are the correct objectives that the Venezuelan government is working towards. The company was still willing to send a team of technical experts to the country. Woods stated?during the fourth quarter earnings call? that Exxon had the technology to produce more expensive barrels in the country known for its heavy crude. Woods stated that "we have an advantage because of the work we've done in Canada and the focus that the technology organization has on developing heavy oil reserves. We think that we will bring a?approach which will lead to lower cost production, higher recovery and therefore more economical barrels to the market." Woods said that potential changes in Venezuela may create a "more favorable operating environment" near Guyana even though parts of the Stabroek block are still under force majeure because of a border dispute. Woods added that Arunima Kuber in Bengaluru, Sheila Dang from Houston and Nathan Crooks in Houston were responsible for reporting.
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Gold briefly drops below $5,000 due to Fed action and investor caution
Gold prices fell by over 8%, briefly breaking below $5,000 as the dollar strengthened ahead of Donald Trump's U.S. Federal Reserve statement on Friday. However, bullion is still poised to make its largest monthly gain since 1982. As profit-taking took hold, other precious metals have also fallen sharply. Spot gold fell 5.7% to $5,087.99 per ounce at 1257 GMT. It had fallen as low as $4.957.54 an ounce earlier in the day. U.S. gold futures for February delivery fell 4.6% to $5,081.70. Rania?Gule is a senior analyst at XS.com. She said: "I see this decline as a correction and a profit-taking after the rapid rally. This prompted many institutions and investors to reassess and reduce their risk exposure." Gold reached a record high of $5,594.82 Thursday. It is on course to gain more than 17% this month and will be heading towards a sixth consecutive monthly gain. The dollar rose after President Trump selected Kevin Warsh, a former Federal Reserve Governor who was perceived to be a relatively hawkish choice. He will take over the U.S. Central Bank when Jerome Powell's tenure ends in May. Dollar-priced Gold is more expensive to overseas buyers due to a stronger U.S. dollar. The physical gold premiums in India reached their highest level in over a decade due to strong investment demand in anticipation of an?likely duty hike. China's premiums soared after an increase in jewellery and investment demand. Ross Norman, an independent analyst, said: "We expect gold to dip much lower than it is today, but we also see a recovery and averaging $5,375 by 2026. It will reach a high of $6,400 in the fourth quarter." Silver spot was down 14.1% to $99.79 per ounce, after falling as low as $95.79. The metal reached a record high of $121.64 Thursday, and is up 42% in this month. It's on track to have its best performance ever. Norman said: "Although the silver price has risen largely on the basis of sound fundamentals, I believe there is a speculative overstimulation in the market. After hitting a record-high of $2,918.80 an ounce on Monday, spot platinum fell 12.6%, to $2,298.76 per ounce. Palladium fell 9.3% to $1.819.75. (Reporting from Pablo Sinha, Bengaluru Additional reporting provided by Swati verma Editing done by David Goodman.)
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Investors become nervous as they discover gravity.
Fear of missing out on something triggers large moves Two-way markets: a reminder to speculators The Chinese Lunar New Year could bring in more sales By Pratima Deai and Polina devt LONDON, JANUARY 30 - After hitting record highs this week, gold, silver, and copper prices fell on Friday as investors rushed to lock in their profits, hoping that the aggressive U.S. rate cuts would fade. The dollar also stabilized. On Friday, President Donald Trump announced that he had appointed Kevin Warsh as the new head of the U.S. Federal Reserve. Dollar index, which measures the U.S. dollar against other currencies, had firmed up in anticipation of Warsh's nomination. Tom Price, Panmure Liberum analyst: "The market believes Kevin Warsh is rational and won't aggressively push for rate reductions." "Generalist investors with different agendas, like protecting capital, are taking profits." Dollar-priced materials could become more expensive to holders of other currencies if the U.S. dollar increases. This could affect demand. Funds that trade using numerical models to generate buy and sell signals use this relationship. INVESTORS CASH-OUT AFTER GOLD AND SILVER RALLIES Profit-taking in the last trading session of January was triggered by the fact that gold and silver were up 17 and 39 percent respectively. This came after a few days of low liquidity, where fear of missing out led to small movements. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that both gold and silver are due for a correction, given their recent surge was highly speculative. At 1201 GMT, gold was down 4.7% to $5,143.40 an ounce and silver lost 11%, dropping from $5,594.80 to $121.60, respectively, after Thursday's records. Independent analyst Ross Norman said, "Precious Metals have found gravity." It's brutal but speculators are reminded that these markets have a two-way nature. Copper, after reaching a record high of $14,527.50 per metric ton, fell 1.1% on Friday, closing at $13,465. Copper has risen 6% this month, after a 11% increase in December. Alice Fox, a Macquarie analyst, said that prices are likely to stay high and volatile for the foreseeable future as money continues to pour into this small and crowded market. Copper, aluminum and other industrial metals will continue to lose value on the exchanges before the Lunar New Year on February 16 when China, the world's largest metals consumer for a year, will be shut down. Price at Panmure said that Chinese punters would not want to take any positions on these volatile markets. "Look what has happened within just 12 hours." (Reporting and editing by Louise Heavens; Pratima Dasai)
The top cases in the US Supreme Court docket
During its current term, the U.S. Supreme Court weighs a number of important cases involving such issues as presidential powers and tariffs, gun rights, transgender sportspeople, campaign finance laws, voting rights, LGBT “conversion therapy”, religious rights, capital punishment, and race. The term began in October, and will run through June. Separately, the court has also acted in emergency cases in several cases that challenge President Donald Trump's policy.
TRUMP'S FIRE OF FED OFFICIAL Justices expressed skepticism about Trump's attempt to fire Federal Reserve governor Lisa Cook, a move that could threaten the independence of the central bank. The justices said they would not grant Trump's request for a judge to overturn a decision that prevented him from firing Cook immediately while her legal case played out. Congress created the Fed by passing a law called the Federal Reserve Act. The act included provisions to protect the central bank against political interference. It required governors to only be removed "for cause" if a president so deemed. However, the Federal Reserve Act does not define this term or establish procedures for removal. Trump claimed that Cook's firing was due to unproven allegations of mortgage fraud, which Cook denied. Cook, who is still in her position for now, said that the allegations were a pretext to fire Cook over differences on monetary policy, as Trump pressures the Fed into cutting interest rates. The ruling is expected to be made by the end June.
TRUMP TARIFFS During arguments on the 5th of November, the justices raised questions about the legality and impact of Trump's sweeping Tariffs. This case has implications for the global economic system. It is a test of Trumps' powers. Conservative and liberal justices grilled the lawyer for the Trump administration on whether or not a 1977 law intended to be used during national emergencies gives Trump the authority he claims to have claimed in order to impose tariffs, or if the president has stepped into the power of Congress. Some conservative justices, however, also stressed that presidents have inherent authority when dealing with foreign nations. This suggests the court may be divided on the outcome. Lower courts ruled Trump had overstepped his bounds by invoking the 1977 International Emergency Economic Powers Act in order to impose tariffs. This was challenged by 12 U.S. States and various businesses. The ruling is expected to be made by the end June.
Birthright Citizenship The court agreed to rule on the legality Trump's directive restricting birthright citizenship. This is a controversial part of Trump’s efforts to curb immigration, and would change the way a 19th-century constitutional provision was long understood. The lower court blocked Trump’s executive order, which instructed U.S. agencies to refuse to recognize citizenship for children born in the U.S. when neither parent was an American citizen or a legal permanent resident (also known as a "green-card" holder). The court found that Trump's directive violated the 14th Amendment of the U.S. Constitution and federal law codifying the birthright citizenship rights. This was in response to a class action lawsuit filed by parents and their children who felt threatened by this directive. Arguments in the case have not been scheduled.
LOUISIANA ELECTORAL DISTRECTS The conservative justices of the court signaled on October 15, their willingness to undermine another key section in the Voting Right Act, the landmark 1965 legislation enacted by Congress in order to prevent racial bias in voting. This was during arguments in a case involving Louisiana's electoral districts. The case centers on Section 2 of the Voting Rights Act, which prohibits voting maps that dilute the power of minorities without any direct proof of racism. The lower court found a Louisiana electoral district map, which included two districts with a majority of Black people instead of one before, violated the Constitutional promise of equal protection. The ruling is expected to be made by the end June.
Federal Trade Commission Firing The conservative justices of the court have signaled that they will uphold Trump's legality in firing a Federal Trade Commission Member and give an historic boost to president power, while also putting at risk a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department appeal of a lower-court decision that said the Republican president exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term she was to serve expired in March. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to heads of independent agencies illegally infringed on presidential powers under the U.S. Constitution. Trump was allowed to remove Slaughter until the case concluded. The court is expected to make a decision by the end June.
Transgender sports participation The conservative justices seemed ready to uphold the state laws that ban transgender athletes to female teams, amid an escalating nationwide effort to restrict transgender rights. On January 13, the court heard arguments from Idaho?and West Virginia in appeals of lower court decisions siding with transgender student who challenged the bans as being in violation of the U.S. Constitution. 25 other states also have laws similar to Idaho's. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid a sharp disagreement and uncertainty about whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sport. The ruling is expected to be made by the end June.
LGBT 'CONVERSION THERAPEUTY'
The conservatives of the court during arguments on 7 October appeared to be ready to support a challenge to a Colorado statute that prohibits psychotherapists from performing "conversion therapy", which aims to change minors' sexual orientation or gender identities. A Christian counselor challenged the Colorado law under the First Amendment's protections from government abridgment. Colorado said that it regulates professional conduct and not speech and has the legal power to prohibit a healthcare practice they deem unsafe and ineffective. A lower court upheld this law. The ruling is expected to be made by the end June.
HAWAII GUNS LAW The conservative Justices expressed skepticism about a Hawaii gun law which restricts the carry of handguns in public places, such as businesses. They appeared ready to expand the gun rights again. On January 20, the court heard arguments in an appeal filed by opponents of the law, backed by Trump's administration. The challengers were appealing a judicial ruling that Hawaii's Democratic backed measure probably complies with U.S. Constitution Second Amendment rights to bear and keep arms. Hawaii's law demands that a property owner "expressly authorize" the bringing of a handgun on to private property. Four other states in the United States have laws similar to Hawaii's. The ruling is expected to be made by the end June.
Drug Users and Guns On March 2, the justices will hear arguments from the Trump administration in a Texas case that involves a dual American/Pakistani national to defend a federal gun law which prohibits users of illegal drugs. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a lower court ruling which found that the gun restrictions were in violation of the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution. The Gun Control Act, which was passed in 1968, prohibited gun ownership by drug users.
CAMPAIGN-FINANCE On December 9, the court heard arguments in a Republican led bid to overturn federal spending limits by political parties coordinated with candidates. The case involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. However, the three liberal justices of the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates' input violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that upheld restrictions regarding the amount of money political parties can spend in campaigns, with input from candidates who they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June.
MAIL-IN BOARDS The court will listen to Mississippi's defense against a state law that Republicans are challenging. This law allows for a five-day period of grace to count mail-in votes received after Election Day. This case could lead to stricter voting laws in the United States. A lower court declared illegal the state law allowing mail-in ballots from certain voters to count if they are postmarked before Election Day, but received within five days of a federal election. Arguments in this case have not been scheduled.
U.S. ASYLUM - PROCESSING: The court accepted to hear the Trump Administration's defense to the U.S. Government's authority to restrict the processing of asylum requests at ports of entry on the U.S. Mexico border. The Trump administration appealed the lower court's ruling that the "metering policy" was illegal. This allowed U.S. Immigration officials to stop asylum seekers and refuse to process their claims at the border. Former President Joe Biden revoked the policy, but Trump has said that he would be open to resuming its use. Arguments in the case have not been scheduled.
Human Rights Abuses Abroad The court heard an appeal from Cisco Systems, in which the company and Trump administration asked the justices to limit the reach of federal law used to hold companies liable for abuses committed overseas. Cisco appealed the 2023 ruling which gave new life to a lawsuit filed in 2011 accusing the California-based firm of developing technology that enabled China's government monitor and persecute Falun Gong members. The Alien Tort Statute was the basis of the lawsuit. This 1789 law had lain dormant in U.S. courtrooms for almost two centuries, before attorneys began to use it in the 1980s in international human rights cases. Arguments in the case have not been scheduled.
CRISIS PREGNANCY COUNTER The court seems to be inclined to side with an operator of Christian faith based anti-abortion “crisis pregnancy center” in New Jersey, in a dispute arising from the state attorney's investigation as whether these facilities engages in deceptive practice. During the December 2 arguments, a large majority of the Justices appeared to be inclined to revive a lawsuit filed by First Choice Women's Resource Centers against Democratic Attorney General Matthew Platkin's subpoena 2023 seeking information about the organization's doctors and donors. First Choice's facilities are designed to discourage women from getting abortions. The decision is expected to be made by the end June.
RASTAFARIAN INMATE The conservative justices seemed inclined to reject the Rastafarian inmate's attempt to sue prison officials in Louisiana after they shaved his head in violation of religious beliefs. The case was brought before the court in November 10 under a federal statute protecting incarcerated persons from religious discrimination. Plaintiff Damon Landor's religion requires that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit, because they found that the statute in question did not allow for him to sue officials individually for monetary damages. The ruling is expected to be made by the end of June.
DEATH ROW INMATE The court heard arguments in December in an attempt by Alabama officials in order to pursue the execution for an inmate who was convicted of a murder in 1997 after a lower judge found him intellectually disabled, and therefore ineligible to receive the death penalty. The Republican-led state has appealed a lower court ruling that Joseph Clifton Smith was intellectually disabled based upon his intelligence quotient (IQ), test scores, and expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person intellectually challenged violated the Eighth Amendment of U.S. Constitution prohibiting cruel and unusual punishment. The Supreme Court is expected to rule by the end June.
WEEDKILLER CANCER CLAIM
The court will consider Bayer's request to limit lawsuits claiming the German 'pharmaceutical' and biotechnology firm's Roundup weedkiller is cancerous and possibly avoid billions in damages. Bayer appealed the ruling of a lower court in a case filed by a man claiming he had been diagnosed with non-Hodgkin lymphoma following years of exposure Roundup. The lower court rejected Bayer’s argument that U.S. laws governing pesticides bar lawsuits based on claims made under state law. Arguments in the case have not been scheduled.
FCC FINES FOR WIRELESS CARRIER The Justices will hear the dispute over fines levied by the Federal Communications Commission against major U.S. carriers who shared customer location data with other companies without their consent. This is the latest case that has reached the Supreme Court challenging the authority of an American regulatory agency. The case concerns the FCC's efforts to impose tens-of-millions-of-dollars in fines on carriers like Verizon Communications and AT&T before they had their day in the court. Arguments in the case have not been scheduled.
COX COPYRIGHT DISSERT The court heard arguments in December in an attempt by Cox Communications, a provider of internet services, to avoid financial responsibility in a major copyright lawsuit brought by record labels who accused Cox of allowing its customers to piracy thousands of songs. Justices appeared to be skeptical about Cox's claim that mere knowledge of user piracy was not enough for it to be held liable for copyright violations. A lower court ordered that a new trial be held to determine the amount of money Cox owes Sony Music Group, Warner Music Group Universal Music Group and others for contributing copyright infringement. Cox, which is the largest division of privately-owned Cox Enterprises said that the retrial may result in a verdict of up to $1.5 billion against it. The ruling is expected to be made by the end June.
(source: Reuters)