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Gold reaches a one-month high as US-Iran hopes for peace ease inflation concerns
On Wednesday, gold rose by more than 2% to a new one-month-high as investors looked forward to key U.S. employment data and hoped that a U.S. Iran peace deal would ease inflation fears. By 1113 GMT, spot gold had risen 2.3% to $4168.34 an ounce, its highest since July 7. U.S. Gold Futures increased 1.8% to $4227.40. Donald Trump, the U.S. president, said that his administration had "very positive discussions" with Iran on Tuesday during an all-day negotiation. This has fueled expectations for a quick end to this five-month conflict. There are more signs that a Gulf ceasefire agreement is in the works, and this means Treasury yields will be moving lower on account of inflation concerns, making non-yielding investments like gold even more attractive," Jamie Dutta said, a market expert at trading platform Nemo.money. The U.S. Dollar remained under pressure. This made metals priced in greenbacks more appealing to holders of other currencies. Yields on the benchmark 10-year U.S. Treasury notes fell to an all-time low. In a high-interest rate environment, gold tends to lose appeal despite its role as an inflation hedge. It yields no return. According to the CME FedWatch Tool, traders now price in a 57% chance of a rate hike for September, down from 67% one day earlier. Jeff Schmid, President of the Federal Reserve Bank of Kansas City, said that monetary policy needs to be tightened to bring "too-high" inflation to 2%. Concerns about the Fed’s credibility are likely to ease over the next few months as the central bank increases interest rates. This would lead to gold prices dropping and settling under $4,000 per ounce by the end of this?year," said Hamad Hussain a climate and commodities economist with Capital Economics. The ADP Employment Report is due at 1215 GMT, and the non-farm payroll report for July will be released on Friday. Spot silver rose 3.3% to $61.50 an ounce, its highest level since July 7. Palladium was up 1.5% at $1,373.35, following a two-month high. Platinum rose 1% to $1752.20. (Reporting and editing by Rashmi aich and Joyjeet Das in Bengaluru)
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Copper stocks above $14,000/t as US stock tightens
The?price of copper remained above the psychological $14,000 per metric ton mark on Wednesday. This was due to the fact that inventories at the London Metal Exchange fell as more metals were brought into the U.S. Ahead of possible tariffs on refined Copper. The benchmark three-month copper price on the LME remained unchanged at $14,066 per metric ton as of 1004 GMT. On Tuesday, the contract reached $14,117, which was its highest level since last May 14. The daily LME stock data revealed that more metal had been removed from LME-registered storage facilities in Asia. Total stocks are now at 231,825 tonnes, their lowest level since mid-February. Available stocks have also dropped to 94,125 metric tons, their lowest level since mid-January. The premium of the LME Cash Copper contract over the 3-month contract signals tighter conditions in the near-term for supply. Last time,?was at $117.5 per ton. This was the highest level seen since October. COMEX copper was traded at a premium to the LME benchmark, as the market anticipated a possible U.S. tariff decision. This encouraged inflows into COMEX inventory. COMEX inventories grew by 45,000 tons just in July. Codelco, a Chilean company, halted an expansion project at its flagship El Teniente Mine a year after the deadly?collapse. They said that recent studies showed a greater seismic risk. RBC Capital Markets analysts said: "We remain positive on the copper markets given the tightening of the market, both physically and in the longer term, as well as the disappointments with supply and the uncertainty surrounding tariffs." The improved risk sentiment that followed the U.S. president Donald Trump's Tuesday statement that his administration had "very positive discussions" with Iran, fueled expectations of an ending to their?"five-month conflict. Zinc, among other LME metals rose by 0.7%, to $3 699 per ton, after reaching $3 709, which was a four-year record. LME's?available zinc stock is at 73.825" tons, which is the lowest since December. Short-term LME Zinc?contracts are trading at a higher premium than contracts with longer maturities. LME aluminium rose 0.2%, to $3,228.50. Lead fell 0.2%, to $1,892.50. Tin gained 0.6%, to $56,255. Nickel lost 0.9%, to $17 045. (Reporting and editing by Emelia Sithole Matarise; Polina Devtt)
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MORNING BID AMERICAS - Outer SpaceX
What is important in the U.S. and international markets today by Mike Dolan Editor-at-Large of Finance and Markets After all the 'doubts and hand-wringing the S&P 500 & Dow Jones have returned to record highs. They surged on Tuesday amid the falling oil prices & bumper earnings season. SpaceX's shares dropped despite exceeding?revenue estimates in its first quarterly earnings report. Below, I'll delve deeper into that. Check out my midweek column where I discuss the possibility of an AI "jobsmageddon", and more. Listen to the Morning Bid podcast where we talk about yesterday's outstanding earnings reports. Subscribe to the Morning Bid daily podcast and hear our journalists discuss all of the latest news in finance and markets seven days a weeks. Outer SpaceX The market's reaction to SpaceX’s first earnings release was not positive, despite the company’s strong top-line numbers. Discussions centered on the company's rising AI capex, and its cash burn. There was also concern over whether the sale of early investors and insider shares would put pressure on the stock when the post-IPO locking periods expired. AMD's stock also fell overnight following its own forecast beating update. Palantir's shares soared by nearly 30% earlier in the day after it announced its impressive quarter results. Dow-stalwart Caterpillar, meanwhile, also saw its share price rise. The reporting season was a remarkable success, with the indexes gaining overnight. The strong Wall Street performance yesterday may have been due in part to Brent crude which fell another 5% on Wednesday to below $80 a barrel. Prices rose above this level again on Wednesday, after Yemen's Iran aligned Houthi rebels claimed to have attacked a Saudi tanker in Red Sea. Washington officials also said that the mediation between the U.S., Iran and other countries on the reopening of the Strait of Hormuz may?bear fruits this week. Tehran denies direct talks are taking place with the U.S., but it has said that talks with Oman about transit through the Strait of Hormuz were ongoing. Qatari officials have said that go-betweens made progress in the efforts to end the war. The strait has also been busier in recent weeks. The oil price decline has also cooled the yields on Treasury bonds, even though Kansas City Fed Chief Jeffrey Schmid stated Tuesday that tightening policy would be needed to bring inflation back to the 2% target. In the wake of this week's major labor market reports, we have learned that hiring has increased but job openings decreased in June. Today's schedule includes the private sector payrolls for June. The bond market must also consider the latest quarterly details of refunding, which are due to be released later today. This will allow them to determine how the higher borrowing totals?are spread along the yield curve. Recently, the U.S. financial situation took a new blow. On Tuesday, there were reports that the U.S. had already paid up to $100 billion in rebates for tariffs imposed by the Supreme Court earlier this year. Treasury Secretary Scott Bessent stated that he will do "whatever is necessary" to help Japan defend the yen on the currency markets. He also urged the Fed to increase the size of the repo facility used in the joint intervention last week. The yen seems to be stabilising at higher levels for the time being. Chart of the Day Chipmaker AMD's shares fell 7% before Thursday's bell, despite beating quarterly revenue estimates overnight. High valuations means that?the bar is high to impress Wall Street. The stock is up 140% this year, as the AI frenzy 'catapulted chip shares higher around the world. AMD's $850 billion market capitalization means its price-to-forward-earnings valuation is now an eye-watering 43 times - far higher than the 25 times for the U.S. chip sector overall and more than twice Nvidia's multiple. Watch today's events * U.S. ADP July payrolls (8.15 am EDT), ISM Non-Manufacturing PMI for July (10.30 am EDT). * U.S. Corporate Earnings: Eli Lilly (Sandisk), Western Digital, Disney and Uber Mary Daly, President of the San Francisco Fed and Fed Governor Lisa Cook both speak Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed here are the author's. These opinions do not represent those of News. News is bound by the Trust Principles to maintain integrity, independence and freedom from bias. (By Mike Dolan).
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Glencore says that exposure is not material, and takes a provision against Radiant World
Gary Nagle, the CEO of Glencore, said that the company had?taken an provision relating to Radiant World. However, he added that Glencore's exposure towards the iron ore trading firm was not significant. We have some existing contracts that still need to be completed. Nagle said on a conference call that they are assessing how to deal with them in a legal manner. However, we have stopped doing any new business. Bloomberg reported that last week, fellow trading houses Vitol and Cargill had stopped doing business Radiant World because they were concerned about the validity of invoices sent to their banks. Radiant World stated that the claims made were unsubstantiated and inaccurate. Nagle refused to reveal the amount of the provision, or when and why Glencore ceased doing new business with Radiant World. The CEO said: "We want everything to be done legally, due to the increased scrutiny surrounding this counterpart." Nagle said that Radiant World, Sapphire Minmetals and another 'company' reported to have been scrutinized over invoices should be considered as being part of the same group. Nagle, when asked to comment on Glencore's exposure to Sapphire, said that the two firms "share similar shareholdings and have similar management." Radiant World declined to comment. Sapphire didn't immediately respond to a comment request. Reporting by Tom Daly, Clara Denina. Solomon Cefai contributed additional reporting from Singapore. Editing by Louise Heavens, Mark Potter and Mark Potter
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Gold reaches a one-month high as US-Iran hopes for peace ease inflation concerns
As investors awaited the Federal Reserve's next policy move, gold rose more than 2% to a?month high on Wednesday as hopes for a?U.S. Iran peace deal tempered inflation fears. By 0836 GMT, spot gold had risen 2.2% to $4164.13 an ounce, its highest since July 7. U.S. Gold Futures rose by 1.7% to $4223.60. U.S. president Donald Trump stated that his administration had "very positive discussions" with Iran on Tuesday during the all-day talks, which fueled expectations of an impending end to the five-month conflict. There are signs that a Gulf ceasefire agreement is in the works, and Treasury yields will be lowered as inflation fears ease. This makes non-yielding investments like gold more appealing. The U.S. Dollar remained under pressure. This made metals priced in greenbacks more appealing to holders of other currencies. Yields on the benchmark 10-year U.S. Treasury notes fell to an all-time low. In a high-interest rate environment, gold tends to lose appeal despite its role as an inflation hedge. It yields no return. According to the CME FedWatch Tool, traders are now pricing in 59% of a rate hike for September, down from 67% just a day ago. According to Jeff Schmid, the president of the Federal Reserve Bank of Kansas City, monetary policy tightening will be needed in order to bring "too-high" inflation down to 2%. Concerns about the Fed’s credibility will likely ease as the central bank increases interest rates in the coming months. Hamad Hussain is a climate and commodities analyst at Capital Economics. He said that this would lead to gold prices dropping and settling under $4,000 per ounce by the end of the year. The ADP employment report is due at 1215 GMT and the July nonfarm pay reports are scheduled for Friday. Spot silver rose 3.3% to $61.49 per ounce, the highest level since July 7. Platinum rose by 1.1% to reach $1,753.84 after reaching its highest level in mid-June. Palladium also gained 1.6%, to $1375.15 after reaching a two-month high. (Reporting from Bengaluru by Pablo Sinha; Editing by Rashmi aich)
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Investors on edge over Mideast peace talks as stocks get AI boost
The world stock markets edged up on Wednesday, as Wall Street reached record highs thanks to robust earnings and renewed interest in technology shares. Meanwhile, hopes of progress regarding the opening of the Strait of Hormuz drove down oil prices and bond yields. Investors awaited signs of progress in the U.S. Iran negotiations. The pan-European STOXX 600 Index was up by 0.1% last. U.S. president Donald Trump said that his administration had "very positive discussions" with Iran, during the all-day talks. This has fueled hopes for an end to the five-month conflict. The drugmaker Novo Nordisk fell 4.2% following disappointing sales of the Wegovy weight loss pill. This overshadowed an impressive second-quarter profit beat. HSBC's shares dropped nearly 3% a week after the results, as investors digested analyst reactions to the numbers. The Nikkei 225 index rose 3.7%, its highest level since July 23. South Korea's stock market closed 3.8% higher. The broadest MSCI index of world stocks rose by 0.4%. Even though the mood was positive, AMD's premarket shares fell by?7% after falling 8.8% after hours. The company's results exceeded analysts' expectations but failed to live up to investors' high expectations. SpaceX, a company that makes satellites and AI products, was down 10% on premarket trade on concerns heavy capital spending is eating up its cash flow. The rising borrowing costs in the AI sector have been a constant concern for all AI shares. Chris Weston is the head of research for broker Pepperstone. He said: "SpaceX has continued to perform well in terms of operations, but its ambitious investment plan means that additional capital will be needed over the medium- to long-term." Nasdaq 'futures' were flat while S&P500 futures gained 0.3% after the benchmark index reached all-time highs Tuesday. OIL SLIDES BOOST BONDS The lower oil prices boosted the mood after Qatar announced that mediators had made progress in their efforts to end U.S.-Iran War, although details were still lacking. Brent crude has risen over 50 cents or 0.7% to $79.95 per barrel. This is a far cry from its peak in July of $102 while U.S. Crude rose 14 cents at $75.90 after reports that a Saudi Arabian ship was attacked in the Red Sea. John Oh, energy economist at CBA, observed ship tracking data and said that the Strait of Hormuz was proving to be more resilient than initially thought. Flows were perhaps 40%-45% of what they had been pre-war last week. He wrote that the Brent oil futures dropped into the 70s because of this. The drop in oil prices has provided some relief to inflation fears, and the 10-year Treasury yields are now at 4,606%. This is down from last weeks high of 4.747%. James Rossiter is the head of global economy at TD Securities. He said that the Federal Reserve will closely monitor next week's inflation data and Friday's job report. Rossiter stated that if the Fed changed from a steady rate cycle to one of?tightening, "markets will respond strongly". The markets also reduced the probability of an increase in Fed rates to September from 67% to 57%. Jeff Schmid, President of the Fed Bank Kansas City, spoke on Tuesday and called for tighter policies to bring inflation to its 2% target. The euro was essentially flat at $1.1540 - just below the recent high of $1.1559, which is a six-week old record. The dollar remained steady at 157.75yen, despite the threat of "intervention" still hanging over the markets. U.S. Treasury secretary Scott Bessent stated that he was confident Bank of Japan Governor Kazuo Ueda "would do what is best" to help Japan's economic situation, and the markets took this as an encouragement to increase interest rates. Last week, Japan and the United States made a rare joint intervention to buy yen and promised further action in the future if needed to support the currency. The drop in yields on commodity markets helped gold that does not pay interest to rise 2.2%, reaching $4,166 per ounce. Reporting by Nell Mackenzie & Wayne Cole. (Editing by Shri Navaratnam Amanda Cooper Mark Potter and Mark Potter.
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Why have Indian stock traders been spooked by the new closing price system?
India's benchmark Nifty has seen a sharp swing in price following the introduction of a new formula for calculating closing prices?for stocks that have derivatives contracts. The BSE Sensex and the volatility of Wednesday's session triggered a rare, third-straight session divergence. This led to heavy losses among traders. HDFC Bank, ICICI Bank, and Reliance Industries account for more than?27%. The Sensex is composed of 30 stocks that are all also included in the Nifty 50. WHAT IS THE NEW METHOD TO DETERMINE CLOSING PRICE? India introduced on Monday the Closing Auction Session, a separate window of 20 minutes that starts at 3:15 pm IST following regular trading in eligible stocks. Exchanges will collect orders to buy and sell during this time. The order entry window closes randomly between 3:28 and 3:30 p.m. After 3:30 pm IST and the matching of trades, the price at which maximum volume is possible can be determined. The new system replaces a previous method in which the closing price was based on an average of the trades that were executed during the last 30 minutes of continuous trading. Stocks without futures or options contracts will continue to be calculated using the old system. Why has the new method caused divergences between the NIFTY and SENSEX index? The National Stock Exchange of India stated that?the two exchanges maintain separate orderbooks, which means individual stocks prices can vary between exchanges. This leads to a divergence of index?closing level. Dealers have the ability to view bid and offer price in regular trading. However, the new system does not allow this visibility during the last 20 minutes. Divergence may also be due to the different weightings of stocks between the two indices. The NSE has a much higher institutional cash market volume than the BSE. Why was CAS introduced? The new process brings India closer in line with global markets and provides a transparent and fair closing price. It also improves the efficiency of executing large orders. What happened on Tuesday? Options premiums were affected by the sharp rise in the Nifty50 at the close of Tuesday, which coincided with the expiration of the weekly derivatives contracts. Traders who lost money on the move said that the 20-minute auction was not a good indicator of where the Nifty50 would end up. When will?THE DIFFERENCES IN INDEX? CLOSE PRICES end? Participants in the market expect that as more traders and institutional participants participate, the gap will narrow. Kotak Mutual Fund stated in a letter to investors that they expect pricing inefficiencies to ease as the new system is adjusted. It said that while the first days of the market may be characterized by temporary price dislocations and valuation volatility, the behaviour should normalize as participants adjust to the new framework. Reports on Wednesday stated that the regulator would not be able to review the system right away and expected issues to be resolved'soon. WINNERS & LOSSES Arbitrage funds that hold positions on both the cash and futures market were among the most benefited by the sudden jump in prices. A clear arbitrage opportunity was created as cash market prices soared and futures prices lagged. Retail traders were also caught by surprise and suffered losses. Vivek M. Reporting; Jayshree Upadhyay, Nivedita Bhattacharjee and Nivedita Bhattacharjee.
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South Korean shares close at a record high for a week on AI frenzy and cheaper oil
South 'Korean stocks closed at a record high for a week on Wednesday, as heavyweight chipmakers rallied in response to strong U.S. earnings. They also showed evidence of massive AI capital expenditure. Meanwhile, lowering oil prices eased inflation concerns. The benchmark KOSPI closed 3.8% higher, at 6,598.26. This was its highest closing since July 27. The junior Kosdaq rose 2.4%, reaching a new closing high of three weeks. Chip stocks rose by a record amount overnight, thanks to strong earnings from AI companies. SpaceX also boosted chip stocks with its massive expenditures. The Philadelphia Semiconductor Index jumped?6.6%. Samsung Electronics, a South Korean memory chip maker, and SK Hynix, a South Korean memory semiconductor manufacturer both gained 2,9% and 6,7% respectively. These two companies account for more than half of KOSPI. The sharp volatility in the market in recent weeks has been tempered by the tame trading of leveraged ETFs that are tied to chipmakers. The KOSPI lost almost 40% over the course of five weeks, ending in late July. However, it is still up by 57% for the year. The unwinding of single-stock leveraged exchange traded funds over the past few weeks has eased some technical pressure and allowed 'fundamentals' to gain greater influence,? said James Ooi. Market strategist at Tiger Brokers. While the KOSPI valuation has become more appealing following the sharp correction that began in May,... The selling pressure is easing but the deleveraging of memory stocks continues and could continue to keep volatility high." Hyundai Motors and Kia Corp, its sister company, both rose by 3.1% and 2.6% respectively. POSCO Holdings, a steelmaker, rose 1.3%. Samsung BioLogics, a drug maker climbed 1%. The won has appreciated for the third day in a row, reaching as high as 1,420.8 U.S. dollars on the settlement platform onshore. The currency is up almost 1% in the last three sessions. The minutes of the Bank of Korea meeting in July showed that policymakers felt the need for?further tightening?, though the timing and rate of future rate increases will depend on the incoming data. The markets are pricing in an almost 70% chance of a hike of 25 basis points ahead of the next meeting of central bank policy scheduled later this month. According to data from the exchange, foreigners bought shares worth 1.446.3 billion won ($1.02 million) on Wednesday after selling 9.862 trillion won during July. On the money and debt market, September futures on three-year Treasury bonds rose 0.24 points?to 103.57. The benchmark 10-year yield dropped by 10.1 basis point to 4.148%, while the most liquid Korean three-year treasury bonds yield fell by 7.7 points to 3.665%.
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 in several cases that challenge President Donald Trump's policy.
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 Trump’s power. Both conservative and liberal justices pressed the lawyer for Trump's administration on whether or not a 1977 law meant to be used during national emergencies had given Trump the authority he claimed he needed to impose tariffs, or if the president had stepped into the powers 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 final outcome. Lower courts ruled Trump had overreached by invoking the International Emergency Economic Powers Act of 1977 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 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 ruling was made 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 DISTRICTS The conservative justices of the court signaled on October 15, their willingness to undermine another key section in the Voting Right Act, a landmark 1965 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 found 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 Constitution promise of equal treatment. The ruling is expected to be made by the end June.
TRUMP'S FIRE OF FED OFFICIAL On January 21, the justices will hear arguments about Trump's bid to remove Federal Reserve governor Lisa Cook. This is the first time a president has attempted to fire a Fed officer, as he questions the independence of the central bank. The court refused to decide immediately on a Justice Department's request to put a judge’s order temporarily blocking Trump from removing Cook. The Federal Reserve Act, passed by Congress in 1913 to create the Fed, included provisions that shielded the central bank against political interference. This law required governors to only be removed "for cause" and did not specify the procedure for removal.
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 a lower court’s decision that the Republican President exceeded his authority by moving to dismiss Democratic FTC Member Rebecca Slaughter before her term 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 sports teams, amid an escalating nationwide effort to restrict transgender rights. The court heard arguments on January 13, in appeals filed by Idaho and West Virginia, regarding lower court decisions siding with transgender student who challenged the bans imposed in both states as violating federal anti-discrimination laws and 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'
On October 7, the conservatives of the court appeared to be ready to support a challenge to a Colorado law that prohibits psychotherapists from performing "conversion therapy", which aims to alter a minor's gender identity or sexual orientation. Christian counselors challenged the Colorado law under First Amendment 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 On January 20, the justices will hear a challenge to Hawaii's law that restricts the carrying of handguns in public places, such as businesses. This gives the court an opportunity to expand gun rights. Three Hawaii residents who hold concealed-carry permits and a gun rights group based in Honolulu appealed the lower court's ruling that Hawaii's measure is likely to comply with the U.S. Constitution Second Amendment right of keep and bear arms. Hawaii's concealed carry law requires that licensees obtain the owner's permission before bringing their handguns onto public property.
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 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 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-BALLOTS The Mississippi state court will hear the defense of a law that Republicans are challenging. This state law allows for a five-day grace period to count mail-in votes received after Election Day. This case could lead to stricter voting laws in other states. A lower court declared illegal the state's law that allows mail-in votes sent by certain voters be counted even if they are postmarked before Election Day, but only received five days after an 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 re-introducing it. Arguments in the case have not been scheduled.
HUMAN RIGHTS ABUSES ABROAD HUMAN RIGHTS ABUSES ABROAD HUMAN RIGHTS ABUSES ABROAD - The Court heard an appeal from Cisco Systems, in which both the company and Trump administration asked the justices for a limit on the federal law used to hold companies liable for abuses of human rights committed abroad. 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 to 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 a state attorney general investigation into whether or not 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 Resource Centers against Democratic Attorney General Matthew Platkin 2023's subpoena requesting 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 INMAT 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. On November 10, the case was brought before the court under a federal statute protecting people incarcerated 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 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 the lower court's decision 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.
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 a chance in 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 sounded skeptical about Cox's claim that mere knowledge of user piracy was not 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 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)