WS #11094
The dominant signal in this window is the Supreme Court upholding birthright citizenship, striking down Trump's executive order. This is a high-significance legal/political development with broad implications for immigration policy and related sectors. Separately, ECB sources indicate policymakers are debating doubling banks' minimum reserve requirements to 2%, a potential tightening move that could impact European bank profitability and lending. In corporate news, FDA cleared PMI's Zyn as reduced-risk, a bullish catalyst for PMI. Bitcoin slid below $60,000 amid continued selling pressure. Tech and semis continue to rally, with AMD hitting a 52-week high and Intel reclaiming $140, while European stocks capped best quarter since 2020. The Ukraine-Russia conflict shows escalation with drone/missile strikes on Crimea causing fuel shortages, and Putin reportedly acknowledging the effectiveness of strikes on oil refineries. The Alito retirement announcement is a developing story with potential long-term implications for the Supreme Court's ideological balance.
Topics
Key developments
- Supreme Court upholds birthright citizenship, strikes down Trump executive order
- ECB sources: policymakers debating doubling minimum reserve requirement to 2%
- Bitcoin slides below $60,000; bearish outlook from analysts
- Tech and semiconductor rally continues; AMD hits 52-week high, Intel reclaims $140
- FDA clears PMI's Zyn as reduced-risk; bullish for tobacco
- Ukraine strikes on Crimea cause fuel shortages; Putin acknowledges effectiveness
- Justice Samuel Alito retiring