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Asian shares rise and commodity prices ease after rally on Wall Street

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Asian shares rise and commodity prices ease after rally on Wall Street

Equities rose as some commodity costs eased, giving international markets a reprieve after a relentless collection of inventory losses pushed by the escalating warfare between Russia and Ukraine.

Japan’s Topix rose 4 per cent and was on observe for its finest day in virtually 21 months, whereas Australia’s S&P/ASX 200 gained 1.2 per cent. China’s benchmark CSI 300 index rose 2.3 per cent whereas in Hong Kong the Grasp Seng index climbed 1 per cent.

The positive aspects in Asia adopted on the heels of a rally on Wall Avenue, the place the benchmark S&P 500 rose 2.6 per cent and the tech-focused Nasdaq Composite jumped 3.6 per cent after the Europe’s continent-wide Stoxx 600 index rose 4.7 per cent.

The rebound ended a four-day shedding streak for international equities spurred by issues over the fallout from the warfare in Ukraine, as escalating sanctions elevated the specter of spiralling commodity costs sparking recessions in Europe and elsewhere on the earth.

“Markets appear to have latched on to a few barely much less dismal clues as an excuse to rally arduous within the final 24 hours,” stated Robert Carnell, head of Asia analysis at ING.

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These developments included an anticipated assembly between Russian and Ukrainian officers on Thursday and the suggestion oil-producing nations may increase output, he stated. The EU may even maintain a summit to debate a brand new development and funding mannequin and the best way to scale back dependence on Russian vitality.

However he added that “skinny markets and short-covering in all probability assist clarify chunk” of the rebound.

Inventory futures pointed to a lack of upward momentum for international shares in the course of the European session on Thursday, with the Euro Stoxx 50 tipped to rise simply 0.1 per cent. The S&P 500 was anticipated to open flat.

In commodities markets, crude costs rebounded after ending Wednesday’s session sharply decrease. Brent crude, the worldwide benchmark, rose 2.7 per cent to $114.10 after dropping 13 per cent within the earlier session, whereas US marker West Texas Intermediate rose 1.6 per cent to $110.43, recovering barely within the wake of a 12 per cent drop.

Wheat futures traded in Chicago, which have surged in latest days on fears of disruption to exports from Ukraine and Russia, closed virtually 6 per cent decrease in the course of the Asian morning at slightly below $12 a bushel.

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In China, the one nickel futures nonetheless buying and selling fell by the utmost quantity allowed, with contracts for supply in August down 17 per cent. Shanghai’s futures change suspended buying and selling for greater than half of the nation’s nickel contracts for a day on Wednesday after the Chinese language benchmark contract rose the utmost quantity for a number of consecutive days.

That surge was a response to unprecedented positive aspects in London, the place the London Metallic Trade was pressured to halt buying and selling this week when a foul guess that costs would fall by Chinese language nickel producer Tsingshan Holding triggered a cascade of margin calls that despatched the benchmark contract hovering to greater than $100,000 a tonne.

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Trump to Pick Ohio Solicitor General, T. Elliot Gaiser, for Justice Dept. Legal Post

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Trump to Pick Ohio Solicitor General, T. Elliot Gaiser, for Justice Dept. Legal Post

President Trump intends to nominate T. Elliot Gaiser, the conservative solicitor general of Ohio, to be the assistant attorney general leading the Justice Department’s Office of Legal Counsel, according to a Justice Department official. That position has traditionally often had the final say on legal debates within the executive branch.

The Office of Legal Counsel issues authoritative interpretations of the law for the executive branch through courtlike opinions. Its view of what the law permits is binding on other agencies and officials unless the attorney general overrides the office or the president opts not to take its advice.

The office was at the center of many legal and policy fights during Mr. Trump’s first administration. Led by the Trump appointee Steven Engel, it signed off on the ordering of the targeted killing of a top Iranian official and the Treasury Department’s withholding of Mr. Trump’s tax returns from Congress.

Mr. Gaiser, whose selection as the forthcoming nominee was provided by the official on condition of anonymity to discuss a matter that has not yet been announced, has a strong conservative legal résumé.

He clerked for Justice Samuel A. Alito Jr. during the Supreme Court’s 2021-2 term, when Justice Alito wrote the majority opinion overruling the Roe v. Wade abortion rights precedent.

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Mr. Gaiser had previously served two clerkship years with prominent conservative appellate court judges, Judge Neomi Rao of the U.S. Court of Appeals for the District of Columbia Circuit and Judge Edith H. Jones of the Fifth Circuit, alternating with short stints at law firms.

He did not immediately respond to an emailed request for comment late on Tuesday.

A native of Ohio, Mr. Gaiser attended Hillsdale College, a Christian liberal arts college in Michigan, and graduated in 2012 with a degree in political economy and speech studies. He spent a year at Ohio State University’s law school before transferring to the University of Chicago to finish his degree, according to his LinkedIn profile.

After his Supreme Court clerkship, Mr. Gaiser spent a year as an associate at the law firm Jones Day before the Ohio attorney general, Dave Yost, appointed him as the state’s solicitor general, representing the state government in appellate matters. Mr. Gaiser had clerked in that office after his second year in law school.

In announcing the appointment in October 2023, Mr. Yost called Mr. Gaiser “a master craftsman of ironclad legal arguments rooted in originalist principles and constitutional restraint.”

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He argued before the Supreme Court in February, defending a state agency in a discrimination case brought by a heterosexual woman who twice lost positions to gay colleagues.

His arguments attracted puzzlement from the justices because he disavowed lower-court rulings in favor of the state that had turned on the idea that a member of a majority group must provide extra evidence of discrimination, compared to a member of a minority.

Mr. Gaiser told the Supreme Court that the plaintiff could not establish that she was discriminated against based on her sexual orientation so should lose the case — but also that the state agreed with her that “it is wrong to hold some litigants to a higher standard because of their protected characteristics.”

That prompted Justice Elena Kagan to ask whether the appeals court — which had ruled for Ohio — was wrong. Mr. Gaiser said it was.

“The idea that you hold people to different standards because of their protected characteristics is wrong,” he said.

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The website for the Federalist Society, the conservative legal network, shows that Mr. Gaiser has participated in numerous events sponsored by the group in recent years. And the Heritage Foundation, where he was an intern in the summer of 2013, honored him last December as a distinguished alumnus.

He told a Heritage Foundation-linked online publication in December that Ohio was suing the Biden administration in 44 cases, while expressing conservative views on issues like environmental regulations, illegal immigration and transgender rights.

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Elon Musk-backed candidate loses Wisconsin race as liberals surge

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Elon Musk-backed candidate loses Wisconsin race as liberals surge

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Elon Musk’s preferred candidate has been trounced in a pivotal Supreme Court race in Wisconsin that was widely seen as a referendum on the controversial billionaire and the Trump administration’s agenda.

Conservative Brad Schimel, whom Musk, the world’s richest man, backed with an unprecedented $25mn, lost on Tuesday to liberal judge Susan Crawford, according to the Associated Press.

The race became the most expensive judicial contest in US history and was seen as a test case for Musk’s political might outside Washington.

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Musk, who campaigned in the state in person over the weekend, handing out two $1mn cheques to Schimel supporters, had cast the election as crucial to maintaining or enlarging the Republican’s razor-thin majority in Congress.

“Losing this judge race has a good chance of causing Republicans to lose control of the House. If you lose control of the House, there will be nonstop impeachment hearings. There will be nonstop hearings and subpoenas,” Musk, who is running Trump’s so-called Department of Government Efficiency, told Fox News on Tuesday.

In Florida, Republicans managed to fend off two Democratic challenges in special elections to the US House of Representatives, although the races proved tighter than expected.

Randy Fine, a Republican Florida state senator, won the House seat previously held by Trump’s national security adviser Mike Waltz, Jimmy Patronis, Florida’s Republican chief financial officer, won the seat formerly occupied by Trump’s initial nominee for attorney-general Matt Gaetz.

Gaetz withdrew from consideration for the cabinet role following allegations of sexual misconduct and drug use, which he denies

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The Republican wins will raise the party’s majority in the House to 220 against the Democrats’ 213, easing the task of Speaker Mike Johnson as he seeks to push Trump’s legislative agenda through Congress.

Trump hailed the wins, writing on his Truth Social platform: “BOTH FLORIDA HOUSE SEATS HAVE BEEN WON, BIG, BY THE REPUBLICAN CANDIDATE. THE TRUMP ENDORSEMENT, AS ALWAYS, PROVED FAR GREATER THAN THE DEMOCRATS FORCES OF EVIL.”

But Democrats performed much better than expected in both races, with the party emboldend by voter discontent with Trump’s agenda 10 weeks into his presidency. Republicans’ margins of victory were narrower November’s presidential election despite the contests being held in deep-red strongholds.

The result in Wisconsin will also solidify a liberal majority on the swing state’s high court, which is expected to hear cases in the coming months on abortion rights. The court could also be asked to weigh in on attempts to redraw Wisconsin’s electoral map ahead of the midterm elections in 2026.

The Wisconsin Democrats had cast the contest — which is technically non-partisan — as a referendum on Musk and Doge’s influence on the federal government.

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The party ran a campaign called “People v Musk”, which featured the billionaire wielding a chainsaw and celebrating cuts to the administrative state.

The party and Crawford attracted large donations from other billionaires, including George Soros and Michael Bloomberg.

Underscoring Republicans’ jitters, Trump last week withdrew the nomination of New York congresswoman Elise Stefanik as UN ambassador over fears that the race to replace her could also prove competitive.

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GOP retains two House seats in Florida, as Democrats claim 'historic' improvement

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GOP retains two House seats in Florida, as Democrats claim 'historic' improvement

A sign directs voters to cast their ballots at a polling station set up at the Flagler County Public Library on Tuesday. Republicans won special elections in two Florida Congressional districts. The margins of victory in the heavily-Republican districts were significantly narrower than in November.

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Joe Raedle/Getty Images

MIAMI — Republican candidates have won in two special Congressional elections in Florida, helping the GOP retain its narrow majority in the U.S. House.

In the First Congressional District in Florida’s panhandle, the state’s former chief financial officer, Jimmy Patronis, defeated Democrat Gay Valimont. In the Sixth District, along Florida’s east coast, former state senator Randy Fine beat Democrat Josh Weil.

Republicans have a substantial registration edge in both districts. But the results were far closer than those seen in November, suggesting voters may be unhappy with Republicans, President Trump and his agenda.

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In the First district in the area around Pensacola, Republican Congressman Matt Gaetz defeated Valimont by 32 points in November. President Trump nominated Gaetz to be his Attorney General. Gaetz later withdrew and left Congress, leaving his seat open. Patronis jumped into the race but was heavily outraised by Valimont, who drew support from Democrats across the country. Patronis’ margin of victory was about 15 percentage points, 17 points lower than that seen by Gaetz in November.

In the Sixth district in central Florida, Fine beat Weil by about 14 points. That’s a significantly narrower margin than that seen by then-Congressman Mike Waltz in November. Waltz defeated his Democratic opponent by 33 points. He left the seat vacant when he was named Trump’s national security adviser. Weil raised ten times more money for his campaign than Fine and Democrats hoped they could pull out a victory in a red district.

Despite the losses, Democrats are celebrating what they’re calling “historic performances.”

The chair of the state’s Democratic party, Nikki Fried said, “Florida Democrats just put the Republican Party on notice. Tonight’s results represent a historic overperformance for Democrats and show that voters are already rejecting Trump’s extreme agenda.”

President Trump endorsed both Republican candidates. On Tuesday night, Fine highlighted Trump’s social media post on the victory, adding, “Because of you, Mr. President. I won’t let you down.”

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