Global attention was fixed on several major developing stories this past week, from a pivotal Supreme Court case in the United States to shifting dynamics in the global energy and precious metals markets.
President Donald Trump announced he would not attend a historic hearing on his tariff powers.
Gold prices dipped below a key threshold on Monday after a policy change in China. In the UK, a mass stabbing on a train left ten people injured, with police ruling out terrorism.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
Trump will not attend Supreme Court hearing on his tariff powers
President Donald Trump has reversed course and will not attend this week’s landmark Supreme Court hearing on the legality of his worldwide tariff regime.
He had previously suggested he felt an “obligation” to attend in person, which would have been a historic first for a sitting US president.
“I don’t want to call a lot of attention to me,” Trump told reporters Sunday. “It’s not about me, it’s about our country.”
The court is scheduled to hear an appeal of a lower court ruling that found many of his “Liberation Day” tariffs exceeded presidential authority.
Trump called the upcoming decision “one of the most important decisions in the history of the country,” arguing that without his tariff powers, “we don’t have national security.”
Gold dips below $4,000 as China ends key tax incentive
Gold prices fell below the key $4,000 an ounce level after China announced an end to a long-standing tax rebate for some gold retailers, a move that could dampen consumer demand in one of the world’s largest markets for the precious metal.
Beijing will no longer allow certain retailers to offset a value-added tax on gold purchased from the Shanghai Gold and Futures Exchanges.
The news sent Chinese jewelry stocks tumbling and caused bullion to drop as much as 1% before paring its losses.
Despite the pullback, gold remains up by more than 50% year-to-date.
Chinese refiners shun Russian oil after new sanctions
Major Chinese oil refiners, including state-owned giants Sinopec and PetroChina, are canceling Russian crude shipments in the wake of fresh Western sanctions against Moscow’s top producers.
The buyers’ strike follows the blacklisting of Rosneft PJSC and Lukoil PJSC by the US last month.
Smaller private refiners are also holding off, fearing penalties similar to those recently imposed on Shandong Yulong Petrochemical Co. by the UK and EU.
The move is impacting widely-used Russian grades like ESPO, with consultancy Rystad Energy estimating that as much as 45% of China’s total oil imports from Russia are now affected.
UK train stabbing injures ten, not considered a terror incident
Ten people were injured, nine of them with life-threatening injuries, in a mass stabbing on a London-bound train on Saturday evening.
British Transport Police confirmed the attack occurred shortly after the train departed Peterborough station.
A 32-year-old Black British national has been arrested on suspicion of attempted murder and is being treated as the only suspect.
Authorities have stated that the attack is not being treated as a “terrorist incident” at this stage.
Eyewitnesses described a chaotic scene, with one person reporting seeing a man with a large knife and “blood everywhere” as passengers tried to flee.
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