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TikTok ban blocked

A US district judge has halted Montana’s pioneering attempt to ban TikTok, scheduled to take effect on January 1, 2024. The judge’s decision dealt a blow to the state’s first-in-the-nation ban on the popular video app, asserting that the prohibition “oversteps state power” and appears more targeted at China’s perceived role in TikTok than safeguarding Montana consumers.

Montana Governor Greg Gianforte signed the controversial law in May, aiming to impose a comprehensive ban on TikTok across the state. The law, which goes beyond restrictions implemented by over 30 states and federal agencies, faced legal challenges from TikTok and five Montana-based content creators.

U.S. District Judge Donald Molloy, in a preliminary injunction issued on Thursday, acknowledged that TikTok presented “the better arguments” and demonstrated a likelihood of success on the legal merits.

You can read more on the matter here.

What’s going on?

• Gold Prices Surge to Six-Month High, First-Ever Closes Above $2,000 (theDeepDive)

• Indicted Republican lawmaker George Santos expelled from U.S. House (Reuters)

• Tesla’s Cybertruck May Have A Charging Problem (theDeepDive)

• Is Chrystia Freeland No Longer on the WEF Board of Trustees? (theDeepDive)

• Fed Chair Powell calls talk of cutting rates ‘premature’ and says more hikes could happen (CNBC)

• UAW Launches Ambitious Campaign to Unionize 13 Major Automakers Across the US (theDeepDive)

• Toyota Drives Away from Hydrogen Power (theDeepDive)

• New York City’s Push for Electric Heat Conversion Costs $176k Per Apartment (theDeepDive)

• OpenAI tender offer is on track for January despite leadership fracas, sources say (CNBC)

• Revenue-Strapped Elon Musk Tells Advertisers: “Go F*** Yourself” (theDeepDive)

• Finance, Real Estate Job Cuts Push Up Canada’s Unemployment Rate (Bloomberg)

What’s the latest?

• Santos Expelled: Republican Representative George Santos was expelled from the U.S. House of Representatives after a 311-114 vote, following criminal corruption charges and allegations of misusing campaign funds. This expulsion, requiring a two-thirds majority, reduces the Republican majority to 221-213.

• Unemployment Rises: In November, Canada's unemployment rate increased slightly to 5.8%, up from 5.7% in October, reflecting the impact of high interest rates on job creation amidst rapid population growth. The economy added 25,000 jobs, primarily in manufacturing and construction, while sectors like wholesale and retail trade and finance saw job losses. This trend aligns with recent GDP data indicating a 1.1% annualized contraction in the third quarter.

• US Manufacturing Decline: U.S. manufacturing showed no growth in November, with the ISM manufacturing PMI remaining unchanged at 46.7 for the month. This marks the 13th consecutive month of the PMI being below 50, indicating ongoing contraction in the manufacturing sector.

• US Limits EV Subsidies For Chinese Parts: The Biden administration has released guidance restricting Chinese content in batteries eligible for electric vehicle tax credits starting next year. This move aims to reduce the U.S. dependency on China for electric vehicle battery components. Temporary exemptions for certain trace critical minerals have been granted, which is a relief for automakers, as without these exemptions, many vehicles could have become ineligible for the credits.

• Cybertruck Flops: Tesla's shares dropped around 2% following the launch of the Cybertruck, largely due to concerns about its high price and potential delays in significant financial contributions to the company. The starting price of $60,990 is substantially higher than initially announced by CEO Elon Musk in 2019. Analysts predict limited deliveries this year and suggest the truck may not significantly impact Tesla's finances until around 2025.

The outlook for copper and gold

The stock market and stuff

• First Quantum Moves To Force Arbitration With Panama Over Cobre Panama Mine (theDeepDive)

• Panera Bread reportedly files to go public again through IPO (CNBC)

• Alibaba dips on MS downgrade as PDD grabs spot of most valuable Chinese e-commerce firm (Reuters)

• Bank of Montreal Reports Lower-than-Expected Q4 2023 Earnings (theDeepDive)

• Pfizer to discontinue twice-daily weight loss pill due to high rates of adverse side effects (CNBC)

In the juniors

• Canopy Growth Sells BioSteel Assets For $30.4 Million (theDeepDive)

• Archer Exploration Resumes Drilling in H1 Discovery Zone of Grasset Nickel Project (JMN)

• Alaska Energy Metals Adds Former US Senator To Board of Directors (theDeepDive)

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