Day: October 9, 2024

New Zealand Central Bank Cuts Key Rate By 50 Bps

Posted on by RTT Staff Writer

The Reserve Bank of New Zealand slashed its benchmark rate by 50 basis points on Wednesday, as inflation is converging to the target midpoint, while economic growth is expected to remain subdued in the near term amid restrictive monetary policy.

The Monetary Policy Committee led by Governor Adrian Orr, decided to reduce the Official Cash Rate to 4.75 percent from 5.25 percent. The outcome of the meeting matched expectations.

Previously, the bank had reduced the interest rate by 25 basis points in August, which was the first cut since March 2020.

“The Committee agreed that it is appropriate to cut the OCR by 50 basis points to achieve and maintain low and stable inflation, while seeking to avoid unnecessary instability in output, employment, interest rates, and the exchange rate,” the bank said in the statement.

“The Committee confirmed that future changes to the OCR would depend on its evolving assessment of the economy,” the bank added.

Policymakers observed that inflation is currently within the 1-3 percent target band and it is expected to converge to the 2 percent target midpoint.

The committee discussed the benefits of both 25 basis point and 50 basis point cut in the OCR. They said the key rate at 4.75 percent is still restrictive and leaves monetary policy well-placed to deal with any near-term surprises.

Capital Economics’ economist Abhijit Surya said the RBNZ is likely to hand down a couple more 50bp rate cuts over the next few months.

Moreover, the economist said looking further ahead, the RBNZ is set to lower its OCR to a trough of 2.25 percent by end-2025, which is markedly below the 3.00 percent terminal rate predicted by the analyst consensus.

European Economic News Preview: Germany Foreign Trade Data Due

Posted on by RTT Staff Writer

Foreign trade from Germany is the only major economic report due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to release Germany’s foreign trade data for August. Exports are forecast to fall 1.0 percent on month, reversing a rise of 1.7 percent in July. Economists expect imports to drop 2.5 percent after a 5.4 percent gain.

In the meantime, foreign trade data is due from Denmark.

At 4.30 am ET, European Central Bank board member Frank Elderson is set to speak at an event in Geneva, Switzerland.

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German Trade Surplus Increases As Exports Rise Unexpectedly, Imports Fall

Posted on by RTT Staff Writer

Germany’s trade surplus increased in August on an unexpected increase in exports amid a bigger-than-expected decline in imports, official data showed on Wednesday.

Exports posted a monthly growth of 1.3 percent in August following July’s 1.7 percent increase, Destatis reported. This was the second consecutive increase. Shipments were forecast to fall 1.0 percent.

Meanwhile, imports declined 3.4 percent, reversing an increase of 5.3 percent in July. Imports dropped for the first time in three months and came in larger than the expected fall of 2.5 percent.

As a result, the trade surplus rose to EUR 22.5 billion from EUR 16.9 billion in July. In the same period last year, the surplus totaled EUR 18.9 billion.

On a yearly basis, exports registered an annual fall of 3.1 percent, in contrast to the 5.6 percent gain seen in July. Likewise, imports slid 5.3 percent after an increase of 4.8 percent in the prior month.

Consequently, the unadjusted trade balance was in a EUR 18.9 billion surplus compared to a EUR 16.9 billion surplus in August 2023.

Exports to the EU-States grew 0.8 percent and imports from these states decreased 3.7 percent. Similarly, shipments to the Eurozone states gained 0.6 percent, while imports from these states declined 7.2 percent.

Germany exported 5.5 percent more goods to the US than in July. Exports to China gained 1.9 percent and that to the UK moved up 5.7 percent.

Imports from the US were up 0.7 percent. Meanwhile, imports from China were 1.4 percent less than in the previous month and that to the UK slid 0.1 percent, data showed.

Track market moving Economic Events that impact Commodities, Stock, and Forex by using realtime RTTNews Economic Calendar this week.

German Trade Surplus Increases As Exports Rise Unexpectedly, Imports Fall

Posted on by RTT Staff Writer

Germany’s trade surplus increased in August on an unexpected increase in exports amid a bigger-than-expected decline in imports, official data showed on Wednesday.

Exports posted a monthly growth of 1.3 percent in August following July’s 1.7 percent increase, Destatis reported. This was the second consecutive increase. Shipments were forecast to fall 1.0 percent.

Meanwhile, imports declined 3.4 percent, reversing an increase of 5.3 percent in July. Imports dropped for the first time in three months and came in larger than the expected fall of 2.5 percent.

As a result, the trade surplus rose to EUR 22.5 billion from EUR 16.9 billion in July. In the same period last year, the surplus totaled EUR 18.9 billion.

On a yearly basis, exports registered an annual fall of 3.1 percent, in contrast to the 5.6 percent gain seen in July. Likewise, imports slid 5.3 percent after an increase of 4.8 percent in the prior month.

Consequently, the unadjusted trade balance was in a EUR 18.9 billion surplus compared to a EUR 16.9 billion surplus in August 2023.

Exports to the EU-States grew 0.8 percent and imports from these states decreased 3.7 percent. Similarly, shipments to the Eurozone states gained 0.6 percent, while imports from these states declined 7.2 percent.

Germany exported 5.5 percent more goods to the US than in July. Exports to China gained 1.9 percent and that to the UK moved up 5.7 percent.

Imports from the US were up 0.7 percent. Meanwhile, imports from China were 1.4 percent less than in the previous month and that to the UK slid 0.1 percent, data showed.

Track market moving Economic Events that impact Commodities, Stock, and Forex by using realtime RTTNews Economic Calendar this week.

Philips Respironics Warns On Trilogy Ventilator Nebulizers

Posted on by RTT Staff Writer

Philips Respironics, affiliated to Dutch consumer electronics giant, announced additional usage instructions for Trilogy Evo Ventilators related to use of in-line nebulizers.

The company has issued an urgent medical device correction in the United States for Trilogy Evo, Trilogy Evo O2, Trilogy Evo Universal, and Trilogy EV300 ventilators regarding the use of in-line nebulizers. In the rest of the world, a field safety notice has been given.

An in-line nebulizer is a commonly-used accessory that converts therapeutic liquids, such as medication/saline solutions, into an aerosol to treat different respiratory symptoms.

According to the company, the use of in-line nebulizers placed in certain locations may lead to aerosol deposits forming over time on the ventilator flow sensor. If this happens, there is a possibility of inaccurate flow measurements affecting therapy.

However, Philips Respironics has not received any specific complaints of device malfunctions resulting from in-line nebulizer use so far, and no patient deaths have been reported.

Meanwhile, Trilogy Evo ventilators that have never been used with in-line nebulizers are not affected by the issue and can continue to be used as guided.

As part of ongoing quality management, the company performed a retrospective review and identified a potential issue with flow sensors.

If aerosol deposits accumulate over time on the flow sensor, there is a possibility of patient impact as the ventilator may become inoperative following stand by or powering off, leading to delay in therapy. It could also result in over-delivery of inhaled and exhaled air and/or under-delivery of oxygen for devices with a specific concentration setting.

Potential hazards to patients from these conditions may include respiratory discomfort, lung injury from too much air in the lungs or change in pressure, low oxygen saturation, as well as shortness of breath (dyspnea).

The urgent medical device correction is being sent to health systems and equipment distributors, so that patients who use the devices at home will receive the information on time.

Further, the company urged the patients not to discontinue therapy without consulting their healthcare provider.

For More Such Health News, visit rttnews.com

NZ Dollar Falls As RBNZ Cuts Key Rate By 50 Bps

Posted on by RTT Staff Writer

The New Zealand dollar weakened against most major currencies in the Asian session on Wednesday, after the Reserve Bank of New Zealand slashed its benchmark rate by 50 basis points, as inflation is converging to the target midpoint, while economic growth is expected to remain subdued in the near term amid restrictive monetary policy.

The Monetary Policy Committee led by Governor Adrian Orr, decided to reduce the Official Cash Rate to 4.75 percent from 5.25 percent. The outcome of the meeting matched expectations.

Previously, the bank had reduced the interest rate by 25 basis points in August, which was the first cut since March 2020.

Traders are cautious ahead of the release of key U.S. inflation data and the Fed’s latest meeting minutes later in the week for additional clues on the Fed’s interest rate trajectory. They also look to pick up stocks at a bargain after the steep drop recently.

Middle East worries persisted and China’s state planner announced no new plans for major stimulus after a highly anticipated announcement on plans to boost the country’s ailing economy fell short of market expectations.

The lack of concrete measures in China disappointed markets, given the numerous headwinds, from a prolonged housing crisis to sluggish consumption and local government debt.

In the Asian trading today, the NZ dollar fell to nearly a 2-month low of 0.6076 against the U.S. dollar and more than a 1-1/2-month low of 1.8049 against the euro, from Tuesday’s closing quotes of 0.6138 and 1.7883, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.59 against the greenback and 1.81 against the euro.

Against the yen, the kiwi edged down to 90.12 from yesterday’s closing value of 90.96. The kiwi may test support near the 87.00 region.

Looking ahead, U.S. MBA weekly mortgage approvals and EIA crude oil data are due to be released.

Cryptos Clueless As Markets Wait For FOMC Minutes

Posted on by RTT Staff Writer

Cryptocurrencies traded in a narrow band ahead of the release of the minutes of the recent FOMC. A firmer Dollar Index and absence of further stimulus measures from China also weakened market sentiment. Anxiety ahead of the CPI data from the U.S. on Thursday also weighed on sentiment.

The Fed had in its decision announced on September 18 stunned markets with a rate cut of 50 basis points. The projected Federal funds rate at the end of 2024 was also lowered to 4.4 percent from 5.1 percent projected in June, implying another 50 basis points of rate cut in 2024.

Nevertheless, expectations of another massive rate cut in November which was strong immediately after the FOMC faded after a stronger-than-expected jobs report. The CME FedWatch tool currently shows that markets no longer expect a 50-basis points rate cut in November. An 87-percent probability is assigned to quarter-point cut whereas 13 percent expect a probability of a status quo by the Federal Reserve.

Crypto markets however appear to be relieved that recent claims about unmasking the identity of Satoshi Nakamoto have met with limited acceptance from the crypto world. An HBO documentary on Tuesday had revealed cryptographer Peter Todd as the real Satoshi Nakamoto who is credited with pioneering Bitcoin.

Aggregate market capitalization of cryptocurrencies is currently hovering near $2.17 trillion.

Market capitalization of the memes category has however gained 1.4 percent overnight to $49.1 billion, accounting for a market share of 2.3 percent.

Market capitalization of the AI& Big data category dropped 1.4 percent overnight to $34.8 billion implying a market share of 1.61 percent.

Amidst the weak market sentiment, market capitalization of the not-so-volatile stablecoins increased 0.1 percent to $172.6 billion or 7.96 percent of the overall crypto market.

Among the top 100 cryptocurrencies, only 12 are trading with overnight gains of more than a percent and only 33 are trading with weekly gains of more than a percent.
Bitcoin is currently trading at $62,078.28, around 16 percent below the all-time high recorded in March 2024. Bitcoin has slipped 0.65 percent overnight but is holding on to gains of 1.2 percent in the past 7 days. Year-to-date gains have fallen to 46.8 percent.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. that showed a net outflow of $18.6 million on Tuesday versus the net inflow of $235 million a day earlier also swayed market sentiment.

Ethereum is currently changing hands at $2,429.22, around 50 percent below the all-time high. Ether has edged down 0.08 percent overnight and 1.2 percent in the past 7 days. Year-to-date gains have fallen to close to 6.5 percent.

Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net outflows of more than $8 million versus nil flows on Monday.

Bitcoin’s crypto market dominance has declined to 56.7 percent from 57 percent a day earlier. In contrast, Ethereum’s share of the overall crypto market has edged up to 13.51 percent from 13.5 percent a day earlier.

4th ranked BNB (BNB) added 2.1 percent overnight and 6.3 percent on a weekly basis to trade at $583.85.

5th ranked Solana (SOL) slipped 0.3 percent overnight and close to 2 percent over the past 7 days. SOL is currently trading at $143.17.

7th ranked XRP (XRP) edged up 0.3 percent overnight but is saddled with weekly losses of more than 10 percent to trade at $0.5318. Year-to-date losses are a little more than 13.5 percent.

Dogecoin (DOGE), ranked 8th overall has gained 1.5 percent in the past 24 hours and 2 percent in the past week to trade at $0.1088.

9th ranked TRON (TRX) rallied 2.6 percent overnight and 4 percent in the past week. TRX is currently trading at $0.1601.

10th ranked Toncoin (TON) declined 0.13 percent overnight and 4.4 percent over the past 7 days to trade at $5.20.

84th ranked Eigenlayer (EIGEN) topped overnight gains with a surge of more than 6 percent. 31st ranked Monero (XMR) also gained 4.3 percent overnight.

20th ranked Sui (SUI) topped overnight losses among the top 100 cryptocurrencies with a decline of 7.2 percent. 68th ranked Worldcoin (WLD) and 54th ranked Sei (SEI) also declined more than 5 percent in the past 24 hours.

90th ranked First Neiro On Ethereum (NEIRO), a Shiba Inu dog-themed meme coin topped weekly gains with a surge of 74.8 percent.

82nd ranked Ethena (ENA) topped weekly losses with an erosion of 23.1 percent.

For More Cryptocurrency News, visit rttnews.com

Belite Delights Investors, Soleno, ADMA, Harrow Deliver Triple-digit Gains, Keep An Eye On Oculis

Posted on by RTT Staff Writer

Warren Buffett, renowned as the “Oracle of Omaha,” once remarked, “The stock market is a device for transferring money from the impatient to the patient.” This observation holds significant relevance in the world of investing, where a long-term approach can sometimes yield impressive rewards. The following healthcare sector stocks that were featured on our site touched 52-week highs yesterday.

Oculis Holding AG (OCS)

Switzerland-based Oculis is a global biopharmaceutical company developing innovative medicines to save sight and improve eye care.

The company’s lead investigational product is OCS-01, a topical eye drop for diabetic macular edema (DME) and treatment of inflammation and pain following cataract surgery. This product is under a phase III program in diabetic macular edema, dubbed DIAMOND-1 and DIAMOND-2.

Up next is OCS-02, a topical biologic anti-TNFa eye drop candidate for dry eye disease (DED) and non-infectious anterior uveitis. The company announced positive topline results from a phase 2b trial of OCS-02 in subjects with signs of DED, dubbed RELIEF, in June of this year.

Next in the pipeline is OCS-05, a disease-modifying candidate for acute optic neuritis (AON) and other neuro-ophthalmic disorders such as glaucoma, diabetic retinopathy, geographic atrophy, and neurotrophic keratitis. A phase IIa proof of concept trial evaluating OCS-05 in patients with acute optic neuritis, dubbed ACUITY, is underway, with topline data anticipated this quarter.

OCS was featured on our site on March 19, 2024, when it was trading at $11.62. The stock touched a 52-week high of $15.50 yesterday, reflecting a gain of over 30% from our published price.

Belite Bio Inc (BLTE)

Belite Bio is a clinical-stage biopharmaceutical company developing novel therapeutics targeting retinal degenerative eye diseases.

The company’s lead drug candidate is Tinlarebant, a novel oral therapy, intended to slow disease progression in patients affected with Stargardt Disease (STGD1) and Geographic Atrophy (GA) in advanced Dry Age-related Macular Degeneration (Dry AMD).

A pivotal global phase III trial of Tinlarebant in adolescent STGD1 subjects, dubbed DRAGON, is underway, with interim analysis expected to be shared this quarter.

We altered readers to BLTE on Apr.3, 2023, when it was trading at $30. The stock touched a 52-week high of $54.39 yesterday, indicating a rise of 81% from our published price.

CorMedix Inc. (CRMD)

CorMedix’s lead product is DefenCath, a novel, antibacterial, and antifungal solution designed to prevent catheter-related bloodstream infections (“CRBSIs”) in patients with end-stage renal disease receiving hemodialysis through a central venous catheter. It was approved by the FDA on November 15, 2023, and was commercially launched in inpatient settings in April 2024 and in outpatient settings in July 2024.

Yesterday, the company announced that it has entered into a new commercial supply contract with a top-five mid-sized dialysis operator for the supply of DefenCath to dialysis clinics in the US.

CRMD was featured on our site on Apr.12, 2023, when it was trading around $5.07. The stock hit a 52-week high of $9.79 yesterday, representing a gain of 93% from our published price.

Scholar Rock (SRRK)

Scholar Rock is a late-stage biopharmaceutical company developing innovative treatments for spinal muscular atrophy, cardiometabolic disorders, and other serious diseases.

The company’s lead drug candidate is Apitegromab, a muscle-targeted therapy, being developed for patients with spinal muscular atrophy. It plans to submit a U.S. Biologics License Application and European Union marketing authorisation application seeking approval of Apitegromab for spinal muscular atrophy next quarter (Q1 2025).

Yesterday, Scholar Rock priced an upsized underwritten public offering of 10.27 million shares of its common stock at a public offering price of $28.25 per share and, in lieu of common stock to investors who so choose, pre-funded warrants to purchase 353,983 shares of common stock at a public offering price of $28.2499 per pre-funded warrant. The offering is slated to close on Oct.10, 2024, and gross proceeds from it are expected to be approximately $300 million.

When SRRK was featured on our site on Sep.27, 2023, it was trading around $6.76. The stock touched a 52-week high of $35.38 yesterday, marking a gain of over 420% from our published price.

Revolution Medicines Inc. (RVMD)

Revolution Medicines is a clinical-stage oncology company developing targeted therapies for RAS-addicted cancers. RAS is an oncogene and is mutated in close to 20% of all human cancers, playing a key role in tumor development and progression.

The company’s lead drug candidate is RMC-6236, which is expected to advance into a pivotal, randomized, controlled phase III monotherapy study in the second-line (2L) treatment of patients with metastatic pancreatic ductal adenocarcinoma this year.

Initiation of a pivotal study of RMC-6236 monotherapy in previously treated patients with RAS-mutated NSCLC is also planned for this year.

RVMD was featured on our site on May 9, 2023, when it was trading around $24.17. The stock touched a 52-week high of $50 yesterday, which reflects a gain of 106% from our published price.

Soleno Therapeutics Inc. (SLNO)

Soleno is a clinical-stage biopharmaceutical company developing novel therapeutics for rare diseases. Its lead candidate is DCCR (Diazoxide Choline) Extended-Release tablets, a once-daily oral tablet for the treatment of Prader-Willi Syndrome.

DCCR is under priority review by the FDA, with a decision due on December 27, 2024.

When we alerted readers to SLNO on May 25, 2023, it was trading at $5.51. The stock touched a 52-week high of $56.81 yesterday, reflecting a gain of 931% from our published price.

ADMA Biologics Inc. (ADMA)

ADMA Biologics is an end-to-end commercial biopharmaceutical company manufacturing and marketing specialty biologics.

While reporting second-quarter results in August, the company provided its outlook for the full year 2024 and 2025.

For FY 2024, total revenue is projected to be more than $400 million while net income is expected to exceed $105 million. Looking ahead to 2025, total revenue is expected to be over $445 million, and net income is anticipated to be more than $155 million.

We alerted readers to ADMA on Feb.15, 2024, when it was trading at $5.36. The stock touched a 52-week high of $20.92 yesterday, which marks a gain of 290% from our published price.

Natera Inc. (NTRA)

Natera is a diagnostics company offering cell-free DNA testing, with a focus on oncology, women’s health, and organ health.

The company anticipates 2024 total revenue of $1.49 billion to $1.52 billion and gross margin to be approximately 54% to 56%. The total revenue was $1.08 billion, and the gross margin was 45.5% in 2023.

We alerted our readers to NTRA on Dec.21, 2022, when it was trading around $41.75, and again on Aug.23, 2024, when it was trading around $122.82. The stock touched a high of $133.54 during intraday trading yesterday, before closing at $131.93.

Harrow Inc. (HROW)

Harrow is a commercial-stage eye care pharmaceutical company.

The second quarter ended June 30, 2024, marked a financial and operational turning point for Harrow, with revenues surging 46% compared to the same quarter last year and 42% over the previous quarter.

We featured HROW on our site on Feb.13, 2024, when it was trading at $11.32. The stock touched a 52-week high of $51.95 yesterday, translating to a substantial gain of 358% from our published price.

Travere Therapeutics Inc. (TVTX)

Travere is a biopharmaceutical company focused on developing drugs for rare kidney and rare metabolic diseases.

The company’s flagship drug is Filspari, which was granted full approval as recently as last month to slow kidney function decline in adults with primary IgAN who are at risk of disease progression. The drug was granted accelerated approval in February 2023, and ever since its launch in the U.S. in February of 2023, the drug’s quarterly sales have steadily climbed.

When we alerted readers to TVTX on Aug.14, 2024, it was trading at $8.91. The stock touched a 52-week high of $15.61 yesterday, representing a gain of 75% from our published price.

Markets Wait To Know The Fed's Mind On Easing

Posted on by RTT Staff Writer

Mixed sentiment prevailed in world markets amidst an anxious wait to the scheduled release of the minutes of the FOMC meeting held in September. The CPI readings from the U.S. due on Thursday and the PPI readings due on Friday also added to the market’s nervousness.

According to the CME Group’s FedWatch Tool that tracks the expectations of interest rate traders, the likelihood of a quarter-point cut in the next Fed review in November has increased to 90 percent from 85 percent a day earlier.

Wall Street Futures have edged down. European benchmarks are trading higher. Major benchmarks in China and Hong Kong plunged heavily.

Dollar Index has edged up. Bond yields mostly eased. Crude oil prices slipped amidst rising supply. Gold prices recorded a minor rebound. Cryptocurrencies are trading mixed.

Here is a snapshot of the major world markets at this hour.

Stock Indexes:

DJIA (US30) at 42,052.30 down 0.07%
S&P 500 (US500) at 5,749.20, down 0.03%
Germany’s DAX at 19,127.25, up 0.30%
U.K.’s FTSE 100 at 8,212.28, up 0.26%
France’s CAC 40 at 7,541.55, up 0.27%
Euro Stoxx 50 at 4,954.25, up 0.11%
Japan’s Nikkei 225 at 39,299.50, up 1.01%
Australia’s S&P ASX 200 at 8,187.40, up 0.13%
China’s Shanghai Composite at 3,258.86, down 6.62%
Hong Kong’s Hang Seng at 20,637.24, down 1.38%

Currencies:

EUR/USD at 1.0967, down 0.12%
GBP/USD at 1.3095, down 0.07%
USD/JPY at 148.61, up 0.28%
AUD/USD at 0.6734, down 0.16%
USD/CAD at 1.3674, up 0.20%
Dollar Index at 102.62, up 0.07%

Ten-Year Govt Bond Yields:

U.S. at 4.025%, down 0.27%
Germany at 2.2315%, down 0.69%
France at 3.010%, down 023%
U.K. at 4.2155%, up 0.73%
Japan at 0.930%, down 0.64%

Commodities:

Brent Oil Futures (Dec) at $76.89, down 0.38%.
Crude Oil WTI Futures (Nov) at $73.19, down 0.52%.
Gold Futures (Dec) at $2,640.50, up 0.19%.

Cryptocurrencies:

Bitcoin at $62,104.57, down 0.69%
Ethereum at $2,432.78, up 0.06%
BNB at $582.92, up 1.69%
Solana at $142.54, down 1.10%
XRP at $0.5324, up 0.22%.

Elon Musk's X Returns To Brazil As Supreme Court Lifts Ban

Posted on by RTT Staff Writer

Billionaire Elon Musk’s social media platform X has been cleared by Brazil’s Supreme Court to resume services in the South American country after it had complied with the given orders and paid the imposed fine.

The platform, formerly known as Twitter, now has settled R$28.6 million or $5.2 million as fines, blocked profiles that disseminated false information, and appointed a legal representative in Brazil, as required by Brazilian law.

In his decision to lift the month-long ban, Justice Alexandre de Moraes said the authorization is for the immediate return of X’s activities in the country. Justice determined that the National Telecommunications Agency, i.e., Anatel, take steps to resume the platform’s service.

Responding to the court order, X’s Global Government Affairs team in a post said, “X is proud to return to Brazil. Giving tens of millions of Brazilians access to our indispensable platform was paramount throughout this entire process. We will continue to defend freedom of speech, within the boundaries of the law, everywhere we operate.”

It was on August 30 that the Federal Supreme Court or STF ordered immediate and complete suspension of the operation of X Brasil throughout the national territory due to repeated non-compliance with STF decisions. The platform earlier had refused to ban several accounts deemed by the government to be spreading misinformation about the Brazilian Presidential election in 2022.

In the investigation, which began in April 2024 after Musk stated that he would not suspend the accounts, the court noted that the illicit conduct was repeated, making it clear that X Brasil failed to comply with several court orders.

While blocking the social network, the minister in August had highlighted that the resumption of activities was conditioned solely on full compliance with Brazilian legislation, payment of the imposed fines, and until a representative of the company in the country is appointed.

A daily fine of R$50,000 was also set for individuals and companies that use ‘technological subterfuges’ to maintain the use of X, without prejudice to other sanctions in the civil and criminal spheres.

The court also had ordered Apple and Google to take steps to block the use of the X application by iOS and Android systems, in addition to removing it from their virtual stores.

Meanwhile, on September 27, X proved that it had fully complied with the conditions for resuming its activities, by deactivating accounts and paying the ordered fine.

The STF in its statement now noted that the Attorney General’s Office, in its opinion, did not find any reason that would prevent the company from resuming its activities.