** Shares in German drugs and farming pesticides producer Bayer (
BAYN.EQ) are down 7.5% in early Frankfurt trade as U.S.
president Biden administration asks U.S. Supreme Court to shun Bayer weedkiller appeal
** President Joe Biden's administration on Tuesday asked the U.S. Supreme Court not to hear Bayer's bid to dismiss claims by customers who contend that its Roundup weedkiller causes cancer, as the company seeks to avoid potentially billions of dollars in damages (
news)
** A company statement said Bayer believes it has "strong legal arguments" to support the Supreme Court taking up the case
** "Ultimately, this is a blow to Bayer; previous indications from the Department of Justice (and the Biden Environmental Protection Agency) had suggested a positive outcome was plausible," Jefferies says
** A local trader says this likely takes out the blue-sky upside scenario that would end all Roundup claims