Business & Tech News
US Tech Stocks Rebound
U.S. stocks saw a rebound yesterday, led by the Nasdaq’s 1.5% surge, as technology shares recovered from Monday’s AI-driven sell-off triggered by Chinese AI start-up DeepSeek’s announcement of a competitive AI model. Nvidia clawed back 8.8%, recovering some of its historic 17% single-session loss on Monday that saw the Tech company shed $593 billion in market value. Broadcom and Oracle also added 2.6% and 3.6%, respectively, amid broad tech strength. The S&P 500 climbed 0.9%, supported by its tech sector, while Apple and Microsoft saw a 3.7% and 2.9% respective growth in share price, ahead of its earnings release this week. It remains to be seen what the longer term impact of the new AI model will be. The industry will certainly be changed and some indicate that it may well mean a lower cost model would improve availability and running costs that may well help accelerate AI adoption, with less money having to be spent on data centre development and energy supply.
iPhone now Compatible for Starlink Testing
An announcement by Starlink Partner, T-mobile, has indicated that iPhone devices are now eligible to test SpaceX-owned Starlink’s direct-to-cell capability that provides coverage from low orbit satellite connection. T-Mobile and Starlink are currently testing the Starlink cell network on a trial basis after receiving approval from the Federal Communications Commission in November last year. The trial currently offers a ‘text via satellite’ service, while voice and data features will be added in the future, according to the T-Mobile website. T-Mobile initially only listed a few Android smartphones as eligible devices to test the network, but has now added iPhone devices with the latest iOS 18.3 software update. Bloomberg News reported on Tuesday that Apple, SpaceX and T-Mobile had been secretively working to add support for the network in its latest iPhone software. Starlinks, innovative new approach would provide a network of global satellite connectivity that would not require any land-based network connectivity that may solve a global connectivity issue for underserved areas without mobile networks such as currently found in a vast part of Africa.
Gold Gains Oil Falls Further
Gold prices traded around $2,765 per ounce on Wednesday, extending a slight recovery from the previous session as uncertainty over US tariffs spurred safe-haven demand. Brent crude oil futures dropped closer to $77 per barrel on Wednesday, as traders assessed the potential impact of President Donald Trump’s tariff plans. The White House noted that President Trump still plans to issue 25% tariffs on Canadian and Mexican goods while weighing fresh tariffs on China. Investors were also assessing supply disruptions in Libya, where oil exports were briefly halted due to protests, but concerns eased after Libya’s state-run oil company confirmed that exports had resumed. Meanwhile, pressure on oil prices came from reports that Russia was testing US sanctions by sending oil on US-blacklisted vessels to India, amplifying negative sentiment from disappointing data in China and warmer US weather forecasts. On the supply side, API data showed US crude stocks rose by 2.86 million barrels last week.
Market News
Currencies:
The US Dollar is currently trading level at 1.04383 against the Euro, at 1.24525 against the Pound, and at 155.24 Yen to the dollar currently. The rand has strengthened and is currently trading at R18.65 to the dollar.
Commodities:
- Gold prices have gained some momentum in trade this morning, with the price currently at $2,762 per ounce. Copper is trading lower today and currently at 4.1934, while Silver is also trading slightly higher this morning at 30.410
- Platinum prices have dropped slightly this morning and is currently trading at $943, while Palladium prices have dropped further and currently at $943
- Oil prices continue lower in trade this morning, with Brent oil currently trading at $77.25 currently with WTI also trading downwards at $73.64 currently.
- Cocoa futures have remained steady in trade this morning with prices currently at $11 404 per ton.
- Coffee prices are trading upwards, and at $3.57 per pound currently.
Crypto Currencies:
- Bitcoin has remained above the $100 000 mark, and is currently trading at $102317.
- Ether prices are currently trading lower this morning at $3132.40 currently.
- $Trumpcoin gained some momentum overnight and is currently trading slightly up from yesterday at $29.08
(All prices quoted at approximately 07H00 – Central African Time)
Other News in Africa Today
Congo Crises – Calls for Conflict end
President, William Ruto, of Kenya, yesterday urged the parties in the DRC conflict to engage urgently in finding a negotiated settlement. He described the situation in the Democratic Republic of Congo as “very complicated” and said it could only be solved diplomatically. “We do not see, from where I sit, a possibility of a military solution to the challenges that face the eastern DRC,” he told reporters on Monday. “It was, it is, and am sure it will continue to be the case that engagement, dialogue, consultations is the only viable way out of the situation in DRC.”
The concern around the tense conflict has grown after Rwanda-backed M23 rebels claimed to have captured Congo’s largest city, Goma, creating a massive evacuation crisis, with millions potentially left homeless, as fighting escalates. Scores of insurgent rebels in military uniform, marched into the capital of North Kivu province, which sits on the border with Rwanda. The region is rich in minerals that are critical to much of the world’s technology. Kinshasa claimed that the rebel advance amounted to a “declaration of war”. President Ruto, who is also chairman of the East African Community of nations, has called an emergency meeting for member states on Wednesday. He said Rwandan President Paul Kagame and Congo’s President Félix Tshisekedi were due to attend the meeting.