World Cup 2030 Host Candidates Announced: Morocco is one of five potential hosts for the FIFA world cup 2030. Gianni Infantino, of FIFA yesterday confirmed plans had been handed over by FA presidents of the 2030 main hosts: Morocco, Spain and Portugal for what will be the commemoration of the 100th anniversary of the World Cup.
Ethiopia Secures Loan: After removing foreign currency exchange controls, that saw the currency value drop by 30% this week, the International Monetary Fund (IMF) has approved a bailout loan of $3.4bn for Ethiopia to support its economic reforms over the next four years. The Country has been struggling with severe foreign currency shortages and drastic inflation increases – largely caused by an extended civil war that devastated the country and economy and finally ended in 2022.
Sudan Peace Talks Likely: Sudan’s government conditionally accepted an invitation to attend U.S.-sponsored peace talks in Geneva, Switzerland, improving the possibility that this may lead to an end of a 15-month-old war. The government is aligned with the army in its war with the paramilitary Rapid Support Forces (RSF). Previous attempts to restart ceasefire or peace negotiations have failed.
Olympic Highlights:
- Women’s Basketball: Nigeria celebrated a rare victory yesterday when the Lady Tigers beat the Australian basketball team in a Group Match. This was their first victory over Australia in 20 years
- Sevens Rugby: South African Women’s Sevens team saw a hard fought 21- 15 victory over Fiji yesterday.
Market News: The Bank of Japan (BOJ) raised its overnight call rate to 0.25% as expected this morning. The BOJ further announced a halving of its bond-buying program to 3 trillion Yen while stating that further hikes were likely in the future. The Yen is currently trading a touch firmer at 152.68 against the Dollar. Market interest will now turn to the Fed FOMC meeting later today with expectations that this is likely to be the Fed’s last hold in rates before starting to cut rates in September. The Dollar is steady against the Euro and Pound while easing slightly against Emerging Market currencies. The Rand is likely to continue to trade in an R18.20/R18.45 range ahead of the FOMC and is currently quoted at R18.30.
Commodities – Gold and Oil Gain: News that a senior Hamas leader has been killed in Iran and that there have been further drone strikes on Hezbollah by Israel have raised geopolitical tensions in the Middle East. As a result, gold is trading stronger at $2,418 this morning, while both Platinum and Palladium are up on the day. Base metals have opened firmer in Asia despite another disappointing Chinese manufacturing PMI print. Brent crude closed softer at $78.63 last night but has rebounded to $79.85 this morning on the back of the Middle East tensions.
