Business & Tech News
Oil Prices Correct in Early Trade: After an 18-month record rise in Brent last week, where the price of Brent Crude rose by 8%, this morning’s early oil trade in Asia saw a correction in Oil prices. The correction was driven predominantly by concerns of oversupply counter-balanced the concerns of a wider Middle East war disrupting exports in one of the key oil producing regions. Brent crude futures fell 31 cents, or 0.4%, to $77.74 per barrel by 0435 GMT. U.S. West Texas Intermediate crude futures slipped 20 cents, or 0.27%, to $74.18 per barrel.
There had been expectations that the war escalation could see an Israel strike against Iranian oil infrastructure in response to an Iranian missile attack on Israel on 1 October. However, as the Israeli response is still developing, some investors are believed to have sold futures to lock in their gains from the previous week’s rise and pushing prices downward. Some oil futures analysts are predicting that Oil prices could reduce to as low as $50 in the foreseeable future as production has increased. However, Middle-East geopolitical instability has been the main driver of increases in Oil futures.
AI Server Demand Drives Foxconn’s Revenue: Taiwan’s Foxconn, Global Electronics giant, and the world’s largest contract electronics maker, Taiwanese Foxconn, exceeded market expectations and posted its highest-ever revenue for it’s Q3 period boosted by higher than anticipated demand for its artificial intelligence servers. Foxconn, Apple’s largest assembler of its iPhone’s, saw revenue increase by a massive 20.2% year on year to $57.3 billion US. “The result exceeded the company’s original expectations of significant growth,” Foxconn said in a statement on Saturday. Strong AI server demand led to robust revenue growth for its cloud and networking products division, said Foxconn whose customers include AI chip firm Nvidia.
Union Strike in Johannesburg Today: A general strike and protest is expected in the Johannesburg area today after worker’s union COSATU call for workers to join a day of protests against the high cost of living and high unemployment rates in the country. The union has called on its 1,8 million members in the Gauteng region to participate. The protest march is expected to start in the Sandton area this morning.
Market News
Markets: Us Indices recovered some ground on Friday and closed in positive territory with the NASDAQ 1,22% up, the S&P 500 0,9% up and the Dow Jones closing 0,81% up on Friday after better than expected employment figures were released. In trade this morning in Asia, the Nikkei jumped 2,38% higher to close at 39554 and the Hang Seng is currently up2,86% up at 22786.
Currencies: The US Dollar is currently trading at 1.097 against the Euro, at 1,311 against the Pound, and at 148.49 against the Yen. The rand remains steady against the dollar and is currently trading at R17.47 to the US dollar.
Commodities:
- Gold prices are slightly down and currently trading at $2,640,.
- Platinum is currently trading at $1007, with Palladium currently trading at $982.
- Brent crude prices have traded downward this morning and is currently trading at $77.69 with WTI also trading downwards at $74.13 currently.
Other News in Africa Today
Tunisia Presidential Election Flawed? Almost 10 million Tunisians were eligible to vote in the country’s presidential election yesterday, but questions remain about the election’s legitimacy and the voter turn-out may give a clear indication of voter concerns. The official voter turnout stood at 27.7%, according to an announcement by the Tunisian election commission after the close of polls yesterday. This amount is barely half the turnout recorded in the runoff round of the 2019 presidential election. With only two opposition candidates finally allowed to participate against incumbent president Kais Saied, as decided by the government controlled election commission, and one of which was imprisoned just before the elections, opposition parties had called for a general boycott and voter turnout would seemingly /indicate the mood of the voters.
Suspected Lusikisiki Killers Arrested: The South African Police have arrested three people in connection with the massacre of 18 relatives that took place in a remote town last week following a manhunt by the police. In the early hours of last Saturday, gunmen opened fire with automatic rifles and pistols at two neighbouring homesteads in KwaNyathi village, just outside of Lusikisiki in the Eastern Cape. Police Minister Senzo Mchunu confirmed the arrests during the memorial service for the victims, held at the Lusikisiki Teachers’ Training College on Sunday in the Eastern Cape, near to where the murders happened. The arrest of a fourth suspect is expected to be announced soon, although the motive for the killings is still not clear.
Johannesburg Water Crisis: Widespread water outages are expected in Johannesburg today and during the current week. There are five reservoirs and two water towers, that feed 1200 suburbs and approximately 62 000 households that are likely to be affected. Further repair schedules have also been circulated that indicate a wide range of areas that are planned to be shut off for maintenance. The local water authority has said water meters in the Sandton municipal water system would be closed from 8 pm on Sunday “to ensure equal water supply distribution to struggling systems and areas within the Johannesburg Water network”.
