Business & Tech News
US FED – Rate Cuts Caution:
With inflation still elevated in the US, Federal Reserve officials have expressed caution at their last policy meeting about cutting interest rates too quickly. Analysts believe that even should inflation continue to declinine to the Fed’s 2% target, it would likely be a gradual lowering of interest rates. Wall Street investors see the odds of another quarter-point reduction in the Fed’s key rate at the December meeting as nearly even, according to CME Fedwatch. Most economists think officials will probably cut rates next month for the third time this year, but could then skip cutting at following meetings. Chief economist at Nationwide, Kathy Bostjancic, said she expects the Fed will cut its key rate by a quarter-point next month, to about 4.3%. But officials will “likely pause” early next year “to assess prospective policy changes under the second Trump administration as well as the current landscape of economic activity and inflation,” she added in a client note.
Crypto Currencies Charging:
After some heady gains in crypto currency prices last week, there is a renewed charge happening in the market in early trade today with Ether leading the pack with more than a 2% rise in price this morning (27 Nov). Current price for Ether is $3399.76, up 2,11% while Bitcoin is up 1.02% currently (08H00 CAT) at $92 835. Smaller cap crypto are also gaining ground with Uniswap up 5,2% and ChainLinkk up 3,29% this morning
Will Land Be the next Boom Market in developed Economies?
Texas Pacific Land Corp. has been in existence for over a century, but its stock is just hitting a major growth trajectory now, as investors bet it will reap the gains of the artificial intelligence boom. The landowner’s stock has surged 198% so far in 2024 to trade at $1,593.52 per share as of midday Monday, boasting a market cap of almost $37 billion. The stock gained 14% last Friday on news that it would replace Marathon Oil Corp. in the S&P 500 list of companies. The company, based in Dallas, owns 873,000 acres of land in the Permian Basin, an oil and gas hot spot in West Texas. The companies massive land holdings already accommodate bitcoin mines, renewable power assets, and large energy battery facilities. investors are now betting that there’s also a big opportunity for the company to gain from the extensive demand for power and space from tech giants who are scrambling to set up more data centres to power the booming artificial intelligence developments.
Market News
Markets: Indices in the US indices, were all up at close yesterday with the NASDAQ closing up by 0,57%, the S&P 500 was up by 0,57 and the Dow Jones closing up by 0,28%.
Asian markets this morning have been trending lower with the Nikkei down by -1,06% and is at 38034 currently, while the Hang Seng is slightly up today by 0,04% and is at 19159 currently.
Currencies: The US Dollar is currently trading at 1.0479 against the Euro, at 1,257 against the Pound, and at 152.20 against the Yen. The has lost momentum this morning alongside other EM currencies and is currently trading at R18.1768 to the US dollar.
Commodities:
- Gold is trading lower this morning and is currently at $2,639 per ounce
- Platinum prices currently trading downwards at $931 and with Palladium prices currently also losing more ground today and at $988.50 currently
- Brent crude is currently trading lower today and is at $72.89 with WTI also trading lower at $68.81 currently.
- Cocoa prices have seen gains this morning and is up by 2.53% and currently trading at 7662 Brittish pounds per ton.
- Coffee prices are trading upwards again today, and is at $3.12 currently
(All prices quoted at 08H15 – Central African Time)
Other News in Africa Today
Political Parties Push for Presidential Impeachment:
Two political parties in South Africa, have launched a legal action in the Constitutional Court yesterday (26 Nov), that seeks to reinstate impeachment proceedings against President Cyril Ramaphosa, regarding the so-called Phala-Phala scandal where more than half a million dollars in cash was stolen from a couch, where it had been stashed at his ranch Phala Phalaand. At the time Ramaposa had stated that the money was from a client who had sought to by some high-end livestock from his farm, however the cash was never declared to the tax authorities. The Economic Freedom Fighters and the African Transformation Movement want the Constitutional Court to overrule a vote by Parliament in late 2022 that saved Ramaphosa from impeachment hearings. The opposition parties are demanding a full parliamentary investigation.
SADC Election Observers for Namibian Elections:
The Southern African Development Community (SADC) Electoral Observation Mission (SEOM) to the Republic of Namibia’s Presidential and National Assembly Elections have been deployed today to observe and report on the elections taking place today in Namibia. The SEOM has a total of 65 observers who have been drawn from the 8 SADC Members States, namely: Kingdom of Eswatini, the Republics of Botswana, Malawi, Mozambique, South Africa, Zambia, Zimbabwe, and the United Republic of Tanzania.
The Observers have been deployed across all the 14 regions of Namibia, namely: Erongo, Hardap, Karas, Kavango West, Kavango East, Khomas, Kunene, Ohangwena, Omaheke, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi. While no Violence has occurred prior to the election, the US Embacy in Namibia has issued a notice of warning that protests may occur. There is a strong opposition group, the Independent Patriots for Change party led by popular Panduleni Itula, who are hoping to dislodge the ruling SWAPO party who have been in power since independence in 1990 and have lost support in recent local elections. The election results are expected by Friday
