Business & Tech News
BRICS Tariff Threat by Trump:
US President-elect Donald Trump has announced that he will impose 100% import tariffs on any BRICS members should they create a rival currency to the US dollar as the basis for Global trade. The currency has been discussed at the most recent BRICS summit in Russia, and supported by the likes of China and would be a direct challenge to the dollar and the US. “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump wrote on social media on Saturday. Major world powers China and Russia are part of the Brics alliance, along with Brazil, India, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.
Copper facing Headwinds:
Copper futures dropped below $4.05 per pound earlier today, reversing gains from the previous week as the dollar strengthened on expectations of strong US economic outperformance heading into 2025. The US dollar also gained after US President-elect Donald Trump threatened BRICS member countries on Saturday with 100% tariffs if they create or support a new currency that could replace the dollar. A stronger dollar makes dollar-denominated commodities more expensive for buyers holding other currencies, which can dampen demand. Meanwhile, data showed that Chinese manufacturing activity expanded for the second consecutive month in November, following a series of stimulus measures from Beijing.
Asian Indices Gain Momentum:
The Shanghai Composite rose 0.8% to above 3,350, while the Shenzhen Component climbed 1.2% to 10,740 on Monday, extending gains from last week as investors reacted positively to strong manufacturing data in China. Official figures released over the weekend revealed that manufacturing activity expanded for the second consecutive month in November, bolstered by a series of stimulus measures from Beijing. A private survey released on Monday confirmed this expansion, showing the fastest growth pace since June. Investors are now looking ahead to key political meetings in China later this month for potential policy announcements
Market News
Markets: Indices in the US indices, were all in the red at close on Friday with the NASDAQ closing down by -0,9%, the S&P 500 was down by -0,56 and the Dow Jones closing down by -0,42%.
Asian markets this morning have been trending upwards with the Nikkei up by 0,80% and is at 38513 currently, while the Hang Seng is slightly up today by 0,29% and is at 19423.
Currencies: The US Dollar is currently trading at 1.053 against the Euro, at 1,270 against the Pound, and at 150.32 against the Yen. The Rand has weakened in trade this morning, and is currently trading at R18.16 to the US dollar.
Commodities:
- Gold is trading lower this morning and is currently at $2,623 per ounce
- Platinum prices currently trading donwards at $940 and with Palladium prices also lower today and at $971 currently
- Brent crude is currently trading lower today and is at $72.38 with WTI also trading lower at $68.54 currently.
- Cocoa prices are currently trading upwards again today and are at 7955 British pounds per ton.
- Coffee prices are trading slightly down and is at $3.26 currently
(All prices quoted at 09H10 – Central African Time)
Other News in Africa Today
Syrian Rebel Attacks – Military Response:
The Syrian military moved in reinforcements and struck Idlib city on Sunday in an attempt to push back rebel insurgents from advancing farther after seizing the city Aleppo in a surprise offensive. The insurgents overtook most of Aleppo on Saturday and claimed to have entered the city of Hama. There was no independent confirmation of their claim. The surprise offensive is an embarrassment for Syrian President Bashar Assad and raises questions about his troops’ preparedness. Iranian Foreign Minister Abbas Araghchi traveled to Syrian capital Damascus later on Sunday. He told reporters that Tehran will back the Syrian government and army..Turkey, who has backed the Syrian opposition groups, said its diplomatic efforts had failed to stop Syrian government attacks on opposition-held areas in recent weeks. Turkish security officials said a limited offensive by the rebels was planned to stop government attacks and allow civilians to return, but the offensive expanded as Syrian government forces began to retreat from their positions.
IPC Namibia Rejects Election Results:
Namibia’s largest opposition party has issued a statement that it will not recognise results from this week’s general election, where there have been logistical problems and voting was extended in several places. In a statement on Saturday, Panduleni Itula, the presidential candidate for the opposition Independent Patriots for Change (IPC) alleged there had been “glaring and undeniable” electoral malpractices. Itula was looking to defeat the candidate for the South West Africa People’s Organisation (Swapo), which has been in power since independence in 1990. Final results for the election that had extended voting over the weekend have not been released as yet.
