Business & Tech News
Copper Prices Stabilise on China Data:
Copper futures stabilized at around $4.08 per pound in early trade this morning (3 Dec) driven by expectations that there may be fresh stimulus packages announced by Beijing during its key political meetings this month. Chinese authorities skipped the usual readout of their regular November meeting, fuelling speculation that further stimulus could be on the cards, as the world’s second-largest economy faces growing uncertainties, including the return of Donald Trump who has made two tariff threats in the past week, including a warning to impose a 100% tariff on the BRICS nations if they create a separate rival global trading currency to rival the US dollar. Recent data released showed that Chinese manufacturing activity expanded for the second consecutive month in November, strengthening the demand outlook for copper.
Stellantis Boss Walks:
The sudden departure of Calos Tavares, the head of auto manufacturing giant Stellantis, has left the company in chaos and many in the markets questioning his immediate effect resignation following a boardroom clash. His abrupt exit from the company – which owns brands including Vauxhall, Jeep, Fiat, Peugeot and Chrysler – comes only two months after Stellantis had issued a profit warning. Last week, the firm also announced it plans to shut down its Vauxhall van-making factory in Luton UK, that will see it shed around 1,100 jobs.
Intel CEO Forced to Leave:
Intel’s Chief Executive Officer, Pat Gelsinger has been forced out by the board, with less than four years’ service, after taking control of the processing chip company in 2021, Two company executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger, who has also stepped down from the board, Intel said on Monday Gelsinger, who resigned on Dec. 1, left after a board meeting last week during which directors felt Gelsinger’s costly and ambitious plan to turn Intel around was not working and the progress of change not rapid enough. The board told Gelsinger he could retire or be removed, and he chose to step down. He had been a long term employee of Intel after joining the company in 1979.
Apple – Spy Allegations:
Apple is facing a new legal challenge and has been accused of illegally monitoring its workers’ personal devices and iCloud accounts while also banning the discussion of their pay and working conditions with other employees. The complaint was filed in California state court on Sunday by Amar Bhakta, an employee who works in digital advertising for Apple. Bhakta claims the company requires employees to install software on personal devices that they use for work that allegedly gives Apple access their email, photo libraries, health and “smart home” data and other personal information, that he alleges to be used to monitor discussions about working conditions at the company.
Market News
Markets: Indices in the US, showed momentum yesterday with the NASDAQ closing up by 1,2%, the S&P 500 was up marginally by 0,24% and the Dow Jones closing down by -0,29%.
Asian markets this morning have been trending upwards after the surge in US Tech Stock prices yesterday, with the Nikkei surging by 2,9% and is at 39334 currently, while the Hang Seng is also up today by 0,65% and is at 19550.
Currencies: The US Dollar has strengthened in price this morning and is currently trading at 1.049 against the Euro, at 1,265 against the Pound, and at 150.03 against the Yen. The Rand has remained range bound between R18.10 and R18.18 to the dollar in trade this morning, and is currently trading at R18.14 to the US dollar.
Commodities:
- Gold is trading upwards this morning and is currently at $2,643 per ounce
- Platinum prices currently trading upwards at $947 and with Palladium prices also higher today and at $984 currently
- Brent crude is currently trading lower today and is at $72.00 with WTI also trading lower at $68.20 currently.
- Cocoa prices are currently trading upwards again today and are at 7976 British pounds per ton and looks like it could breech the 8000 level today.
- Coffee prices have dropped by almost -3% are trading at $2.98 currently
(All prices quoted at 08H20 – Central African Time)
Other News in Africa Today
Biden Arrives in Angola:
American President Joe Biden arrived in Angola Yesterday for his long-awaited first presidential visit to sub-Saharan Africa. Biden had first made a stop-over in the Atlantic Ocean island nation of Cape Verde for a brief, closed-door meeting with Prime Minister Ulisses Correia e Silva. In Angola, Biden plans to meet with Angolan President João Lourenço, visit the National Slavery Museum and travel to the port city of Lobito for a look at the Lobito Trans Africa rail corridor project currently being undertaken by the US that will link Angola, Zambia, and the Congo. His visit comes only weeks before he is due to leave the Whitehouse and transfer the presidency to Republican Donald Trump on 20 January 2025. Barack Obama was the last U.S. president to visit sub-Saharan Africa back in 2015.
Road Death Toll in SA over 10 000:
South Africa has a terrible record of road fatalities and 2024 was no exception. According to a statement by Transport Minister Barbara Creecy, the country has witnessed a despairing number of deaths on its roads in 2024, with the official number standing at 10,154 fatalities reported so far in 2024. As the festive season approaches—a period notorious for increased road accidents—the Department of Transport has launched its annual road safety campaign under the theme “Every Day Without a Road Death – South Africa 2024.” Transport Minister Barbara Creecy and Deputy Minister Mkhuleko Hlengwa have emphasized the urgent need to curb the rising number of road deaths, and have unveiled a new strategy to improve road safety during this high-risk period, that will use the National road agency’s data to highlight areas of high incidents and focus the traffic police to focus efforts there.
