Business & Tech News
Japan Sees Growth in GDP:
The Japanese economy showed a better than anticipated growth in the fourth quarter of 2024 and grew by 2.8% on an annualized basis. On a quarter-to-quarter basis, the world’s fourth largest economy grew 0.7% for its third straight quarter of growth. The growth in Q4 was up from a revised 1.7% increase in Q3, according to preliminary figures. In comparison 2024, saw the Japanese economy only growing by a marginal 0.1% growth in seasonally adjusted real GDP. 2024 also saw increased government spending, that was up for the fourth straight quarter. The net Japanese trade numbers made a positive contribution for the first time in five quarters, with exports continuing to increase, while imports declined after two consecutive periods of growth.
Private consumption saw an increase for the third quarter in a row, although its growth slowed due to increasing costs and higher interest rates. The positive data sent Japan’s benchmark Nikkei 225 points higher and saw the Japan 10 Year Government Bond Yield increased to a near 15-year high of 1.37%. This has however been clouded by manufacturing data indicating a fall of 0,2% in manufacturing output month-on month for December.
Gold Drops but regains Strength:
The Yellow Meta rose above $2,900 per ounce on Monday in a likely technical rebound, following its largest one-day drop in two months on the weekend. Gold dropped by almost 1,5% in early trade today before rebounding above the $2900 level and is currently trading just lower at $2899. Traders remain focused on the risk of market disruptions partly due to U.S. tariff threats, as well as the Federal Reserve’s monetary policy outlook. Trump’s tariff policies have become increasingly unpredictable due to delays and exemptions, with geopolitical and economic uncertainties boosting gold’s appeal as a safe haven.
Investors are also closely monitoring news of a possible peace deal that could see an end to the war in Ukraine. Additionally, a soft reading on retail sales in the US last week revived the possibility of additional Fed rate cuts this year. Traders will be looking to the Fed’s latest meeting minutes due later this week for any clues about the outlook for further easing.
Ten Cent Holding Share Spike:
Ten Cent Holdings, the Chinese digital social, gaming and ecommerce group, based in Shenzhen China, has seen its share price jump by over 2,5% in early trade today, hitting share price levels last seen in July 2021. The jump has been driven by the announcement by the company that its Weixin messaging app has launched a beta testing phase with Deepseek AI, the new Chinese AI start-up that has disrupted the Gen AI market globally with its high performance, low cost AI alternative to Open AI and other Gen AI models. South African group Naspers holds a 25% stake in the Chinese tech group via its subsidiary Prosus, saw its share price spike by over 7% on Friday.
Markets by Numbers
Currencies:
The US Dollar has weakened slightly and is currently trading at 1.04917 against the Euro, at 1.25920 against the Pound, and also slightly weaker against the Yen at 151.56 Yen to the dollar currently. The rand has gained further against a weaker dollar this morning and is trading at R18.34 against the dollar currently.
Commodities:
- Gold prices slumped in early trade today by more than 2% but have recovered somewhat and trading at $2,891 currently. Copper is also trading downwards and at 4.6304 currently. Silver has followed the precious metals downward trend this morning, and at 32.079 currently.
- Platinum prices are trending softer and at $1003 currently, while Palladium prices have dropped back below the $1000 mark and currently trading at $991.50
- Brent Oil prices are trading lower at $74.89 currently with WTI also trading lower at $70.79 currently.
- Cocoa futures have levelled this morning, with prices currently at $10200 per ton.
- Coffee prices have modulated in trade this morning, after hitting consecutive all-time-high prices last week, and trading at $420.01 currently.
Crypto Currencies:
- Bitcoin has seen a fairly flat price range this morning, and is currently trading at $96372.
- Ether prices are at $2679 currently.
- $Trumpcoin saw a surge in price on Friday that saw the coin trade as high as $24 at one point. It has since modulated but is gaining fresh traction today and currently trading at $19.30
(All prices quoted at approximately 08H25 – Central African Time)
Other News in Africa Today
Mali Mining Collapse:
More than 40 people, died in Mali over the weekend, after an illegal gold mine collapsed in after. This is the second illegal mining disaster in Mali in the last month. The incident occurred in Mali’s western Kayes region between the towns of Kéniéba and Dabiaof. The site was an abandoned mining area operated formerly by a Chinese mining group. The illegal miners had climbed into open-pit areas left by the mining operation, to look for gold and were trapped under masses of earth when the ground around them caved in according to reports. “Some of the victims fell into the water. Among them was a woman with her baby on her back,” the local police source told AFP. Apparently rescue workers have been able to retrieve the bodies, according to local sources who spoke to the BBC.
Imam Assassination in South Africa:
The world’s first gay imam, Muhsin Hendricks, has been shot and killed in a hit and run incident over the weekend, in the Eastern Cape area in South Africa. Hendriks, a 57-year-old cleric who ran a mosque in Cape Town was killed on Saturday morning in what appears to be a targeted assassination, when the car in which he was travelling near the city of Gqeberha was ambushed. Police have issued a statement confirming that “Two unknown suspects with covered faces got out of the vehicle and started firing multiple shots at the vehicle,” police said. Hendricks was apparently killed after he had reportedly officiated at a lesbian wedding. A video of the attack emerged through security footage that was shared on social media.
It shows a car intercepting Hendricks vehicle while it was pulling away from the curb. The angle of CCTV footage reveals an armed and masked assailant, who jumps out of a car, runs to Hendricks vehicle and shoots repeatedly through the back passenger window. According to police, Hendricks had been sitting in the back seat.
