Business & Tech News
Global Markets Hit Biggest Sell-Off Since Covid:
The SHANGHAI decreased to a 27-week low of 3096.00 Index Points in trade this morning, continuing a steady decline. Over the past 4 weeks, Shanghai Stock Exchange Composite Index has dropped by -7.97%, while gaining a slim 1.67% in the last 12 months. Japan’s Nikkei index is down by-6,5% this morning and in Europe, equity markets look set to have further losses today, extending a steep selloff that began last week Thursday after the US imposed wide-ranging tariffs on all countries. China responded with its own 35% levies on US goods, with other major economies expected to follow suit. The BSE Sensex equity market in India has seen a drop of 2,801 points, or -3.7%, to 72,535 in early trade this morning, falling for the third straight session and weighed down by all sectors.
The BSE Sensex hit its lowest level since early June 2024, with metals leading the decline, plunging 7.2%. Despite market volatility, the Trump administration has indicated no intention to back down. Meanwhile, markets will also digest fresh German trade data and Eurozone inflation figures. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures were down more than -3%.
Crypto Assets Seen As Risky in Unstable Market:
Bitcoin hit a five-month low this morning and retreated below 77,000, mirroring a broader market selloff that has shaken investor confidence. The worlds most established crypto currency has now fallen nearly 28% from its peak of 109,225 on the US inauguration day in January 2025. Initially, Bitcoin soared past $100,000 after Trump’s election, boosted by hopes that his administration would support the crypto industry. But despite trading above $80,000 last week—following the announcement of new tariffs that sparked global market turmoil—Bitcoin has since seen more than a 6% decline, and has fallen by -1,7% this morning.
The selloff suggests that the market is considering the impact of broader macroeconomic concerns, including China raising retalitary tariffs against the US and rising geopolitical tensions, that are overpowering earlier optimism. Analysts say the decline reflects a wider flight from risk assets, with cryptocurrencies caught in the middle of the current tarrif storm.
China Introduces AI training at School Level:
Starting September 1, 2025, China is set to introduce mandatory artificial intelligence (AI) education for students as young as six. The policy mandates a minimum of eight hours of AI learning annually. Schools can teach it as a separate subject or weave it into science and IT. The curriculum evolves with age—covering basics in primary, hands-on use in middle school, and real-world innovation in high school.
Libya Devalues Currency – First in Five Years:
In a decision, likely to have been sparked by the US tariff announcements, that stipulated it would affect countries effectively manipulating currencies, Libya’s central bank announced a 13.3% devaluation of the country’s dinar currency on Sunday, setting the exchange rate at 5.5677 to the U.S. dollar effective immediately. This is the first official devaluation since the bank agreed to a devalued exchange rate of 4.48 dinars to the dollar in 2020. The parallel market exchange rate is currently at 7.20 dinars to the dollar. In September last year, the dinar slid against the U.S. dollar in the black market due to a crisis over control of the central bank that slashed oil output and exports.
The crisis was resolved later in September following an agreement signed by representatives of Libya’s rival eastern and western legislative bodies. The agreement, facilitated by the United Nations, paved the way for the appointment of a new central bank governor. In November, the eastern-based parliament speaker reduced the tax on foreign currency purchases to 15% from 20%. The tax is added to the rate when people buy foreign currencies from commercial banks.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar trading lower and currently at 1.9986 against the Euro, and trading upwards against the Pound at 1.28836. The Yen is trading higher against the Dollar, and at 146.19 to the dollar currently. The rand has lost more ground today and is trading at a three-month low at R19.10 to the dollar currently.
Commodities:
- Gold futures prices lost momentum over the weekend but have strenghtened slightly againg this morning and currently at $3032.
- Copper prices have dropped again this morning by -1,1%, and at 4.3196 currently.
- Silver prices have jumped by 2,74% today, and at 30375 currently.
- Platinum is trading over -10% lower in the past week and at $900 currently, while Palladium prices are currently trading -9% lower for the week and at $893 currently.
- Brent Crude Oil prices are almost -4% lower today and at $63.09 currently, with WTI also trading downwards, and at $59.58 currently.
- Cocoa futures are currently at $8501 per ton.
- Coffee futures prices are trending downwards, and at $361.40 currently.
Crypto Currencies:
- Bitcoin prices have fallen by 2,5% today, hitting a five-month low, and is currently trading at $76186.
- Ether prices have hit a 13-month low, and currently trading at $1498.60
- $Trumpcoin has seen a 2,34% gain in price this morning, and the coin is currently trading at $9.48 currently
(All prices quoted at approximately 10H50 – Central African Time)
Other News in Africa Today
Mali Surveilance Drone Downed by Algeria:
Mali accused neighbouring Algeria of shooting down one of its surveillance drones near their shared border in a statement read out by the security minister on national TV on Sunday. The West African country and its allies Burkina Faso and Niger will recall their ambassadors from Algeria for consultations over the incident, they said in a separate joint statement on Sunday. The Malian government said it had concluded “with absolute certainty that the Malian Armed Forces drone was destroyed in a premeditated hostile action by the Algerian regime.” The three Sahel countries said in their joint statement that they energetically condemned the “irresponsible act by the Algerian regime.” Algeria’s Defence Ministry on April 1 said the army had shot down an “armed surveillance drone” that violated the North African country’s airspace near Tinzaouaten, a community that straddles the border, without providing further details.
