Business & Tech News
China / US set for Trade Talks in UK Today
Three top aid from of U.S. President Donald Trump’s administration are reported to be set for meetings with their Chinese counterparts in London today for talks aimed at resolving a trade dispute between the world’s two economic behemoths. U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will be leading the US team in the talks. China’s foreign ministry on Saturday confirmed that vice premier He Lifeng will be in the United Kingdom between 8 and 13 June, and said that the first meeting of the China-U.S. economic and trade consultation mechanism would be held during this visit.
Slow-down in Chinese Exports
China’s export growth hit a three-month low in May with U.S. import tariffs affecting the volume of shipments. Chinese factory-gate deflation deepened, alongside the dwindling export levels, reaching its worst level in two years. This has no doubt had some impact on the decision from Beijing to meet with the US today. These numbers will be hurting an already slow economy in the world’s second-largest economy on both the domestic and external fronts, and will likewise have an impact on imports of raw materials. China’s producer prices fell 3.3% yoy in May 2025, slightly above expectations of a 3.2% decline and after a 2.7% drop in April. This marked the 32nd consecutive month of producer deflation and the steepest decline since July 2023. China’s imports shrank 3.4% yoy to USD 212.9 billion in May 2025, far steeper than April’s 0.2% drop and worse than market consensus of a 0.9% decline.
GDP In Japan Flat in Q1
Japan’s GDP in Q1 of 2025 did not move the indicator, and while this was a better than expected number, beating a flash estimate of a 0.2% contraction it marked a sharp slowdown from the 0.6% growth in Q4. Private consumption, which accounts for over half of the economy, was revised slightly higher to a 0.1% gain for the second consecutive quarter, instead of no change in the preliminary reading, reflecting government efforts to cushion the impact of rising food prices—notably rice— and higher energy cost. Business investment also strengthened, expanding 1.1%—the fastest pace since Q2 2024—though below the initial estimate of 1.4% and up from 0.6% in the prior quarter. However, government spending fell by 0.5%, contrary to the earlier estimate of no change, marking its first decline in five quarters.
Business, Tech & Market News Shorts:
- Auto Maker Geely‘s chairman, Li Shufu, while attending an auto conference in Chongqing, over the weekend, stated that the global automotive industry was facing “serious overcapacity” and that the Chinese automaker had decided not to build any new manufacturing plants or expand production in existing facilities.
- Israel’s cabinet, on Sunday approved a three-year plan that would bring the state’s budget deficit to less than 3% of gross domestic product through 2028, down from an expected 5% this year. Under the Finance Ministry’s plan, the deficit would come in at 2.8% of GDP in 2026 and 2027, and 2.9% in 2028.
- Oil stockpiles are growing rapidly across the globe since January but have ramped up in recent weeks according to data from OilX. This is an indication of the pressure that higher output from OPEC+ could place on the global crude market as the year progresses. Crude oil stockpiles globally rose by about 170 million barrels in the past 100 days, according to Kayrros, which monitors inventories.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar is currently trading softer against the Euro at 1.14215 and against the Pound at 1.35575. The Yen is currently at 144.34 to the dollar, with the rand currently at R17.76 to the US dollar.
Commodities:
- Gold futures prices are trending upward this morning, and are currently at $3316 per ounce.
- Copper prices are also trending upwards this morning and are currently at $4.8309.
- Silver futures prices are also trading upwards this morning and are currently at $36.124
- Platinum futures are trading upwards by almost 3% this morning, and are currently trading at $1207.40, while Palladium prices are currently at $1060
- Brent crude oil prices are currently at $66.34, with WTI trading at $64.43
- Cocoa futures are trading upwards this morning and are currently at $10177 per ton.
- Coffee futures prices are flat today, and are currently at $357.47
Crypto Currencies:
- Bitcoin prices are flat and currently at $105449
- Ether prices are trending lower and currently at $2486
- $Trumpcoin is trading at $10.30
(All prices quoted at approximately 08H15 – Central African Time)
Other Breaking News in Africa Today
Rwanda set To Leave ECCAS Bloc.
Rwanda has announced it will withdraw from the 11-nation, Economic Community of Central African States (ECCAS). Rwanda’s had expected to be appointed as chair of the Central African Bloc over the weekend, however members voted to keep current incumbent, Equatorial Guinea as chair of the organisation. The situation highlights growing diplomatic tensions in the region over a situation in Rwanda’s neighbouring state the DRC where the Rebel M@# group have invaded large areas of the Eastern Congo region and are widely acknowledged to be supported by Rwanda. In a statement, Rwanda condemned Congo’s “instrumentalisation” of the bloc and saw “no justification for remaining in an organization whose current functioning runs counter to its founding principles.”
Ghana Supports Western Sahara Autonomy Plan
Ghana has announced that it views a Moroccan autonomy plan as the sole basis to settle the Western Sahara dispute within the framework of the UN, aligning itself with a growing number of Western African and Arab countries that back Rabat’s position on the dispute.The stalemate situation pits Morocco, which considers the desert territory as its own, against the Algeria-backed Polisario front, which seeks an independent state there.
