Business News Today
Rare Moment for Rare Earths
Rare Earth processing is set to become a major area of competition in global supply-chain markets. China, the global leader, controls this market currently. China’s rare earth exports accounting for around 70% of the world’s supply of processed metals used for magnets in electric vehicle motors and other strategic manufacturing in things such as military fighter jets. Newly introduced sweeping curbs on its rare earth exports from China, has tightening Beijing’s grip on the global supply of the critical minerals. Beijing has worked hard to gain its dominance of the global rare earth processing capacity, said critical minerals researcher Marina Zhang from the University of Technology Sydney.The country has nurtured a vast talent pool in the field, while its research and development network is years ahead of its competitors, she added.
While the US and other countries are investing heavily to develop alternatives to China for supplies of rare earths, they are still some way from achieving that goal. New developments in processing are seeing major investments from the US to attracting rare earth processing within the US who are now under pressure. Africa remains behind the curb on this despite extensive rare earth deposits in Lithium, Cobalt and Nickel.
African Markets Reel from Global Upheaval
A Reuters survey released today, reveals seismic global trade and funding shifts have strained African financial systems over the past year, with Nigeria’s local currency – naira facing further depreciation next week due to dollar shortages and risk aversion in markets. Ghana’s cedi has rallied, but overall, currencies weakened amid US-China tensions. The South African Rad (ZAR) has also seen volatility after a stretch of stability with the currency losing 0,8% this week. The report calls for diversified funding sources to mitigate vulnerabilities, highlighting AfCFTA’s role in stabilising intra-continental trade flows.
US Stocks Plunge on Regional Bank Credit Concerns
Shares on US indices saw a fall yesterday, as concerns over bad loans at regional banks triggered a sell-off in financial shares, dragging down major indexes. The S&P 500 fell 0.6%, with its financial sector declining a significant -2.8%, while the Nasdaq 100 dropped by -0.4%. Asian markets saw a knock-on effect this morning with Japan’s Nikkei 225 Index falling by -1.1% to below 47,800, while the broader Topix Index slipped by -0.8% to 3,177. In China, the Shanghai Composite fell by -0.8% to below 3,890, while the Shenzhen Component sank -1.9% to 12,840 reflecting global risk aversion. Equity futures in Australia, and Hong Kong slid, alongside US contracts. Investors raised concerns over lending standards amid economic slowdown signals, boosting safe-haven assets like government bonds and gold. This volatility highlights fragility in the credit market, potentially signalling broader economic headwinds despite resilient corporate earnings elsewhere.
IMF Raises Asia’s GDP Growth Projection to 4,5% for 2025
The International Monetary Fund (IMF)b has revised Asia’s economic growth forecast upward this morning to 4.5% for this year. This equates to an increase of 0.6 percentage points from its estimate set in April, though slowing from 4.6% growth seen last year. It has further projected a slow-down in growth, setting a 4.1% GDP forecast for 2026. Economic activity in the Asia-Pacific region was seen to be holding up better than expected in April, despite the area bearing the brunt of US tariffs, said Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, at a news conference, as reported by Reuters.
However he cautioned that significant downside risks remain, noting that the “dust on tariffs has not settled yet” and tariffs could still increase. The agency warned that renewed escalation in US-China tensions could deal a heavy blow to a region deeply integrated into global supply chains. “The region is once again set to contribute the lion’s share of global growth – about 60%, both this year and in 2026,” Srinivasan said.
Breaking News Shorts: .
- Platinum surged above $1,730 an ounce, hitting a 14-year high, as strong safe-haven demand and tightening supply support the metal. Market uncertainty has intensified amid US-China trade tensions, Palladium has also surged above $1,630 an ounce for the first time since 2023,
- Indian oil refiners are already cutting Russian oil imports by 50%, after US Indian trade talks according to a White House official today. Indian sources said that the cut was not visible yet, but could be reflected in import numbers for December or January. Refiners had already placed orders for November loading that included some cargoes for December arrival as well, the sources said.
- The IMF Eyes New Loan Program for Senegal with Managing Director Kristalina Georgieva announcing that an IMF a team is visit to Senegal for a new loan program post-debt reporting resolution. This $1 billion facility targets fiscal reforms and green growth.
- Exports from Malaysia surged 12.2% y-o-y in September 2025, following a downwardly revised 1.7% increase in the previous month, and surpassing market forecasts of a 3.5% rise. This marked the third consecutive month of annual export growth and the fastest expansion in five months Boosting the country’s trade surplus to a six month high.
- Silver hovered all-time highs above $54 per ounce this morning and was poised to gain about 8% for the week, supported by tightening global supply and strong safe-haven demand. Markets were rattled after two US regional banks disclosed loan problems involving alleged fraud
Markets by Numbers
Currency markets indicate the US dollar has lost ground today, with the Euro trading against the US dollar at 1.17183 while the Pound is trading at 1.34600 to the US dollar. The Yen is currently trading at 149.83 to the dollar. The rand (ZAR) is currently at R17.35 to the US dollar.
Commodities:
- Gold futures prices have gained around 0,7% again this morning, after hitting a new record high, are currently trading around $4361.92 per ounce.
- Copper prices are slightly softer today after a drop yesterday, with prices currently at $4.9137
- Silver futures prices are higher this morning, and currently trading around $54.349
- Platinum futures are marginally softer after surging earlier today, and are up over 7% this week, and currently trading at $1711.80, While Palladium prices also saw a surge earlier today, but have dropped off somewhat, and are currently trading around $1635 per ounce.
- Brent crude oil prices have fallen today, and currently at $60.91 with WTI trading lower at $57.30
- Cocoa futures have gained some more traction today, and are currently trading around $5996.38 per ton.
- Coffee futures are currently trading at around $3.9227 per pound
Crypto Currencies:
- Bitcoin prices have lost over 4% this week, losing traction and trading at around $108445 per coin
- Ether prices have fallen below the $4000 mark, and are currently trading around the $3895.76 mark
- $Trumpcoin is trending upwards today, and currently trading around $5.938
(All prices quoted at approximately 07H50 Central African Time)
Other Headline News in Africa Today
Kenyan Police Kill Mourners
Reports from Kenya indicate that at least two people have been killed in Nairobi on Thursday after Kenyan police fired at crowds of mourners gathered to see the body of former prime minister Raila Odinga. Odinga had died of a heart attack in India on Wednesday, and his body had been flown back to Kenya where there was an official viewing held at a local football stadium.
Today has been declared a public holiday and Kenyans are expected to gather at a different football stadium in Nairobi for a state funeral service. Another public viewing will be held on Saturday in the western county of Kisumu, close to Odinga’s rural home. Odinga will be given a state funeral Sunday at his rural home of Bondo, in western Kenya. Kenya’s head of police operations, Adamson Bungei, confirmed the shooting at the 60,000-capacity soccer stadium in the capital, Nairobi, where the viewing was to take place ahead of the funeral over the weekend.Tensions rose when a crowd surged and tried to breach a gate in the stadium. Police fired both live bullets and teargas at mourners. Bungei confirmed the death of two people but but several unconfirmed reports from local media said the death toll has increased to four.
