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Europe is intensifying its diplomatic and economic engagement with the Global South, particularly Africa, as the US under Trump retreats from these relationships. European Commission President Ursula von der Leyen co-hosted an EU-South Africa summit, highlighting the EU's significant investment and trade ties with South Africa, which is seen as a gateway to broader African markets. This strategy aims to counterbalance the influence of Russia and China, who are also vying for partnerships in the region amidst a backdrop of increasing non-alignment among African nations on global issues.
Europe is intensifying its diplomatic and economic engagement with the Global South, particularly Africa, as the US under Trump retreats from these relationships. European Commission President Ursula von der Leyen co-hosted an EU-South Africa summit, highlighting the EU's significant investment and trade ties with South Africa, which serves as a gateway to broader African markets. This strategy aims to counterbalance the influence of Russia and China, who are also vying for partnerships in the region amidst a backdrop of increasing non-alignment among African nations.
Brussels was abuzz over allegations that Huawei bribed MEPs, diverting attention from Viktor Orbán's successful veto on renewing sanctions against Russian entities. In a deal to avoid sanctions expiring, EU ambassadors acquiesced to Orbán's demands, illustrating the ease with which he manipulates the EU. Meanwhile, life expectancy in the EU reached a record 81.4 years in 2023, and Germany's centrist parties agreed on a significant infrastructure and defense spending package.
Elon Musk's AI chatbot, Grok, has assessed a 75-90% likelihood that President Trump is a "Russian asset" compromised by Vladimir Putin, citing Trump's financial ties to Russia and his consistent defense of Putin. This claim has reignited scrutiny over Trump's relationship with Russia amid ongoing geopolitical tensions. Critics, including politicians, have echoed concerns about the implications of such a connection.
Elon Musk's AI chatbot, Grok, assessed a "75-85% likelihood" that Donald Trump is a "Putin-compromised" asset, citing Trump's financial ties to Russia and his reluctance to criticize Vladimir Putin. Grok's analysis, described as "maximally truth-seeking," raises questions about the reliability and implications of AI-driven conclusions in political discourse.
The Australia 200 index fell 58 points (-0.70%) to 8187 amid escalating trade tensions, hitting a seven-week low of 8150.2 before some buying emerged. The US economy faces challenges as manufacturing PMI declines, while Australian GDP forecasts improve, suggesting resilience despite the trade war. In the energy sector, crude oil prices dropped 2% as OPEC plans to increase supply, impacting stocks like Beach Energy and Santos. The mining sector also suffered, with iron ore prices falling below $100, affecting companies like Mineral Resources and Fortescue.
Carlos Mejia, CIO at Rothschild & Co Bank Schweiz AG, discusses the ongoing market turbulence driven by geopolitical tensions and the impact of Donald Trump's potential second term. He emphasizes the importance of focusing on long-term investment strategies despite short-term uncertainties, asserting that Switzerland's financial reputation remains strong due to effective actions by the Swiss National Bank and Finma during the Credit Suisse crisis. Mejia expresses confidence in Switzerland's competitive edge, citing its highly qualified workforce and consistent innovation leadership.
UBS recommends overweighting European stocks, citing ten reasons including the potential relaxation of Germany's "debt brake," significant undervaluation of European equities, and improving GDP growth forecasts. The STOXX Europe 600 Index has outperformed the S&P 500 this year, and many investors are underexposed to European markets despite a growing consensus on their potential.
István Tiborcz, son-in-law of Hungarian Prime Minister Viktor Orbán, is reportedly negotiating to acquire a Russian subsidiary of Raiffeisen Bank International (RBI), which nominally holds a 13.1% stake in the Kazakhstan Stock Exchange (KASE). Despite denials from Tiborcz and OTP Bank regarding their involvement, RBI faces legal restrictions preventing the transfer of its shares due to a court dispute. As of January 2025, Russian Raiffeisen Bank will nominally hold the full 13.1% stake previously owned by the Moscow Exchange, which was sanctioned by the U.S. in June 2024.
The Aussie dollar's strength indicates market confidence despite dovish signals from the RBA, while spot gold prices rise over 1% amid global economic growth concerns. Crude oil prices are also trending higher due to supply disruptions in Russia and the US. In the stock market, the ASX 200 is pulling back after recent highs, with traders monitoring support levels between 8350 and 8370. Meanwhile, the Nasdaq 100 remains above 20,000 but faces challenges as major tech companies experience pullbacks, with resistance levels between 22,000 and 22,200 being critical for its momentum.
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europe seeks to strengthen ties with global south amid us retreat
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20:25 15.03.2025
europe seeks to strengthen ties with global south amid us retreat
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orbans son in law explores purchase of raiffeisen bank russian subsidiary
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