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Elon Musk criticized Julius Malema after a video resurfaced of the South African leader chanting "Kill the Boer, Kill the Farmer" at a rally, linking it to a historical anti-apartheid slogan. Malema defended the chant as part of political history, while Musk warned of potential genocide against white farmers in South Africa. This controversy coincides with rising tensions between South Africa and the US over land expropriation policies.
Emerging market stocks face ongoing uncertainty due to trade tensions, US domestic policy shifts, and lackluster macro fundamentals in China, leading to underperformance against US peers. Despite this, a selective approach to tariffs and structural support in key markets like Taiwan and India may yield high-single-digit to low-teen returns by the end of 2025. China remains neutral amid trade uncertainties, with potential AI advancements boosting its technology sector's competitiveness.
HSBC is set to discontinue its Zing money app, launched just a year ago, as part of a strategic overhaul aimed at streamlining operations. The bank plans to integrate Zing’s technology into its existing infrastructure and transition users to its Global Money platform, emphasizing a focus on core services and operational efficiency. This move reflects HSBC's ongoing efforts to adapt to the competitive digital banking landscape while potentially leading to job losses.
HSBC is set to close its Zing app, launched just a year ago, following a strategic review. The app, which allowed users to manage multiple currencies, will see its technology integrated into HSBC, with customers offered alternatives to transition to HSBC UK services. This decision is part of a broader effort to streamline operations, which has included recent sales of banking operations in Argentina and Germany.
Canal+ shares fell by 19% to 191.10 pence after UBS Group AG issued a neutral rating, citing risks from its acquisition of MultiChoice, which is experiencing declining profits in South Africa. This contrasts with CIC Market Solutions' optimistic target of 450 pence, suggesting the market has already accounted for these risks. Following Canal+'s decline, the combined value of Vivendi and its spinoffs dropped 10% from its standalone price on December 13, according to Bloomberg.
A consortium of four companies has submitted a rival bid of 6.7 billion rand ($372 million) to acquire a stake in the commercial rights of South Africa's Springboks, the reigning rugby world champions. The group, which includes AltVest Capital, EasyEquities, 27four Investment Managers, and RainFin, aims to purchase up to 40% of the rights through an entity named Saru Commercial Rights Co. This proposal was communicated in a letter to the leaders of the South African Rugby Union.
South Africa's current-account deficit narrowed unexpectedly in the third quarter, with the gap shrinking to an annualized 1% of GDP, or 70.8 billion rand ($3.9 billion). This improvement was driven by a larger decline in the value of goods exports compared to merchandise imports, according to the South African Reserve Bank.
Tiger Brands Ltd. shares surged to a five-and-a-half-year high, reflecting increased investor confidence in CEO Tjaart Kruger, who has been at the helm for 13 months. The stock rose 3.5% following the announcement of a full-year dividend per share that surpassed analyst expectations, marking a significant achievement under Kruger's leadership.
The economic landscape under Trump 2 is marked by potential growth from tax cuts and deregulation, particularly benefiting financials and energy sectors, while tariffs may negatively impact imports and emerging markets. Gold prices have corrected sharply post-election, influenced by a stronger USD and geopolitical uncertainties, with expectations of continued central bank gold buying. The overall economic outlook suggests a soft landing, but risks from fiscal policies and inflation remain significant.
The US dollar has reached two-year highs post-election, driven by strong economic data and reduced rate cut risks. However, UBS strategists caution against viewing this strength as a buying opportunity, citing an already factored-in positive outlook and the dollar's rich valuation. They advocate for contrarian strategies, favoring currencies like the British pound and select emerging market currencies, while predicting a 6% decline in the DXY over the medium term due to easing US yields.
South African Rand
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Elon Musk criticizes Julius Malema for controversial chant at rally
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06:14 10.02.2025
emerging markets face uncertainty but potential growth opportunities ahead
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19:09 30.01.2025
hsbc to shut down zing money app amid strategic restructuring efforts
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14:44 27.01.2025
hsbc to close zing app after one year of operation
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13:08 23.01.2025
canal shares drop as UBS raises concerns over multiChoice acquisition risks
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16:21 03.12.2024
ubs warns against buying us dollar despite recent strength
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