Breaking News Today – 25 July 2024

Migrant Crossing Tragedy: A tragic accident at sea has resulted in a growing number of victims, deaths, and missing migrants in Mauritania. A report by IOM (International Migration Office) has stated that approximately 300 people boarded a pirogue in The Gambia and spent seven days at sea before the boat capsized near Nouakchott on 22 July 2024. 120 people were reported rescued by Mauritanian Coast Guards, while efforts continue to locate the missing individuals. Tragically, 15 people were confirmed dead upon arrival. Since June 2024, more than 76 boats with around 6,130 surviving migrants have disembarked in Mauritania, with at least 190 dead and missing migrants

Protests continue in Kenya & Uganda: Despite President Ruto announcing a Government of national unity, with several opposition leaders included in the new cabinet, protests continued in the capital Nairobi. Protestors claim that the people appointed are corrupt and that they reject the new government. In Uganda reports indicate that more than 42 protest leaders have been arrested and held in custody.

Meta in Mega Crack-Down on Criminals: Thousands of Instagram accounts in Nigeria have been removed according to a Meta blogpost on Wednesday. They have reportedly removed around 63 000 accounts held in Nigeria that were trying to target people in “sextortion schemes”. These fraudulent scammers often pose as young women who then trick people into sending sexually explicit material before extorting money from them. Some victims of these crimes have committed suicide after being scammed. The company also deleted around 5,700 Facebook groups that were offering tips to others on how to scam people.

SA Inflation Downward: South African inflation eased further during June, with the headline inflation down to 5.1% Year-on-Year compared to 5.2% in May. The decline in inflation was widespread, with key decreases coming from housing utilities, which fell to 5.5% from 5.8% in May. Reduction in fuel costs also brought some relief, slowing to a yearly rate of 7.3% – A significant improvement after two consecutive months of pump prices increases above 9%.

Market Jitters ahead of US Data Release: Asian stock markets are likely to close in negative territory this morning, as the Nikkei ended its trading session more than 3% softer than Wednesday’s close. The sell-off in Asian markets followed a sell-off in the US, where stocks, and particularly Tech Stocks took a beating as earnings had been disappointing. This afternoon will see the release of much anticipated US data with GDP and Durable Goods, markets experiencing a risk off sentiment increase resulting in Emerging Market currency volatility.

Commodities Down: Gold is trading down over 1%, with platinum and palladium also on a downward projection. Copper is holding just above the $9,000 mark – a level last seen in March this year. China, the world’s largest Oil importer, has addressed economic uncertainty with a surprise cut in interest rates by the Peoples Bank of China, has affected the oil prices, with Brent Crude and WTI both down 0.8%, as the market digests the surprise cut by the PBoC.