Breaking News Today – Monday 2 March 2026

Business News Today 

Global Uncertainty Gives Gold a Boost

Gold climbed more than 1.4% to above $5,370 per ounce on Monday, reaching a more than one-month high as safe-haven demand intensified following joint strikes by the US and Israel on Iran over the weekend. The attacks resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, escalating regional tensions and disrupting maritime traffic in the oil-rich Gulf. Iran responded with retaliatory strikes against US assets across neighboring countries, including the UAE, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq and Syria. Gold recorded its seventh straight monthly gain in February with prices up over 24% in the last month alone, the longest streak since 1973, driven by heightened geopolitical tensions and US President Trump’s reshaping of international relations. The rally has also been supported by strong central bank purchases and a broader investor move away from sovereign bonds and currencies.

Honor’s Foldable Mobile Tech Advances

Chinese mobile group, Honor, have launched their new foldable phone, the Honor Magic V6, as a lead-up the Mobile World Congress (MWC) in Barcelona. The Magic V6 comes with an impressive 6,600 mAh battery and a new Super Steel Hinge with a tensile strength of 2,800 MPa and have proved their goal of producing the world’s thinnest foldable mobile, with the new V6 version only 4mm thick when unfolded and 8.75 mm thick when folded.

Honor also revealed their new Silicon-carbon battery tech with 32% silicon density that could push foldable phone battery over 7,000 mAh. The phone is powered by Qualcomm’s Snapdragon 8 Elite Gen 5 processor, and has 16GB RAM, with 512GB of storage. The Magic V6 has three rear cameras, including a 50-megapixel main camera and a 50-megapixel ultra-wide camera. The company said that the Magic V6 will be released in select international markets in the second half of 2026.

Kenyan Inflation Rate Falls Further

The annual inflation rate in Kenya cooled further to 4.3% in February 2026, the lowest since July last year, from 4.4% in the prior month. Price growth moderated primarily for key CPI components such as transportation (4% vs 4.8% in January) and housing, water, electricity, gas and other fuels (1.8% vs 2.2%). Meanwhile, food inflation remained stable at 7.3%, on tighter supply of staples. On a monthly basis, the CPI rose by 0.2%, slowing from a 0.6% increase in the prior month. This follows Kenya’s central bank trimming its benchmark interest rate by 25 bps to 8.75% in early February, marking its tenth consecutive rate cut following a similar move in December. The decision builds on previous policy actions designed to stimulate private-sector lending and support economic activity, and has supported growth and reigned in inflationary pressures with lenders paying lower interest.

Brent Oil Prices Heat Up on Global Tensions

Brent crude futures spiked by up to 12% at the open on Monday before easing back to trade more than 8% higher above $78 a barrel. The rally following unprecedented coordinated strikes by the United States and Israel on Iran pushed prices to their highest level in eight months. Markets are closely monitoring the risk of disruptions in the Strait of Hormuz, a vital chokepoint that handles roughly one-fifth of global oil shipments and significant volumes of natural gas. Tehran insists the strait remains open, yet shipping companies quickly began rerouting vessels away from the narrow waterway. Iran also launched attacks on US assets across neighboring states, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq and Syria. Meanwhile, OPEC+ agreed on Sunday to increase production by 206,000 bpd in April, accounting for less than 0.2% of global demand.

Breaking News Shorts:  

• The economy of Mozambique grew by 4.7% in the fourth quarter of 2025, following a 0.9% contraction in the previous period. This marks the first period of economic expansion since the third quarter of 2024, indicating the country has emerged from a technical recession it experienced earlier.
• Foreign direct investment (FDI) into China fell 5.7% year-on-year to CNY 92.01 billion in January 2026, following a 9.5% decline in December. Despite the drop, the number of newly established foreign-invested enterprises rose 25.5% to 5,306. Investment from Germany, Switzerland, and Singapore increased by 86.6%, 57.4%, and 10.9%, respectively
• The Indian rupee slipped to around 91.2 per dollar, marking its lowest level in a month, as global oil prices surged and the US dollar gained broadly. Tensions in the Middle East drove Brent crude higher, raising concerns over potential supply disruptions. As a major oil importer, India remains sensitive to sustained shifts in energy prices
• Platinum futures advanced toward $2,400 an ounce today, hitting a fresh four-week high, as geopolitical tensions in the Middle East fuelled safe-haven demand across precious metals. Gold and silver led the broader rally after coordinated US-Israel strikes on Iran. Platinum is up by 7.7% in the last month.
• The S&P Global Japan Manufacturing PMI rose to 53 in February 2026 from 51.5 in January, above the initial estimate of 52.8, as companies signaled a stronger recovery in business conditions, with output, new orders, and employment growth all accelerating since January. This marked the strongest manufacturing expansion since May 2022.

Markets by Numbers 

Currency markets indicate the US dollar trading stronger against major currencies today, with the Greenback trading against the Euro at 1.17841 while trading against the Pound at 1.34368. The Yen is currently trading at 156.52 to the dollar. The rand (ZAR) is currently trading stronger at around R16.06 against the US dollar.

Commodities:  

• Gold futures are rising today, up by over 1.4% this morning, and currently trading at around $5354.05 per ounce.  
• Copper prices are trending -0.4% lower today, with prices currently around $5.9764 per pound
• Silver futures spiked earlier today, but are currently trading marginally lower at around $93.648 per ounce.
• Platinum futures are trending upwards this morning, and currently trading at $2376.50, While Palladium prices are trending around -0.3% lower this morning, and currently trading around $1821.00 per ounce.
• Brent crude oil prices spiked by over 11% earlier today, and are subsiding with prices currently up around 6.3% at $77.53 with WTI trading at $71.09
• Cocoa futures have gained modestly today, after a big drop below $3000 last week, and currently trading around $2897 per ton. 
• Coffee futures are currently trending lower today, and trading at around $2.8086 per pound

Crypto Currencies: 

• Bitcoin prices have lifted by over 1.3% this morning, and trading at around $66647 per coin currently 
• Ether prices are also up by around 1.3% today, and are currently trading around $1966.11.
• $Trumpcoin are currently trading around $3.417

(All prices quoted at approximately 07H05 Central African Time) 

Africa News Briefs:

• Two ship vessels were attacked yesterday in the Strait of Hormuz, maritime security agencies said, as Iran pressed a second day of strikes in response to US-Israeli air raids. Maritime Trade Operations (UKMTO) said one ship off the coast of Oman was struck by an unknown projectile above the waterline. An initial fire in the engine room was later brought under control. In a separate incident, another vessel was hit by a projectile that caused a fire, which was subsequently extinguished, and the ship intended to continue its voyage.
• Airlines are continuing to cancel and divert flights in the Middle East after the US and Israel launched strikes against Iran. Flights in and out of airports in Tel Aviv, Dubai, Doha and other international hubs in the region have been suspended. Emirates Airline has suspended its operations in and out of Dubai until 15:00 local time (13:00 GMT) on Monday due to airspace closures, while Etihad has suspended flights out of Abu Dhabi until 02:00 local time. British Airways has cancelled services to Tel Aviv and Bahrain until Wednesday