There is a possible culmination to the trade war this weekend as Trump and Xi Jinping, the President of China, are set to meet alongside the G20 summit in Buenos Aires. This comes on the back of dovish statements from the Fed which led the markets to discount fewer rates hikes for 2019. These two factors have been responsible for almost all of 2018’s uncertainty.
- In Brexit news, Trump said that Theresa May’s deal would make Britain unable to strike a trade deal with the US. May is already struggling to pass her accord through Parliament, making this a particularly low blow from Trump.
- The U.K. could face its steepest economic slump since World War II if it crashes out of the European Union without a Brexit deal. But the governor of the Bank of England said he’s prepared.
- The Fed has indicated that it may slow down its interest hikes. The Dow surged 618 points after Jerome Powell said that the Fed would not risk the economy’s spritely health with aggressive hikes next year.
- Michael Cohen, Trump’s former lawyer, has admitted to lying to Congress about Trump’s business plans in Russia. He has agreed to cooperate with Special Counsel Robert Mueller regarding the Russian investigation.
- Former FBI Director James Comey wants to testify publicly, in an attempt to avoid a private House Republican subpoena.
- Ahead of the G20 summit, Trump has said that he is close to “doing something” with China, what that is, he did not say. Additionally, he cancelled a meeting with Russian President Vladimir Putin, citing the seizure of Ukrainian ships and sailors in a Russian attack this week.
- Apple took a fall after Trump suggested a 10 percent tariff on mobile phones, and laptops made in China.
- After Apple’s knock, Microsoft took the lead as the world’s most valuable company. Microsoft also won a $480 million Army contract this week.
- German authorities raided the headquarters of Deutsche Bank as part of an investigation into the money-laundering Panama Paper disclosures that happened in 2016.
- The rand is at a four-month high against the US dollar at R13.66. Although the rand gained 5% this month, South Africa is in second place as the Turkish lira surged ahead with a 6.5% gain in November.
- The Ingonyama Trust in KwaZulu Natal was designed to empower the working-class people who are its inhabitants but instead it is used to enrich the few and plunder. Follow the link for more analysis on this.
- CEO of Anglo American, Mark Cutifani, announced that South Africa has reopened for investment, he said, “confidence has been returned in terms of the conversation and, from our point of view, the confidence to invest in the future, certainly in terms of our assets – that’s been very important.”
- Someone has been arrested for corruption! John Block was the Provincial Chairman of the ANC in the Northern Cape Province. Follow this link for details.