Major International Business Headlines Brief ::: 01 Jul 2025

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief :::  01 Jul  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  US envoy plays down Africa tariff, visa concerns, reaffirms Lobito rail
commitment

ü  Energy aggregators are paving the way for a liberalised electricity
market in South Africa

ü  India sends geologists to Zambia to explore copper and cobalt deposits,
sources say

ü  Most packaged food in Kenya would need health warning label under new
rules, report says

ü  China’s manufacturing activity contracts for a third month amid deflation
woes

ü  UK tech firms sight African markets through digital free zones

ü  South Africa seeks extension of Trump tariff deadline to pursue trade
deal

ü  Asia-Pacific markets trade mixed as investors assess gains on Wall Street
and Trump’s tariff plans

ü  Australian mining stocks rise on higher gold prices

ü  Asia-Pacific currencies mostly appreciate against the greenback

ü  South Korea’s manufacturing activity contracts for fifth consecutive
month

ü  Japan’s manufacturing activity rises for the first time in 13 months

ü  European stocks open mixed ahead of euro zone inflation print

ü  European stocks open tentatively higher

ü  House prices see biggest monthly fall for over two years

ü  Renault to report $11 billion loss on Nissan stake in first half

 


 <mailto:info at bulls.co.zw> 

 


US envoy plays down Africa tariff, visa concerns, reaffirms Lobito rail
commitment

(Reuters) – The top U.S. diplomat for Africa on Tuesday dismissed
allegations of unfair U.S. trade practices and said that funding delays
would not derail a key railway project connecting Angola, Zambia and the
Democratic Republic of Congo.

 

African Union officials on Monday questioned how Africa could deepen trade
ties with the United States under what they called “abusive” tariff
proposals and tightening visa conditions largely targeting travellers from
Africa.

 

“There is no visitation ban,” Ambassador Troy Fitrell said during a press
conference at the U.S.-Africa Business Summit in Luanda. He said that U.S.
consulates continue issuing visas regularly, although some now come with
shorter validity periods due to concerns over overstays.

 

Several African business and political leaders have raised concerns about a
sharp drop in visa approvals, particularly for travellers from West Africa,
since late 2023.

 

Washington’s tariff plans have also added to cooling diplomatic ties with
African countries, as some economies — including Lesotho and Madagascar —
warned that even a baseline 10% levy could threaten critical exports such as
apparel and minerals.

 

But Fitrell said that the proposed U.S. import tariffs were not yet
implemented, and negotiations were ongoing to create a more reciprocal
trading environment, including through the renewal of the African Growth and
Opportunity Act (AGOA).

 

The initiative grants qualifying African nations duty-free access to the
U.S. market and is due to expire in September.

 

 

Fitrell also reaffirmed his country’s commitment to the Lobito Corridor
railway project, which links Angola’s coast to copper-rich Zambia and the
Democratic Republic of Congo.

 

“It’s not at risk,” he said of the initiative.

 

The U.S. International Development Finance Corporation’s Head of
Investments, Conor Coleman, described it as a “win-win” for U.S. investors
and African economies, and underscoring its significance for regional
integration.

 

The Trump administration has axed swaths of U.S. foreign aid for Africa, as
part of a plan to curb spending it considers wasteful.

 

Angolan President João Lourenço, addressing more than 2,000 government and
business leaders at the summit, said U.S. companies should shift from aid to
investment-driven partnerships.

 

“It is time to replace the logic of aid with the logic of investment and
trade,” Lourenço said, urging diversification into sectors such as
automotive manufacturing, shipbuilding, tourism, cement, and steel
production.

 

 

 

 

 

 

Energy aggregators are paving the way for a liberalised electricity market
in South Africa

South Africa’s energy market is transforming rapidly, and offtakers are
looking for new ways to access reliable and affordable electricity more
quickly. The regulatory environment changed dramatically in 2021 when the
generation licensing floor was lifted from 1 MW to 100 MW, permitting
wheeling to multiple clients under the same project. The 100 MW limit was
subsequently removed altogether, and projects are now only required to
register with the National Energy Regulator of South Africa (NERSA) with no
need for a generation licence.

 

The aggregator model can accelerate the requirements of large energy users
to get their energy from green electrons. Cheap renewable energy tariffs,
significant changes in the regulatory framework, wheeling, and growing
private sector appetite to procure green energy are creating an increasingly
viable market for energy aggregators. These models promote greater
efficiency in energy procurement by aggregating demand from multiple
consumers or offtakers.

 

Challenges and opportunities for aggregator models

 

Questions are always raised around the bankability of the trading models,
whether aggregator-led energy models are ready for scale given the grid
access challenges, and the policy readiness to allow competitiveness in the
electricity market.

 

At the same time, aggregator-led models are rapidly reshaping South Africa’s
energy space, a sector already on the cusp of significant transformation.
The traditional reliance on Eskom as the sole supplier of electricity is
changing in step with a more diversified and competitive electricity market.

 

>From an offtaker’s perspective, the energy aggregator models are incredibly
attractive given their flexibility, cheap electricity tariff offerings, and
the ability to procure green electrons based on energy needs and preferred
tenors of power purchase agreement (PPAs).

 

Energy aggregators enhance energy security and resilience by diversifying
the sources of electricity generation and reducing reliance on single power
plants. Flexibility is key for some businesses, as their energy needs may
fluctuate. The aggregator model can offer more flexible PPAs tailored to the
energy needs of an offtaker based on time of use when compared with
bilateral offtake agreements that are typically based on fixed contracted
capacity. Energy aggregation also caters for offtakers that want to benefit
from large-scale plant tariffs but do not have sufficient demand to consume
all the energy generated. The energy aggregator can reallocate the energy,
unlike with bilateral PPAs, where deemed payments will be charged if the
offtake cannot take the energy for any reason.

 

 

What makes a green energy project bankable?

 

 

Hlatse Nkune, Nedbank Corporate and Investment Banking

>From a bankability perspective, given that aggregators usually have no
substantial balance sheet, their business model becomes key. The energy
aggregator must have a suitable business case with sufficient offtake, with
both supply and demand needing to be balanced for the success of the
aggregator’s business. Therefore, it is important for energy aggregators to
provide financiers with insight into both the generation and offtake
portfolios, including the risk profiles of the offtakers, to allow
financiers to comprehensively assess the risk and price competitively. Key
metrics that improve the bankability of energy aggregators include the
diversification of customers to mitigate concentration risks, the
weighted-average life of offtake agreements, and the credit quality of those
customers.

 

In typical project finance transactions, certainty of cash flow is crucial
and is assessed for the underlying contracts such as long-term PPAs that
match the loan tenor. However, with aggregator models, energy aggregators
usually offer a mix of long- and short-term offtake options. One must
appreciate that the aggregator-trader model has a different risk profile –
one that is similar to a merchant market and has sufficient mitigants in
place to address some of these risks, such as the offtake shortfall risk due
to short PPAs. Energy aggregators may mitigate this risk by having an
oversubscription offtake to ensure that the demand always exceeds supply.

 

Energy aggregators are also looking to sell power to municipalities,
including metros. Since municipalities will be buying bulk power at cheaper
prices from the energy aggregators, it is expected that this saving benefit
will be passed through to households. Most municipal independent power
producer (IPP) projects are still at an early stage, and we haven’t seen the
benefits being passed on yet, even as most municipalities use the savings
and energy security as the rationale for pursuing private power for their
residents.

 

Nedbank Corporate and Investment Banking has been a pioneer in the IPP
space, including adopting a leading position in the commercial and
industrial space. We have coordinated and led a multi-billion-rand financing
deal for Envusa Energy, a platform jointly developed by Anglo American and
EDF Renewables, marking one of the largest private sector decarbonisation
efforts in Southern Africa.

 

 

Grid capacity is becoming a challenge to increasing the scale of renewable
energy procured by energy aggregators, particularly from wind technology.
However, it is encouraging to see that the government and Eskom are working
tirelessly to resolve the grid issue. The recently announced curtailment
will open some grid capability in the interim. Another key step is the
ministerial determination issued by the Minister of Electricity and Energy
to procure approximately 1 164 km of 400 kV transmission powerlines with
associated transmission infrastructure, and the release of draft regulations
intended to support the roll-out of 5 840 km of new transmission lines – the
first phase of a broader plan to expand the grid by 14 000 km by 2032.

 

Financing of the grid infrastructure is also going to be key. According to
the transmission development plan, the minister indicated that the
government needs about R440 billion to modernise and expand transmission by
about 14 000 km and acknowledged that the government is not in a position to
provide that kind of support. Hence, the introduction of the independent
transmission programme will enable private participation.

 

While the aggregator model is thriving, the South African electricity market
is moving towards a competitive, liberalised, and liquid market. To give
this effect, President Cyril Ramaphosa has signed into law the Electricity
Regulation Amendment Act, 38 of 2024, which sets out far-reaching reforms
for South Africa’s electricity sector, including the establishment of a
competitive electricity market. The Act aims to respond to current realities
in the electricity sector and open pathways to greater competition and
reduced energy costs, increase investment in new generation capacity to
achieve energy security, and establish an independent transmission company
as the custodian of the national grid.

 

Furthermore, President Ramaphosa has highlighted the energy transition as
part of the key agenda of South Africa’s G20 presidency during his special
address in Davos. He called for innovative financing mechanisms and private
capital to scale sustainable development, urging financial institutions to
support this.

 

Models may change but Nedbank’s support is constant

 

 

Ephraim Sehloho, Nedbank Corporate and Investment Banking

Looking ahead, aggregator-led models may well become even more dynamic. Some
platforms are already preparing to participate in emerging real-time and
day-ahead markets, building on wheeling frameworks, a system that allows
electricity to be bought and sold across distances using existing grid
infrastructure.

 

 

Nedbank is committed to working with all stakeholders and offering
innovative financial products to increase electricity supply in South
Africa. We support not only the energy transition but also the models that
make it work.

 

To us, it’s not about selling power but about empowering South Africa.

 

 

 

 

 

India sends geologists to Zambia to explore copper and cobalt deposits,
sources say

(Reuters) – India has dispatched a team of geologists to Zambia to explore
copper and cobalt deposits, two Indian government sources said, as New Delhi
steps up efforts to secure critical mineral supplies essential to its energy
transition.

 

The Zambian government this year agreed to allocate 9,000 square km (3,475
square miles) to India for the exploration of cobalt – a key component in
batteries for electric vehicles and mobile phones – as well as for scouting
copper, which is widely used in power generation, electronics, and
construction.

 

The exploration project will last for three years and most of the analysis
will be done in laboratories in India, one of the sources said.

 

The team is expected to make multiple visits over the course of the entire
project, said the sources, who declined to be identified because the
information is not public.

 

After assessing the mining potential, the Indian government will seek a
mining lease from the Zambian government and may also invite private-sector
companies to participate in the project, the sources said.

 

India’s Ministry of Mines did not respond to a request for comment.

 

New Delhi has been in talks with several African countries to acquire
critical mineral blocks on a government-to-government basis, while also
exploring opportunities in Australia and Latin America.

 

 

 

India is also in discussions with the Democratic Republic of Congo to sign
an initial agreement to secure supplies of cobalt and copper, Reuters
reported in March.

 

An Indian delegation attended a mining conference in Congo last month and
toured local mines, the ministry said in a post on X.

 

India has held internal discussions over its growing vulnerability to a
tightening global copper market and plans to explore ways to secure supply
from resource-rich countries during ongoing trade negotiations, Reuters
reported last week.

 

India’s copper imports have risen sharply since the 2018 closure of
Vedanta’s Sterlite Copper smelter. The country imported 1.2 million metric
tons of copper in the fiscal year ending March 2025, up 4% from the previous
year.

 

India is almost entirely dependent on cobalt imports and shipments of cobalt
oxide rose 20% in 2024/25 to 693 metric tons, government data showed.

 

 

 

 

 

Most packaged food in Kenya would need health warning label under new rules,
report says

(Reuters) – Almost all of the packaged food and drink sold in Kenya by local
and international companies would require a health warning label under newly
drafted government rules, according to an independent report shared with
Reuters.

 

Kenya released its nutrient profile model this month, and committed to using
it to develop front-of-package labels.

 

The report by the non-profit Access to Nutrition Initiative found that under
those rules, 90% of products sold by both international companies like
Coca-Cola and Nestle and local firms such as Brookside Dairy Ltd and Manji
Foods Industries contained either too much salt, sugar or saturated fat.

 

Around two-thirds of the products would also be deemed “unhealthy” based on
models used internationally like Nutri-Score, which – unlike the Kenyan
model – also take into account positive nutrients.

 

Neither the Kenyan government nor the companies responded to requests for
comment.

 

ATNI has previously tracked products globally and in countries like the U.S.
and India, but the Kenya report, alongside one from Tanzania, is the first
of its kind in an African country.

 

The non-profit found last year that products sold by the world’s biggest
food and drink companies in poorer countries were on average less healthy
than those sold in richer countries.

 

 

ATNI said it was important to broaden its work, alongside governments and
companies, into African countries as food consumption patterns there change
and obesity and diet-related non-communicable diseases increase.

 

In Kenya, sales of processed packaged food grew by 16% in the five years to
2023, and adult obesity rates have tripled since 2000, with 45% of women and
19% of men now overweight or obese, the report said.

 

TIPPING POINT

“Kenya is at this tipping point where they could follow in the paths of
countries like the U.S., where we are seeing really high levels of obesity
and overweight, or they could act now to try to prevent that,” ATNI’s Head
of Policy Katherine Pittore said.

 

She said that the nutrient model and the Kenyan government’s commitment to
using it to put in place a warning label, one of the first African
governments to take such steps, were signs that they are taking action.

 

ATNI said it was also concerning that more than two-thirds of fortified
products such as sweet biscuits or yoghurts, which contain added vitamins
and minerals to help people maintain balanced diets, were unhealthy based on
the models.

 

“You could end up addressing micronutrient deficiencies through some of
these products, but also contributing, arguably, towards non-communicable
diseases at the same time,” said ATNI Executive Director Greg Garrett.

 

 

 

The report was based on 746 packaged products sold by the 30 largest food
and beverage companies in Kenya, around 57% of the formal packaged market.

 

 

 

 

 

China’s manufacturing activity contracts for a third month amid deflation
woes

The official purchasing managers’ index (PMI) improved slightly to 49.7 in
June but stayed below the benchmark that separates growth from expansion.

The non-manufacturing PMI, which includes services and construction, rose to
50.5 from 50.3 in May.

A private survey on China’s manufacturing activity conducted by Caixin Media
and S&P Global is due on Tuesday.

 

China’s manufacturing activity contracted for a third straight month in
June, an official survey showed on Monday, despite Beijing’s stimulus
efforts helping to stabilize certain aspects of the industrial sector.

 

The official purchasing managers’ index (PMI) improved slightly to 49.7 in
June from 49.5 in May but stayed below the 50-benchmark separating expansion
from contraction, according to data from the National Bureau of Statistics.
That figure was in line with analysts’ forecasts in a Reuters poll.

 

The sub-index tracking production rose to 51, and the gauge tracking new
orders ticked higher to 50.2, indicating improvement in industrial activity
and demand, according to NBS senior statistician Qinghe Zhao.

 

Inventory and employment levels at factories, however, continued to decline,
coming in at 48 and 47.9, respectively.

 

The non-manufacturing PMI, which includes services and construction, rose to
50.5 from 50.3 in May. The services sub-index slipped to 50.1 while that of
construction accelerated to 52.8, as infrastructure projects continued to
progress at a relatively fast pace.

 

Mainland China’s benchmark CSI 300 index jumped 0.22% following the data
release.

 

“China’s economy regained some momentum, supported by a rebound in
manufacturing and construction,” said Zichun Huang, China economist at
Capital Economics. “But we remain cautious about the outlook, as weaker
export growth and a fading fiscal tailwind is likely to slow activity in the
second half of the year.”

 

 

The new export orders component of the manufacturing PMI improved
significantly to 47.5 from 44.7 in the prior month. That could signal a
rebound in demand from U.S. buyers following the trade truce reached by
Beijing and Washington in mid-May, Huang said.

 

Chinese manufacturers have been grappling with a deepening price war amid a
supply glut and sluggish consumer demand, exacerbated by higher U.S. tariffs
that dwarfed its exports to the world’s largest consumption market.

 

The country’s shipments to the U.S. plunged 34.5% in May from a year ago and
over 21% in April, as exporters pivoted to alternative markets to avoid an
eye-watering triple-digit tariff that had kicked in briefly before it was
rolled back mid-May.

 

Chinese Premier Li Qiang said in an address at a key economic forum in
Tianjin last week that Beijing was stepping up efforts to boost domestic
demand in what would make China a “consumption powerhouse.”

 

Consumer prices have been mired in deflation this year, falling 0.1% in May
from a year earlier.

 

A gauge on the wholesale prices, or producer price index, saw the biggest
drop since July 2023 in May, deepening a deflation that has imperiled the
manufacturing sector for over two years. Chinese industrial firms’ profits
plunged 9.1% in May, their sharpest drop in seven months.

 

 

 

Additional fiscal stimulus would be crucial for Beijing to boost consumer
demand, Tommy Xie, head of Greater China Research at OCBC Bank, said on
CNBC’s Squawk Box Monday. “We are going to see more vouchers to be given,
more [consumer goods] trade-in program 
 hopefully more debt issuance in
second half, which can transfer to the firepower by both local government
and central governments.”

 

On Friday, China’s commerce ministry said Beijing had reached an agreement
with Washington on further details of the existing trade framework, noting
that China would review and approve eligible applications for export of
controlled items, while the U.S. would correspondingly cancel a series of
restrictive measures against China.

 

While the statement was viewed as an encouraging sign that the bilateral
trade talks are progressing, economists cautioned that the lack of details
had left much in doubt, including what criteria Beijing will use to evaluate
the application for exporting rare earth magnets.

 

“It underscores how tough and detailed trade talks can be,” said Wendy
Cutler, vice president at Asia Society Policy Institute, with the latest
development signaling both sides are working to ensure the preliminary deal
agreed upon in Geneva gets implemented “in good faith.”

 

In a separate statement over the weekend, the commerce ministry reiterated
its opposition against other countries seeking tariff relief with the U.S.
in any deal that would compromise China’s interests. “If such a situation
occurs, China will not accept it and will take resolute countermeasures to
safeguard its legitimate rights and interests,” the statement said.

 

A private survey on China’s manufacturing activity conducted by Caixin Media
and S&P Global is due on Tuesday, which is expected to improve slightly to
49 in June from 48.3 in the previous month, according to a Reuters poll.

 

 

 

 

 

UK tech firms sight African markets through digital free zones

UK tech firms are expanding across Africa using digital free zones that
offer tax incentives, simplified regulations, and access to skilled talent.
Supported by UK Export Finance, this trend opens new opportunities for
strong return on investment in emerging markets. CNBC Africa is joined by
Mayowa Olugbile, CEO of Itana to discuss the impact on Africa’s tech
landscape and investment outlook.

 

 

 

 

 

South Africa seeks extension of Trump tariff deadline to pursue trade deal

President Donald Trump and South Africa President Cyril Ramaphosa talk to
each other during a press availability in the Oval Office at the White House
on May 21, 2025 in Washington, DC. Relations between the two countries have
been strained since Trump signed an executive order in February that claimed
white South Africans are the victims of government land confiscation and
race-based “genocide,” while admitting some of those Afrikaners as refugees
to the United States. Trump also halted all foreign aid to South Africa and
expelled the country’s Ambassador to the U.S., Ebrahim Rasool. (Photo by
Chip Somodevilla/Getty Images)

JOHANNESBURG, July 1 (Reuters) – South Africa has asked for more time to
negotiate a trade deal with U.S. President Donald Trump’s administration
before his higher tariff regime goes into effect on July 9, Pretoria’s trade
ministry said on Tuesday.

 

Trump imposed a 31% tax on U.S. imports from South Africa in April as part
of his global “reciprocal” tariffs, before pausing their application for 90
days to allow for negotiations.

 

South Africa aims to secure a trade deal that would exempt some of its key
exports from the tariffs, including autos, auto parts, steel, and aluminium.
It has offered to buy liquefied natural gas from the United States in
exchange.

 

It is also seeking a maximum tariff application of 10% as a worst-case
scenario, the Department of Trade, Industry and Competition said in a
statement.

 

South African officials met with Assistant U.S. Trade Representative for
Africa Connie Hamilton in Luanda last week, and learned that the U.S. was
developing a template to use for its engagements with African countries, the
statement said.

 

“In view of this development
, African countries, including South Africa,
have advocated for the extension of the 90-day deadline to enable countries
to prepare their proposed deals in accordance with the new template,” it
said.

 

The U.S. Trade Representative’s office did not immediately respond to a
request for comment.

 

 

The U.S. is South Africa’s second-largest bilateral trading partner after
China. In addition to car parts and other manufactured goods, South Africa
exports agricultural products to the U.S. and stands to lose about 35,000
jobs in the citrus industry if the tariffs take effect.

 

South African President Cyril Ramaphosa first presented the proposed trade
deal during his visit to the White House in May, when Trump confronted him
with false claims of a “genocide” against whites in South Africa. Ramaphosa
later said constructive discussions had followed.

 

“We urge South African industry to exercise strategic patience and not take
decisions in haste, and that government will continue to use every avenue to
engage the U.S. government to find amicable solutions,” said Trade Minister
Parks Tau.

 

 

 

 

 

 

Asia-Pacific markets trade mixed as investors assess gains on Wall Street
and Trump’s tariff plans

Asia-Pacific markets traded mixed Tuesday as investors assessed the record
gains on Wall Street and the global impact of U.S. President Donald Trump’s
tariff policies as his 90-day tariff reprieve is set to expire next week.

 

U.S. Treasury Secretary Scott Bessent said on Monday that there are
“countries that are negotiating in good faith.” However, he added that
tariffs could still “spring back” to the levels announced on April 2 “if we
can’t get across the line because they are being recalcitrant.”

 

Mainland China’s CSI 300 added 0.17% to end the day at 3,942.76. The Asian
giant’s Caixin/S&P Global manufacturing purchasing manager’s index reading
for June came in at 50.4, higher than the 49 predicted by analysts polled by
Reuters.

 

Japan’s Nikkei 225

benchmark fell 1.24% to end the day at 39,986.33 after hitting an over
11-month high in its previous session, while the broader Topix index
declined by 0.73% to 2,832.07.

 

In South Korea, the Kospi index rose 0.58% to close at 3,089.65, while the
small-cap Kosdaq added 0.28% to 783.67.

 

Over in Australia, the S&P/ASX 200 ended the day flat at 8,451.10.

 

Meanwhile, India’s benchmark Nifty 50 and BSE Sensex were flat as of 1 p.m.
Indian Standard Time.

 

Hong Kong markets are closed for a public holiday.

 

.AXJO

 

S&P/ASX 200         ASX 200      8,541.10     -1.20 -0.01%

.FTFCNBCA

 

CNBC 100 ASIA IDX         CNBC 100    11,256.95   +39.77        +0.35%

.HSI

 

Hang Seng Index   HSI    24,072.28   -211.87       -0.87%

.KS11

 

KOSPI Index KOSPI 3,089.65     +17.95        +0.58%

.N225

 

Nikkei 225 Index   NIKKEI         39,986.33   -501.06       -1.24%

.SSEC

 

Shanghai     SHANGHAI   3,457.75     +13.32        +0.39%

U.S. stock futures fell in Asian hours after two of the three key benchmarks
on Wall Street notched another record close in Monday’s session.

 

Overnight stateside, the broad-based S&P 500 index gained 0.52% and ended at
6,204.95 while the Nasdaq Composite advanced 0.47% and also reached fresh
all-time highs, at 20,369.73. The Dow Jones Industrial Average climbed
275.50 points, or 0.63%, settling at 44,094.77.

 

Monday’s rise comes as Canada rescinded its digital service tax in an effort
to facilitate trade negotiations with the U.S. That’s after President Donald
Trump said last Friday that the U.S. was “terminating ALL discussions on
Trade with Canada.” Initial payments on the tax were set to begin Monday and
would have applied to companies such as Google, Meta and Amazon.

 

CNBC Daily Open

Get the CNBC Daily Open report in your inbox every morning and keep up to
date with the markets wherever you are.

— CNBC’s Sean Conlon and Pia Singh contributed to this report.

 

2 Hours Ago

U.S. no longer a one-stop bet as tariffs bite and growth gap narrows, says
UBS

U.S. trade policies are top of everyone’s mind here at the UBS Mid-Year
Outlook in Singapore.

 

Min Lan Tan of UBS Global Wealth Management earlier said that while the
growth gap between the United States and the rest of the world will narrow,
it’s still premature to declare the end of U.S. exceptionalism. After all,
U.S. stock markets have breached a record high again.

 

Although Tan cautioned that the U.S. cannot be a “one-stop allocation”
investors’ portfolios, America’s foundational strength remains “very much
intact and formidable,” she added at the wealth management conference.

 

Additionally, she believes that tariffs will settle around current levels.
“Around 30 to 40% for China, 10 to 15% for the rest, and the United States
will end up with a tariff rate of 15%. So, not great, but not a disaster.”

 

 

 

 

Australian mining stocks rise on higher gold prices

Australian gold mining stocks saw substantial gains on Tuesday, as prices
for the precious metal ticked up on the back of a weaker dollar and
uncertainties over U.S. President Donald Trump’s tariff plans.

 

Spot gold appreciated 0.77% against the dollar to 3,328.58, as of 2:35 p.m.
Singapore time.

 

Sharp rises were seen in Kingsgate Consolidated, which surged 6.64% and
Bellevue Gold, which advanced 3.89%. Meanwhile, Newmont Corporation rose
1.97%, while Perseus Mining added 2.35%.

 

— Amala Balakrishner

 

 

 

Asia-Pacific currencies mostly appreciate against the greenback

Asia-Pacific currencies mostly appreciated against the greenback on Tuesday
amid uncertainties over U.S. President Donald Trump’s policies, including
his spending bill and tariff plans.

 

The U.S. dollar index

, which measures the greenback against six major currencies, fell 0.13% to
96.745 as of 1.25 p.m. Singapore time.

 

The Japanese yen, which is traditionally viewed as a safe asset during times
of tumult, strengthened 0.23% against the dollar to 143.68.

 

Similarly, the Indian rupee appreciated 0.11% against the dollar to 85.59,
while China’s offshore yuan strengthened marginally by 0.01% against the
dollar to 7.5175.

 

The Australian dollar also strengthened 0.11% against the dollar to 0.6573,
as did the Taiwanese dollar, which edged 0.07% higher to 29.161.

 

Meanwhile, the South Korean won depreciated 0.03% against the dollar to
1,352.82.

 

Elsewhere in Southeast Asia, the Singapore dollar was largely unchanged
against the greenback at 1.2715, while the Thai baht weakened by 0.15% to
32.46.

 

The Philippine peso strengthened marginally by 0.08% to 56.23, while the
Malaysian ringgit gained 0.48% to 4.19.

 

— Amala Balakrishner

 

 

 

 

 

South Korea’s manufacturing activity contracts for fifth consecutive month

Manufacturing activity in South Korea contracted for the fifth consecutive
month in June as firms reported sustained, albeit slower, contractions in
output and new order intakes, data from a private sector survey released
Tuesday showed.

 

The S&P 500 Global South Korea Manufacturing Purchasing Managers’ Index rose
to 48.7 in June, from 47.7 in the month before. The reading also came in
below the 50-point mark separating growth from contraction for the fifth
consecutive month.

 

The lower reading also followed a decline in purchasing activity following a
reluctance to hold excess inventories as well as a fall in employment, the
survey results showed.

 

Looking ahead, Usamah Bhatti, economist at S&P Global Market Intelligence
says the outlook for the coming months “appears mixed,” as firms reported a
moderate decline in employment alongside decreasing levels of outstanding
business, and a pick up in sentiment.

 

— Amala Balakrishner

 

 

 

 

Japan’s manufacturing activity rises for the first time in 13 months

Manufacturing activity in Japan rose in June for the first time in 13 months
on the back of higher output. However, demand remained weak as new orders
and export sales continued to decline, data from a private sector survey
released Tuesday showed.

 

The au Jibun Bank flash Japan Manufacturing Purchasing Managers’ Index rose
to 50.4 in June, coming in above the 50-point mark separating growth from
contraction for the first time since May 2024.

 

June’s reading also surpassed the 49.4 seen in May.

 

“The latest PMI data signalled that demand conditions remained challenging
for Japanese manufacturers in June, with firms recording further drops in
sales both at home and overseas,” Annabel Fiddes, economics associate
director at S&P Global Market Intelligence wrote in a Tuesday note.

 

“We will need to see a renewed and sustained improvement in customer demand,
which remains dampened by ongoing uncertainty regarding US tariffs, in order
to see a sustained recovery in production,” she added.

 

— Amala Balakrishner

 

 

 

European stocks open mixed ahead of euro zone inflation print

Sainsbury’s shares have pared earlier gains to trade 0.7% lower this
morning, after the retailer reiterated its full-year forecast and said its
fiscal first-quarter sales had risen by 4.7%.

 

The U.K.’s second-biggest food retailer said it expects to grow grocery
volumes ahead of the market and deliver a retail underlying operating profit
of around £1 billion ($1.4 billion).

 

— Jonathan Stayton

 

 

 

European stocks open tentatively higher

It’s been around 25 minutes since the opening bell, and European shares are
struggling to gain momentum.

 

The pan-European Stoxx 600

was last seen trading around 0.1% higher, but the index has been wavering
between that gain and the flatline since the session began.

 

 

 

 

House prices see biggest monthly fall for over two years

UK house prices saw their biggest monthly fall for more than two years in
June, according to mortgage lender Nationwide.

 

Prices fell by 0.8% last month, the biggest monthly decline since February
2023, which the building society said may reflect weaker demand following
the changes to stamp duty in April.

 

Over the year, prices were up 2.1%, although that was the slowest annual
growth rate for nearly a year.

 

However, Nationwide said it expected activity in the housing market to pick
up in the months ahead.

 

 

Robert Gardner, Nationwide's chief economist, said the situation for many
potential homebuyers remained "supportive".

 

He noted that the unemployment rate remains low, earnings are still
outpacing inflation and borrowing costs could become cheaper if the Bank of
England makes further cuts to interest rates.

 

Changes to stamp duty that came into effect in April mean that housebuyers
in England and Northern Ireland now pay the tax on properties over £125,000,
instead of over £250,000, as was the case previously.

 

First-time buyers also have to pay stamp duty on homes costing more than
£300,000, whereas before the April change, there was no charge unless the
property was above £425,000.

 

Matt Swannell, chief economic adviser to the EY Item Club, noted that
monthly house price changes "can be quite volatile and this has been
exaggerated by April's change in stamp duty thresholds".

 

This change distorted the market over the first half of the year, he said,
as deals were rushed through at the end of March.

 

"[Since April] the housing market has been in a soft patch, but we think
this will prove temporary, with the rise in May's mortgage approvals for new
home purchases, which lead housing transactions, already indicating it's
starting to fade."

 

Nationwide's house price data is based on its own mortgage lending, which
does not include buyers who purchase homes with cash, or buy-to-let deals.
Cash buyers account for about a third of housing sales.

 

 

 

Renault to report $11 billion loss on Nissan stake in first half

(Reuters) - French carmaker Renault (RENA.PA), opens new tab will report an
extraordinary loss of about 9.5 billion euros ($11 billion) on its stake in
Nissan Motor in the first half, it said on Tuesday, writing down its
years-long investment in the Japanese firm that is battling slumping sales.

 

The move is a further loosening of ties between the companies after a
two-decade-old partnership, with Renault gradually lowering its stake in
Nissan (7201.T), opens new tab and shifting largely to collaboration in
certain manufacturing projects.

 

Renault currently owns 35.7% of Nissan, with 17.05% held directly and the
rest through a trust.

Renault said in the future, any change in the value of the holding would be
directly recognised in equity and assessed based on Nissan's share price,
with no hit to its net income nor to dividends it pays out.

It added that there would be no change to operational projects and
collaboration between the two companies.

Shares in the French company slipped 1% while Nissan fell 2.4% on Tuesday to
341.8 yen ($2.39), trading well below 400 yen apiece, the price Renault
valued the stock at to increase its stake in the Japanese automaker in 2002.

· Scroll to continue

Renault's 2024 universal registration document shows a carrying value of the
Nissan investment of 1,549 yen per share.

Nissan has been hit harder than other automakers by the shift to electric
vehicles, having never fully recovered from years of crisis sparked by the
2018 removal and arrest of former chairman Carlos Ghosn.

Facing declining sales and an ageing vehicle lineup, the carmaker reported a
$4.5 billion net annual loss in the financial year that ended in March and
has declined to give a forecast this year.

It has asked some suppliers to allow it to delay payments to free up
short-term funds, Reuters reported on Monday.

Renault, which reports its first-half results on July 31, was one of few
automakers not to issue a profit warning last year.

The company, which is currently seeking a new CEO, said on Tuesday that the
one-off loss did not change its current guidance for the year.

($1 = 0.8483 euros)

($1 = 143.2900 yen)

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:                  <http://www.bullszimbabwe.com/blog>
www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


 (c) 2025 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250701/2b2c02dc/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250701/2b2c02dc/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29359 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250701/2b2c02dc/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29321 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250701/2b2c02dc/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250701/2b2c02dc/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29321 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250701/2b2c02dc/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65551 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250701/2b2c02dc/attachment-0001.obj>