To say this year has been hard is an understatement. On top of the stresses of the global Covid-19 pandemic we have been dealing with Eskom’s constant load shedding, the devastation of the July riots, increase upon increase in fuel and food prices, an interest rate hike – the list seems endless. And there’s no time to let our guards down, because Christmas is a busy time for criminals in South Africa.
But as we approach the end of this horrid year we also have a lot to be grateful for. Even though it’s not 100% foolproof, we have a vaccine against Covid only 11 months after the breakout thanks to Dr Uğur Şahin, CEO of BioNTech, and his wife, Dr Özlem Türeci, its co-founder and chief medical officer. It was our scientists that alerted the world to omicron and are still tirelessly working alongside hundreds of others in the world to find a way out of Covid. We didn’t go into lockdown ahead of the Christmas holidays like so many other countries did as omicron swept the globe. The risk of hospitalisation from an omicron infection is far less than with the delta strain, a trio of studies show. We’ve reached our omicron peak, with the huge wave of infections appearing to be subsiding just as quickly as it grew. The US health regulator has authorised Pfizer’s anti-Covid pill for high-risk people aged 12 and up as omicron surges. And best of all, we remain a nation of givers, with a new study confirming almost 90% of South Africans are charitable, despite their own struggles.
Here’s wishing for a safe holiday season and a better year for everyone! If you want a good chuckle in the meantime, check out Stephen Francis & Rico’s latest Madam & Eve Santa Claus is Zooming to Town.
In the markets, the rand has seen some risk appetite returning last night in the New York trading session as an improving global economic outlook outweighed omicron concerns. “The Dollar weakened, equity markets continued to bounce, and commodity prices increased. The rand firmed 1.0% to close at R15.69 and is currently holding reasonably steady at R15.72. We need to break below the R15.65 level in order to target the key technical level of R15.50,” comments TreasuryONE.
Commodities also ended last night on a strong footing, with gold closing 0.84% higher at $1,803, platinum finishing 3.2% stronger at $964 and palladium ending 5.0% stronger at $1,882. This morning sees gold at $1,807, platinum up at $975 and palladium trading flat. Oil is also trading higher on the lower inventory number out of the US and the renewed economic optimism. Brent is at $75.50 and WTI at $73.00, reports TreasuryONE.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Potato shortage in South Africa results in low stock levels for Lays and Simba chips – Business Insider
Sipho Pityana heading to court to challenge dismissal as Absa board member – Fin24
Extending Koeberg’s operating life irresponsible, says energy expert – EWN
Global Business
Apple closes several stores due to COVID-19 outbreaks, encourages online shopping – The Verge
Tencent shareholders get $16.4 billion windfall as JD.com stake given as dividend – Reuters
TikTok got more traffic than Google in 2021, showing the app’s meteoric rise – Business Insider
Markets
Asian markets rise as Covid fears ease – AFP
Dollar droops as economic optimism saps demand for haven assets – Reuters
IT, financial stocks drive Indian shares up as omicron concerns ebb – Reuters
Opinion/In-depth
Inflation, virus, war: What market professionals fear most for 2022 – Bloomberg
Is it in the public interest to see Jacob Zuma’s income tax returns? – Daily Maverick
Canada’s village that bought a forest – BBC
Video
SA cannabis industry growing but sees challenges – TimesLIVE
Wall Street surges after Omicron sell-off – Reuters
World’s first text message sells for $120,000 – Reuters
Feature Image: Rawpixel
