The “Horizons: Middle East and Africa” program opens with a focus on the eagerly awaited U.S. jobs report, which is expected to heavily influence Federal Reserve policy and market expectations for interest rate cuts. Investors have largely priced in a rate cut for September, with the U.S. dollar weakening significantly this year. Meanwhile, Asian markets are showing strength, particularly in Taiwan and Japan, amid cautious optimism ahead of the jobs data. The report’s outcome is seen as pivotal for guiding future Fed actions and market direction, especially in fixed income and equity sectors.
In the technology sector, China’s AI startup DeepSeek is developing a new advanced AI agent model aimed at competing with U.S. rivals like OpenAI. This model is expected to execute complex, multi-step tasks autonomously, moving beyond traditional chatbot capabilities. Additionally, Broadcom is reportedly collaborating with OpenAI to design and produce an AI accelerator chip set to enter the market in 2026, challenging the dominance of NVIDIA in this lucrative space. These developments highlight the intensifying global competition in artificial intelligence technology.
The oil market remains volatile ahead of the upcoming OPEC-Plus meeting, where the group may decide to reinstate a previously cut 1.66 million barrels per day of supply sooner than expected. Despite concerns about a potential supply glut and rising inventories, demand has been stronger than anticipated, particularly in the U.S. and China. Geopolitical factors, including the Russia-Ukraine conflict and potential secondary sanctions on Russian oil buyers, add complexity to market dynamics. Analysts suggest that OPEC-Plus is weighing these factors carefully as they consider their production strategy for the coming months.
Commodity markets show mixed signals, with gold continuing its strong rally, up over 30% this year, driven by fresh demand and investors seeking to push weaker stockholders to sell. Despite high valuations, gold is expected to climb further, supported by ongoing inflation concerns and the Federal Reserve’s dual mandate. Silver has recently caught up, breaking above $40 an ounce due to a genuine deficit market and increased investor interest. Conversely, oil prices face downward pressure amid supply concerns, though some analysts remain cautiously optimistic about demand resilience and stockpiling, particularly in China.
In corporate news, Africa’s largest wireless carrier, MTN Group, is reportedly reviving takeover talks with smaller South African rival Telkom, aiming to consolidate and expand fiber infrastructure to meet government connectivity goals. Past hurdles included competition authority concerns and exclusivity issues, but renewed efforts reflect the urgent need for investment in 4G and 5G networks across rural areas. The program closes with a tribute to fashion icon Giorgio Armani, who passed away at 91, leaving behind a global retail empire and cultural legacy.
