Yesterday was our first "big news" day of the year, with multiple corporate updates.

The Anglo American group companies all give updates on the same day, so that includes Anglo American Platinum and Kumba Iron Ore as well. To add to the busy day of mining updates, DRDGOLD and Gold Fields reminded the market that gold has been a wonderful place to be in the past year.

I can't help but note that the lab-grown diamond trend continues to cause havoc for De Beers within Anglo American. I've been beating that drum for quite a while now and I don't think we are anywhere close to the bottom for the mined diamond industry.

Over at ArcelorMittal, the release of results shows exactly why they are in so much trouble. The announcement of the closure of the longs business obviously lit a fire under the you-know-whats of government, with that closure now delayed by a month as discussions with government continue. The IDC has thrown more money at the problem in the form of a subordinated loan. We will know later this month whether jobs will be saved.

Hudaco had a solid second half in 2025, but the company has given a sobering view on the extent to which GNU sentiment is actually playing out on the ground. Port and infrastructure issues are persistent. Another useful lens on the "real economy" comes from KAL Group, with exposure to the agriculture industry and adjacent categories. After a tough finish to FY24, they've seen an improvement in the first quarter of the new financial year.

Finally, Lesaka Technologies once again hit their adjusted EBITDA guidance. When it comes to tech startups and the world of fintech, I think Lesaka is the closest thing you'll find locally to the typical Nasdaq tech play.

Get yourself a coffee and settle in for a bumper edition of Ghost Bites, including a number of Nibbles as well. It's all available with just one click in Ghost Bites>>>

With interest rates dropping and hopefully still having more room to go, the debate around rent vs. buy becomes even more relevant. As part of a 2025 kick-off chat that I recently had with Duma Mxenge of Satrix, we talked about a variety of topics including the approach that I'm taking to this issue. I firmly believe property is a lifestyle asset, which means it takes a sound financial strategy to get the benefits of ownership without suffering too much of the pain. This podcast covered so many great points around personal finance and I highly recommend you engage with it here>>>

Finally, there's a brand new episode of Magic Markets for you to enjoy. Remember the taper tantrum in the markets? Well, it seems as though we are in the age of the tariff tantrum! My fellow co-host Mohammed Nalla lives in Canada, so he's perfectly placed to walk you through how countries responded to Trump's tariff tactics. We also debated the relative strength (or lack thereof) of South Africa in such negotiations, as well as the value of being geoplitically promiscuous. You'll find the podcast and transcript here>>>

Have a lovely day and we will see you on Sunday for Ghost Mail Weekender!
 

Although Amazon beat revenue and earnings expectations for the fourth quarter, they disappointed the market with their guidance. Of course, this means that the share price came under pressure, dropping 4% in after-hours trading. With expected growth of just 5% to 9% in the first quarter, CNBC reports that this would be the slowest growth on record since Amazon went public in 1997! Yikes.

Video gaming company Roblox also had a rough day, missing bookings and daily active user estimates. They still grew user numbers by 19%, but the market expected more.

Finally, Tapestry had a strong day after reporting festive sales that hit the mark. The company's merger with Capri was blocked by regulators and Tapestry decided not to fight any further, rather calling off the merger and getting on with its own business. The market certainly appreciated that decision, with the share price up a rather ridiculous 126% in the past 6 months!

This week, our research in Magic Markets Premium is on 3M as a company with a proud history of innovation in the industrials space. Having previously lost its way, a strong turnaround effort is taking place and is already showing strong results. Our subscribers can enjoy our detailed work on this company, complementing some of our other recent reports with similar turnaround opportunities.

US and European index futures are trading slightly lower in early trade after a positive session yesterday. Early morning weakness might suggest some caution in markets ahead of this afternoon's US jobs data.

Chinese equity benchmarks are trading well into positive territory, led by stocks with AI exposure. While Trump tariffs imposed on the region appear to be dismissed for now, volatility pertaining to the ongoing trade narrative is likely to persist.

The dollar and US Treasury yields are flat on the day.

The rand is trading at its best levels of the week and the JSE All-Share Index is now testing all-time high territory. Last night’s State of the Nation address was received in a positive light, although local markets are more likely to find direction from the upcoming budget speech.

Oil prices continue to trade around their lowest levels since late December, still assessing Trump’s pledge to increase fossil fuel production in the US.

Gold continues to hover near all-time high territory as it contemplates US policy uncertainty and hedging demand.

US Non-Farm Payroll data will be the main event today for traders to keep an eye on.

Key Indicators: USD/ZAR R18.46/$ | US 10yr 4.44% | Gold $2,863/oz | Platinum $988/oz | Brent Crude $74.50

As often as practically possible, insights from the IG Markets morning macro update by Shaun Murison will be featured here. Where this isn't possible, only indicators will be provided. If you want to learn more about trading, refer back to The Trader's Handbook, a podcast series that takes you through many of the important principles in trading.