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November 12, 2024

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As countries around the globe prepare for a second Trump presidency, one world leader is teeing up a carefully calibrated diplomatic strategy.

It said Yoon had done so “following the advice of those around him,” but declined to say when the president practiced golf.

Since Donald Trump reclaimed the White House last week, he has maintained a frenetic schedule as world leaders call to congratulate and court the incoming US leader, with analysts scrutinizing who will clinch a first meeting.

Trump visited more golf courses than any recent president during his first year in office in 2017, spending weekends at his properties in Florida, New Jersey and Virginia, sometimes bringing lawmakers or business leaders with him.

Japan’s late leader Shinzo Abe famously presented gold-plated golf clubs to a newly-elected Trump during a visit to his Manhattan tower in November 2016. The two leaders also golfed together in Florida and Japan.

During his last presidency, Trump met several times with then-South Korean President Moon Jae-in and held rocky talks with North Korean leader Kim Jong Un – meeting him in a series of unprecedented summits, and boasting that the two had fallen “in love.”

Back then, golf also featured in the bilateral relationship. During a 2017 visit to South Korea, Trump told local lawmakers that “Korean golfers are some of the best on Earth.” He piled on the praise for Korea’s affinity for golf, noting that “eight of the top 10 players were from Korea and the top four golfers – one, two, three, four – the top four were from Korea.”

But Trump will return to a very different picture on the Korean Peninsula.

There is rising alarm among the US and its allies about Kim and the threat posed by his regime, especially after the talks Trump held during his last presidency collapsed without agreement in a major snub to North Korea’s leader.

And in South Korea, Yoon’s conservative government – which took office in 2022 – has emerged as a strong US partner in ramping up deterrence against North Korea, meaning they’re unlikely to encourage Trump to meet with Kim without a clear path to Pyongyang’s denuclearization.

Meanwhile, North Korea’s relationship with Russia has blossomed. Pyongyang is believed to have sent thousands of troops and tons of munitions to Russia as Moscow wages war on Ukraine, in what Western leaders see as a major escalation.

Another potential headache for Yoon once Trump is in office is the future of the 28,500 US troops in South Korea.

Advocates argue that a significant US military presence in the Korean Peninsula is crucial to strengthening the alliance between the two countries. The troops serve as both a means to deter any potential attack from North Korea and to counter China’s aggression.

But Trump, who has long viewed Washington’s treaty obligations in more transactional terms, has repeatedly said he does not think South Korea is paying enough for those soldiers.

Before Trump’s victory, the two countries last month reached a tentative new five-year cost-sharing agreement for American forces based in South Korea, in a deal aimed at safeguarding the long-running alliance ahead of the US election.

This post appeared first on cnn.com

Saudi Arabia’s Crown Prince Mohammed bin Salman has accused Israel of carrying out “collective genocide” in Gaza, in some of his strongest criticism of the country since the war began last year.

During a gathering of leaders of Islamic nations hosted by Saudi Arabia in Riyadh on Monday, the country’s de facto leader said: “The Kingdom reiterates its condemnation and absolute refusal of the collective genocide committed by Israel against the brotherly Palestinian people.”

The crown prince, widely known by his initials MBS, also defended Iran, in stark contrast to his comments in 2017 comparing the Iranian Supreme Leader Ayatollah Ali Khamenei to Adolf Hitler.

MBS urged the international community to “compel Israel to respect Iran’s sovereignty and not to attack (Iranian) territories.”

Saudi Arabia has recently signaled more political involvement and policy shifts in support of the Palestinians.

Last year the kingdom was in the process of negotiating a historic normalization agreement with Israel but recently said that was “off the table” without Palestinian statehood, a demand rejected by Israeli Prime Minister Benjamin Netanyahu.

Iran sent its First Vice President Mohammad Reza Aref to the Riyadh conference, who in his speech mourned the deaths of Hezbollah Secretary-General Hassan Nasrallah and Hamas leaders Ismail Haniyeh and Yahya Sinwar. Saudi Arabia strongly opposes Iran-backed militias such as Hezbollah and Hamas.

Riyadh and Tehran repaired ties last year after decades of animosity over regional influence.

Those attending the high-level meeting included Palestinian President Mahmoud Abbas, Lebanese caretaker Prime Minister Najib Mikati, Jordan’s King Abdullah II and Egyptian President Abdel Fattah el-Sisi.

Presidents Recep Tayyip Erdogan of Turkey and Bashar al-Assad of Syria, who were also at the meeting, remain embroiled in an ongoing conflict over Turkey’s military operations in northern Syria and its support for rebel groups.

The stated goal of Monday’s meeting was “unifying positions” and “exerting pressure” on the international community to take steps to end the “ongoing attacks and establish lasting peace,” in the region, Saudi’s governmental state agency said.

This post appeared first on cnn.com

Over the last decade, Afrobeats has become a global phenomenon, bringing African music into the Western mainstream. There’s now an Afrobeats category at the MTV Video Music Awards, and performers like Burna Boy and Wizkid can sell out major venues in the US and Europe.

While many African artists have been able to ride the wave of the genre’s international popularity, some musicians are now pushing for global recognition beyond its confines.

In recent years, popular music coming out of Africa has widely been classified as Afrobeats in the global soundscape, despite encompassing styles such as hip-hop, R&B, amapiano, dancehall, highlife, and more.

King Promise, whose sound blends R&B, highlife, and hip-hop, began releasing music in 2017 and rose to international fame in 2023 with his TikTok viral dance track “Terminator.” But the 29-year-old singer and songwriter doesn’t want to be boxed into a single sound.

“Afrobeats kind of serves as the umbrella which all of our music comes together (under),” he says. But he adds that the label has a crossover feel “to make it sound appealing not to just to people back home but to the rest of the world as well.”

“I don’t think that’s the best thing,” he argues.

“I make music that I love,” he explained. “If I feel like making R&B today, I make it. If I feel like making highlife I can make it. If I feel like making Afrobeats I can make it. It’s really about my direction.”

The roots of the Afrobeats genre can be traced back to Nigeria and music icon Fela Kuti, who is widely considered the architect of the similarly named genre, Afrobeat. Popularized in the 1970s, Afrobeat merged American jazz and funk with traditional Yoruba music. More recently, Afrobeat morphed into Afrobeats a looser label and catch all for all African music that took inspiration from the original Afrobeat sound.

Although King Promise understands the label from a marketing perspective in Western countries, he and other artists believe it robs them of their authenticity.

At the 2024 MTV Video Music Awards, South African Afropop and amapiano singer Tyla described her win for Best Afrobeats song “Water” as “bittersweet” in her acceptance speech.

“The global impact that ‘Water’ had on the world just proves that African music can be pop music too,” she said.

She added, “There’s a tendency to group all African artists under Afrobeats; it’s a thing, and even though Afrobeats has run things and has opened so many doors for us, African music is so diverse. It’s more than just Afrobeats.”

Nigerian superstars including Davido, Tems, Wizkid, and Burna Boy, have publicly distanced their music from the term Afrobeats.

Wizkid even took to social media in March to say that labeling his music Afrobeats was “ like saying every American artist makes rap.”

“It’s almost like artists are being stifled”

“Here you will get put into the same crowd (Afrobeats), so the more street type of song is in the same crowd with someone that sings Afrosoul.”

She added the Afrobeats label makes no distinction between genres or sounds, leading to audiences to expect everyone to sound the same.

“It’s almost like artists are being stifled,” Simi explained.

“You have to be a certain kind of artist before people respect you or give you the kind of accolades that you know you deserve.

“Someone like Adele is not having this kind of struggle.”

King Promise argues that although the Afrobeats sound has evolved over the years with the fusion of new sounds, the foundational element of the music remains the same: African tradition music. He says that will remain a mainstay in popular music.

“Just like we have hip-hop that stood the test of time, Afrobeats as a representation of our music as Africans on a global scale, it’s locking horns with the biggest, standing its ground, and it’s only getting better,” he said.

This post appeared first on cnn.com

Overall Analysis

  • Oil turned highly volatile continuously on the 2nd trading session. Price action indicates an uptrend.
  • Natural Gas fell sharply, going -4% in a single day. High volatility and a tight zone continue.

Oil Chart Analysis

Oil/USD 15-Minute Chart (Source: TradingView)

On the 7th November 2024 trading session, oil can be seen highly volatile on the 2nd consecutive trading session, where the price went down near the supporting trendline and sharply reversed, breaking the 6th Nov day high of 72.63. Currently, the price is moving upwards in an uptrend channel but with high volatility.

On a daily time frame, the price is facing resistance from the 72.40 level, which has been a resistance for a long time. Closing the price above this level on the daily time frame will trigger a sharp rally towards the upside.

Looking at the price on a 15 min time frame, the price can be seen moving upwards in a channel, also creating an ascending triangle pattern. Oil is currently highly volatile, so traders should consider trading it only when it nears support or resistance levels.

There are multiple entry triggers one can follow for creating an entry.

  • Oil is currently testing its long-term support trendline. If the price fails to break it and creates a reversal candle, buyers can consider making an entry with a stop loss placed below the previous swing low and a target of 72.60.
  • If the price breaks the long-term supporting trendline and the candle successfully closes below the 70.66 level, then sellers may consider entering the trade with a stop loss placed above the previous swing high and a target of 60.86.
  • A selling side entry can be planned if the price creates a rejection zone between the 72.63 and 72.40 levels, with a stop loss placed above the previous swing high and a target till the supporting trendline.

Natural Gas Chart Analysis

Gas/USD 15-Minute Chart (Source: TradingView)

On the 7th November 2024 trading session, Natural Gas gave a sideways opening. It then continued moving upwards, reaching a high of 2.8540. However, it sold off sharply, dropping to the 2.7630 level and marking a -4% fall. Natural Gas is moving in a peanut pattern with high volatility in it.

On a daily time frame, Natural Gas has made a double bottom-like structure, but the price has taken a halt for the last 4 trading sessions, which is currently very far from the pattern’s neckline.

The peanut pattern is forming on a 15 min time frame, and the price is respecting the levels. High volatility can be seen in the instrument. Planning entry based on support and resistance is safe in the current market.

Entry Triggers:

  • If the price faces rejection from a descending resistance trendline, sellers may enter. They can set a stop loss above the previous swing highs and aim for a target at the supporting trendline.
  • If the price settles above the descending resistance trendline, buyers may plan an entry. They should place a stop loss below the previous swing low and set a target at the 2.879 and 2.9010 levels.

The post Oil and Natural Gas Analysis: High Volatility & Trends appeared first on FinanceBrokerage.

Tesla’s stock has recently surged, reflecting a renewed synergy between CEO Elon Musk and President-elect Trump. The company’s valuation exceeded $1 trillion for the first time in over two years. Shares of the electric vehicle (EV) giant rose by 8.2% to $321.22. This rally was fueled by Musk’s endorsement of Trump’s campaign and expectations of regulatory advantages under the new administration.

How Musk-Trump Alliance Could Accelerate Autonomous Driving Advancements

Elon Musk, a vocal supporter of self-driving technology, could benefit if Trump assists entrepreneurs by addressing regulatory bodies. Garrett Nelson, a senior equity analyst at CFRA Research, highlighted the likelihood of a Trump administration implementing regulatory changes to support Tesla’s autonomous driving project. Such changes could reduce bureaucracy and grant Tesla a fast track to advanced features.

Trump, who has been a historical sceptic of EV incentives relating to energy policies, promoted Musk as a “super genius”, adding that, that would lead to cosy agreements in the case where Tesla’s invention becomes relevant to national priorities.

Additionally, Trump’s support may help delay or ease scrutiny from the National Highway Traffic Safety Administration (NHTSA) concerning Tesla’s Full Self-Driving (FSD) systems. The NHTSA had recently initiated an evaluation following reports of accidents in challenging visibility conditions, such as fog or glare. A delay in regulatory actions could allow Tesla to make refinements to its software without facing immediate penalties.

Tesla’s stock has risen 29% over the past week, adding a massive $230 billion to its market cap. Investors appear to view this political alignment as a unique opportunity for Tesla to push boundaries in autonomous driving, further strengthening its leadership in the EV sector.

Tesla Stock Chart Analysis

TSLA/SUD 15-Minute Chart

Reviewing the performance of Tesla shares in the chart above, we can observe a robust rally. Very recently, the price surged to over $320. The stock closed at $321.22, marking a massive rise of 8.19%.

The gradual rise of the stock indicates growing investor confidence. This confidence may stem from the prevailing market situation. It could also be attributed to new developments related to Tesla and its CEO, Elon Musk.

The stock recently reached a close maximum of $328.71 in the latest recorded session. This level could act as a significant headway. It is worth keeping a close watch on the resistance line. Breaking through this line might be challenging.

The Relative Strength Index (RSI) is currently 71.08, indicating that Tesla may be overbought. This high RSI suggests we might see a pullback or a period of consolidation as some investors take profits after the recent surge. Still, the trend remains bullish, with buying pressure supported by recent spikes in volume.

As we look ahead, there’s a good chance of continued volatility, especially with Tesla’s next earnings report coming up in 72 days. We’ll want to watch if the price retraces towards the $300 support level, where it previously consolidated.

If Tesla breaks past $328, we could see further upside, potentially driving the stock to new highs above $340. For now, we’re in a strong position, but should stay cautious of potential short-term corrections due to the overbought RSI and rapid recent gains.

The post Tesla Stock Hits $1T Market Cap as Musk Backs Trump Return appeared first on FinanceBrokerage.

SoftBank Group should report a quarterly profit of around 287 billion yen ($1.87 billion), marking a significant rebound from its 931 billion yen loss during the same period last year. Favorable portfolio company listings and the strengthening yen against the dollar have largely driven this turnaround, boosting SoftBank’s stock price.

MST analyst David Gibson forecasts a $3.9 billion rise in investment profit for the quarter. Significant income came from the IPOs of two Indian companies: Brainbees Solutions, contributing around $0.9 billion, and Ola Electric, adding approximately $1 billion.

SoftBank’s AI Ambitions and Rising Investments Signal Bold New Moves

The market is eager to see if SoftBank, led by visionary CEO Masayoshi Son, will sustain its investment momentum, especially in artificial intelligence (AI). Son, who spoke about reserving tens of billions of dollars for significant future investments, recently increased SoftBank’s investment pace to $1.9 billion in the April-June quarter. This marks a considerable rise from $0.3 billion in the first quarter of 2023.

A particularly intriguing development is SoftBank’s exploration into AI chip production, potentially positioning itself as a competitor to Nvidia. This could involve leveraging its 90% stake in the chip designer Arm, possibly through a partnership with recently acquired chip manufacturer Graphcore.

In a recent quarter, SoftBank made an Arm licensing deal worth $43.2 million. This move could support its broader AI ambitions. Analysts are closely monitoring these strategies. They could reshape SoftBank’s portfolio and influence the AI market.

SoftBank Stock Chart Analysis

SFTBY/USD 15-Minute Chart

Looking at Softbank Group Corp (SFTBY) stock on this 15-minute chart, we can observe the unfolding of some exciting dynamics. The stock is currently at $30.37, which is, in fact, a small increase of 0.10%.

A strong resistance at $31.70 has prevented further upward movement, while the nearest support is around $28.51. The stock’s slow movement suggests it is in a consolidation phase. Investors should prepare for either a breakout or a breakdown.

The RSI indicator stands at 46, indicating neutral momentum. We’re not quite in the oversold territory, which would suggest a buying opportunity, nor in the overbought range that might signal a sell. When the RSI dips below 30, it indicates a potential buying opportunity. Conversely, when the RSI moves above 70, it suggests the stock might be overextended.

In the short term, if there is a breakout above $31, this might bring out a bullish feeling with the targets being higher. On the other hand, if the stock dips below $28.51, the downtrend could still be unchecked.

We will want to check the volume to verify either a breakout or a breakdown as the strong volume would increase the confidence to move. Maybe it’s time to watch SFTBY very closely to determine whether the price will go up or down.

The post SoftBank Stock Reports $1.87B Profit Boosted by AI appeared first on FinanceBrokerage.

Overall Analysis

  • EUR/USD: After breaking the upward channel, the pair continues to fall but is now facing support at the 1.06839 level.
  • EUR/GBP: The pair failed to sustain higher levels. The price fell sharply and is currently near intraday resistance.

EUR/USD Chart Analysis

EUR/USD 15-Minute Chart (Source: TradingView)

On the 8th of November 2024 trading session, the EUR/USD pair closed at -0.88% after sustaining a sideways scenario during the first half and then falling sharply towards support in the second half of the session.

Currently, on the daily time frame, the price attempted to move upward but faced rejection and fell sharply toward the support level. The 1.06827 level serves as a crucial support area, and a price close below this level could trigger massive selling.

On the 15-minute time frame, the price can be seen retesting the 1.06874 level repeatedly. This is a crucial support level on both higher and lower time frames. If looking for an entry trigger, a few options are mentioned below:

  • Bullish Scenario: If the price again fails to close below the 1.06827 level, buyers may consider entering a trade with a stop loss below the previous swing low and a target at the 1.07213 level.
  • Bearish Scenario: If the price continues to close below the 1.06827 level, sellers may consider entering a trade with a stop loss above the previous swing high and targets at 1.06518 and 1.06271 levels. Ensure the RSI is not in an oversold scenario.

EUR/GBP Chart Analysis

EUR/GBP 15-Minute Chart (Source: TradingView)

On the 8th of November 2024 trading session, the pair showed selling pressure within the channel while forming a lower-low and lower-high pattern. The price remained in the zone for the last three trading sessions but broke the pattern downward on the 11th of November trading session.

The pair has broken the major support level of 0.83061 and sustained below it on the daily time frame, clearly indicating strong selling pressure. The pair has been closing in red for the last five trading sessions after rejecting resistance at the 0.84470 level.

As the price breaks the support level and sustains below it, it activates a selling trend. The following outlines the entry triggers:

  • Bearish Scenario: If the price consolidates below the support level and breaks out from the consolidation area, sellers may consider entering a trade with a stop loss above the previous swing high and a target at the 0.82498level.

The post EUR/USD & EUR/GBP: Key Support Levels Under Pressure appeared first on FinanceBrokerage.