Trump’s Tariffs Ruling; Rio Tinto, Glencore Merger | Horizons Middle East & Africa 1/9/2026

Watch on YouTube ↗  |  January 09, 2026 at 07:54  |  45:53  |  Bloomberg Markets
Speakers
Brett McGonegal — CEO, Capital Link
Martin — Reporter, Bloomberg
Casey Spray — Market Strategist, AG Capital
Joumanna Bercetche — Anchor, Bloomberg
Jennifer Zabasajja — Chief Africa Correspondent, Bloomberg
Peter Navarro — Senior Counsel on Trade and Manufacturing (Trump Adviser)
Dana — UAE Bureau Chief, Bloomberg
Greg Sullivan — Russia Economy and Government Editor, Bloomberg

Summary

The show covers markets bracing for the US payrolls report and a possible Supreme Court ruling on Trump's reciprocal tariffs, with hosts noting potential implications for stocks, yields, and exporters. Guests discuss Rio Tinto-Glencore merger talks and copper demand, Zambia's IMF plans, and South Africa's improving macro outlook. Brett McGonegal warns silver's rally is a bubble and favors a short-lived defensive rotation. Casey Sprake is positive on the South African rand, local equities, and African equities, while cautious on South African local bonds.

  • Markets await US payrolls and a Supreme Court ruling on Trump's tariffs.
  • Rio Tinto and Glencore resume merger talks, with copper as the key focus and coal as a complication.
  • Zambia plans a new IMF loan program in an election year; copper prices provide a tailwind.
  • Brett McGonegal says the Fed is behind the curve, sees more cuts, favors a short-lived defensive rotation, and warns silver is a bubble.
  • Casey Sprake favors the South African rand, South African local equities, and African equities, but says local bonds are already priced.
  • Geopolitical focus remains on Venezuela oil, Yemen Saudi-UAE tensions, Iran protests, and Ukraine security guarantees.
Ideas
Brett McGonegal CEO, Capital Link 9:53
Defensive stocks have short-lived rotation.
The Fed is behind the curve and the underlying US economy excluding AI is not strong enough to justify megacap-led strength. Until leadership changes, investors are rotating into defensive equities for a period of time, although he views the defensive rotation as short-lived once momentum shifts back to chasing.
XLP MED
Brett McGonegal CEO, Capital Link 10:36
Silver rally lacks fundamental support, risks reversal.
Silver's rally is driven by bubble-like rhetoric and a short squeeze rather than fundamentals. Unlike Nvidia and the Magnificent 7, silver is a centuries-old base metal and not an AI/GPU play, so if the runaway move reverses it could fall sharply; he is not a silver investor.
SILVER HIGH
Martin Reporter, Bloomberg 15:58
Copper positive, but tariff-driven rally may correct.
Copper remains supported by insufficient global supply and energy-transition/renewable demand, and record prices are prompting mining M&A interest. The current rally is also being amplified by a rush to ship copper to the US ahead of potential import tariffs, but Goldman Sachs expects a correction later this year once that tariff-driven activity clears.
COPPER MED
Casey Spray Market Strategist, AG Capital 29:50
Rand can strengthen on commodities, rate differential.
South Africa is a major commodity exporter benefiting from record gold and strong metals prices, which bolsters the rand and supports a widening interest-rate differential with the US. The rand has already had its strongest year since 2009 and he believes it can strengthen further toward the 16 handle against the dollar, barring geopolitical shocks.
ZAR HIGH
Casey Spray Market Strategist, AG Capital 33:15
South Africa local bonds already priced.
The South African local bond market had an extremely strong year and much of the positive momentum from reforms and the credit-rating upgrade is already priced in. He thinks it will be hard for investors to lock in additional profits in that space.
South African local bonds MED
Casey Spray Market Strategist, AG Capital 33:37
South African equities momentum can continue.
He is excited about the momentum in South African local equities after a very strong prior year, with the market up around 38.5%, and expects much of that performance to carry through this year as reform and fiscal consolidation gain traction.
South African equities MED
Casey Spray Market Strategist, AG Capital 34:00
African equities attract attention on fiscal drivers.
Within the emerging-market complex, Africa is starting to stand out and attract investor attention for the right reasons, especially given strong fiscal drivers across economies and less geopolitical noise than South America, making African equities an increasingly attractive space.
AFK MED
Up Next
1:34:09
Trump’s Big Oil Push, Mega Mining Merger & India’s Growth Bet | Insight with Haslinda Amin 1/9/2026
Bloomberg Markets · Jan 09
22:28
[긴급 시황] 삼성전자, SK하이닉스 독주는 끝났다. 외인 2조 폭격도 씹어먹는 개미들의 반란, '유동성 파티'는 언제까지?ㅣ이동근 대표
815 Money Talk (815머니톡) · Jan 09
1:34:53
Rio, Glencore In Talks to Form World's Biggest Miner | The Asia Trade 1/9/2026
Bloomberg Markets · Jan 09
1:31:52
China Inflation Rebounds; MiniMax Soars in Debut | The China Show 1/9/2026
Bloomberg Markets · Jan 09
42:46
2026 투자 키워드 ‘스드메’..우주산업 로드맵 완전 분석 | 권택중, 빈센트, 편다송 [밥 보다 투자 하나]
3PRO TV (삼프로TV) · Jan 09

This Bloomberg Markets video, published January 09, 2026, features Brett McGonegal, Martin, Casey Spray discussing XLP, SILVER, COPPER, ZAR, South African local bonds, South African equities, AFK. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brett McGonegal, Martin, Casey Spray  · Tickers: XLP, SILVER, COPPER, ZAR, South African local bonds, South African equities, AFK