The Editorial Team |

Troublesome Trio in Emerging Markets Face Yield Spike Scare

LAGOS (Capital Markets in Africa) — Eight years ago, when the taper tantrum roiled emerging markets, the so-called Fragile Five of Turkey, Brazil, South Africa, India and Indonesia suffered the most. Another spike in U.S. Treasury yields is threatening to wreak havoc on at least three of those nations. The Turkish lira, Brazilian real, and South African rand led major global declines last week in the worst developing-nation currency selloff since late September. Those exchange…

Ramaphosa Eases South African Virus Curbs as New Cases Abate

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JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa eased coronavirus restrictions as the rate of new infections dropped, scrapping most limits on alcohol sales, shortening a night-time curfew, and permitting larger public gatherings. The move to virus alert level 1, from level 3, comes a year after the first Covid-19 case was detected in the country, and will remove most remaining shackles on the struggling economy, Ramaphosa said in a televised address to the…

Jumia Expands in Online Africa Food Delivery in Quest for Profit

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LAGOS (Capital Markets in Africa) — Jumia Technologies AG is expanding in online food delivery as the pioneering Africa e-commerce business looks to grow beyond its main market of trading phones and electronics. Food makes up 20% of overall transactions on the platform and is growing quickly, co-Chief Executive Officer Sacha Poignonnec said in an interview. The company is expanding the service into Egypt, where there is a gap in the market following the exit of Uber…

Comment: Can equities tolerate higher bond yields?

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LONDON (Capital Markets in Africa) – The spike in yields of late has sent shivers through stock markets, which recently reached all-time highs and whose valuations are seen as stretched. But this rise in yields, if contained, isn’t necessarily bad news for stocks. Rather, it suggests to us that the rotation into reflation-driven cyclical stocks may have legs. The inflation influence Global bond yields have been trending higher for some time, but the pace of…

Fed’s Barkin Says ‘Profound’ Disinflation to Check Price Gains

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LAGOS (Capital Markets in Africa) — A “disinflationary” mindset has taken hold among U.S. businesses and consumers that will be hard to dislodge despite stronger economic growth this year, said Federal Reserve Bank of Richmond President Thomas Barkin. “There are disinflationary pressures that are quite profound and seem to be continuing,” Barkin told an online event Monday hosted by the Maryland Bankers Association. “As long as you’ve got those disinflationary headwinds, it’s just going to…

Biden’s Trade Chief Tasked With Reset After Trump Tariff Chaos

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LAGOS (Capital Markets in Africa) — Weeks before the White House said it would keep tariffs in place on more than $350 billion in Chinese goods, Katherine Tai previewed the bad news to a group of U.S. business leaders. Tai, who is President Joe Biden’s pick for U.S. Trade Representative, told executives at a private meeting hosted by the Business Roundtable last month that lobbying for the duties to be removed wouldn’t work, according to people familiar with…

Billionaire Sawiris Backs $4.7 Billion Signature Takeover

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CAIRO (Capital Markets in Africa) — Egyptian billionaire Nassef Sawiris agreed to accept a sweetened $4.7 billion takeover offer for Signature Aviation Plc, a step toward ending the fight for control of the private-jet company. NNS, the investment vehicle of Sawiris, is set to sell its 7.42% stake to a bidding consortium led by Blackstone Group Inc. and Global Infrastructure Partners, according to a statement Monday that confirmed an earlier Bloomberg News report. Sawiris is Signature’s third-biggest…

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