The Editorial Team |

Brexit Battle Returns With U.K. and EU Sparring Over Trade

LONDON (Capital Markets in Africa)- The U.K. and the European Union begin their battle over a future trade deal on Monday, setting up 11 months of negotiations that risk ending in economically damaging failure at the end of the year. In a major speech in London, Prime Minister Boris Johnson will threaten to walk away from talks with the EU rather than accept demands from Brussels to sign up to the bloc’s single market regulations and the rulings of…

What to Watch in Commodities: Virus, Oil, Glencore, Arcelor, Ags

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LAGOS (Capital Markets in Africa) – Commodities took a heavy beating in January as the virus outbreak spurred across-the-board concerns about demand, and that focus will persist right through this week. Markets in China reopened on Monday, with most raw materials posting steep losses. For global prices, Citigroup Inc. now reckons Brent could soon go sub-$50 a barrel. For the latest, click here. On top of the health emergency, there’s a crowded corporate docket. In Europe, top steelmaker ArcelorMittal reports earnings on…

China Blasts U.S. for Virus ‘Overreaction,’ Spreading Fear

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LAGOS (Capital Markets in Africa) – China said the U.S. “inappropriately overreacted” to the deadly virus that originated there and hasn’t provided much help to counter the outbreak, disputing the Trump administration’s claim that it offered assistance. “The U.S. government hasn’t provided any substantial assistance to us, but it was the first to evacuate personnel from its consulate in Wuhan, the first to suggest partial withdrawal of its embassy staff, and the first to impose…

US Senate Set to Acquit Trump as Democrats Vow to Continue Probes

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NEW YORK (Capital Markets in Africa) – A momentous, if anticlimactic, few days lie ahead in Washington as the Senate hears closing arguments Monday in President Donald Trump’s impeachment trial, then holds two days of debate before voting for an all-but-guaranteed acquittal. In between, Democrats in Iowa’s caucuses will take the first step Monday night toward choosing the candidate who’ll run against Trump in November. And on Tuesday night, the president will deliver the annual State…

Falling Gabon Yields Show Strong Demand for African Issuers

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GABON (Capital Markets in Africa) – Gabon, one of the lowest-rated sovereigns in Africa, sold the first Eurobonds from the continent this year, with investors snapping up the high-yielding debt even as concerns over the outbreak of the coronavirus continued to weigh on global markets. The government issued $1 billion of 10-year securities with a yield of 6.625%, at the lower end of the final price guidance and well below the initial price target of 7%, according…

AfDB Sees No Risk of Systemic Debt Distress in Africa

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LAGOS (Capital Markets in Africa) – The African Development Bank has downplayed the risks associated with rising debt levels on the continent, saying policy makers should find a balance between fiscal management and funding development. While the median ratio of government debt-to-gross domestic product rose to more than 50% in 2018 from 25% in 2008, bringing the continent’s total external debt burden to almost $500 billion, “Africa does not have a systemic debt crisis,” AfDB…

IMF Says S. Africa Has No Fiscal Space, Must Push Reforms

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JOHANNESBURG (Capital Markets in Africa) – South Africa has no fiscal space left and must implement strong budget consolidation and state-owned company reforms to ensure its debt sustainability, the International Monetary Fund said. The October medium-term budget policy statement showed gross government debt would surge to 80.9% of gross domestic product in the 2028 fiscal year unless urgent action is taken. That trajectory is almost 20 percentage points higher than forecast in the February budget…

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