The Editorial Team |

The Long March to 10 p.m.: How the U.K. Exit Poll Is Made

LONDON (Capital Markets in Africa) – In the offices of the U.K. Labour Party, there were astonishing cheers. At Conservative headquarters, it was as though the air had been sucked out of the room. The moment the exit poll dropped at 10 p.m. on election day in 2017 was the moment Theresa May realized she had spectacularly failed. It was the second time in a row the exit poll — more reliable than normal surveys…

Pound’s World-Topping Rally Wobbles as Market Braces for Swings

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LONDON (Capital Markets in Africa) – The pound swung between gains and losses as British voters headed to the polls to decide between Conservatives hoping to deliver Brexit in January and a Labour Party promising a second referendum. Bets on overnight volatility in sterling surged to the highest in nearly three years and traders hedged the risk of a surprise outcome in options markets. The currency has been the world’s best performer in recent months, on speculation…

Journey to Hell Led Ethiopian Nobel Winner to Eritrea Peace Deal

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ADDIS ABABA (Capital Markets in Africa) – Ethiopian Prime Minister Abiy Ahmed, who won the Nobel Peace Prize for forging an end to almost two decades of conflict with neighboring Eritrea, described how his personal exposure to the horrors it wrought drove him to seek a rapprochement. “War is the epitome of hell for all involved,” Abiy, who served as a radio operator in the Ethiopian army and was the only survivor of an artillery…

The $11 Trillion Emerging-Markets Rally Has Big Backing for 2020

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LAGOS (Capital Markets in Africa) – Emerging markets are about to embark on another year of wealth creation after adding $11 trillion to investor portfolios in the past decade. Developing-nation assets will outperform their developed peers, with Asia having the best prospects, according to Bloomberg’s survey of 57 global investors, strategists and traders on their outlook for next year. Total wealth in emerging-market stocks and bonds now exceeds $25 trillion, bigger than the economies of the U.S. and Germany combined….

South African Power Crisis Eases as Eskom Rushes to Fix Plants

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s energy crisis eased as state power utility Eskom Holdings SOC Ltd. scrambled to repair broken plants and supplemented supply using gas turbines and pumped-storage facilities. Power cuts, known locally as load shedding, should be limited to 2,000 megawatts on Wednesday — down from a peak of 6,000 megawatts on Monday — and are expected to end next week, Eskom said in an emailed statement. The outages temporarily…

INFLATION: South Africa, Ghana, Tanzania, Rwanda, Ethiopia

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LAGOS (Capital Markets in Africa) – Ghana’s inflation rate rose to the highest level in four months in November as the cedi continued to weaken. Annual inflation quickened to 8.2% in from 7.7% in October, Government Statistician Samuel Kobina Annim told reporters in the capital, Accra, on Wednesday. The median estimate of three economists in a Bloomberg survey was 7.6%. Prices rose 0.7% in the month. Key Insights This is the first time since the…

Egypt Inflation Edges Up But Leaves Breathing Room for Rates

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CAIRO (Capital Markets in Africa) – Egypt’s inflation rate accelerated for the first time in five months, rising 3.6% in November as the effect of last year’s surge in prices faded but offering the central bank little reason to reverse a monetary easing cycle. The annual rate for urban inflation rose from 3.1% the month before, the state-run statistics bureau said Tuesday. Consumer prices fell 0.3% month-on-month from a 1% rise in October — its…

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