The Editorial Team |

Demand Surges at South African Bond Auction Despite Junk Threat

JOHANNESBURG (Capital Markets in Africa) – Demand at South Africa’s weekly government bond auction surged as investors stocked up on some of the most attractive yields in emerging markets before supply dries up into the year-end. Investors bid for almost four times the amount of securities on offer, making it the strongest sale since the government increased the auction amount to 4.53 billion rand ($306 million) on August 6, according to Bloomberg calculations based on central-bank data. S&P…

Companies Struggle With Late Payments as Kenya Faces Cash Crisis

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NAIROBI (Capital Markets in Africa) – Daniel Mwangi’s construction company in Nairobi is battling to stay afloat and has fired about 1,000 workers in the past year as Kenya’s government struggles to pay contractors. The 36-year-old Nyoro Construction Co., where Mwangi serves as director, is just one of many Kenyan firms that have fallen victim to a funding crisis exacerbated by a weak tax take, rising debt and a public wage bill that eats up more than a third…

Four Ways the U.K. Election Could Play Out for Brexit

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LONDON (Capital Markets in Africa) – It will be no ordinary general election. Voters in Britain are now focusing their minds on the decision they will make in two weeks’ time. The result will determine not just the next government, but the fate of Brexit. From crashing out without a deal to holding another referendum and remaining in the European Union, the range of outcomes is still wide open. Here’s a guide to how it…

Pound Weakens as Traders Question Complacency Over U.K. Election

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LAGOS (Capital Markets in Africa) – The pound slipped as polls showed the ruling Conservative party’s lead narrowing into a December election, with the tightening race raising investor fears about an inconclusive result. The U.K. currency weakened versus all of its Group-of-10 peers as the latest surveys of voting intention showed the opposition Labour party making up some ground following the release of its manifesto last week. The most positive outcome for investors betting the…

China Says Trade Officials Staying in Touch on Phase One Deal

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LAGOS (Capital Markets in Africa) – China signaled trade talks with the U.S. are on track towards an interim deal after negotiators from both sides spoke by telephone on Tuesday. The officials “reached consensus on properly resolving relevant issues” and agreed to stay in contact on the remaining points for a so-called phase one pact, China’s Ministry of Commerce said in a statement. The U.S. Trade Representative’s office confirmed a meeting took place but declined…

‘Black’ Monday in S&P Had a Different Ring to It: Taking Stock

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NEW YORK (Capital Markets in Africa) – Using the word “black” for anything associated with the stock market usually denotes a certain panic. But days ahead of retailers’ Black Friday and the usual frenzied consumer hysteria, it appeared stocks were seeing that same type of buyer’s excitation. Caution was in the wind nearly at the outset Monday after one of the few elements holding a larger rally at bay — reports the “Phase Two” trade…

Inverted Yield Curve’s Recession Flag Already So Last Year

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NEW YORK (Capital Markets in Africa) – If 2019 was the year the yield curve went mainstream, with an inversion sending a stark recession warning, then 2020 is already shaping up as a welcome return to normality. Nobody is willing to call the all-clear on the global economy yet given a trade deal between the U.S. and China is still to be reached. Even so, the prospect of longer-term yields stretching their premium over shorter…

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