The Editorial Team |

South African Rate-Hold Bets Firm Up as June CPI Undershoots

JOHANNESBURG (Capital Markets in Africa) – South African consumer prices accelerated at a slower pace than economists’ expectations in June, cementing the case for the central bank to hold its benchmark rate Thursday. The annual inflation rate was 4.6 percent compared with 4.4 percent in May, Pretoria-based Statistics South Africa said in a statement Wednesday. The median estimate in a Bloomberg survey was 4.8 percent. The rand had its worst month in more than two years…

All Emerging-Market Currencies Fall as U.S. Dollar Extends Rally

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JOHANNESBURG (Capital Markets in Africa) – U.S. dollar left every emerging-market currency in the red on Wednesday as stocks retreated. Russia’s ruble led losses after crude oil slumped and U.S. representatives mulled new sanctions against the country. The Chinese yuan sank to the lowest level since August 2017, bolstering speculation that officials are comfortable with currency weakness. Mexico’s peso posted the biggest decline among Latin American peers, trimming its advance from the July 1 presidential election. The yield on…

Nigeria Seeks Foreign Help to Build 30-Plane, 80-Route Airline

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LAGOS (Capital Markets in Africa) – Nigeria revealed plans for a new national airline and said a majority stake could be available to an overseas backer as it seeks know-how and cash to help the start-up avoid the fate of former flag carriers. The West African state has no cap on overseas ownership of its airlines and would be prepared to offer more than 50 percent of the company — named Nigeria Air — to…

World’s Biggest Miners Want More Copper But Nobody’s Selling

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LAGOS (Capital Markets in Africa) – It’s the mining world’s biggest dilemma: everyone’s hunting for copper deals, but even the richest producers just can’t pull the trigger. The largest miners all say they’re bullish on copper and looking for growth in the metal that’s forecast to be in ever-greater demand as cities expand and electric vehicles gain traction. The industry has deep pockets for deals right now — Rio Tinto Group may end the year…

Fed’s Powell Says Gradual Rate Hikes Are the Best Path `For Now’

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LAGOS (Capital Markets in Africa) – Federal Reserve Chairman Jerome Powell said the central bank will continue to gradually raise interest rates “for now’’ to keep inflation near target amid a strong U.S. labor market. The Federal Open Market Committee, the Fed panel that sets interest rates, “believes that — for now — the best way forward is to keep gradually raising the federal funds rate,” Powell said in prepared testimony before the Senate Banking Committee. “We…

Iron Ore Beats Back Bears as Trade Fight Batters Commodities

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LAGOS (Capital Markets in Africa) – Iron ore’s become the odd man out as a spike in global trade tensions hurts commodities, with importers in top user China scooping up cargoes to feed booming mills and the government intensifying an anti-pollution drive. That’s helped benchmark prices to stay the course. While copper in London is headed for a sixth weekly drop and the Bloomberg Commodity Index has swooned from a May peak, spot 62 percent iron ore…

Want to Know Where Blockchain and Bitcoin Are Headed?

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LAGOS (Capital Markets in Africa) – TheStreet’s Jordan French visits South Korea for Blockchain Week. What do the country’s unbridled markets and monopolistic corporate dynasties portend for the future of cryptocurrencies? Blockchain has become a global phenomenon and Asian businesses and investors are now in the thick of it. Investors in South Korea were among those that were captivated by cryptocurrency craze and that country’s increased regulations haven’t stopped its citizens from participating. South Korea…

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