The Editorial Team |

Egypt’s Dilemma as Central Bank Meets on Rates

CAIRO, Egypt, Capital Markets in Africa: Soaring inflation and a long-running dollar shortage suggest Egypt’s central bank has ample reason to raise interest rates when officials meet on Thursday. On the flip-side, doing so would increase interest payments for a government trying to plug a hole in its finances. A Bloomberg survey shows economists are split, with three predicting a hold and three predicting an increase to the benchmark rate. The central bank raised Egypt’s key interest…

Bank of Japan Keeps Policy Unchanged Even as Kuroda Warns on Yen

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LAGOS, Nigeria, Capital Markets in Africa: The Bank of Japan refrained from expanding monetary stimulus ahead of the U.K. vote on Brexit next week that could roil global markets, and before a domestic election in which the political opposition has made the bank’s negative interest-rate policy an issue. With the yen soaring to its strongest in almost two years after the decision Thursday, Governor Haruhiko Kuroda reiterated in a press conference in Tokyo that the central bank won’t hesitate to take…

Market Watch | Stocks Slide as Central Banks Fail to Reassure; Yen, Gold Climb

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LAGOS, Nigeria, Capital Markets in Africa: Stocks slid with commodities after central banks in the U.S and Japan signaled increased concern about the global economic outlook. Gold and bonds rose on haven demand, while the yen climbed to the highest since 2014. The Stoxx Europe 600 Index fell to a four-month low and U.S. crude retreated for a sixth day in the longest losing streak since February. Bond yields sank to records in Germany, Australia after Japan as Federal Reserve…

Crude Oil | OPEC Turmoil Could Turn IEA’s Balanced Market Into Shortfall

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LAGOS, Nigeria, Capital Markets in Africa: The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. If OPEC members can’t resolve some massive output disruptions, that will turn into a significant shortfall. World oil production in 2017 will very nearly match consumption, ending several years of oversupply, the Paris-based IEA forecast on June 14. For that to happen, the Organization of Petroleum Exporting Countries would have to…

Crude Oil Price Falls Sixth Day as Easing Disruptions Offset U.S. Stock Drop

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LAGOS, Nigeria, Capital Markets in Africa: Oil fell a sixth day, heading for the longest run of declines since February on speculation that easing global supply disruptions will offset a decline in U.S. crude stockpiles and production. Futures dropped as much as 1.7 percent in New York, sliding in tandem with industrial metals and global equities, after losing 6.3 percent the previous five sessions. Output in Canada is expected to ramp up this month after wildfires cut production. U.S….

Rand Snared and Ruble Spared Brexit Risk in U.K. Finance Web

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s rand is among emerging-market currencies most vulnerable to upheaval if Britain votes to leave the European Union, while ruble investors may find some benefit from the isolation provided by sanctions on Russia. That’s a possible conclusion to draw from a ranking of countries in central Europe and Africa based on the depth of their financial ties with U.K. banks, compiled by analysts at UniCredit SpA. British lenders’…

Mozambique Raises Key Rate to 14.25% to Contain Inflation in June

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MAPUTO, Capital Markets in Africa: Mozambique’s central bank raised its key interest rate for a third time this year as a weakening currency led to soaring inflation in the southern African nation. Policy makers increased the benchmark policy rate by 150 basis points to 14.25 percent, the Maputo-based institution said in a statement on Monday. The interest rate on the standing deposit facility was raised to 7.25 percent from 5.75 percent. The annual inflation rate…

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