The Markets | - Part 112

JPMorgan, Nomura in Opposite Corners on Rand 2019 Prospects

LAGOS (Capital Markets in Africa) – The rand’s implied volatility against the dollar tells you one thing about the currency in 2019: it’s going to be a wild ride. It’s just not clear which way. The cost of hedging in the options market against price swings in the South African currency over the next year has climbed almost 500 basis points since April. Though it has moderated from its September high, it’s still about 200 basis points…

UBS Wealth Has Hedge Fund-Like Playbook to Combat Market Mayhem

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The world’s largest private bank is doubling down on exotic strategies to profit from the intensifying meltdown in the synchronized bull market. As Wall Street frets another annus horribilis, UBS Global Wealth is embracing a playbook beloved by hedge funds — a slew of options trades that bet, for example, on the continued outperformance of U.S. healthcare stocks versus industrials when tensions in commerce sink equities. The $2.4 trillion money manager’s…

Goldman’s $1 Trillion Asset Manager Is Betting on Stocks in 2019

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Equities is the place to be in 2019, according to a senior money manager at Goldman Sachs Asset Management. The company, which says it oversees more than $1 trillion, is betting that global growth will extend into next year, giving support to stock fundamentals. GSAM favors emerging-market assets over the developed market, although U.S. stocks look appealing after the sell-off even as the economy moderates. “We’re broadly positive on equities,” said…

Blood Gold’ Crackdown May Imperil Small Miners It Seeks to Help

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – New rules designed to prioritize safety for many of the world’s most vulnerable gold miners may in fact put their livelihoods at risk. When his fellow miners winch him up from the hole in the desert, Keith Gushure is covered in mud. Gushure, 21, holds a pick and a hammer. For the past 18 hours he’s been trying to chip, gouge and pry gold out of the 56-foot (17-meter)…

Battered Bitcoin Miners Seen Shutting Down as Losses Pile Up

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin miners hit hard by the cryptocurrency’s crash may be throwing in the towel. The Bitcoin network’s hash rate, one way of gauging the computing power dedicated to mining the digital currency, dropped about 24 percent from an all-time high at the end of August through Nov. 24, according to Blockchain.com. While the decline may have partially resulted from miners switching to other cryptocurrencies, JPMorgan Chase & Co. says some in…

Bitcoin’s Deepening Crash Now Approaches Its Worst Bear Markets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin broke below $4,000 and extended its 2018 crash to within striking distance of the biggest cryptocurrency’s worst bear markets. The virtual currency conceived just over a decade ago slid as much as 14 percent to $3,675 on Monday, bringing its decline from last December’s record high of almost $20,000 to about 80 percent. All nine of its largest peers tracked in real time by Bloomberg fell, with drops ranging as high as 21…

Cocoa Crisis Hits Top Grower’s Exporters as Banks Curb Loans

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Domestic shippers in the world’s top cocoa producer are losing market share to foreign-backed competitors as exporters become ensnared in the fallout of the liquidation of Saf-Cacao. Cocoa shippers in Ivory Coast are struggling to raise finance for the buying and storing of beans as lenders curb their exposure to the sector. Stung by about 150 billion CFA francs ($261 million) in unpaid debts by Saf-Cacao, formerly one of the biggest cocoa exporters…

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