The Markets | - Part 117

Emerging-Market Currencies Sink to One-Year Low on Dollar Gains

LAGOS (Capital Markets in Africa) – Emerging-market currencies deepened their slide to the lowest level in a year and stocks retreated amid a U.S. dollar advance. Every developing-nation currency tracked by Bloomberg fell, and an MSCI gauge of equities extended its selloff from a January peak to 17 percent. South Africa’s rand slipped as the central bank warned of a “challenging” growth outlook, while Chile’s peso joined a slide in copper. The Chinese yuan sank…

Copper Tumbles Below $6,000 as China Sends Metals Into Freefall

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LAGOS (Capital Markets in Africa) – A new round of trade war tensions is sending metal markets into a tailspin. Copper crashed through $6,000 a metric ton for the first time in a year and is headed for its biggest monthly drop since 2015. Zinc, lead, nickel and aluminium tumbled as the dollar rose for a third day. An index of copper-mining companies headed for the lowest close since 2016, paced by losses in First Quantum Minerals Ltd. and Freeport-McMoRan Inc. Metals…

Billionaire Sawiris Steps In to End Egypt Investors Dispute

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CAIRO (Capital Markets in Africa) – Egypt on Wednesday approved a deal settling a land dispute pitting the government against a group of international investors who owned a stake in a company controlled by one of the country’s richest men, a senior government official directly involved in the talks said. Investors including American businessman Sam Zell sued the government in an international arbitration court over the failure to fully honor a 2006 contract with Orascom Housing Communities. OHC is…

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…

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…

U.S. Senators Revive Bill to Counter OPEC `Price Fixing’

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JOHANNESBURG (Capital Markets in Africa) – U.S. Senator Chuck Grassley, along with a fellow Republican and two Democratic lawmakers, introduced legislation in the Senate that’s aimed at allowing the government to bring lawsuits against OPEC members for antitrust violations. Lawmakers in the other chamber of Congress, the House of Representatives, already introduced a version of the “No Oil Producing and Exporting Cartels Act,” or NOPEC, bill in May. Congress has discussed various forms of NOPEC legislation…

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