The Markets | - Part 129

Emerging-Market Carry Trades Set for Worst Quarter Since 2011

LAGOS (Capital Markets in Africa) – A strategy that made emerging-market investors money in the previous five quarters is getting upended by a stronger dollar and the prospect of a prolonged trade war. A Bloomberg currency index that measures carry-trade returns from eight emerging markets, funded by short positions in the dollar, has slumped 8.9 percent since end-March, set for its worst quarterly loss since the three months through September 2011. After rallying since 2016, what’s turned the strategy…

Goldman Sachs Mulling Crypto Trades Beyond Futures, Solomon Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Goldman Sachs Group Inc., one of the biggest U.S. investment banks, is exploring cryptocurrency trades beyond the publicly-traded derivatives that it already handles, according to Chief Operating Officer David Solomon. “We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously,” said Solomon in an interview with Bloomberg TV in China. “We’re listening to our clients and trying to help our clients…

Cryptocurrencies Fall as Korean Exchange Says $32 Million Stolen

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LAGOS (Capital Markets in Africa) – Bithumb, ranked by Coinmarketcap.com as the world’s seventh-largest crypto exchange by traded value, said on Wednesday that hackers stole about 35 billion won ($32 million) and that Ripple was among the coins taken. The exchange halted cryptocurrency deposits and withdrawals, said it will compensate victims and moved investor assets to a so-called cold wallet, which is disconnected from the Internet and less vulnerable to theft. Bitcoin, the largest cryptocurrency, dropped as…

The Wheel Turns for South African Bonds as Sell-Off Worsens

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JOHANNESBURG (Capital Markets in Africa) – South African government bonds handed dollar investors a whopping 13 percent return in the first quarter, the best performance out of 25 major emerging markets. In the second quarter, they’ve lost it all, and then some. Rand-denominated debt has lost 17 percent since the beginning of April, the most among developing nations after Argentina and Turkey, according to data compiled by Bloomberg. That’s partly a result of the rand’s…

Libya Says Ras Lanuf Oil Storage Cut by 40% After Militia Attack

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TRIPOLI Libya said an attack on the Ras Lanuf oil terminal cut storage capacity by about 40 percent, underscoring the continued threat from armed groups for whom energy installations remain prized targets. Damage to two storage tanks at Libya’s third-largest port on Thursday reduced capacity to 550,000 barrels from 950,000 barrels, state-run National Oil Corp. said Monday. Ras Lanuf stopped loading oil for export last week after clashes erupted, taking more barrels off the market just as…

PPC Extends Slump Amid Ongoing Weak Demand for Cement in Congo

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KINSHASA (Capital Markets in Africa) – PPC Ltd. suffered its biggest two-day decline this year after reporting earnings that missed some expectations and as difficulties continue to plague the cement maker’s operations in the Democratic Republic of Congo. South Africa’s biggest producer of the building material is seeking a fresh start under Chief Executive Officer Johan Claassen after fending off a series of takeover approaches last year. The Johannesburg-based company is counting on an upturn in demand in…

No Rest for Emerging Markets as Trade Jolts Herald a Wild Week

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LAGOS (Capital Markets in Africa) – Emerging markets got little relief as the escalating trade war between the U.S. and China hurt most major currencies and sent stocks to their lowest level since December. With OPEC clashing over output, looming Turkish elections and the potential for further fallout from Argentina’s foreign-exchange crisis, there was no respite in sight. Developing-nation currencies have retreated for three consecutive weeks and are now on pace for their biggest quarterly decline since…

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