The Markets | - Part 204

Mozambique May Defaults on Eurobond Next Week, JPMorgan Says

MAPUTO (Capital Markets in Africa) – Mozambique is “highly unlikely” to pay a $60 million coupon on January 18, JPMorgan Chase & Co. said, sending the government’s Eurobond tumbling closer to an all-time low. The $727 million of notes due in January 2023 fell 3.2 percent to 57.999 cents on the dollar as of 2:12 p.m. in London, trading less than 2 cents away from an all-time low. The yield rose 90 basis points to 24.05…

Kenyan Central Bank Said to Warn Bankers Over Shilling Comments

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) — Central bank warns bankers, traders not to make comments, forecasts about shilling that it deems too negative, according to people familiar with matter. Some bank executives summoned to meetings with policy makers last week, others telephoned individually. Central bank blames speculators for shilling’s recent slide; told bankers to allow currency to be guided by market fundamentals. Kenyan Shilling has weakened every trading since December 23, longest losing streak since…

Oil Falls as OPEC Output Curbs Offset by Growth in U.S. Drilling

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Oil fell for the first time in four days as an increase in U.S. drilling activity fanned speculation that OPEC production cuts could revive output in North America. Futures slid as much as 2.1 percent in New York after rising 3.2 percent the previous three sessions. Gulf oil producers Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait are implementing the cuts they promised, Nawal Al-Fezaia, Kuwait’s OPEC governor,…

Barclays Flags ‘Black Swan Threats’ to Commodities in 2017

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Watch out for the unexpected in commodities in 2017. Barclays Plc said raw materials markets from energy to metals face the high likelihood of disruptions, giving a laundry list of possible threats including a default by Venezuela, riots in Chile and a trade war with China. “The new politics of populism and protectionist trade policies have the potential to disrupt global supply and demand assumptions for various commodities,” analysts including Michael Cohen and…

Gold Climbs to Four-Week High on Dollar’s Drop and Haven Demand

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Gold climbed to a four-week high as a weaker dollar and uncertainty over the impact of Donald Trump’s policies bolstered demand for a haven. Palladium rose, heading for the biggest five-day surge since November. Bullion has increased every trading session this year, with spot prices rising as much as 1.4 percent to $1,179.43 an ounce on Thursday. Gold is advancing as the Bloomberg Dollar Spot Index’s retreat from the highest in…

Libyan Oil Port Said to Re-Open as OPEC Nation Boosts Output

Posted on by The Editorial Team

TRIPOLI (Capital Markets in Africa) – Libya is re-opening its last major oil-export terminal and producing at the highest level in more than two years as the war-torn country benefits from an exemption from OPEC output cuts. The Zawiya terminal is preparing to resume exports after the pipeline supplying it was re-opened, an official at the state-run National Oil Corp. said, asking not to be identified for lack of authorization to speak to news media….

OPEC Oil Output Slides in December Amid Nigeria Disruptions

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC’s crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month. Nigeria’s daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as the African nation struggled to restore capacity after a year of militant attacks on oil infrastructure. Saudi Arabia’s production fell by 50,000 barrels a day…

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