The Markets

LONDON (Capital Markets in Africa) – London’s office landlords keep being surprised that things aren’t a lot worse. Demand for office space in the U.K. capital is holding up even as political uncertainty persists in a nation gripped by its decision to leave the European Union. Businesses have continued to lease space despite the prospect of a general election that’s pitted the Brexit-backing Conservative party against a Labour opposition that’s committed to a radical policy program that…

ACCRA (Capital Markets in Africa) – Ghana will ramp up spending by a fifth next year as it prepares for an election in 13 months. Total expenditure, including the clearance of arrears, is projected at 85.9 billion cedis ($15.5 billion), 21% more than the projected outcome for 2019, Finance Minister Ken Ofori-Atta told lawmakers in his budget presentation on Wednesday. Wages and salaries will make up 27% of that. Capital spending is projected at 9.3 billion cedis,…

LAGOS (Capital Markets in Africa) – Pound traders are holding on to Brexit optimism as talks toward a Brexit deal remain stuck over the contentious Irish border. Sterling touched a five-month high Wednesday after surging the most since 2008 in the past four days as an end to the Brexit saga appeared to be in sight. The currency swung between losses and gains as the Democratic Unionist Party denied reports it may support some of…

LAGOS (Capital Markets in Africa) – Foreigners have deserted the Lagos stock market and “hostile” domestic policies combined with a gloomy outlook for the Nigerian economy suggest there is little chance they will return soon. The country’s benchmark stock index has slumped 16% this year in local-currency terms, the third-worst performance worldwide among 94 markets tracked by Bloomberg as of Friday. That follows an 18% retreat in 2018. Investors have been frustrated at the slow pace of…

LONDON (Capital Markets in Africa) – It’s the biggest event of the year for the City of London, and firms are taking no chances before the Brexit deadline as they scrap holidays, ensure access to ready cash and prepare to execute contingency planning. For financial institutions, the stakes are high: they don’t want to be on the wrong side of a 10% move in sterling or U.K. stocks. State Street Corp. and Mizuho Bank Ltd….

NEW YORK (Capital Markets in Africa) – Bitcoin gained the most since before last month’s flash crash, while Ethereum rallied even more as developers gathered at the biggest conference for the community behind the second-largest cryptocurrency. The rally is partly the result of an update on the development of next-generation Ethereum network and new financial apps at the Devcon conference in Japan that started yesterday, according to Josh Lim, head of the trading strategy at Galaxy…

NEW YORK (Capital Markets in Africa) – The White House is looking at rolling out a previously agreed currency pact with China as part of an early harvest deal that could also see a tariff increase next week suspended, according to people familiar with the discussions. The currency accord, which the U.S. said had been agreed to earlier this year before trade talks broke down, would be part of what the White House considers to…