Commodity | - Part 3

Emerging Market Stocks Pare Monthly Gain as Trump Trade Falters

LAGOS (Capital Markets in Africa) – An index of emerging-market stocks retreated, paring its biggest monthly gain since March, as concern over the new U.S. administration’s unpredictability prompted investors to avoid riskier developing-nation assets. Yields on developing-nation bonds rose relative to U.S. Treasuries, though the Brazilian real and Polish zloty led gains in currencies against a weakening dollar. Equities in India, Russia, the United Arab Emirates, Egypt, the Philippines, Malaysia, South Korea and Qatar led emerging stocks lower. MSCI’s…

Brexit, Trump worries push gold to highest in almost 8 weeks

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LONDON (Capital Markets in Africa) – Gold jumped more than 1 percent to its highest in nearly eight weeks on Tuesday, as excerpts of a speech to be given later by Britain’s prime minister pointed to a definitive exit from the European Union. Safe-haven assets such as gold, the Japanese yen and U.S. Treasuries benefited as investors sought refuge from the uncertainty of what a “hard Brexit” would mean for global markets. Spot gold rose 1.1…

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

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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,…

Citi Makes a Clarion Call for Commodity Bulls With 2017 View

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LAGOS (Capital Markets in Africa) – Citigroup Inc. has given a clarion call for commodity bulls, predicting that most raw materials are expected to perform strongly next year as global economic growth picks up, the oversupply that’s dogged markets finally dissipates and investors plow in more funds. The bank is bullish on oil, copper, zinc, and wheat on a six to 12-month horizon, with global growth seen at 2.7 percent from 2.5 percent in 2016, according to an e-mailed…

ArcelorMittal South Africa Plans $170 Million Black-Owned Stake

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JOHANNESBURG, Capital Markets in Africa: ArcelorMittal South Africa Ltd. plans a 2.3 billion-rand ($170 million) deal that involves the country’s former deputy finance minister as the continent’s biggest steelmaker seeks to meet the government’s objectives of boosting the participation of black people in the economy. AMSA, as the Vanderbijlpark, South Africa-based unit of ArcelorMittal is known, will issue a 17 percent shareholding to a specially formed black-owned company, Likamva Resources Pty Ltd., the steelmaker said in…

Indian Summer Comes to Emerging Markets as Fed Spurs Fresh Gains

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LAGOS, Capital Markets in Africa: The Federal Reserve has given fresh impetus to emerging markets. As Russia joined Argentina in announcing Eurobond sales, stocks from Istanbul to Johannesburg rallied at least 1.6 percent, South Africa’s rand extended its longest winning streak since 2013 and Standard Chartered Plc recommended buying the lira, this quarter’s worst-performing major currency outside of Latin America. Pledges to keep monetary policy accommodative from the Fed and Bank of Japan this week have emboldened the…

Emerging-Market Volatility Near Brexit Level Before Fed, BoJ

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LAGOS, Capital Markets in Africa: Volatility in emerging markets hovered near the highest level since June as traders awaited verdicts on monetary policy from the Federal Reserve and the Bank of Japan. The MSCI Emerging Markets Index rose 0.1 percent to 898.61 as of 10:37 a.m. in New York after falling as much as 0.1 percent. Equity benchmarks in the Philippines and Qatar gained at least 1 percent, while measures in Russia, Turkey and India retreated. South…

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