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Stocks dip, Treasury yields gain; investors weigh US fiscal concerns

20 May 2025

By Caroline Valetkevitch NEW YORK (Reuters) -Major stock indexes eased while longer-dated U.S. Treasury yields inched higher on Tuesday, with investors focused on U.S. fiscal concerns as Congress debated a bill for sweeping tax cuts. The S&P 500 snapped a six-day streak of gains. U.S. President Donald Trump pushed his fellow Republicans in Congress to …

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Dollar falls on more downbeat Fed comments; focus on Japan talks, House vote

20 May 2025

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The U.S. dollar weakened anew on Tuesday, weighed down in part by more cautious remarks about the economy by Federal Reserve officials, even as traders looked ahead to upcoming U.S. talks with Japan that could include discussions on currencies as part of a trade deal. The greenback also was …

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South African rand strengthens before budget speech, US meeting

20 May 2025

JOHANNESBURG (Reuters) -South Africa’s rand gained against a weaker dollar on Tuesday, before the country’s budget speech and a meeting between President Cyril Ramaphosa and U.S. President Donald Trump. At 1522 GMT, the rand traded at 17.9475 against the dollar, roughly up 1% on Monday’s closing level. Finance Minister Enoch Godongwana will try to pass …

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Nigeria’s central bank holds rate, keeps eye on inflation

20 May 2025

By Elisha Bala-Gbogbo and Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s central bank kept its benchmark interest rate unchanged on Tuesday for the second time in a row, as expected, noting relative improvements in key macroeconomic indicators that support a moderation in prices in the medium term. The unanimous decision to hold the rate at 27.50% comes …

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South Africa to offer Musk Starlink deal before Trump meeting, Bloomberg News reports

20 May 2025

JOHANNESBURG (Reuters) -South Africa’s government plans to offer a workaround of local Black ownership laws for Elon Musk’s Starlink internet service to operate in the country, Bloomberg News reported on Tuesday, citing three people familiar with the discussions. The offer would come at a “last-minute” meeting planned for Tuesday night between South African officials and …

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US-led peace talks could boost Rwandan processing of Congo minerals, sources say

20 May 2025

By Sonia Rolley and Daphne Psaledakis (Reuters) -Congolese minerals such as tungsten, tantalum and tin, which Kinshasa has long accused neighbouring Rwanda of illegally exploiting, could be exported legitimately to Rwanda for processing under the terms of a peace deal being negotiated by the U.S., three sources told Reuters. Kinshasa views the plundering of its …

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Nigeria’s fuel traders struggling to secure gasoline from refurbished state refineries, they say

20 May 2025

By Isaac Anyaogu LAGOS (Reuters) -Nigerian fuel traders are struggling to secure gasoline supplies from two newly refurbished state-run refineries six months after they were declared operational, they say, leaving them reliant on the privately owned Dangote oil refinery and imports. Nigeria, which has suffered years of fuel shortages, has spent about $2.4 billion since …

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Ugandan shilling firms slightly on commodity inflows

20 May 2025

KAMPALA (Reuters) -The Ugandan shilling firmed slightly on Tuesday, underpinned by healthy hard currency inflows from exporters of agricultural commodities like coffee and tea, traders said. At 0823 GMT commercial banks quoted the shilling at 3,648/3,658, compared to Monday’s close of 3,652/3,662. (Reporting by Elias Biryabarema; Editing by Hereward Holland)

TotalEnergies CEO aims to lift force majeure on Mozambique LNG project

20 May 2025

By Colleen Howe BEIJING (Reuters) -TotalEnergies will seek Mozambique’s approval to lift a force majeure declaration on its $20-billion liquefied natural gas (LNG) project there and resume construction by mid-summer, Chief Executive Patrick Pouyanne said on Tuesday. Covered by force majeure since 2021, following insurgent attacks, the project includes development of the Golfinho and Atum …

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Treasury yields rise, dollar down amid fiscal concerns after US downgrade

19 May 2025

By Caroline Valetkevitch NEW YORK (Reuters) -Longer-dated Treasury yields gained while the dollar broadly eased on Monday amid concerns about the U.S. debt load and a tax-cut bill, following Moody’s downgrade of the country’s sovereign credit rating. Major U.S. stocks indexes recovered from early losses to end the day flat to slightly higher. Late on …

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