JOHANNESBURG (Reuters) -South Africa’s rand firmed on Monday, holding onto gains from last week in the absence of any major domestic economic releases. At 1522 GMT, the rand traded at 18.6750 against the dollar, about 0.3% stronger than its previous close. The dollar index was last trading up almost 0.2% against a basket of currencies, …
South African rand holds gains in absence of local data Read More »
LONDON (Reuters) – JPMorgan forecast on Monday that Egypt’s central bank could hike its key interest rate by another 200 basis points later this month amid signs that inflation was going “to the moon” following a bumper currency devaluation. Egypt’s February consumer price inflation print saw the biggest sequential pace on record; jumping by 11.4% …
JPMorgan sees new 200 bps Egypt rate hike as inflation goes “to the moon” Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -South African lender Absa Group said on Monday its loan losses will likely remain above its target range in 2024, due to expected elevated first half credit impairments as consumers feel the burden of higher interest rates and inflation. The top five private South African banks, including Absa – among …
South African lender Absa flags above-target loan losses in 2024 Read More »
By Julian Luk and Chris Mfula LONDON/ LUSAKA (Reuters) – China Nonferrous Metal Mining Corp’s Chambishi Copper Smelter in Zambia has cut one-fifth of its production due to power shortages in the country, two sources with knowledge of the matter told Reuters. The plant, which produces about 250,000 metric tons of copper per year, is …
Zambia’s Chambishi copper smelter scales back capacity amid power cuts, sources say Read More »
CAIRO (Reuters) -Egypt’s annual urban consumer price inflation jumped to 35.7% in February from 29.8% in January, driven mainly by a rise in food and beverage prices, data from statistics agency CAPMAS showed on Sunday. The increase in inflation comes well before a surge expected to result from last week’s devaluation of the currency. The …
Egypt’s annual urban inflation jumps to 35.7% in February Read More »
By Alden Bentley and Huw Jones NEW YORK/LONDON (Reuters) -Investors stretched record-breaking stock rallies on Friday, before Wall Street took profits, while U.S. Treasury yields dipped after not-too-hot, not-too-cold U.S. jobs data reinforced the conviction that the Federal Reserve will begin easing by mid-year. Two U.S. stock indexes advanced into uncharted territory after the Labor …
Stocks backpedal from record highs on US payrolls, yields dip Read More »
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices closed 1% lower on Friday and fell even more for the week as markets remained wary of soft Chinese demand even as producer group OPEC+ extended supply cuts. Brent crude futures settled down 88 cents, or 1.1%, at $82.08 a barrel. U.S. West Texas Intermediate crude futures (WTI) …
Oil dips 1%, posts weekly loss as markets weigh Chinese demand Read More »
By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar traded modestly weaker against most major peers on Friday, and was on pace for its worst weekly showing against the euro this year after mixed data kept an anticipated June interest rate cut from the Federal Reserve on the table. Nonfarm payrolls increased by 275,000 jobs …
Dollar ends week under pressure as data keeps rate cut hopes alive Read More »
By Elisha Bala-Gbogbo ABUJA (Reuters) – Foreign exchange inflows to Nigeria rose to $2.3 billion in February, the central bank said on Friday, fuelled by renewed interest from foreign investors and a rise in overseas remittances. Africa’s largest economy has been experiencing crippling dollar shortages that have pushed its naira currency to record lows in …
Nigeria sees surge in forex inflow as overseas remittances rise Read More »
By Sabrina Valle HOUSTON (Reuters) – Chevron CEO Michael Wirth is facing a head-to-head match with Exxon Mobil with his $53 billion bid for Hess and its stake in oil hotspot Guyana, and could wind up trapped in a dispute between two of South America’s biggest energy rivals. On Wednesday, Exxon filed an arbitration claim …
Chevron’s CEO faces challenges of a lifetime with Hess bid Read More »
