Wednesday, March 3We Break the News

World Bank

The SENSEX Index rose 1.09%, Hungary Producer Inflation Slows to 6.6% in January, Cyprus GDP Contraction Confirmed at 4.5% in Q4

The SENSEX Index rose 1.09%, Hungary Producer Inflation Slows to 6.6% in January, Cyprus GDP Contraction Confirmed at 4.5% in Q4

AFRICA, EUROPEAN UNION, USA, WORLD, World Bank
The SENSEX Index rose 1.09%India Stock Market rose 543 points. Leading the gains are Tata Motors (5.44%), Mahindra & Mahindra (4.86%) and Wipro (4.05%). Hungary Producer Inflation Slows to 6.6% in JanuaryHungary's annual producer inflation eased to 6.6 percent in January of 2021 from 6.8 percent in December, amid a slowdown in prices of manufacturing (6.5 percent vs 6.8 percent) and electricity, gas, steam and air-conditioning supply (5.3 percent vs 5.7 percent). In addition, costs decreased for water collection, treatment and supply (-1 percent vs -1.5 percent). On the other hand, prices advanced faster for mining & quarrying (4.8 percent vs 2.2 percent). On a monthly basis, producer prices were up 0.7 percent, after increasing 1 percent in the previous month.Cyprus GDP Contra...
US Futures Fall after Big Rally, Spanish Stocks Little Changed, Natural Gas Hovers at 1-Month Low

US Futures Fall after Big Rally, Spanish Stocks Little Changed, Natural Gas Hovers at 1-Month Low

AFRICA, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
US Futures Fall after Big RallyUS futures were lower on Tuesday as investors pause for breath following big gains in the previous session which saw the S&P 500 booking its best day since June. Meanwhile, Treasury yields were around the flatline and remained well below 1-year high levels seen in the previous week. On the political front, the Senate could pass the $1.9 trillion stimulus plan as soon as this week although it won't include the $15 an hour minimum wage. On Monday, the Dow Jones jumped 603 points or 2% to 31,536. The S&P 500 surged 91 points or 2.4% to 3,902. The Nasdaq climbed 397 points or 3% to 13,589. Spanish Stocks Little ChangedThe IBEX 35 was flat to lower at 8,355 on Tuesday, following a 1.9% gain in the previous session, as investors digest Chinese official’...
New Zealand Dollar Trades at 2-Week Lows, US Stock Futures Point to Lower Open, Georgia Inflation Rate Rises to 3-Month High

New Zealand Dollar Trades at 2-Week Lows, US Stock Futures Point to Lower Open, Georgia Inflation Rate Rises to 3-Month High

AFRICA, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
New Zealand Dollar Trades at 2-Week LowsThe New Zealand Dollar lost 0.00297 points or 0.43% to trade near 2-week lows of 0.72339 against the US Dollar Tuesday after the Reserve Bank of New Zealand said it’s watching financial markets closely for signs of dysfunction, warning that it has the ability to increase its weekly bond purchases to put more downward pressure on yields. On the coronavirus front, New Zealand reported no new cases reported in the community on Monday as Auckland remains at COVID-19 alert level 3 and the rest of country is at alert level 2, with restrictions set to continue for at least seven days after several new cases were recorded who had visited several locations while potentially infectious. On the data front, New Zealand’s terms of trade climbed 1.3% on quarter i...
Oil Extends Losses, Japanese Yen Hits 7-Month Lows, Australian Dollar Trades Lower

Oil Extends Losses, Japanese Yen Hits 7-Month Lows, Australian Dollar Trades Lower

AFRICA, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
Oil Extends LossesOil prices declined on Tuesday, extending losses for a third straight session, amid worries that the OPEC+ would boost oil output from April. At around 06:45 AM GMT, WTI crude fell 0.8% to $60.14 a barrel, while Brent oil dropped 0.9% to $63.1 a barrel. The group will meet on Thursday and could discuss allowing 1.5 million barrels per day of oil back into the market, Reuters reported. Traders were also cautious as Saudi Arabia's voluntary cut of 1 million barrels per day will end this month. Sentiment was also dented by weak manufacturing China data. Factory activity in the country grew at the slowest pace in nine months, which may lead to lower crude demand from the country. Meantime, the WHO warned on Monday that the number of virus infections globally rose last week f...
Chinese Yuan Falls Slightly, US 10-Year Treasury Yield Little Changed, Philippines Equities Finish 0.7% Higher

Chinese Yuan Falls Slightly, US 10-Year Treasury Yield Little Changed, Philippines Equities Finish 0.7% Higher

AFRICA, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Chinese Yuan Falls SlightlyThe Chinese Yuan lost 0.01082 points or 0.17% to 6.4792 against the US Dollar on Tuesday after the onshore rate was set at 6.4625, as a top banking regulator said China is studying effective measures to manage capital inflows to prevent global turbulence from affecting the domestic market. Guo Shuqing, head of the China Banking and Insurance Regulatory Commission, expressed concerns about the possible bursting of asset bubbles in overseas financial markets and risks in China’s property sector, sparking fresh concerns about further tightening in the world’s second-biggest economy. He also flagged the risk of significant capital inflows into China. Traders are looking ahead to potential policy cues on the broader economy from this week's annual gathering of the Na...
Mauritius: JICA provides $289 million support to fight COVID-19 under initiative with African Development Bank

Mauritius: JICA provides $289 million support to fight COVID-19 under initiative with African Development Bank

AFRICA, Banking World, Business, INTERNATIONAL, South Africa, World Bank
The loan is a parallel co-financing agreement between JICA and the African Development Bank under the Enhanced Private Sector Assistance for Africa joint initiative to spur privatePRETORIA, South Africa, February 25, 2021/ -- The Japan International Cooperation Agency (JICA) has extended an Official Development Assistance loan of up to 30 billion Japanese yen ($289 million) to support Mauritius’ response to the COVID-19 pandemic and rebuild its economy.The loan, signed on 24 February, is a parallel co-financing agreement between JICA and the African Development Bank under the Enhanced Private Sector Assistance for Africa (EPSA) joint initiative to spur private sector-led sustainable and inclusive growth in Africa. The co-financing arrangement will help the Mauritius government contain the...
Stanbic Bank Uganda- We are underway with the 3rd strategic leadership summit to explore how SMEs especially those in the agribusiness sector can tap into the innovative transformation and benefit from the Africa trade treaty which commenced in January, 2021.

Stanbic Bank Uganda- We are underway with the 3rd strategic leadership summit to explore how SMEs especially those in the agribusiness sector can tap into the innovative transformation and benefit from the Africa trade treaty which commenced in January, 2021.

AFRICA, Banking World, EAST AFRICA, INTERNATIONAL, UGANDA, Uganda Banker's association, World Bank
This year’s theme is: “Inspiring businesses and economic transformation in the digital economy” Proudly sponsored by Stanbic Bank Uganda. This year, the focus is on the options open to governments and SMEs, and the role of African universities and the private sector in preparing the continent’s SMEs for what could be the biggest economic game changer in African history.
Eurozone Household Credit Growth Eases in January, Spain Producer Prices Rise for 1st Time in 20 Months, Soybeans Hits 6-1/2-year High, Stocks in Norway Hit All-time High

Eurozone Household Credit Growth Eases in January, Spain Producer Prices Rise for 1st Time in 20 Months, Soybeans Hits 6-1/2-year High, Stocks in Norway Hit All-time High

AFRICA, BREAKING NEWS, EAST AFRICA, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Eurozone Household Credit Growth Eases in JanuaryLoans to households in the Euro Area rose 3.0 percent in January 2021, easing from a 3.1 percent increase in the previous month. Meantime, credit to companies was up 7 percent, compared with 7.1 percent growth in the previous month. Private sector credit growth including households and non-financial corporations slowed to 4.5 percent in January from 4.7 percent in December.Spain Producer Prices Rise for 1st Time in 20 MonthsProducer prices in Spain rose 0.9 percent year-on-year in January of 2021, rebounding from an upwardly revised 1.5 percent drop in the previous month. It was the first gain in producer prices since May 2019, as cost advanced faster for non-durable consumer goods (0.6 percent vs 0.5 percent in December) and intermediate g...
DXY Falls Below 90, NetEase earnings at 2.34 USD, South African Rand Weakens, Gold Falls for 3rd Day

DXY Falls Below 90, NetEase earnings at 2.34 USD, South African Rand Weakens, Gold Falls for 3rd Day

AFRICA, BREAKING NEWS, EAST AFRICA, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
DXY Falls Below 90The dollar index fell below 90 on Thursday, the level not seen since January 6th, as dovish-sounding remarks from US Federal Reserve chief’s Jerome Powell and firming expectations for a massive US fiscal spending spurred appetite for riskier assets. Powell made it clear that the Fed has no intention of changing this policy approach any time soon while it played down the threat of a spike in prices. The risk-positive market sentiment seems to be making it difficult for the USD to attract investors. NetEase earnings at 2.34 USDNetEase (NTES) released earnings per share at 2.34 USD, compared to market expectations of 2.82 USD.South African Rand WeakensThe South African erased earlier gains to trade lower at 14.7 against the greenback on Thursday, amid some concerns over ...
UN Human Rights Council Hears From 23 Dignitaries as it Continues its High-level Segment

UN Human Rights Council Hears From 23 Dignitaries as it Continues its High-level Segment

AFRICA, EUROPEAN UNION, INTERNATIONAL, UN, UN Human RiGHTS, World Bank
The Human Rights Council in its midday meeting continued its high-level segment, hearing addresses from 23 dignitaries, who spoke about their national efforts to promote and protect human rights, challenges facing the multilateral order, and human rights violations globally. Many dignitaries called for COVID-19 vaccines to be made affordable and accessible to all, especially to the citizens of the poorest nations, and expressed concern over the increasing dissemination of false information about the COVID-19 pandemic worldwide. Despite the rhetoric of solidarity proclaimed by leaders when this Council met one year ago, the pandemic had accelerated inequalities. Research had found that over 1 billion people could be living in extreme poverty by the year 2030, a quarter as a direct resul...
UK Retail Sales Fall More than Expected: CBI, Scotiabank earnings at 1.88 USD, Home Depot earnings at 2.65 USD, Inflation in Malta Steady at 0.2%

UK Retail Sales Fall More than Expected: CBI, Scotiabank earnings at 1.88 USD, Home Depot earnings at 2.65 USD, Inflation in Malta Steady at 0.2%

AFRICA, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
UK Retail Sales Fall More than Expected: CBIThe CBI distributive trades survey’s retail sales balance rose five points from the previous month to -45 in February 2021, missing market expectations of -38 and suggesting retail sales orders fell at a softer pace. The trade volumes contraction was also eased from the previous month as Britain remains under its third national lockdown. Among retailers, only grocers saw any growth in volumes in the year to February, with non-store sales flat and other retail sectors reporting sharp declines. Meanwhile, internet sales growth hit a new record. Looking ahead, retailers anticipate an even steeper fall in sales and orders for March, but sentiment for the quarter ahead stabilized.Scotiabank earnings at 1.88 USDScotiabank (BNS) released earnings per s...
French Shares Slide on Rising Bond Yields, Irish Consumer Morale Improves in February, Sensex Snaps 5-Day Losing Streak

French Shares Slide on Rising Bond Yields, Irish Consumer Morale Improves in February, Sensex Snaps 5-Day Losing Streak

AFRICA, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
French Shares Slide on Rising Bond YieldsThe CAC 40 traded slightly lower to pare early gains on Tuesday, in line with its European peers, amid ongoing concerns over inflation and rising bond yields. ECB President Christine Lagarde said on Monday the central bank is closely monitoring the market for government bonds. Meantime, annual inflation rate in the Euro Zone was confirmed at an 11-month high of 0.9%, on more expensive services and non-industrial goods. On the pandemic front, the number of patients in ICUs reached 3,407 on Monday, the highest since December 3rd, as health authorities hope to keep numbers under control without resourcing to a national lockdown. On the corporate side, newly created insurer Aéma Groupe purchased Aviva’s French operations for EUR 3.2 billion.Irish Consu...
Poland Jobless Rate Rises to 6.5% in January, South African Stocks Extend Losses, Spanish Stocks Trade at Over 1-Week High

Poland Jobless Rate Rises to 6.5% in January, South African Stocks Extend Losses, Spanish Stocks Trade at Over 1-Week High

AFRICA, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Poland Jobless Rate Rises to 6.5% in JanuaryPoland's unemployment rate rose to 6.5 percent in January of 2021 from 6.2 percent in the previous month and matching market consensus. It was the highest jobless rate since March of 2018, as the number of unemployed increased by 168.2 thousand to a near three-year high of 1.046 million.South African Stocks Extend LossesThe FTSE/JSE All Share Index in South Africa fell 0.6% to around 66,957 on Tuesday, extending losses for a second straight session, as investors remained cautious ahead of the Finance Minister's budget speech. At the same time, latest data showed South Africa's unemployment rate climbed to a new record high of 32.5% in the fourth quarter of 2020.Spanish Stocks Trade at Over 1-Week HighThe IBEX 35 rose more than 1% to around 8,199...
South African Rand Retreats, Bitcoin Extends Losses on Cautious over Crypto Rally,  Silver Eases From 3-Week High

South African Rand Retreats, Bitcoin Extends Losses on Cautious over Crypto Rally, Silver Eases From 3-Week High

AFRICA, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Silver Eases From 3-Week HighSilver eased from Monday's three-week high to trade at $27.8 an ounce, as investors await Federal Reserve Chairman Jerome Powell's testimony on the Semiannual Monetary Report to Congress starting later today. At the same time, President Joe Biden's $1.9 trillion US COVID-19 package is expected to be approved in the coming days; while inflationary pressure concerns continued amid strong economic activity, further fiscal stimulus and the vaccination program rolling out.Bitcoin Extends Losses on Cautious over Crypto RallyBitcoin fell more than 10% to $48,000 on Tuesday, having been down as much as 17% on Monday before paring some losses to end the day 5% lower, amid concerns about the cryptocurrency's latest rally. Treasury Secretary Janet Yellen said Bitcoin is ...
FTSE 100 Falls Back into Negative Territory, Oil Rises for 2nd Day, Gold Little-Changed on Tuesday

FTSE 100 Falls Back into Negative Territory, Oil Rises for 2nd Day, Gold Little-Changed on Tuesday

AFRICA, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
FTSE 100 Falls Back into Negative TerritoryThe FTSE 100 erased early gains to trade 0.8% lower at 6,560 on Tuesday, amid ongoing worries about rising inflation and as investor focus shifts to US Federal Reserve chair Powell's testimony to Congress later in the day. On a more positive note, travel and hospitality stocks gained, amid hopes of an economic recovery supported by the UK’s fast deployment of Covid-19 vaccines and the prospect of easing coronavirus restrictions. Prime Minister Boris Johnson has announced on Monday more details of the plans to ease restrictions on the UK economy, saying his roadmap will guide the government “cautiously but irreversibly” to ending the lockdown and that all restrictions should be lifted by June 21st.Oil Rises for 2nd DayOil prices rose for the secon...
Czech Producer Prices Unexpectedly Flat for 2nd Month, Brent Crude Hovers at 13-Month High, Eurozone Inflation Rate Confirmed at 11-Month High

Czech Producer Prices Unexpectedly Flat for 2nd Month, Brent Crude Hovers at 13-Month High, Eurozone Inflation Rate Confirmed at 11-Month High

AFRICA, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Czech Producer Prices Unexpectedly Flat for 2nd MonthProducer prices in the Czech Republic were flat year-on-year for the second straight month in January of 2021, against market expectations of a 0.6 percent decrease. Lower prices for both mining & quarrying (-0.3 percent vs -2.2 percent in December) and manufacturing (-0.3 percent vs -1.2 percent) were partly offset by increases in costs of electricity, gas, steam and air conditioning (0.4 percent vs 5.6 percent) and water supply, sewerage, waste management and remediation services (6.9 percent vs 6.4 percent). On a monthly basis, producer prices were up 1.3 percent, following a 0.2 percent increase in the prior month and beating market consensus of a 0.6 percent rise.Brent Crude Hovers at 13-Month HighBrent crude futures rose to $6...
Oil Prices Fall for 2nd Day, UK Factory Orders Gauge at 1-Year High, Canada 10Y Bond Yield Hits 51-week High, Macau Consumer Prices Fall 1.18% in January

Oil Prices Fall for 2nd Day, UK Factory Orders Gauge at 1-Year High, Canada 10Y Bond Yield Hits 51-week High, Macau Consumer Prices Fall 1.18% in January

AFRICA, BREAKING NEWS, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Oil Prices Fall for 2nd DayOil prices fell for the second session on Friday, with WTI crude trading around $59.2 a barrel and Brent about $62.9 a barrel, as production gradually resumed in Texas after frigid weather shut a record amount of US crude output. Washington on Thursday said it was ready to talk to Tehran about both nations returning to a 2015 agreement that aimed to prevent Iran from acquiring nuclear weapons. Also, traders start to worry about a looming increase in crude oil supplies from OPEC+ as the cartel meets on March 4th. Oil prices rose to 13-month highs this week amid a larger-than-estimated fall in the US crude oil inventories and signs of an economic recovery.UK Factory Orders Gauge at 1-Year HighThe Confederation of British Industry's order book balance rose 14 point...
Moldova Industrial Output Falls in December, Deere & Company earnings at 3.87 USD, Latvia Producer Prices Rebound From 16-Month Deflation, Croatia Jobless Rate at Near 3-Year High of 9.8%

Moldova Industrial Output Falls in December, Deere & Company earnings at 3.87 USD, Latvia Producer Prices Rebound From 16-Month Deflation, Croatia Jobless Rate at Near 3-Year High of 9.8%

AFRICA, BREAKING NEWS, EUROPEAN UNION, WORLD, World Bank
Moldova Industrial Output Falls in DecemberMoldova's industrial production fell 1.8 percent from a year earlier in December of 2020, after an upwardly revised 2.8 percent rise in the prior month, as manufacturing output declined faster(-5.6 percent vs -2.2 percent in November). In contrast, production increased for mining (32.5 percent vs 32.1 percent) and utilities (12.1 percent vs 28.7 percent). Considering the full year of 2020, industrial production shrank 5.5 percent, due to a 7.1 percent slump in manufacturing activity.Deere & Company earnings at 3.87 USDDeere & Company (DE) released earnings per share at 3.87 USD, compared to market expectations of 2.12 USD.Latvia Producer Prices Rebound From 16-Month DeflationProducer prices in Latvia edged up 0.7 percent year-on-year in J...
Euro Area Current Account Surplus Rises in December, Sweden Capacity Utilization at Near 1-Year High, Bitcoin Hits All-time High, German Private Sector Activity Picks Up in February, US Futures Lack Direction as Yields Continue to Rise

Euro Area Current Account Surplus Rises in December, Sweden Capacity Utilization at Near 1-Year High, Bitcoin Hits All-time High, German Private Sector Activity Picks Up in February, US Futures Lack Direction as Yields Continue to Rise

AFRICA, BREAKING NEWS, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Euro Area Current Account Surplus Rises in DecemberThe Eurozone current account surplus widened to EUR 51.9 billion in December of 2020 from EUR 33.4 billion in the corresponding month of the previous year. The goods surplus rose to EUR 41.7 billion from EUR 31.1 billion and the primary income surplus advanced to EUR 13.2 billion from EUR 11.7 billion. Also, the services account posted a EUR 10.3 billion surplus, compared to a EUR 0.8 billion deficit. On the other hand, the secondary income shortfall went up to EUR 13.3 billion from EUR 8.5 billion. Considering full 2020, the current account surplus shank to EUR 257 billion from EUR 274 billion in 2019.Sweden Capacity Utilization at Near 1-Year HighIndustries in Sweden operated at 87.9 percent of their production capacity in the fourth qu...
European Equities Slightly Higher, Cotton Hits 30-month High, Eurozone Factory Growth Beats Forecasts, Eurozone Services Activity Shrinks for 6th Month

European Equities Slightly Higher, Cotton Hits 30-month High, Eurozone Factory Growth Beats Forecasts, Eurozone Services Activity Shrinks for 6th Month

AFRICA, BREAKING NEWS, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
European Equities Slightly HigherEuropean stocks traded cautiously higher on Friday, with Frankfurt's DAX 30 gaining about 0.5% at 13,950, ending a three-day losing streak. PMI data showed the Eurozone business activity fell for a fourth successive month in February, driven lower by a further slump in the service sector amid COVID-19 restrictive measures. Meanwhile, the bloc's manufacturing growth picked up to near three-year high. On the corporate front, Renault posted its biggest full-year loss on record last year while profits from Allianz fell less than expected and Danone warned of a tough first quarter.Cotton Hits 30-month HighCotton increased to a 30-month high of 89.26 USd/LbsEurozone Factory Growth Beats ForecastsThe IHS Markit Euro Area Manufacturing PMI jumped to 57.7 in Februa...