Trending Today
Oil prices climbed over 2% on Tuesday as tensions between Israel and Lebanon and expectations of extended OPEC+ supply cuts boosted the market. Brent crude rose $1.79 (2.5%) to $73.62, while WTI gained $1.84 (2.7%) to $69.94. OPEC+ is likely to extend cuts through Q1 2024, aiming to stabilize prices amid weak demand and rising U.S. crude inventories. U.S. Job Openings Grow in October, Layoffs Hit 1.5-Year Low U.S. job openings rose by 372,000 to 7.744 million in October, while layoffs dropped to their lowest level in over a year, indicating an orderly slowdown in the labor market. Despite more vacancies, hiring declined by 269,000, particularly in construction and manufacturing. The job openings-to-unemployed ratio increased to 1.11, still below pre-pandemic levels. With worker confidence rising, the Federal Reserve may consider another interest rate cut to combat inflation. UK Retail Sales Hit by Black Friday Shift and Low Consumer Confidence Retail sales in November dropped 3.3%, the sharpest decline since April, as Black Friday spending moved to December, the BRC reported. Non-food sales fell 2.1% over three months, while food sales rose 2.4%. Rising energy costs and low confidence continued to weigh on spending. Barclays noted a 3.1% drop in essential spending, the steepest in five years, with supermarket sales down 1.8%. Non-essential spending rose slightly, driven by cinema ticket purchases. Overall card spending declined 0.5%, the first dip since July. South Africa’s Economy Shrinks in Q3 Amid Agricultural Slump South Africa’s GDP contracted by 0.3% in Q3 2024, contrary to economists’ forecasts of 0.5% growth, largely due to a 28.8% decline in agriculture caused by a severe drought. While mining, manufacturing, and construction sectors grew, the agricultural slump drove overall negative growth. Analysts remain optimistic about a rebound in the coming quarters, with expectations of modest recovery despite the downturn. Nigeria’s Private Sector Sees Employment Decline Amid Inflation The November Stanbic IBTC PMI® report shows a slight drop in private sector employment, ending a six-month growth streak. The decline, mainly in the services sector, reflects rising costs and weak demand. While new orders grew modestly, high prices continued to limit demand, and output fell for the fifth straight month. Business confidence hit a record low due to ongoing inflationary pressures. The PMI rose to 49.6 from 46.9 in October, signaling continued contraction, although Nigeria’s non-oil GDP grew by 3.46% in Q3 2024, with Q4 growth forecast at 3.2%.
Euro Sinks As French Political Turmoil, ECB Cuts Pile On Pressure
Oil Prices Stable Amid Mixed Market Signals
Mixed Sentiments Ahead, Amid Bargain Hunting, Low Valuation, Positioning By Smart Money
SEC Assures Of Security Of Investment For Fintechs

CBN Says Report Of Naira Devaluation ‘Outright Falsehood’

Post Views: 25

The Central Bank of Nigeria (CBN), on Thursday described as an “imagination,” “outright falsehoods and destabilizing,” a newspaper that it had devalued the Naira to N630/$1.
A statement by Isa Abdulmumin, Acting Director, Corporate Communications at the CBN, said the report contained “destabilizing innuendos reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.”
The statement added for the avoidance of doubt, that “the exchange rate at the Investors’ & Exporters’ (I&E) windows traded this morning June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”
It urged the public “to ignore the news report by Daily Trust in its entirety as it is speculative and calculated at causing panic in the market.”

Recent Posts

Market Update

ADS


 

© Copyright 2016 – 2024, All Rights Reserved  |   Investdata Consulting Limited