Taiwo Adekeye, FMVA
Research Analyst
Oil prices jumped by more than 3% on Monday, rising for a fifth consecutive session. This surge in prices was buoyed by rising Middle Eastern conflict that could tighten global crude oil supplies. Brent crude futures settled higher at $82.30 a barrel, gaining 3.3% while U.S. West Texas Intermediate crude futures settled at $80.06 a barrel, up $3.22. Brent recorded its biggest percentage gain for a single trading session this year.
Bitcoin Drops, Crypto Market Cap Falls to $2.17Tr
Bitcoin, the primary cryptocurrency asset dropped below $60,000 making it to shed off $56.38million in 24hrs. Bitcoin is exchanging hands for $59,320 dropping below the $60,000 mark as bearish sentiment continues in the wider market. However, the General crypto market witnessed a slight drop in its market capitalization after the bearish sentiment shedding 3.0% of its total value to settle at $2.17 trillion at the moment
Global Markets Flat, Yen Weakens, Dollar Rises
On Wall Street, the S&P 500 finished flat, and the Nasdaq Composite Index added 0.2%, while the Dow Jones Industrial Average (DJI) slipped 0.4%. MSCI’s gauge of stocks across the globe also ended flat. In Europe, the STOXX 600 index, was little changed. Germany’s DAX index was flat and Britain’s FTSE 100 (FTSE), was 0.5% higher. Japanese yen slipped, with the dollar up 0.4% at 147.26 yen. The dollar index was little changed at 103.16 while the euro rose 0.1% to $1.0928.
India’s Inflation Drops to 3.54% in July
India’s retail inflation fell in July to a near five-year low, as food inflation eased from previous highs due to a base effect. Annual retail inflation was 3.54% in July, down from 5.08% in June. Prices of food, which account for nearly half of the retail inflation, rose 5.42% from last year in July, compared to a 9.36% rise in June. Vegetable prices rose 6.83% year-on-year in July against 29.32% in the previous month. India’s central bank kept its key interest rate unchanged for a ninth straight policy meeting last week, focusing on bringing inflation down.
Canadians Lose 2,800 Jobs, As July Unemployment Holds At 6.4%
Canada’s economy shed a net 2,800 jobs in July, as gains in full-time work were offset by part-time job losses, while the unemployment rate remained at a 30-month high of 6.4%. The unemployment rate, at its highest since 6.5% in January 2022, has been on an upward trend and has risen 0.7% percentage points since January. The numbers came after a jump last week in the unemployment rate in the U.S., Canada’s biggest trading partner, where a three-year high jobless rate roiled markets and stoked fears of recession.
Kagame Sworn In For Fifth Term After Winning 99.18% Of Vote
Rwanda’s President Paul Kagame was sworn into office on Sunday for a five-year term, after a landslide win in last month’s election extended his near quarter century in office. The 66-year-old former rebel leader won the July poll with 99.18% of the vote, after eight other candidates including his most vocal critics were barred by the electoral commission. Kagame won acclaim from Western and regional leaders for helping end the 1994 genocide and turning Rwanda into an attractive investment and aid destination. Sunday’s swearing-in took place at Kigali’s Amahoro national Stadium, with thousands in attendance, many wearing T-shirts in the yellow, green and blue colours of the national flag.
