Asian shares fell on Thursday, weighed down by a plunge in high-flying technology shares, a move that some see as a healthy correction after a strong rally but others believe may herald the peak of a “super cycle” that has been boosting the sector.
WORLD OIL PRICES
Oil markets were cautious on Thursday ahead of an OPEC meeting in Vienna, with producers set to debate an extension of the supply-cut agreement that came into effect in January with the goal of tightening supplies and propping up prices.
Following the inflation decline and release of 2018 budget in Nigeria raised 117.17 billion naira at a treasury bill auction on Wednesday after allocating almost 90 percent of the debt to longer maturities.The central bank sold 103.07 billion naira of one-year debt at a rate of 15.57 percent,23.04 billion naira more than it had initially offered to sell in that maturity.
SOUTH AFRICA ECONOMY
South Africa’s rand fell on Wednesday as investors took profits on a rally sparked by the country avoiding a double downgrade on its local currency debt and bets of a business-friendly outcome to the ruling party’s leadership battle.
The Kenyan shilling strengthened against the dollar on Wednesday due to increased inflows from offshore investors into the Nairobi Securities Exchange, traders said. Kenyan President Uhuru Kenyatta was sworn in for a second term on Tuesday, shortly before riot police teargassed the convoy of opposition leader Raila Odinga, who promised supporters he would be sworn in himself on Dec. 12.
A U.S. judge on Wednesday put on hold a $10 billion lawsuit against George Soros in which companies controlled by fellow billionaire Beny Steinmetz claimed his campaign of defamation cost them a lucrative iron ore deposit in Guinea.
Former Egyptian Prime Minister Ahmed Shafiq, an ex-air force pilot and former presidential candidate, said on Wednesday he intended to run in the presidential election early next year and would return to Cairo in the “coming days”.
Europe and Africa have joint responsibility for making migration more humane and orderly so they can end horrifying abuses being committed against African migrants by people smugglers, European Council President Donald Tusk said on
Following the sharp rise in copper prices this year Zambia’s state-controlled firm Zambia Consolidated Copper Mines (ZCCM) Investments Holdings wants to increase its stakes in the country’s mines and also expects higher dividend payments, its chief executive said on Wednesday.
Uganda’s inflation slowed to 4.0 percent year-on-year in November, the statistics office said on Thursday, down from 4.8 percent the previous month, but the downward move was seen by analysts as unlikely to spur further easing of monetary policy.The fall was largely due to a slowdown in food prices, especially vegetables, the Uganda Bureau of Statistics said.