Asian stocks slipped on Wednesday, dragged by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the dollar sagged on lower long-term U.S. yields.
WORLD OIL PRICES
Oil prices dipped on Wednesday, as refined product inventories in the United States rose in what the market interpreted as a sign of lackluster demand.
SOUTH AFRICA ECONOMY
The South African rand edged up on Tuesday ahead of third-quarter growth data, holding on to gains made in the previous session on investor hopes of a reform-friendly outcome at the ruling African National Congress (ANC) leadership conference.
Nigeria’s credit profile is constrained by the continued exposure of the sovereign balance sheet to shocks, weak institutions and elevated deficits, Moody’s Investors Service has said.According to the rating agency’s annual report, Nigeria’s credit strengths include the large size of its economy and robust medium-term growth prospects supported by its domestic demand. Nigerian stocks also rose to their highest in more than three years on Tuesday after gaining for five straight days as foreign investors snapped up shares ahead of year-end earnings.The parliament passed the government’s 2018-2020 spending framework on Tuesday, raising its oil price assumption to $47 from $45 per barrel.
The Kenyan shilling (KES) was under pressure against the dollar on Tuesday as fuel, retail and car importers began making a last round of transactions ahead of the holiday season.Private sector activity in Kenya rose in November from a record low hit in the previous month, pointing to a potential recovery as political risks ease, survey data showed on Tuesday.
CONGO REPUBLIC ECONOMY
The International Monetary Fund said it had begun talks on Tuesday with Congo Republic over a bailout to help the oil producer reduce its rapidly rising debt.