Money Monday
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Market News
Local
NNPCL awaits presidential directive on N48bn pipeline contract - Punch
Contrary to speculations, the Nigerian Federal Government has not issued any directive for the cancellation or re-award of the N48bn oil pipeline surveillance contract in the Niger Delta. The Nigerian National Petroleum Company Limited is awaiting presidential guidance on the contract's future.CBN to rename I&E Market to NFEM- Nairametrics
The Central Bank of Nigeria's acting Governor, Folashodun Shonubi, announced the renaming of the Investors and Exporters (I&E) window to the Nigerian Foreign Exchange Market (NFEM) during a lecture on diaspora remittances and economic development. This change follows the central bank's recent move to consolidate all forex segments into the I&E window.
CBN threatens to sanction banks engaging in illegal sales of Forex - The Guardian
The Central Bank of Nigeria (CBN), represented by acting Governor Folashodun Shonubi, has warned banks against illegal forex sales, citing strict measures to curb this practice. Shonubi mentioned the creation of a commission for surprise bank visits to counter such practices and emphasized the high cost of remittances in Nigeria.
Nigeria’s oil outputs drop to 1.29m bpd in July - Daily Post
Nigeria's crude oil production decreased to 1.29 million barrels per day (bpd) in July, marking a 12.56% drop from June's 1.48 million bpd and a 1.52% decrease year-on-year. The Forcados terminal shutdown significantly contributed to this decline, with production falling by 58.4% to 3.29 million bpd from 7.9 million bpd in June.
Global
Russia Calls Emergency Key Rate Meeting as Ruble Plunges - Bloomberg
The Russian ruble dropped below 100 per US dollar, prompting an emergency meeting by Russia's central bank. Ukraine faced injuries from Russian drone attacks in Odesa, while Zelenskyy visited troops. The US provided $200 million in aid, Germany's finance minister showed support, UN confirmed deaths, Russia armed nuclear submarines, and China-Russia ties were explored.
Weekly Investment Watchlist
Market Commentary
Asia and Australia:
Asian equities traded lower across the board on Monday. Hong Kong's equities, led by property stocks, faced significant declines. Mainland benchmarks were also lower but managed to recover slightly from their lowest points by the close.
Country Garden Holdings, one of China's largest property developers, suspended trading in corporate bonds in mainland China starting from August 14. The company had missed international bond payments the previous week, adding to mounting property concerns in China.
China's trust product investors reported missed payments, with three firms indicating late on Friday that they hadn't received payments on multiple high-yield investment products issued by companies linked to Zhongzhi Enterprise Group, which manages around CNY1 trillion ($138 billion) in assets.
Tesla made another round of price cuts in China, raising concerns about an electric vehicle price war.
India increased its imports of Russian crude due to supply cuts.
Europe, Middle East, Africa:
European equity markets were mostly higher.
Bond traders expressed fears of a hawkish pivot by the ECB amid a return of European energy concerns. While European Natural Gas prices are significantly lower compared to their peak last year, worries persist that rising energy costs could lead to a resurgence of headline inflation. On a positive note, EU gas storage levels were over 86% full as of July 31, approaching around 90%.
The UK's July inflation data was scheduled to be published on Wednesday. A Reuters poll of economists expected the annual rate to fall to 6.7% from the previous 7.9%, which would bring it slightly below June's reading of 7.9%.
The Americas:
With high prices and high-interest rates, the median age for first-time homebuyers has increased to 36.
Treasuries might continue to experience turbulence as long as the Fed's path remains unclear.
Nikola announced the suspension of sales and the recall of all-electric trucks after an investigation into recent fires.
US Steel rejected a nearly $7.5 billion unsolicited offer from Cleveland-Cliffs and indicated that it would explore strategic options.
The Week Ahead:
Monday:
Tuesday:
Industrial Production (China)
Retail Sales (US)
Wednesday:
Consumer Price Index (UK)
Gross Domestic Product (EA)
Building Permits (US)
Industrial Production (US)
FOMC Minutes (US)
Thursday:
Initial Jobless Claims (US)
Friday:
Retail Sales (UK)
Harmonized Index of Consumer Prices (EA)
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