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Market Data
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Global
*Data as of 4pm WAT
Market News
Local
Spike in crude oil theft as NNPCL records 170 incidents in one week - Nairametrics
The Nigerian National Petroleum Company Limited (NNPCL) recently reported a concerning surge in crude oil theft within a week, spanning from September 23 to 29, primarily in the oil-producing region of the Niger Delta.
Importers suffer increased costs with charter agreement removal - Punch
Nigerian importers may face increased importation costs with the removal of Nigeria from the standard charter party contract by Greece.
Chapel Hill Denham to List N200bn Infrastructure Fund on NGX - Thisday
The Nigerian Exchange Limited (NGX), yesterday said it is set to admit the listing of Nigeria Infrastructure Debt Fund (NIDF) N200 billion public infrastructure investment fund by Chapel Hill Denham on its bourse.
FG to Review Broadband Plan, Telecoms Policy, Moves to Achieve 50% QoS - Thisday
The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, has identified nine priority policies, regulatory and strategic initiatives for review and implementation, among which are the Nigeria National Broadband Plan and the National Policy on Telecommunications.
Global
Biden cancels $9 billion in student debt for 125,000 borrowers - CNBC
President Joe Biden has approved $9 billion in student loan forgiveness for 125,000 Americans. The relief is a result of his administration's fixes to number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness.
US Firms Added 89,000 Jobs, Fewest Since Early 2021 in ADP Data - Bloomberg
US companies added the fewest number of jobs since the start of 2021 in September and pay growth slowed, pointing to a weakening in labor demand in several industries
Weekly Investment Watchlist
Market Commentary:
Asia and Australia:
Asian equities rebounded, with Japan leading the way, and Topix had its best day since Nov-22.
Hong Kong recovered most early gains to close flat, while mainland China remained offline.
ASX saw gains, South Korea remained flat, and Taiwan rebounded, particularly in semiconductor stocks.
Southeast Asia had mixed performance, and India traded higher.
Early data indicated no Japan FX intervention, but the BOJ bought more JGBs and ETFs.
BOJ's unscheduled purchases exceeded expectations, and the benchmark 10-year yield rose to 0.783% amid speculation about the end of negative rates.
South Korea's September CPI rose 3.7% YoY, exceeding expectations, marking the fastest annual rise since May. Core CPI also rose 3.3% YoY.
India's composite PMI rose to 61, one of the stronger PMI readings globally.
Europe, Middle East, Africa:
European equity markets mostly performed well, except for FTSE 100, which underperformed due to weakness in oil and mining sectors.
German trade balance for August improved to €16.6B, but exports were down 1.2% MoM, while imports were down 0.4%.
German export industry faced challenges, with exports to key regions in decline.
German property developers faced insolvency risks, exemplified by Gerch Group's insolvency filing, attributed to increased costs and lower valuations.
The Americas:
Ouster of the Speaker raises the risk of a US government shutdown, as the House can't move forward on spending until a new speaker is chosen. However, Fitch stated that a potential government shutdown following McCarthy's ouster will not affect the US credit rating.
Kaiser Permanente workers initiated a strike, covering approximately 75,000 employees, making it the largest healthcare strike in US history.
Progress was signaled in UAW talks with automakers, while GM secured a $6 billion credit line to hedge against rising UAW strikes.
ADP Employment numbers showed +89K jobs, below the estimated +140K, highlighting data divergences.
Challenger Job Cuts data reported 47,457 cuts in September, down 37% from August but up 58% YoY, with technology leading at +716% YoY.
The Week Ahead:
Monday: US ISM Manufacturing PMI rose to 49 in September of 2023 from 47.6 in the previous month
Tuesday:
Wednesday:
US private payrolls up 89,000 in September
US ISM Services PMI is at a current level of 54.50, up from 52.70 last month
Thursday:
Unemployment Claims (US) 207,000
Friday:
Non-Farm Employment Change (US)
Unemployment Rate
Investment Tip of The Day
Be cautious of market timing. Attempting to time the market by predicting short-term price movements is challenging and can be risky. Focus on a disciplined investment approach rather than trying to predict market highs and lows.
Meme of the Day
