Wealth Wednesday
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Market Data
Local
Global
*Data as of 6pm WAT
Market News
Local
Foreign investments in Nigerian startups fall by 65% - Punch
Foreign investments in Nigerian startups fell by 65.83 per cent year-on-year to $410m in 2023 from $1.2bn in 2022. The fall in investments caused the country to lose its top spot in terms of total startup investments on the continent to Kenya.
Nigeria’s economy to grow at 3.3% in 2024, World Bank projects - TheGuardian
The World Bank has projected Nigeria’s economy to grow at 3.3 per cent this year, about 0.4 percentage points higher than the 2.9 per cent it is expected to have closed last year.
MTN banks on Ericsson to deepen fintech operations in Africa - TheGuardian
To deepen its fintech operations in Africa, MTN Group has entered a strategic partnership with Swedish technology firm, Ericsson.
Global
US trade deficit shrinks in November on falling imports - Reuters
US trade deficit unexpectedly shrank in November due to falling imports of consumer goods, suggesting weaker demand both domestically and abroad. This trend, if it continues, could mean trade has no impact on economic growth in the fourth quarter. Exports also declined, with both goods and services down.
US mortgage applications jump 9.9% - CNBC
Mortgage applications rose despite slightly higher rates, with refinances surging due to lower rates compared to a year ago. Purchase activity remains muted but may be picking up as buyers adjust to the new rate environment. Overall, the market is volatile but shows signs of potential recovery.
Market Commentary:
Asia and Australia
Asian shares finished mostly in negative territory on Wednesday.
China's Shanghai Composite index dropped 0.54% to 2,877.70, and Hong Kong's Hang Seng index ended down 0.57% at 16,097.28.
Japanese markets ended sharply higher, with the Nikkei average jumping 2.01% to 34,441.72.
Australian markets ended lower, with the S&P ASX 200 falling 0.69% to 7,468.50.
Europe, the Middle East, and Africa:
European shares traded mixed as investors awaited U.S. consumer price and producer price inflation data for additional clues on the Fed's rate trajectory.
U.K. stocks edged lower after mixed earnings updates from Greggs and Sainsbury's.
European Central Bank Vice President Luis de Guindos expressed concerns about weak growth and a possible recession in the eurozone.
French industrial output rebounded in November, rising 0.5% from the previous month.
The pan-European STOXX 600 was marginally lower at 477.25 after closing 0.2% lower on Tuesday.
The Americas:
U.S. futures indicate a mixed opening, with Dow futures down 20.00 points, S&P 500 futures adding 1.50 points, and Nasdaq 100 futures progressing 28.50 points.
Major U.S. banks may report quarterly earnings this week.
The U.S. major averages finished Tuesday mixed, with the Nasdaq up 0.1%, the S&P 500 down 0.2%, and the Dow falling 0.4%.
Economic announcements are relatively quiet, and investors may look for inflation clues.
Key events include Wholesale Inventories for November, EIA's Petroleum Status Report, a ten-year Treasury Note auction, and remarks from New York Fed President John Williams on the 2024 Economic Outlook.
The Week Ahead:
Monday:
Tuesday:
Wednesday:
Thursday:
Core CPI m/m (US)
Unemployment Claims (US)
Friday:
GDP m/m (UK)
Core PPI m/m (US)
Investment Tip of The Day
Assess Board Diversity: Diverse boards can enhance decision-making and risk management. Consider companies with inclusive boards that represent a range of perspectives and expertise.
Service Spotlight of the week - Wealth Management
Meme of the Day
