Wealth Wednesday
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Market Data
Local
Global
*Data as of 6pm WAT
Market News
Local
NNPCL says FG to renegotiate OPEC oil quota November – Punch
The Nigerian National Petroleum Company Limited has said the Federal Government will renegotiate the country’s production quota in the ongoing OPEC+ cuts by November.FMDQ introduces exchange-traded derivatives market – The Guardian
Yesterday marked another significant milestone in the Nigerian financial markets as FMDQ Securities Exchange Limited and FMDQ Clear Limited, wholly-owned subsidiaries of FMDQ Group PLC, went live with the introduction of the dynamic FMDQ exchange-traded derivatives (ETD) market.
Global
Americans Prepare for Tighter Budgets as Student Loan Payments Resume - Bloomberg
The restart of federal student loan payments this fall will be a renewed burden for millions of borrowers and another headwind for a US economy that’s losing momentum.
Jeff Bezos’ Blue Origin rocket engine explodes during testing - CNBC
Jeff Bezos’ space company Blue Origin suffered a rocket engine explosion while testing its BE-4 rocket engine last month, CNBC has learned.
During a firing on June 30 at Blue Origin’s facility in West Texas, a BE-4 engine detonated about 10 seconds into the test.
A Blue Origin spokesperson confirmed the incident, noting no personnel were injured and an investigation is underway, with a “proximate cause” identified.
Meme Stocks Are Back, Raising a ‘Red Flag’ for the Broader Market -Bloomberg
Investors are fascinated with meme stocks again as they hunt through lower-quality names searching for returns. And in the process they’re raising a “red flag” for the S&P 500 Index.
Oil rises as US inflation cools - Reuters
Oil benchmark Brent futures breached $80 a barrel for the first time since May on Wednesday after U.S. inflation data suggested the interest rate hike cycle in the world's biggest economy is set to finally cool.
Japan's wholesale inflation slows for 6th straight month - Reuters
Japan's wholesale inflation slowed for a sixth straight month in June due to sliding fuel and commodity prices, data showed on Wednesday, a sign the cost-push pressure that drove up consumer prices is steadily easing
Weekly Investment Watchlist
Market Commentary
Asia and Australia
The Reserve Bank of New Zealand held rates steady as expected at 5.5%
Japan’s Core machinery orders fell 7.6% m/m in May, notably weaker than expectations of a 1.0% rise and falling back from 5.5% growth in the previous month.
In a speech, RBA Governor Lowe said it remains to be determined whether more rate hikes are needed, though this will depend on the evolution of the economy and inflation.
Chinese auto sales grew 9.8% in the first half, helped by a low base
Thai Court to decide if PM candidate Pita should be disqualified as a lawmaker in blow to democratic parties.
China lending is stronger than expected with new loans increasing to CNY3.05T in June, above consensus, CNY2.34T and following CNY1.36T in the previous month.
Europe, Middle East, Africa
Previews for the Q2 reporting season broadly expect it to be mixed. Refinitiv data forecasts Q2 Stoxx 600 earnings to decrease 8.3% from Q2'22, but ex-Energy sector, earnings are seen increasing by 4.4%.
Italy to request more post-COVID funds from EU despite payment delay
BoE Governor Bailey Bailey appeared to signal more rate hikes at the Financial Stability press conference.
The Americas
Judge’s ruling that Microsoft can close Activision deal could spur more M&A
Global PC shipments fell 12% in Q2, an improvement from the 30% decline in the past two quarters
Disney exploring options to sell or find a joint venture partner for its India digital and TV business
US consumers planning double-digit cuts to their budgets for back-to-school supplies
Businesses are starting to cut workers’ hours, forcing hundreds of thousands of people into part-time roles, in what could be an early warning sign for the economy.
The Week Ahead:
Wednesday:
US Consumer price index
US Core CPI
Thursday:
US Initial jobless claims
US Producer price index
US Federal budget
Friday:
US Consumer Sentiment
Investment Tip of The Day
Review and update your beneficiaries Regularly review the beneficiaries listed on your investment accounts, insurance policies, and retirement plans. Ensure the designated beneficiaries are up to date and aligned with your current wishes.
Meme of the Day
