Wealth Wednesday
Ranora Daily - Your daily source for reliable market analysis and news.
Market Data
Local
Global
*Data as of 6pm WAT
Market News
Local
Restrictions on 43 items worsening forex crisis – LCCI - Punch
The Lagos Chamber of Commerce and Industry has said the continued restriction of 43 items on the Central Bank of Nigeria’s list of products barred from accessing foreign exchange at official rates has been a major contributor to the worsening currency devaluation crisis.Nigeria, Egypt’s central banks partner on fintech bridge - Punch
The Central Bank of Nigeria and the Central Bank of Egypt have signed a memorandum of understanding to establish a Nigeria-Egypt FinTech Bridge.
NAICOM Inaugurates Committee on IFRS - This Day
The National Insurance Commission (NAICOM) has inaugurated the Nigerian Actuarial Society Discount Rate Committee (NAS-DRC) to address the insurance industry’s challenges and promote global accounting standards.UK agency approves Naira for trade financing - Business News Report
Britain’s export finance agency will add the Naira to its list of “pre-approved currencies” for financing transactions. This will enable the agency to provide financing for transactions with Nigerian businesses denominated in the local currency.
CBN delists 2,698 BDCs in one year – Punch
The Central Bank of Nigeria has released an updated list of Bureau de Change dealers approved in the country. According to the list published by the apex bank, the total number of approved BDC operators reduced to 2,991
Global
Traders Are Fully Convinced About Another Fed Hike Next Week
- Bloomberg
Traders now have no doubt: the Federal Reserve will start raising interest rates once again next week.Only 1% of US Homes Have Changed Hands So Far This Year, Redfin Says - Bloomberg
The US home turnover rate in the first half of 2023 has fallen to the lowest in at least a decade as high mortgage rates compel owners to stay put, Redfin Corp. said.
Canada's inflation falls to 27-month low but underlying pressures persist - Reuters
Canada's annual inflation rate dropped more than expected to a 27-month low of 2.8% in June led by lower energy prices, data showed on Tuesday, though food and shelter cost increases persisted despite 10 interest rate hikes in less than 18 months.
McKinsey partners with startup Cohere to help clients adopt generative AI - Reuters
Consultancy giant McKinsey said it had struck a partnership with artificial intelligence startup Cohere in an effort to provide AI solutions to its enterprise clients.
UK's high inflation cools, offering some relief to Bank of England - Reuters
Britain's high rate of inflation fell by more than expected in June and was its slowest in over a year at 7.9%.
Weekly Investment Watchlist
Market Commentary
Asia and Australia
BOJ Governor Ueda told a news conference at the India G20 there was still some distance to sustainably and stably achieving the 2% inflation target, signaling his resolve to maintain ultra-loose monetary policy for the time being.
Chinese banks adopt 'wait and see' on repricing of existing housing mortgages lower.
New Zealand Q2 inflation came in at 1.1% q/q, ahead of the consensus of 0.9% but below the prior quarter's 1.2%.
China's high-yield dollar bonds suffer worst slide YTD as defaults mount
Morgan Stanley moves 200 technology developers out of mainland China on data law
Europe, Middle East, Africa
June Eurozone CPI is at +5.5% y/y vs preliminary +5.5% and from 6.1% in May,
Monthly inflation printed at +0.3% vs preliminary +0.3%.
Core CPI came in at +5.5% y/y vs preliminary +5.4%.
The overall headline reading is at the lowest level since January 2022, mainly due to a decline in energy prices.
The market has started to unwind aggressive UK rate hike bets after UK inflation surprised on the downside. The market now sees Bank Rate peaking below 6%, which is compared with 6.25% prior to the data
EU plans €20B fund to stock Ukraine's military for years
The Americas
AT&T pushes back against lead-covered cable concerns, says less than 10% of network exposed. Says it doesn't plan to replace its lead cables around Lake Tahoe as of now
AT&T and Verizon's dividends look safe amid questions about lead-wrapped cable liabilities
Johnson & Johnson sues Biden administration over Medicare's new powers to cut drug prices
Teamsters planning to strike at Yellow after trucking company fails to make $50M employee benefits payment
The Week Ahead:
Monday:
China's Gross Domestic Product
NY Empire State Manufacturing Index
Tuesday:
US Retail Sales
Wednesday:
UK Consumer price index
US Building Permits
Thursday:
China’s PBoC Interest Rate Decision
US Initial jobless claims
US Existing Home Sales Change
Friday:
UK GFK Consumer Confidence
UK Retail Sales
Investment Tip of The Day
Review your estate planning Estate planning is essential for ensuring your assets are distributed according to your wishes. Regularly review and update your estate planning documents, such as your will, trusts, and power of attorney, to reflect any changes in your circumstances or goals.
Meme of the Day
