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The Rio de Janeiro Stock Exchange (Credit: Rafazero27 at English Wikipedia, CC BY-SA 3.0, via Wikimedia Commons)

World Markets Daily News In Brief 04/07/2024

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. ASIA/PACIFIC


– The Australian stock market closed higher on Thursday, adding to the gains in the previous session, following Wall Street’s record-breaking rally overnight.

-Asian markets mostly rose, reflecting optimism about an interest rate cut by the US Fed in September following the release of weaker than expected US economic data. Japan’s major indices as well as Taiwan’s benchmark hit all-time highs. Japan business mood roses for the first time in 6 months BOJ Tankan showed.

-India’s National Stock Exchange (NSE) on Thursday announced that it will impose a price control cap of 90% on the issue price of SME IPOs during the pre-opening session. In other news, a consortium led by the Abu Dhabi Ports Group has reportedly filed an initial bid on a tender floated by India’s V O Chidambaranar Port Authority, with an investment of $845 million, the Economic Times reported.

. EUROPE


– European stock markets opened higher as the polls opened in a closely watched landmark election in the United Kingdom.

-European central bankers warn of risks to region’s economy, the Financial Times reported.

-European Commission cleared NPP expansion project in Romania. New reactors at the Cernavoda nuclear power plant are expected to avoid the emission of 20mn tonnes of CO2 per year.

. AMERICAS 


North America

-NYSE will be shut on Thursday for Independence Day. All eyes now remain on Friday’s closely watched monthly U.S. jobs report. Earlier, FOMC minutes showed that if inflation persists, rates might need to be raised.

Latin America

-The Rio de Janeiro Stock Exchange, operated by ATG, is set to begin trading in the latter half of 2025, following investment by Abu Dhabi’s sovereign wealth fund Mubadala.

-Chile issues social bonds in cross-border market for third time this year, Latin Finance reported.

. AFRICA


-Nigeria’s Securities and Exchange Commission declares crypto firms, others operating without office in Nigeria illegal in new onboarding framework.

-Global giants are ditching South Africa’s massive gas find amid frustration with government, Fin24 reported citing insiders.

-The S&P Global Egypt PMI ticked up to 49.9 in June, a slight increase from May’s 49.6,

. MIDDLE EAST


-Turkey’s annual inflation rate eased to 71.60% in June 2024, down from 75.45% in May, below market forecasts of 72.60%. It was the first slowdown in consumer price growth after seven consecutive periods of acceleration.

-Gulf equity capital markets boom will not slow down in H2, with IPOs to take place in Saudi Arabia, Oman and UAE, according to a EFG Hermes’ report.

-The UAE has attracted AED 6.76 billion ($1.8 billion) in bids for its bonds under the Q3 2024 sukuk programme, Zawya reported.