ETFs

World Markets Daily News In Brief 05/07/2024

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 ASIA/PACIFIC


– The Australian stock market was dragged lower by miners and banks on Friday in the absence of directional cues from Wall Street as US markets were closed for the July 4 holiday.

-Asian markets closed mostly lower on Friday, after a data-packed week and as traders largely stayed reluctant to make significant moves amid a lack of any new catalyst after a the U.S. holiday.

-Japan’s stock market braces for ETF-linked sell-off: Japanese ETFs are slated to sell more than $7 billion in securities on July 8 and July 10, Nikkei Asia reported.

. EUROPE


– European Major European indexes climbed in Friday’s premarket trading as Sir Keir Starmer’s Labour has romped to a landslide victory in the UK General Election. Analysts expect the Labour victory to boost U.K. markets over time, particularly when it comes to housebuilding.

-Most analysts expect the National Bank of Romania (BNR) to cut the policy rate at its July 5 board meeting, for the first time since the rate was set at 7% in January 2023.

-European Central Bank (ECB) President Christine Lagarde in an interview with Portuguese TV station RTP said that the bank’s officials have no hurry to lower interest rates again after June’s decision.

. AMERICAS 


North America

– U.S. investors get ready for Friday’s closely watched jobs report for cues on the outlook for interest rates.

Latin America

-In H1 2024, Brazil’s soybean exports rose by 2.23%, while corn exports fell 28%, according to the country’s foreign trade department Secex.

-Bolivia has lifted its ban on cryptocurrency use to address a severe shortage of U.S. dollars. The prohibition, which was put into effect in December 2020, has now been officially revoked by the Central Bank of Bolivia (BCB) on June 26.

. AFRICA


-The Zimbabwe Stock Exchange Limited (ZSE) has announced a 2 percent capital gains withholding tax, effective from June 28.

– Nigeria has been chosen to host the newly formed Africa Energy Bank (AEB) as Africa’s top oil producer beat Algeria, Benin and Ghana for rights to the fossil fuel-focused lender.

-Egypt’s external debt declined to $160.607bln in March 2024, according to a report by the Central Bank of Egypt (CBE).

. MIDDLE EAST


-Abu Dhabi Development Holding Company (ADQ), a UAE sovereign fund, has completed the secondary listing of its $2.5 billion bond on the Abu Dhabi Securities Exchange (ADX). The dual-tranche bond was listed on London Stock Exchange in April, Zawya reported.

-Saudi Aramco has denied media reports that the world’s biggest oil producer is considering an offer for ASX-listed Santos, but has not denied it examined the Australian energy company’s assets.

-Oman’s state-owned logistics firm Asyad Group is planning an initial public offering (IPO) of its subsidiary Asyad Shipping Co by the end of the year, Reuters reported citing sources familiar with the matter.