Saudi Aramco
(Credit: Saudi Aramco)

World Markets Daily News In Brief 09/07/2024

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ASIA/PACIFIC


– The Australian stock market surged on Tuesday as Australia’s business confidence climbed 6 points to +4, according to National Australia Bank.

-Asian markets closed higher with Japan leading regional gains.

-India’s SEBI committee proposes stricter measures to curb derivatives volume; raises lot size to ₹20-30 lakh, according to a Moneycontrol report.

. EUROPE


-Major European markets opened lower on Tuesday as investors in the region weigh up political uncertainty in France after Sunday’s election result.

-Russian national nuclear corporation Rosatom said on Tuesday that experts from India and Russia are discussing the possibility of building six additional high-capacity nuclear power units in India.

– European Central Bank (ECB) Executive Board member Fabio Panetta stated on Tuesday that if economic conditions align with ECB expectations, gradual interest rates easing will continue.

. AMERICAS 


North America

– U.S. stock futures edged up early Tuesday as investors prepared to hear the latest remarks from US Federal Reserve Chair Jerome Powell.

Latin America

-Brazil has officially adopted free trade with the Palestinian Authority, aiming to bolster economic prospects for a Palestinian state, Baha News reported.

-As of Monday (July 8), Argentina’s government is cautiously beginning to ease currency controls, Argentine presidential spokesperson Manuel Adorni announced.

. AFRICA


-The Central Bank of Egypt (CBE) has reported a significant rise in the country’s international exchange reserves, increasing by approximately $11.2bn since the start of 2024. As of June 2024, the reserves reached $46.383bn.

-Nigeria’s external reserves surged to $34.66 billion as of July 4, 2024, highest level in 13 months, according to Nairametrics records of the central bank’s external reserve data.

-The annual inflation rate in Tunisia rose to 7.3% in June 2024, up from 7.2% in the previous month, according to the National Institute of Statistics.

. MIDDLE EAST


-Saudi oil giant Aramco made its return to the debt market on Tuesday (July 9) after a three-year hiatus, mandating banks for bonds maturing in 10, 30 and 40 years, Reuters reported citing a document from one of the banks on the deal.

-Investments in the Middle East and North Africa (MENA) region’s start-ups dropped 46% to $882mln in H1 2024, amid uncertainty caused by Gaza war, a report from Wamda and Digital Digest showed.

-Qatar Central Bank’s foreign currency reserves and foreign currency liquidity increased by 3.88% in June 2024, according to the Qatar Central Bank (QCB).