World Markets Daily News In Brief 04/10/2024

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.ASIA/PACIFIC


-The Australian stock market closed lower on Friday following losses on Wall Street and on the back of geopolitical tension in the Middle East.

-Asian markets traded mixed as investors kept a watchful eye on the Middle East where an escalating conflict has contributed to a sharp increase in the price of crude oil.

-The Reserve Bank of India likely intervened in the non-deliverable forwards market ahead of Friday’s opening of the local spot forex market to bolster the rupee, which is hovering near its all-time low, Reuters reported.

. EUROPE


-European stocks opened lower Friday on the back of more economic data releases.

-Shares of Danish shipping giant Moller-Maersk slumped 8% on the Friday market open after U.S. dockworkers and the United States Maritime Alliance agreed on Thursday to a tentative deal on wages, bringing one of the largest work stoppages in decades to an end.

-Bank of England Governor Andrew Bailey told the Guardian on Thursday that the bank could become a “bit more aggressive” and “a bit more activist” when it comes to cutting rates if incoming news on inflation continue to be good.

. AMERICAS  


North America

-US stock futures were flat early Friday as traders look ahead to the latest U.S. jobs report for more clarity regarding the outlook for the U.S. economy and interest rates.

Latin America

-Moody’s has upgraded Brazil’s sovereign debt rating from Ba2 to Ba1. Some analysts question the agency’s decision to raise sovereign’s rating, while others say it could bolster finance minister’s fiscal strategy.

-Colombian oil sector faces challenges as foreign investment declines, the Rio Times reported.

. AFRICA


-Egypt is actively pursuing re-inclusion in the JPMorgan Chase & Co. bond index, tracked by more than $200 billion worth of emerging-market funds, Bloomberg reported.

-The Africa Finance Corporation (AFC) has issued a $500 million Eurobond and generated significant interest from investors in the Middle East and other markets.

-Libya’s eastern-based government and Tripoli-based National Oil Corp announced on Thursday the reopening of all oilfields and export terminals after a dispute over leadership of the central bank was resolved, ending a crisis that had heavily reduced oil production.

. MIDDLE EAST


-Oil prices have jumped more than $5 a barrel since the start of the week amid intensifying fears that Israel could launch an attack on Iran’s energy infrastructure.

-Sovereign wealth funds in the GCC are on track to manage $5 trillion in assets by early 2025, Diego Lopez, founder and Managing Director of Global SWF told Zawya.

– Qatar Central Bank (QCB) has issued treasury bills for maturities of 7 days, 28 days, 91 days, 182 days, 301 days, and 364 days worth QR 4.5 billion, The Peninsula reported.