EBC

World Markets Daily News In Brief 17/10/2024

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ASIA/PACIFIC


-The Australian stock market rallied to record levels on Thursday after the unemployment rate came in at 4.1 percent in September, slightly below the market consensus of 4.2 percent.

-Asian stocks ended mixed and China property stocks dropped nearly 8% after China’s housing ministry briefing failed to impress investors.

-TSMC is the world’s largest producer of advanced chips, reported a 54% hike in net profit in the third quarter and forecast annual revenue growth in the last three months of the year.

. EUROPE


-European stock markets opened mostly higher  in anticipation of the European Central Bank’s newest decision on interest rates.

-Eurozone’s annual inflation fell from 2.2% in August to 1.7% in September, according to Eurostat.

– The British pound dropped below $1.30 for the first time since August amid bets that slower inflation could pave the way for the Bank of England to cut interest rates again next month.

. AMERICAS  


North America

-US stock futures were mixed early Thursday after the Dow Jones Industrial Average closed at a record for the second time this week.

Latin America

-El Salvador not seeking to avoid default with buyback, Fitch says. The rating agency also says fiscal consolidation may allow country to return to debt market.

-In the third quarter, Brazil’s mining industry’s revenue reached R$ 56.7 billion ($10.12 billion), a 5% increase from the previous year.

. AFRICA


-Kenya’s National Treasury is seeking to reduce the dominance of banks in government securities investments by opening up the market to more non-bank financial institutions, The East African reported.

-JPMorgan Chase, the largest U.S. lender which has more than $4.2trln in assets and operates in over 100 countries, plans to enter Kenya and Ivory Coast this year and grow its footprint in Africa, CEO Jamie Dimon told Reuters.

-The National Bank of Ethiopia (NBE) has directed commercial banks to disclose to customers all fees and commissions related to trading in foreign currency as part of ongoing efforts to streamline the forex market and align it with international best practices, NBE said in a statement.

. MIDDLE EAST


-MENA equity capital markets (ECM) raised $21 billion in equity and equity-related issuances in the first nine months of 2024, boosted by a $12.3 billion stock sale by Saudi Arabia’s Aramco, Zawya reported.

-Interest rate cuts will have a negative impact on GCC banks, with the UAE banks likely to be the most affected a new report by Fitch Ratings said.

-Oman’s OQ Exploration and Production (OQEP), touted as the largest IPO in the country’s history, has set the final price at 390 baisa ($1) per share for the Category I and anchor offering that raised 780 million Omani riyals ($2.02 billion) pre discount for Omani nationals. OQEP shares are expected to commence trading on the MSX on or around 28 October 2024.