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Navigating The Week Ahead |
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Headlines from Past Week |
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GLOBAL |
The International Monetary Fund slightly raised its global growth forecast, saying the economy had proven “surprisingly resilient” despite inflationary pressures and monetary policy shifts. The IMF now expects global growth of 3.2% in 2024, up by a modest 0.1 percentage point from its earlier January forecast, and in line with the growth projection for 2023. (Read more on CNBC)
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US |
Federal Reserve Chair Jerome Powell on Tuesday said it is likely that inflation will take "longer than expected" to reach the central bank's 2% target, casting fresh doubt on when policymakers may cut interest rates this year. Powell cited the string of inflation reports during the first three months of the year that showed progress had largely stalled on inflation. (Read more on FOX Business) Netflix on Thursday unexpectedly announced that it will stop reporting subscriber numbers each quarter, a decision seen as a sign that years of customer gains in the streaming wars are coming to an end. Shares of the streaming video pioneer fell after it reported a large batch of new customers in the first quarter but gave a revenue forecast that missed analyst targets. (Read more on Reuters)
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EUROPE |
European Central Bank policymakers continued to line up behind a June interest rate cut on despite rising oil prices and a weaker euro, but they diverged on the path for monetary policy beyond the initial move. Bundesbank chief Joachim Nagel fully backed the June move but ECB board member Piero Cipollone also appeared to entertain another move later on. (Read more on Reuters) ASML Holding posted orders below analysts' expectations for the first quarter as chip makers wait for demand to recover before securing key equipment to cover their production needs for the coming months and years. (Read more on Morningstar)
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ASIA PACIFIC |
The United States, Japan and South Korea agreed to "consult closely" on foreign exchange markets in their first trilateral finance dialogue on Wednesday, acknowledging concerns from Tokyo and Seoul over their currencies' recent sharp declines. (Read more on Reuters) China’s economy grew stronger than expected at the start of this year, mainly thanks to robust growth in high-tech manufacturing. GDP grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. That beat the estimate of 4.6% growth from a Reuters poll of economists. It also marked an acceleration from the 5.2% growth in the previous three months. (Read more on CNN)
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OTHERS |
Israel has carried out a military strike inside Iran, a US official told CNN Friday, the latest move in a dangerous escalation that threatens to push the already volatile region into a wider conflict. Multiple state-aligned news agencies reported that sites associated with Iran’s nuclear program were “completely secure” and the attack appeared to be limited in scope, with no large-scale strikes or damage detected. (Read more on CNN)
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AFRICA REGIONAL |
The operator of the Johannesburg Stock Exchange has proposed easing some listing requirements in a bid to encourage smaller companies to the bourse, removing some of the red tape it says has become an obstacle. The exchange intends to split its main board into two — what it called a Prime Segment and a General Segment — as part of efforts to streamline regulations to better suit the needs of smaller firms, JSE Ltd. said in a statement. (Read more on Bloomberg) Nigeria's headline inflation rate rose 1.50% to 33.20% in March, the country's statistics bureau reported. The figure is the highest in 28 years. The National Bureau of Statistics attributed the increase to soaring food and energy costs. (Read more on africanews)
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MAURITIUS |
According to the latest ‘Africa Wealth Report 2024’ published by Henley & Partners, Mauritius ranks sixth in the Top 10 Wealthiest Countries in Africa (rated by the number of resident millionaires / high-net-worth individuals. With its stable governance and favorable tax regime, the country is projected to experience a remarkable 95% growth rate, positioning it as one of the world’s fastest-growing wealth markets. (Read more on EDB Mauritius) AfrAsia Bank has officially announced the appointment of Thierry Vallet as CEO and Executive Director. As a founding executive of the bank, Thierry brings extensive experience in the financial sector, encompassing strategic management, business development, investment and corporate banking, private banking, and wealth management. (Read more on Investors Mag)
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Source: FOX Business, Reuters, Bloomberg, CNBC, CNN, MorningStar, africanews, EDB Mauritius, Investors Mag |
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Market Scorecard |
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Source: Yahoo Finance, Investing.com, Stock Exchange of Mauritius |
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