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Africa and International Market Report: 11 May 2020
Africa and International Market Report: 11 May 2020
Posted

By - Jamel Lahiani

Posted - 11-05-2020

Major US stock market indexes jumped last week explained by twice: the efforts by a number of US states to spark their economies by easing restrictions put in place to fight the outbreak and a less than expected published data on job losses due to the coronavirus crisis.

Optimism for markets was also fed by the news that the US and Chinese trade representatives discussed their Phase 1 trade deal, with China saying they agreed to improve the atmosphere for its implementation. As a result, a positive impact was leading to the other stocks market around the world.

Italy is harmed by the worst post-war recession with a surge in bankruptcies. The markets await decisions from rating agencies DBRS and Moody’s on Italy’s sovereign debt.

The German industrial company, Siemens announced cost-cutting plans to deal with the impact of the pandemic following an 18 percent drop in industrial profit in the second quarter, as a result, it rose by 4.8 percent.

The agreement between OPEP and Russia to 10 million BPD oil cut for May still having a positive impact for the second week and recovering the oil price after a huge decline weeks ago. So, the WTI crude oil closed last week at the price of 18.824 US $ with a 22.48 percent variation. The easing of lockdowns to spark a recovery in global growth could increase the oil price in the short term.

Last week, Gold and silver prices finished positively with a distinguished jump of the silver price by 3.24 percent to close at the price of 15.46390 US dollars while the Gold price finished the week at 1702.390.

After a huge jump of Bitcoin, along last week with a record upside 10000 US dollars, the price finished the week at the price of 8731.17 with a decline of -2.07 percent because investors picked up their gains. Bitcoin is waiting now for a new bullish movement.

In African currency markets, The Nigerian NAIRA depreciates face to the US dollar and closed the week at 388.00 US dollars. While the South Africa ZAR appreciated face to the US dollar by -2.55% and closed last week at 18.31877 US dollars.

The last week main markets prices and variations

market

Market in Focus: 11 May – 15 May 2020
We have a list of high impact events this week. The publication of the events can leads to a strong movement or a trend for the related currencies. The discussion of the events impacts will be done within the daily FOREX report.

The publications that have a very significant theoretic impact are:

USD: The Consumer Price Index (CPI) Ex Food & Energy released by the US Department of Labor Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. ” Tuesday”.

JPY: The Current Account released by the Ministry of Finance is a net flow of current transactions, including goods, services, and interest payments into and out of Japan. ” Wednesday”.

GBP: The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. “Wednesday”.

USD: The Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance. ”Thursday”.

EUR: The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone.” Friday”.

USD: The retail Sales released by the US Census Bureau measures the total receipts of retail stores. Friday”.

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