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Resuming Previously Upwand Momentum Business & Finance Weekly WORLD June 15-19.2020 Issue 07 MSCI WORLD INDEX 2.06% ▲ MAJOR 1.15 % 1.04 % 1.86 % 3.73 % 1.62 % 1.64 % 0.78 % 2.72 % 3.19 % 3.07 % INDICES JSE/Top40 DJIA S&P500 NASDAQ ASX200 SSECOMP NIKKEI225 NIFTY50 DAX FTSE100 MARKETS REVIEW Week June 15-19 KEY POINTS Resuming previously upwand momentum FDI ollowin ga bruis - the Bank of Japan (BoJ), kept its mon - ing decline the etary policy largely unchanged and de - previous week , cided to boost financing support for Global foreign direct in - world markets re - hard-hit companies beyond $1 trillion. vestment (FDI) flows bounded sharply. Chinese markets were also higher this are forecast to decrease ●CHINA-INDIA :On Monday, 20 Indian soldiers Kyriaki The biggest catalysts week with the domestic large-cap CSI by up to 40% in 2020, were killed in physical fights with Chinese troops I.Balkoud were the Fed’s deci - 300 index outpacing the benchmark from their 2019 value of in a disputed Himalayan border area, Indian officials Editor sion to increase its Shanghai Composite. In Australia, the $1.54 trillion, according said. The incident follows rising tensions. It was the support and the news that the White ASX200 index managed to add 1.62 to UNCTAD’s World In - deadliest clash between the neighbours in decades. House is working on a massive stim - per cent for the week. vestment Report 2020. ulus plan focused on infrastructure in - (See Asia/Pacific on p.4) vestment. Sentiment also got a lift EUROPE: European equities ended from upbeat economic data. the week on a positive note. The ZEW PROFITS US: Stocks erased part of the previous Indicator of Economic Sentiment for week’s steep declines, following re - Germany showed that expectations ports of a $1tn infrastructure-heavy among investors rose to a higher-than- stimulus plan and Fed's move to begin expected 63.4 in June, U.K. retail sales buying a broad portfolio of US corpo - also came in much better than ex - U.S. bank profits plunged rate bonds directly. pected for May. Despite the rebound, 69.6% to $18.5 billion in ● WORLD MARKETS: IMF Chief Economist Adding to the upbeat mood, U.S. retail retail sales still remain well below pre- the first quarter of 2020 Gita Gopinath in a blog post on Tuesday warned of sales posted a record gain in May, surg - lockdown levels. from the year prior, data correction in financial markets as there is a "striking ing 17.7%, the biggest gain in history, Equities were also supported by posi - from The Federal De - divergence" between the markets and the real econ - omy amid the coronavirus pandemic. She added that as more businesses were allowed to re - tive talk around the Brexit negotia - posit Insurance Corpora - greater volatility is to be expected. open amid the relaxing of lockdowns. tions. Speaking of negotiations, EU tion showed. Consumers are consuming but last leaders met on Friday to hash out the month’s sales were still down 8% from details of a 750 billion euro recovery February. Coronavirus wounds are still fund but there was no breakthrough as CAPITAL visible with weekly jobless claims stay - EU divisions remain. (See Europe on ing above 1 million for the 13th con - p.5). Markets got a lift, investors felt secutive week. (See Americas on p.3) confident about US economy’s capac - ASIA: Japanese equities posted small ity for resilience but there are still con - gains for the week as the country re - cerns the recent rally has gone too far. BlackRock, the world’s ported its biggest monthly decline in ex - More uncertainties are likely to enter biggest asset manager, ports since 2009. the spotlight including an uneven re - has injected about 16 ● OPEC: Chaired by Saudi Arabia’s Minister of Exports plunged 28.3 percent from a covery, the continuation of geopo liti - billion euros ($18 bil - Energy Abdul Aziz Bin Salman and the Minister of year earlier to ¥4.18 trillion ($39 bil - cal tensions and the debt burden lion) into 810 European Energy of the Russian Federation Alexander Novak, lion), Ministry of Finance (MOF) data caused by the flood of stimulus companies since the end OPEC’s 19th JMMC meeting was held via video - showed. The trade data came a day after measures worldwide. of January, a source told conference on Thursday. A day earlier, OPEC ana - Reuters on Monday. lysts forecast improving oil demand in H2 2020. RECORD JUMP in US RETAIL SALES 17.7% JMMC OPEC's Joint Ministe - rial Monitoring Com - mittee (JMMC) stated ● EU: For countries with a weaker fiscal position on Thursday that the namely Spain, Italy and Greece, it would be better overall compliance with if the European Union aid is distributed via grants the output cut deal in rather than loans, European Central Bank Vice May stood at 87%. President Luis de Guindos argued on Wednesday. AFRICA P. 2 TOPICS IN BRIEF MARKETS REVIEW NEWS TO WATCH Accidents, Politics, Mixed results on stocks in South Africa's FDI dips Elections, Conflicts Foreign direct investment (FDI) in Senegal's army in a statement on a week of uncertainty South Africa dropped 15% to $4.6bn Monday said two Senegalese soldiers African stock markets closed on a Nairobi's ASI rose 0.11%. (R79bn) in 2019 and FDI inflows are were killed and several others injured mixed note on Monday. Botswana's Namibia's Overall Index jumped forecast to decrease further this year after their vehicle hit an anti-tank ASI ticked up 0.04% and Dar Es 2.64% and Tunisia's TUNINDEX due to the Covid-19 pandemic, accord - mine in the south of the country. Salaam's ASI grew 0.33%. Egypt's advanced 0.35% and Zimbabwe's ing to a new report by the UN. “De - Tanzania's President John Magufuli EGX30 fell 0.58%. Johannesburg's ASI climbed 1.01%. pending on the duration and severity of the global crisis, the longer-term out - dissolved the parliament on Tuesday ASI plunged 2.55% and Risk sentiment ahead of the election. In the decision, Casablanca's MASI increased by look for FDI in Africa could draw he highlights his government's 0.94%. Nigeria's ASI was off remains fragile some strength from the implementation achievements, citing "expanding in - 0.91%. Nairobi's ASI rose 0.26%. The mood turned cautious on of the African Continental Free Trade frastructure such as roads, electricity Namibia's Overall Index slumped Thursday with markets closing Area agreement (AfCTFA) in 2020, in - generation and reforming the mining 2.38%. mostly in the red. Botswana's DCI cluding the conclusion of its invest - sector" as per Reuters. Uganda will In Mauritius the ASI was lower by was down 0.49% while Dar Es ment protocol,” the report stated. hold a presidential election between 1.02%. Uganda's declined 0.41% Salaam's ASI moved up 0.70%. Declining inflows are a major blow as Jan. 10 and Feb. 8, 2021, authorities and Zimbabwe's ASI climbed Egypt's EGX30 declined 0.44% the economy was already struggling said on Tuesday. 1.28%. Stocks continued their while Johannesburg's ASI depreci - before the pandemic. The Democratic Republic of Congo's mixed performance on Tuesday. ated by 0.16%. Lusaka's ASI fell Sub-Saharan sover - Foreign Ministry said on Tuesday the Botswana's DCI fell 0.29% and 0.66% and Casablanca's MASI government will tender for a new Dar Es Salaam's ASI grew 0.318%. dropped 0.50%. Nigeria's ASI was eigns outlook negative Egypt's EGX30 jumped 2.50%. off 0.16%. Nairobi's ASI ticked up passport-maker after talks with Bel - The coronavirus pandemic and the oil gium-based manufacturer Semlex fell Ghana's CI was off 0.33%. 0.01%. Namibia's Overall Index Lusaka's ASI declined 0.66% and was lower by 1.86% and Tunisia's price shock it triggered have had a se - through. Mali's President Ibrahim vere impact on sovereigns in sub-Saha - Boubacar Keïta said on Wednesday Casablanca's MASI increased by TUNINDEX lost 0.12%. Uganda's 0.64%. Nigeria's ASI was down ASI advanced 0.68% and Zim - ran Africa (SSA), which led to rating that opposition leader Soumaïla downgrades on seven of the 19 rated Cissé, who was kidnapped in late 0.09%. Nairobi's ASI moved up babwe's ASI soared 3.21%. Stocks headed into the weekend mixed. SSA sovereigns since the beginning of March, is alive, 1.04%. In Mauritius the ASI was Botswana's DCI ticked down March 2020, Fitch Ratings says. Four Al Jazeera reported. Évariste Nday - lower by 0.11%. Uganda's ad - vanced 0.28% and Zimbabwe's ASI 0.01% while Dar Es Salaam's ASI sovereigns in the region have Negative ishimiye took office as the President of spiked 2.32%. moved up 0.30%. Johannesburg's Outlooks on their rating, which is un - Burundi on Thursday following the Equites posted gains on Wednesday. ASI rose 0.52% and Casablanca's usually high, pointing to continued sudden death of his predecessor Pierre Johannesburg's ASI soared 3.36%. MASI dropped 0.29%. Nigeria's downside risks to ratings. Four sover - Nkurunziza, his inauguration was ad - Lusaka's ASI moved up 0.66% and ASI was off 0.43%. Nairobi's ASI eigns are rated 'CCC' or below (in such vanced to June 18. Nigeria's ASI grew 0.17%. declined 0.23%. cases Fitch does not assign Outlooks) Kenya defeated Djibouti in becoming while only one (Cote d'Ivoire) carries a a non-permanent member on the US MAJOR INDICES WEEKLY PERFORMANCE ( % change) Positive Outlook,the rating agency said.
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