The Editorial Team |

U.S. Weighs Currency Pact With China as Part of Partial Deal

NEW YORK (Capital Markets in Africa) – The White House is looking at rolling out a previously agreed currency pact with China as part of an early harvest deal that could also see a tariff increase next week suspended, according to people familiar with the discussions. The currency accord, which the U.S. said had been agreed to earlier this year before trade talks broke down, would be part of what the White House considers to…

US White House Focuses on China Stock Limits in Retirement Fund

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NEW YORK (Capital Markets in Africa) – The Trump administration is moving ahead with discussions around possible restrictions on portfolio flows into China, with a particular focus on investments made by U.S. government retirement funds, people familiar with the internal deliberations said. The efforts are advancing even after American officials pushed back strongly against a Bloomberg News report late last month that a range of such limits was under review. Trump officials last week held meetings on…

Banks Set for Tough 2020 as Analysts Fear Rates, Elections

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LAGOS (Capital Markets in Africa) – Banks may be set for a harder time in the next few years as they face slowing earnings-per-share growth and mounting concern about tax hikes and tighter regulation if Democrats win in 2020, analysts say. Citi’s Keith Horowitz sees reduced earnings forecasts as bank stock valuations are “flashing red.” He updated his estimates and price targets to incorporate four interest rate cuts through 2020, which left Citi below Street estimates for…

New IMF Chief Sees ‘Serious Risk’ Global Slowdown to Spread

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LAGOS (Capital Markets in Africa) – Kristalina Georgieva, in her first major address as head of the International Monetary Fund, painted a downbeat picture of the world economy and said a more severe slowdown could require governments to coordinate fiscal-stimulus measures. In a speech that sets the tone for next week’s annual meeting of the IMF, Georgieva said the fund will cut its growth forecast for both 2019 and 2020 in its next World Economic…

South Africa Heading for Junk, A-Plus Rating Forecaster Says

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JOHANNESBURG (Capital Markets in Africa) – Renaissance Capital, which has correctly predicted eight out of nine sovereign rating decisions in emerging Europe and the Middle East since May, is calling a downgrade to junk for South Africa next month. That view is at odds with the majority in the Bloomberg survey, but Renaissance Global Chief Economist Charles Robertson says South Africa’s fundamentals have deteriorated significantly since May when Moody’s Investors Service affirmed its Baa3 rating….

Zimbabwe Accuses U.S. of Lying About Diamond-Mining Forced Labor

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ABIDJAN (Capital Markets in Africa) – Zimbabwe angrily denounced a U.S. government decision to curb imports of diamonds from its Marange field, branding the claim the country uses forced labor at the operations “a shameless lie.” “Invoking the repulsive prospect of alleged forced labor is a new nomenclature for seeking to bar Zimbabwe’s diamonds from the international markets,” the southern African nation’s government said in a statement. “This move constitutes a grave and serious attack…

Ivory Coast Seeks 1.5 Billion Euros in Bonds for Buyback

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ABIDJAN (Capital Markets in Africa) – Ivory Coast plans to sell as much as 1.5 billion euros ($1.6 billion) in bonds to refinance existing debt. The West African nation is planning to issue two tranches of debt with a weighted average life of 11 to 15 years and 30 years, according to people familiar with the matter, who asked not to be identified because they’re not authorized to speak publicly about it. It plans to…

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