Please click to download the Weekly Report for the week ending Friday 29th November 2019

Global Economy

·         This past week saw China react with ferocity to U.S. President Donald Trump’s decision to sign into law the Hong Kong bill, effectively backing protesters in the region. Elsewhere, the U.S. Q3 GDP was revised  to 2.1%. 

Nigerian Economy

·         In the outgone week, the Monetary Policy Committee (MPC) of the CBN held MPR at 13.50% as credit to the private sector improves while NBS’ capital importation numbers showed a higher capital inflow so far in 2019. 

Equities Market

·         The local bourse closed somewhat flat in the outgone week, gaining marginally by 0.04%, to close at 27,000.15pts. Similarly, market capitalization was flat at N13.03trillion. 

Money Market

·         Money market rates increased in the outgone week as Overnight rate and Open-Buy Back rose to 4.50% and 3.79% from 4.43% and 3.71% respectively. The increase in rates may not be unconnected to CBN’s OMO sales during the week which could have reduced system liquidity. 

Bond Market

·         The bond market closed positive in the outgone week as yields declined across most tenors. 

Foreign Exchange Market

·         At the interbank market, the Naira remained relatively stable losing just 0.02% to close at N307.00 against USD as it continues to see support from CBN’s  intervention sales. 

The Week Ahead 

China

·         The Caixin Manufacturing PMI for the month of November 2019 will be released on the 2nd of December 2019.

·         The Caixin Services PMI for the month of November 2019 will be released on the 4th of December 2019.

·         The Caixin Composite PMI for the month of November 2019 will be released on the 4th of December 2019.

Japan

·         The Jibun Bank Composite PMI for the month of November 2019 will be released on the 4th of December 2019.

·         The Jibun Bank Services PMI for the month of November 2019 will be released on the 4th of December 2019.

Germany

·         The Markit Services PMI for the month of November 2019 will be released on the 4th of December 2019.

·         The Markit  Composite PMI for the month of November 2019 will be released on the 4th of December 2019.

United States

·         The Markit  Services PMI for the month of November 2019 will be released on the 4th of December 2019.

·         The Markit  Composite PMI for the month of November 2019 will be released on the 4th of December 2019.

·         The Unemployment data for the month of November 2019 will be released on the 6th of December 2019.

Canada

·         The Bank of Canada policy decision meeting will be held on the 4th of December 2019.