Coverage: Saudi Arabia, Turkey, UAE, Egypt, Nigeria and South Africa
Author: Tanya Rawat
The week starts off with euphoria offline as the US Supreme Court in a landmark ruling legalized same-sex marriage nationwide (Source: Bloomberg Article on the ruling). I personally am of the strong opinion that everyone should be free to love anyone they deem fit. By legalizing the same, the ruling ensures that everyone is viewed equally by law in terms of financial and taxation purposes.
Our opening rhetoric is on a high probability of returning to a Greek Dra(ch)ma and a likely escalation in terrorist acts in the region. Markets are likely to slide slower in the Ramadan season with limited volumes, correction in Saudi Arabia as pre-opening euphoria subsides and as terrorist activities creep closer to the GCC region with attacks in Kuwait and Tunisia.
Naira remained stable at 199/$ while the Rand hit one weeks lows versus the dollar at 12.2395/$ as rising consumer inflation deems a rate hike imminent in the next South African Reserve Bank (SARB) meeting in July by 25 bps from 5.75%. This is set to continue hurting the JALSH Index.
US 10Y Tsy yields continues to edge higher at 2.40% levels and I expect Dollar to continue strengthening this week primarily on the back of see-saw Greek talks with ECB.
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