Stock Market Review - Jul 19, 2011
Nigeria's inflation dropped sharply in June, following three consecutive rate hikes by the Monetary Policy Committee (MPC) to curb price increase. Inflation plunged to 10.2% year-on-year (YoY) in June from 12.4% percent in May. Food prices fell to 9.2% in June from 12.2% in May. The Monetary Policy Committee (MPC) meets next week, and the notable decline in inflation is expected to prevent the committee from further tightening.
According to reports published by the World Trade Organization (WTO), global aid for trade commitments increased by 60% from between 2002-2005 to reach $40bn in 2009. Sub-Saharan Africa received the largest share of total aid for trade among all regions, with an increase of 40% to $13bn. The aid has helped recipient countries and regions to boost export volumes, generate employment and impacts on poverty amongst others.
Global demand for U.S. stocks, bonds and other financial assets rose in May from a month earlier as China and Japan added to their holdings. Total foreign purchases of Treasury notes and bonds were $38bn in May compared with purchases of $23.3bn in April. China remained the biggest foreign holder of U.S. Treasuries, after its holdings rose by $7.3bn to $1.16trn in May. Japan, the second-largest holder, increased its holdings by $5.5bn to $912.4bn.
China?s tax revenue rose 29.6% to ¥5trn ($773bn) in the first half of the year, as stable economic growth and rising company profits helped to boost revenue. The increase in tax revenue will help strengthen the nation?s fiscal position.
Australia's merchandise imports increased by 3% in June from the previous month. During the period, import rose to A$19.24bn from A$18.64bn in May.