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U.S. Stocks, Treasuries Rise After Yellen’s Speech

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  • U.S. Stocks, Treasuries Rise After Yellen’s Speech

U.S. stocks and Treasuries rose while the dollar sank after Janet Yellen’s speech didn’t take the hawkish tone some expected. Oil gained as Hurricane Harvey churned toward the energy-rich Texas coast.

The S&P 500 Index had its best week in over a month as the measure held earlier gains sparked by comments from the president’s top economic adviser. The euro touched the highest in two and half years versus the greenback as traders showed signs of relief after Mario Draghi didn’t talk down the value of the currency in his Jackson Hole speech. Bloomberg’s dollar gauge fell to its lowest level since January 2015.

Earlier, stocks jumped on remarks by Gary Cohn, director of the National Economic Council, who said in an interview that he expects tax reform to pass this year and that he didn’t intend to resign in protest over the president’s reaction to riots in Charlottesville, Virginia.

Investors are keeping their eyes on strengthening Hurricane Harvey, which was upgraded to Category 3 and is set for landfall in Texas overnight Friday. Oil refiners in the Gulf Coast, home to as much as half of the nation’s refining capacity, began halting operations amid warnings of deadly floods and storm surges. It will be the strongest storm to hit the U.S. since Wilma in 2005.

“We think that the flooding impact of Hurricane Harvey could make it more destructive to U.S. crude and product supplies as well as port facilities than the market is currently assuming,” Barclays energy analyst Michael Cohen wrote in a note Friday.

Here are the main moves in markets:

Stocks

  • The S&P 500 Index rose 0.2 percent to 2,443.09 as of 4 p.m. in New York, for a weekly gain of 0.7 percent.
  • The Stoxx Europe 600 Index fell 0.1 percent, set for a third monthly loss.
  • The MSCI World Index of developed countries advanced 0.4 percent.

Currencies

  • Bloomberg Dollar Spot Index decreased 0.7 percent, touching the lowest since January 2015.
  • The euro advanced 1.1 percent to $1.1923, biggest gain since July and touched the highest level since January 2015 at $1.1941.
  • The British pound increased 0.7 percent to $1.2884, set for its first weekly gain this month.
  • The Japanese yen fell 0.3 percent to 109.25 per dollar.

Bonds

  • The yield on 10-year Treasuries fell two basis points to 2.17 percent, touching its lowest level since June during the day.
  • Britain’s 10-year yield is steady at 1.053 percent.
  • Germany’s 10-year yield gained less than one basis point to 0.38 percent.

Commodities

  • West Texas Intermediate crude climbed about 1 percent to settle at $47.87 a barrel, its fourth weekly slide in a row.
  • Gold futures rose 0.5 percent to settle at $1,297.90 an ounce.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Energy

How Nigeria’s National Power Grid Collapsed Ten Times Within 9 Months 

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The national power grid has again collapsed, leaving many Nigerians in total darkness.

Investors King can authoritatively report that this is the tenth time the power grid will be disrupted this year alone.

For this recent collapse, the grid, reportedly lost power generation around 1:39 pm on Tuesday.

Information revealed that power generation was 2,711 megawatts as of 1:00 pm, having previously peaked at 3,631 MW.

Earlier, power generation peaked at 3,934.77 MW around six o’clock in the morning.

However, between 2 pm and 3 pm, hourly generation dropped to 0.00 MW.

The Transmission Company of Nigeria confirmed that the national grid experienced a partial disturbance at about 1:52 pm on Tuesday, 5th November 2024.

TCN spokesperson Ndidi Mbah mentioned that the recent collapse was due to a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Mbah pointed out that data from the National Control Centre revealed that a part of the grid was not affected by the bulk power disruption.

TCN however indicated that work work is in progress to restore power.

She explained that engineers are already working to quickly restore bulk power supply to the states affected by the “partial disturbance.”

Mbah noted that presently, bulk power supply has been restored to Abuja at 2:49 pm, maintaining that “we are gradually restoring it to other parts of the country.”

She apologized to Nigerians for whatever inconvenience the collapse might have caused.

Findings by Investors King revealed that the grid had collapsed at ten different times between March and November, this year.

Times the grid collapsed included February 4, March 28, April 15, July 16, two times in August 5, October 14, October 15, twice in October 19 and now today, November 5.

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Darkness Falls Again: TCN Explains Latest National Grid Collapse

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The Transmission Company of Nigeria (TCN) has provided an explanation for the latest National Grid collapse, which occurred on Tuesday, November 5.

Tuesday’s collapse, marking the 10th in 2024 alone, left Nigerians in total darkness.

Recall that the National Grid collapsed twice in October, sparking concerns among Nigerians.

Reacting to the latest collapse via a statement on Tuesday, the General Manager of TCN Public Affairs, Ndidi Mbah, disclosed that the collapse happened at 1:52 pm.

The GM revealed that the grid collapse was caused by line and generator trippings.

Mrs. Mbah said, “TCN states that the national grid experienced a partial disturbance at about 1:52 pm today, 5th November 2024.

“This followed a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Data from the National Control Centre (NCC) revealed that a part of the grid was not affected by the bulk power disruption.

Mbah disclosed that operators are working to restore power in affected states, adding that power was restored in Abuja.

She explained, “TCN engineers are already working to quickly restore bulk power supply to the states affected by the partial disturbance. Presently, bulk power supply has been restored to Abuja at 2:49 pm, and we are gradually restoring power to other parts of the country.”

Apologizing to Nigerians, TCN said, “We sincerely apologize for any inconvenience this may cause our electricity customers.”

Investors King, in an earlier report, revealed that in an attempt to address the persistent collapse of the national grid, the Nigerian Electricity Regulatory Commission (NERC) announced that discussions were underway with Independent Operators to take over the management of the grid.

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Energy

Nigeria Partners with ECOWAS and Morocco to Launch $26B African Gas Pipeline

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The Nigerian government, in partnership with the Economic Community of West African States (ECOWAS), Morocco, and Mauritania, has announced plans to advance the $26 billion African Atlantic Gas Pipeline project to drive economic growth across Africa.

This development was revealed on Monday, November 5, by Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), at the ECOWAS Inter-Ministerial Meeting on the Nigeria-Morocco Gas Pipeline Project.

Speaking at the meeting, which was attended by ECOWAS Ministers of Hydrocarbons and Energy as well as representatives from Morocco and Mauritania, Kyari stated that, once completed, the project will connect 13 African countries.

Represented by Olalekan Ogunleye, NNPC’s Executive Vice President for Gas Power & New Energy, Kyari said this will be Africa’s largest pipeline project.

Ogunleye confirmed that progress has been made with the front-end engineering design completed, the phase two study finalized, and work ongoing for environmental and social impact assessments as well as land acquisition and resettlement.

He emphasized NNPC’s readiness to execute the project: “Today, we come together to make significant progress in the African Atlantic gas pipeline project, which is a transformative initiative connecting at least 13 African nations in shared prosperity and development. These achievements underscore our capability to deliver this landmark project, supported by strong regional collaboration.”

Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), described the project as a game-changer for the regional economy, stating, “We stand at a critical juncture where these agreements can reshape our energy landscape, strengthen our economies, and uplift our people.”

He also highlighted that the project will increase Africa’s presence in the global gas market, noting that “the agreements demonstrate a strong commitment to advancing hydrocarbon and energy trade across ECOWAS, enhancing access to natural gas in West Africa, and expanding Africa’s global footprint in the gas market.”

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