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Cautiously Optimistic

The euro is a little higher on the day against the dollar after CPI data for the currency bloc slowed to 10%, far below market expectations of around 10.4%

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By Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA

Equity markets are off to a positive start on Wednesday as we await a slew of big economic releases and a speech from Fed Chair Jerome Powell.

It’s already been a very headline-driven week, particularly where oil is concerned, while Covid restrictions and protests in China have very much set the tone in Asia, and to a lesser extent elsewhere.

The headwinds facing China are intensifying and the protests of recent days could make it even more challenging to navigate. That said, what we’ve heard so far has been promising and potentially indicative of a plan that was already in the works.

But we shouldn’t kid ourselves. In the event that China commits 100% to its vaccine drive, especially among the elderly and vulnerable, the move away from zero Covid will take time as the virus spreads rapidly throughout the country necessitating swift action to control the spread. Even the best-case scenario is one of significant turbulence for the world’s second-largest economy next year.

Chinese PMIs highlight the challenges ahead

The PMIs highlight just how difficult the situation is in China, with the zero-Covid stance combined with the property market crackdown severely impacting domestic sentiment, while a slowing global economy weighs on external demand. With both the manufacturing and non-manufacturing PMIs falling deeper into contraction territory than anticipated, the country really has a mountain to climb in order to achieve decent, consistent growth once more.

Some rare good news on inflation

The euro is a little higher on the day against the dollar after CPI data for the currency bloc slowed to 10%, far below market expectations of around 10.4%. While still extraordinarily high, it does offer hope that inflation may have peaked and the deceleration could be faster than anticipated, in much the same way it was on the way up.

The single currency was choppy in the aftermath of the release, while markets now view the possibility of a 50 or 75 basis points hike in December as a coin flip after previously heavily favouring the latter. That could be a positive for the euro if it means less of an economic slump, with the bloc already likely heading for recession.

Immense uncertainty

It was always shaping up to be a volatile week in oil markets and it’s certainly living up to that. Brent and WTI are up more than 2% on Wednesday as the EU continues to work towards an agreeable price cap on Russian crude and OPEC+ consider another large production cut this weekend.

Both carry significant uncertainty and a wide range of outcomes that should ensure oil remains volatile in the coming days, especially if both go into the weekend still up in the air. When OPEC+ can’t even commit to meeting in person, you know nothing is straightforward.

Despite rumours circulating of another possible two million barrel cut, it wouldn’t come as a surprise for OPEC+ to hold off on this occasion and wait until everything becomes clearer on the price cap and China. Nor would it be alarming for the alliance to wait a couple of extra days for details on the cap which could be more easily factored into its forecast and decision. This may be why they’ve opted for a virtual meeting as it offers more flexibility.

Rallying ahead of Powell’s appearance

Gold is benefiting from improved risk appetite as the dollar softens and US yields edge lower. It remains very much within the same range though, between $1730 support and $1,780 resistance as we await some major economic reports and, of course, the speech from Jerome Powell. Whether the Fed Chair will be so bold as to say something that could have a material impact on the yellow metal when there is some major data due over the next couple of weeks, I’m not so sure. But there’s certainly a risk he will and a break of either of these levels could be significant.

Rising for now

Bitcoin is making steady gains in the session, up more than 2% and eyeing a second positive session. It did run into resistance around $1,700 again, the upper end of its range over the last couple of weeks. While we could see a bigger correction to the upside, especially if we’re treated to some dovish commentary from Powell, I’m not convinced it would be anything more than that. The industry has been shaken by the FTX collapse and as a result, bitcoin could remain vulnerable to further plunges in the price.

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Banking Sector

Unity Bank’S Boss Reaffirms Commitment To Going Above And Beyond

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The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun has commended the lender’s frontline staff for effectively translating its Customer Service Charter thereby forging a culture of responsiveness and exceptional partnership to demonstrate unwavering commitment to customers.

In a message commemorating this year’s Customer Service Week, Mrs. Somefun celebrated with staff in customer service roles and expressed deep appreciation to the bank’s clients for their continued trust and loyalty, which have propelled the bank’s growth and success.

“This year’s theme “Above and Beyond” supports our mission at Unity Bank which enables us to reflect on our collective journey so far where our customers are at the centre of our business,” she said.

Somefun further stated that the Bank is continually investing in innovation as well as revamping existing systems, noting that new tools and strategies would be rolled out in the coming months to further enrich customer experiences. “Whether it’s through improved digital platforms or personalized services, we are committed to enhancing the way you bank with us,” she added.

While acknowledging the essential role frontline staff play in creating lasting relationships with customers, Somefun said that through dedication, resilience, and professionalism, Unity Bank Customer Service has demonstrated that it embodies the “Above and Beyond” theme of this year’s celebration.

“Day after day, our staff go beyond the call of duty, ensuring that every customer interaction is handled with care and excellence. They are the reason our customers continue to choose Unity Bank.”

Also speaking, the Bank’s Chief Customer Service Officer, Elfrida Igebu said that, “Throughout the week, we have seen firsthand what it means to go the extra mile. Our commitment to exceeding expectations, personalizing experiences, and showing genuine empathy has set us apart and created lasting connections with our customers.”

She noted that the different activities lined up to celebrate the customer service week “have strengthened the team’s professional capabilities and reinforced the bonds that make us a united team.”

From October 7 – 11, the Bank lined up several activities to celebrate customers and the exceptional teams in its over 200 branches nationwide, rewarding outstanding staff members, while reflecting on the theme of this year’s event – Above and Beyond.

The Bank has continued to prioritize the customer over the past few years through its increased focus on digital strategy. For instance, over the past four years, it has maintained its commitment to customer service excellence by introducing innovative digital products such as the multilingual USSD banking *7799#, and mobile banking solution, UniFi which have boosted customers’ access to the Bank’s services, while facilitating convenience.

These electronic banking channels are constantly updated with new and exciting features to put the customers first and make their banking experiences top-notch in the industry.

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Banking Sector

Sowore Sues GTBank Over Five-Year Account Freeze, Demands N100 Million in Damages

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Former presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has launched a legal battle against Guaranty Trust Bank (GTB) for freezing his bank accounts for five years.

In a suit filed by his lawyer, Inibehe Effiong, at the Federal High Court in Lagos, Sowore stated that the freezing of his bank accounts was not only illegal but also a violation of his human rights.

Sowore revealed that his bank accounts were frozen without due process by the bank, leaving him financially frustrated.

As a result, the human rights activist is demanding N100 million in damages from GTBank, according to the suit.

Sowore is requesting that the bank immediately unfreeze his accounts and pay the damages. Effiong described the account freezing as unlawful stating “the arbitrary freezing of my client’s accounts without due process is not only illegal but also a blatant violation of his fundamental rights.”

The suit reads, “A Declaration that the Respondent’s act of freezing and restricting the Applicant’s accounts with Account Numbers: (1) 0169510647 (Current Account); (2) 0169510867 (Savings Account); (3) 0169510850 (Current Account); (4) 0171422811 (MasterCard/Visa Debit Account Type) and Account Name: Sowore Omoyele Stephen respectively, all domiciled with the Respondent; Guaranty Trust Bank Ltd is unlawful, unconstitutional, null and void, and a breach of the Applicant’s right to property guaranteed by the provisions of Section 44 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Article 14 of the African Charter of Human and Peoples Rights (Ratification and Enforcement) Act LFN 2010.

“An Order of this Honourable Court directing the Respondent to lift the restriction placed on the Applicant’s accounts with the aforementioned account numbers.

“An Order of perpetual injunction restraining the Respondent, whether by itself, its agents, privies, or servants, from unlawfully interfering with the Applicant’s accounts.”

Sowore is seeking N100 million as general damages for the unlawful freezing of his accounts, as well as the cost of prosecuting the suit.

He further said since 2019, his accounts have been rendered inoperable by the bank, with no formal explanation offered.

Despite several complaints, the Respondent has refused to lift the restrictions. A demand letter dated April 23, 2024, was also served on the Respondent, but to no avail.

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Banking Sector

Zenith Bank Enhances Customer Online Experience with Revamped Digital Channels

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Zenith Bank, one of Nigeria’s foremost financial institutions, has successfully restored full operational services across its electronic transaction channels, ensuring that customers can now enjoy seamless access to digital banking services.

This restoration follows temporary disruptions caused by a routine upgrade of the bank’s technology infrastructure, which aimed to optimize service delivery but impacted e-channel services recently.

In a post shared on Thursday through its social media platforms, the leading lender confirmed that all services across its electronic channels have been fully reinstated.

Reiterating its commitment to providing quality digital services, the bank assured customers of exceptional service with its newly enhanced technology infrastructure, designed to deliver seamless and innovative financial solutions.

The announcement stated:

“We are pleased to inform you that access to our digital channels has been restored, allowing you to perform transactions conveniently via your preferred platform. We appreciate your patience during the IT infrastructure upgrade and sincerely apologize for any inconveniences you experienced.

“Rest assured, we are dedicated to providing you with exceptional service, and the new IT infrastructure we have implemented will enable us to do so moving forward.

Thank you for choosing to bank with us.”

Important Reminder

Zenith Bank will NEVER call, SMS, or email you requesting your card details, PIN, token codes, mobile/internet banking login details, or any other account-related information.

“We will also NEVER ask you to click on a link to update your bank information or activate your account. If you receive such messages, please DO NOT respond,” the bank stated.

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