HOME ABOUT SERVICES TEAM NEWS CAREERS GET IN TOUCH LOG IN Ghana budget finally passes with a scale-back of the e-levy 1st December 2021 MeritKapital News US stocks fell back in the red on Tuesday, erasing Monday’s rebound as contrasting news on the efficacy of current vaccines against the omicron COVID variant filtered through. Adding to the bearishness were remarks by Fed Chair Jerome Powell that tapering may proceed at an even quicker pace. The S&P led losses, down 1.90%, while the DOW and the NASDAQ shed1.86% and 1.55% respectively. Yield on 10Y USTs closed lower at 1.4443%. German inflation shot to 6% in November, topping the 5.5% median estimate in a Bloomberg survey. The overshoot followed similarly high figures for Spain (5.6%) and Belgium (5.6%) fuelling concerns that the ECB could have it wrong on the assertion that the spike will ease soon. Euro area inflation also hit 4.9%, overshooting the 4.5% Bloomberg survey median estimate. The euro closed firmer at $1.1291 while yield on 10Y DBRs was lower at -0.349%. Asian stocks were mostly firmer on Wednesday shaking off Tuesday’s selling as markets continue the back-and-forth reaction to the latest variant. The HANG SENG led gains, up 0.78% towards the close while the CSI rose 0.24%. The NIKKEI managed to hold onto gains, closing 0.41% firmer even as the omicron variant was detected on its shores. The ASX closed 0.28% weaker however, following a 1.9% QoQ GDP contraction in Q3. The lira continued its slide on Tuesday as President Erdogan continued to make a case for even lower rates; The currency touched a high of 13.8517 to the dollar late Tuesday following Erdogan’s remarks before somewhat recouping the losses at the open on Tuesday. The benchmark Borsa Istanbul 100 continued to hold up however, closing about flat on Tuesday to cap a return of 18.8% for the month. Ghana’s budget was finally passed in Parliament on Tuesday as majority members returned to pass it having walked out during last week’s failed vote. The passing came with a caveat though, with the government now in talks with telecoms companies to scale back the 1.75% e-levy on mobile transactions. The move thus complicates the government’s revenue collection having projected a 43% surge in 2022 to fund a 23% increase in spending. Share Articles Next Post Share Article Subscribe Curated newsletters and research on our emerging markets regions of focus SIGN UP Recent Articles Stocks falter on Omicron variant concerns Markets recover as investors reassess Omicron variant damage With US markets closed for thanksgiving holiday focus is on Europe Follow us on Twitter @meritkapital GHANA BUDGET FINALLY PASSES WITH… +357 25 857 700 MESSAGE US QUICK LINKS HOME ABOUT TEAM NEWS CAREERS CONTACT CLIENTS PORTAL COOKIE POLICY ADDRESS Eftapaton Court, 2nd Floor 256 Arch. Makarios III Avenue CY-3105 Limassol, Cyprus P.O. Box 53180 SUBSCRIBE CURATED NEWSLETTERS AND RESEARCH ON OUR EMERGING MARKETS REGIONS OF FOCUS MeritKapital is authorized and regulated by Cyprus Securities and Exchange Commission (CySec). (Licence No.: 077/06) RISK WARNING : PLEASE BE AWARE THAT CERTAIN TYPES OF INVESTMENTS CARRY GREATER RISK THAN OTHERS. VALUES MAY FALL AS WELL AS RISE. AS SUCH, THERE IS A RISK THAT THE INVESTOR MAY LOSE ALL OF THEIR INVESTED CAPITAL. YOU CAN ALSO CHECK OUR GENERAL RISK DISCLOSURE DOCUMENT FOR MORE DETAILS. LEGAL ● REGULATORY ● PRIVACY Live Chat