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Arab, African Exchanges Sign MoU to Develop Capital Markets

Arab, African Exchanges Sign MoU to Develop Capital Markets
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Arab, African Exchanges Sign MoU to Develop Capital Markets

Arab, African Exchanges Sign MoU to Develop Capital Markets

The Arab Federation of Exchanges (AFE) and the African Securities Exchanges Association (ASEA) signed a Memorandum of Understanding (MoU) aimed at enhancing the competitiveness of member exchanges and supporting the development of more transparent, efficient and sustainable capital markets within both regions.

The signing ceremony took place on the sidelines of the 23rd ASEA Annual General Meeting and Conference hosted by the Botswana Stock Exchange in Kasane, Botswana on November 24 – 26.

The Annual Conference is the main event of ASEA, which brings together international exchanges, policymakers, regulators and top government officials to discuss topical issues facing African capital markets.

Speaking at the signing ceremony, AFE Chairman and Executive Chairman of The Egyptian Exchange, Mohamed Farid, described the MoU as “part of shared vision of transformation of the two regional markets.”

Farid explained that this collaboration will support AFE’s efforts to boost human capital in the African and Arab financial markets by combining the expertise and reach of the AFE and ASEA to deliver joint programs and projects which ultimately will benefit markets of both associations.

President of ASEA and Chief Executive Officer of the Casablanca Stock Exchange Karim Hajji asserted that ASEA and the AFE are natural partners given their mutual objectives to advance the regions’ capital markets, through developing member exchanges, advocating for enabling policies and driving the adoption of global standards.

Establishing this functional relationship, strengthens the ability to tackle complex issues facing both markets and push for better outcomes on capital market matters in the two regions, added Hajji.

“I look forward to connecting ASEA members to a new community of global exchanges, and hope that together we will translate the opportunities presented by this partnership into tangible actions and initiatives which will impact both regional markets.”

Established in 1978, Arab Federation of Exchanges (AFE) joins 16 exchanges and 4 clearing houses, in addition to several brokerage firms. In total, collectively there are over 1,590 listed corporates with a total equity market capitalization of $1.2 trillion.

The Federation’s mission is to enhance transparency in the Arab capital markets, support member development and reduce barriers to cross-border trading in the region.

ASEA was formed with over 25 African exchanges, which collectively are home to over 1,100 listed companies with a total equity market capitalization of approximately $1.5 trillion.

ASEA seeks to position African securities exchanges to be significant drivers of the economic and societal transformation of Africa, by providing a forum for mutual communication, information exchange, cooperation and technical assistance among its members.

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Business

Oil Prices Fall on US-Iran Receiving Peace Proposal

FILE PHOTO: A dog looks out of a car window next to signs on empty fuel dispensers at a Shell petrol station that ran out of fuel, in Sydney, Australia, March 30, 2026. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A dog looks out of a car window next to signs on empty fuel dispensers at a Shell petrol station that ran out of fuel, in Sydney, Australia, March 30, 2026. REUTERS/Hollie Adams/File Photo
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Oil Prices Fall on US-Iran Receiving Peace Proposal

FILE PHOTO: A dog looks out of a car window next to signs on empty fuel dispensers at a Shell petrol station that ran out of fuel, in Sydney, Australia, March 30, 2026. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A dog looks out of a car window next to signs on empty fuel dispensers at a Shell petrol station that ran out of fuel, in Sydney, Australia, March 30, 2026. REUTERS/Hollie Adams/File Photo

Oil prices fell more than $2 in choppy trade on Monday, as investors awaited clarity on the status of talks between the US and Iran and remained wary about sustained supply losses due to shipping disruptions.

Brent crude futures fell $1.92, or 1.76%, to $107.11 a barrel at 1037 GMT. US West Texas Intermediate crude futures were trading down 1.82%, or $2.03, at $109.50 per barrel.

The pricing moves in Asia trading on Monday were dwarfed by an 11% surge for WTI and an 8% rise for Brent during the previous trading session on Thursday, the biggest absolute price increase since 2020.

The US and Iran received the framework of a plan to end hostilities, but Iran rejected immediately reopening the Strait of Hormuz, after President Donald Trump threatened to rain "hell" ⁠on Tehran if ⁠it did not make a deal by the end of Tuesday.

Iran also said it has formulated its positions and demands in response to recent ceasefire proposals conveyed via intermediaries.

The Strait of Hormuz, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed due to Iranian attacks on shipping after the war began on February 28.

"Not being able to open the Strait of Hormuz is becoming more a question of political victory," said Mukesh Sahdev, founder and CEO at consultancy ⁠XAnalysts.

Because of the Middle East supply disruptions, refiners are seeking alternative sources for crude, particularly for physical cargoes in the US and Britain's North Sea. Some vessels, however, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, have passed through the Strait of Hormuz since Thursday, shipping data showed, reflecting Iran's policy to allow passage for vessels from countries it deems more friendly.

Additionally, spot premiums for US West Texas Intermediate crude have jumped to all-time highs as competition between Asian and European refiners for supply heats up to replace Middle Eastern oil flows disrupted by the war, industry sources told Reuters.

The war threatens to linger on as Iran has officially told mediators it is not prepared to meet with US officials in Islamabad in the coming days and efforts to produce a ceasefire have reached a dead ⁠end, The Wall Street ⁠Journal reported on Friday.

On Sunday, OPEC+, consisting of some members of the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to a modest rise of 206,000 barrels per day for May.

However, that decision will largely exist on paper as several of the group's key producers are unable to raise output due to the war.

Meanwhile, Russian supply has been disrupted recently by Ukrainian drone attacks on its Baltic Sea export terminals. Media reports on Sunday said its Ust-Luga terminal resumed loadings on Saturday after days of disruptions.

Exports from the Black Sea port of Tuapse are set to rise to 794,000 metric tons in April, up 8.7% on a daily basis from 755,000 metric tons planned for March, according to two traders and Reuters calculations.

Business

Dollar Steady as Traders Weigh Escalating Iran War, Ceasefire Hopes

US dollar banknotes are seen in this illustration taken March 24, 2026. (Reuters)
US dollar banknotes are seen in this illustration taken March 24, 2026. (Reuters)
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Dollar Steady as Traders Weigh Escalating Iran War, Ceasefire Hopes

US dollar banknotes are seen in this illustration taken March 24, 2026. (Reuters)
US dollar banknotes are seen in this illustration taken March 24, 2026. (Reuters)

The dollar was steady on Monday, while the yen flirted with the crucial 160 per dollar level, as nervous investors took stock of the escalating Iran war, with all eyes on the latest deadline from US President Donald Trump to reopen the Strait of Hormuz.

In an expletive-laden Easter Sunday social media post, Trump threatened to target Iran's power plants and bridges on Tuesday if the strategic waterway is not reopened, setting a precise deadline of 8 p.m. Tuesday Eastern Time (0000 GMT).

With most of Asia and Europe closed for holiday on Monday, liquidity is likely to be thin, with investor focus on the possibility of a ceasefire after a media report suggested a last-ditch push from negotiators was underway.

"Trump's latest deadline itself is bearish not because investors think war is guaranteed tomorrow if ‌Iran does not ‌open the strait, but because every new ultimatum makes the disruption look longer, ‌stickier ⁠and more macro-negative," ⁠said Charu Chanana, chief investment strategist at Saxo in Singapore.

The euro was at $1.1523, while sterling last fetched $1.3211. The dollar index, which measures the US currency against six rivals, was slightly lower at 100.12.

The Australian dollar was 0.3% higher at $0.69045, wobbling near the two-month low that it hit last week.

In the kind of mixed messaging that has baffled supporters, foes and financial markets alike, Trump told Fox News on Sunday that Iran was negotiating, with a deal possible by Monday.

Axios reported the US, Iran and regional mediators are discussing terms of a potential 45-day ceasefire that could ⁠lead to a permanent end to the war.

Global markets have been rattled since ‌the US-Israel war on Iran broke out at the end of February, ‌with Tehran effectively closing the Strait of Hormuz, a key waterway that is a thoroughfare through which about a fifth ‌of the world's total oil and liquefied natural gas passes.

"If the strait is reopened fully around that ‌time (Trump's Tuesday deadline), oil will fall sharply and risk will rally hard," said Prashant Newnaha, senior rates strategist at TD Securities.

"However, if the US escalates, expect global markets to reprice sharply. It's wait-and-watch in what's turning out to be a binary event."

The closure has caused oil prices to surge well above $100 per barrel, stoking fears of high inflation and upending rates outlooks across the ‌world. Worries about the hit to economic growth have also weighed as stagflation risks swirl.

Traders are now no longer pricing a move from the Federal Reserve ⁠well into the second ⁠half of 2027, compared with expectations of two rate cuts in 2026 at the start of the year.

Data last week suggested US labor market conditions remained calm in March, though economists warned that a prolonged war in the Middle East posed a downside risk.

YEN WATCH

The Japanese yen was flat at 159.55 per US dollar, not far from the 21-month low that it hit last week as traders watch for indications of Tokyo intervening in the wake of strong warnings from officials in the past few days.

Japanese Finance Minister Satsuki Katayama on Friday put currency traders on notice, saying the government stands ready to act against speculative moves in foreign exchange markets as volatility has risen "significantly."

Still, many doubt the firepower of any intervention at a time when geopolitical turmoil in the Middle East is fueling relentless demand for the safe-haven dollar. The yen is down 1.5% since the war started, stuck near the 160 level.

Speculators have also been adding to their short yen positioning, with the latest weekly data showing a short position worth $5.7 billion, the highest since July 2024, when Japan last intervened in the FX markets.

Business

Citigroup Pushes Back Fed Rate Cut Timeline After Strong Job Numbers

The Federal Reserve building in Washington. (Reuters)
The Federal Reserve building in Washington. (Reuters)
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Citigroup Pushes Back Fed Rate Cut Timeline After Strong Job Numbers

The Federal Reserve building in Washington. (Reuters)
The Federal Reserve building in Washington. (Reuters)

Citigroup ‌has pushed back its Fed rate-cut timeline, citing unexpectedly strong US job gains and persistent inflation risks.

The Wall Street brokerage now expects a total of 75 basis points of rate cuts in September, October and December ‌instead of June, ‌July and September, ‌according ⁠to a note ⁠dated April 3.

"We continue to think signs of a weakening labor market will result in cuts later in the year. ⁠But the timing of ‌upcoming data ‌suggests a later start to rate ‌cuts than we had ‌previously been expecting," Citigroup said.

US job growth rebounded more than expected in March as a strike ‌by healthcare workers ended and temperatures warmed up, but ⁠downside ⁠risks for the labor market are mounting from a war with Iran that has no clear end in sight.

Citigroup says weak hiring will push the unemployment rate higher in the summer, similar to the last few years.