This was a busy weekend for the
markets as investors focused on a number of issues like the Nigerian elections,
political uncertainty in Venezuela, trade, and the Mueller probe.
Nigerian Election
This weekend, Nigerians went to
the voting centers to cast their votes on the next leader. The election
happened a week after it was scheduled to happen because the electoral body was
not prepared. The two main contestants were Muhamadu Buhari and Atiku Abubakah,
both who come from the Northern area. Buhari, 76, is the incumbent leader who
was vying on the anticorruption platform. Abubakah is a popular political
figure and prominent businessman who vied on the platform of anti-corruption
and job creation. The results are expected today. Reports from the ground show that
a few people have lost their lives. The political implications are important
because Nigeria is the biggest crude oil producer in Africa.
Venezuela
This weekend was important for
the Venezuelans as the opposition tried to get aid into the country. At the
Colombian border, violence ensued that saw about three people killed and 300
more dead. The government, led by Nicholas Maduro has rejected the need for aid
in the country. They argue that this aid is intended to help in changing the
government. Meanwhile, the country’s opposition leader who has been recognized
as the president by more than 50 countries asked for international military
intervention to force Maduro out. This issue matters because Venezuela has the
most oil reserves. The Trump administration has moved to place sanctions on
this oil.
Mueller Probe
Over the weekend, talks in the
United States revolved around Robert Mueller, who is carrying out a probe on
the Trump campaign and on his decision to fire James Comey. Last week, it was
reported that Mueller was completing his report and was likely to release it
this week. This will likely be a major news for the market because of the
importance of the probe. Experts believe that Mueller could surprise by either
being soft on the president or by writing a report that recommends impeachment.
Any more political uncertainty could lead to a poor performance of the markets.
Trade
On Sunday evening, Donald Trump
sent a tweet in which he said that he would extend the March 1 deadline on the
trade negotiations. In the announcement, he said that this decision was caused
by the good progress on the talks between the two countries. It came a few days
after Chinese negotiators led by Liu He came to Washington to meet with the
counterparts.
North Korea
Focus was also on North Korea as
the leader prepares to meet with Donald Trump in Vietnam. This will be the
second meeting for the two leaders to meet. The goal of the talks are to
prevent nuclear development by the North Koreans. However, experts believe that
North Korea will not give away its nuclear weapons for two reasons. First, the
weapons are used by the Kim dynasty as an insurance against international
intervention. Second, the United States government is not a trusted party
especially after the past actions in Libya, Iraq, and Iran.
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