This week, traders will likely
focus on the following issues.
Nigerian Elections
Today, the Nigeria’s electoral
authority is expected to release the results of the general election that
happened on Saturday. The presidential election were between the incumbent,
Muhamadu Buhari and the former Vice President, Atiku Abubakah. On Sunday, it
was reported that violence took place in some states, which led to the death of
three people. Traders will likely watch out for this because of the important
role Nigeria plays in the oil industry.
North Korea talks
This week, the second meeting
between Donald Trump and Kim Jong Un will happen in Hanoi. The meeting’s aim is
to held denuclearization of the Korean Peninsula. It is expected that Kim Jong
Un will ask the US to end its sanctions, which have contributed to hobbling the
economy. Donald Trump is expected to ask for concrete measures on
denuclearization. As the talks move on, traders will likely focus on the
Japanese yen, which is an important proxy for the North Korean issue.
Mueller
While it has not been confirmed,
there is a likelihood that Robert Mueller will finalize his 16-month investigation
into collusion between Donald Trump campaign and Russia. The investigation has
seen the indictment of a few people who were involved directly in the election.
Due to the newly appointed attorney general William Barr stating he would
present his own report to congress based on Muller’s findings, Democrats said
that they will require Mueller to testify before congress on the issue after he
clears his investigation. Donald Trump and his family members did not testify
before Mueller. If the report is released, it will lead to shockwaves in the
United States and around the world. Even if the president is cleared, his legal
problems will likely continue because of the other cases being investigated.
Brexit
Traders will likely continue to
focus on Brexit as the March 29 deadline nears. Currently, there is uncertainty
about what will happen when the day arrives. Theresa May has been trying to
negotiate with the European Union leaders, who have rejected her proposals on
backstop. Experts believe that the premier will either ask for an extension or
take the bill in parliament in the last minute. This will likely force the MPs
to either vote on her bill or reject it, ushering a no-deal Brexit.
Economic Data
Traders will receive economic
data this week. On Tuesday, the UK will have the inflation hearings while the
US will release building permits data and CB consumer confidence data. On
Wednesday, ADP will release the employment data for February while Canada will
release its CPI numbers. On Thursday, China will release the manufacturing PMI
numbers and Friday, the Labor department will release the official employment
numbers.
Mobile World Congress
Technology enthusiasts have
started meeting in Barcelona for the Mobile World Congress. This is the biggest
event in technology that sees big launches by technology companies. Yesterday,
Huawei announced its version of the foldable phone, which will sell for $2000.
Traders will likely continue to focus on this event, which will present the
future of technology. Most focus will be on 5G.
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