Thur Jan. 21, 2016 shilling and global market report


The Uganda shilling closed at 3460 on the US dollar, 4912 on the British pound, 3762 on the Euro, 33.82 on the Kenyan shilling and 2423 on the Canadian dollar.
Coffee Arabica closed at $2.88 a kilo.

Coffee Robusta closed at $1.58 a kilo.

Gold rose up to $1101 per ounce.

Oil rose up today to close at $29.59.  The trend looks to be reversing so we should see some more upside which will not be long lived because all the indicators are against oil and the trend is down not up.



Shanghai fell 3.23% losing 96 points and closing at 2880.  This one might hold because this level was tested in August 2015 when the Shanghai Index fell to this level and then recovered.  From the last 6 days of trading, it is holding within this range so one can expect it to rise up from this point.

Hong Kong closed at the same level as where it opened; 411. The chart is still awful though. It will continue to drop.

Tokyo fell hard and this is 2 days in a row.  It lost 2.43 % ( 399 points) finishing at 16017.  This is today’s chart and the one for Hong Kong looks similar; a steep slope downwards.


Frankfurt rose 1.94% (182 points) closing at 9574.

Paris rose 1.97% (81 points) closing at 4206.

London rose 1.77% gaining 100 points and closing at 5774.

Toronto rose 1.63% gaining 193 points and finishing the day at 12036.

The Dow Industrial Average rose 0.74% gaining 116 points and closing at 15883.

Nasdaq had no change.  In this market no change is good.

As much as these indices are rising, albeit Hong Kong and Japan have their own minds, this market is a bear market.  We do not have enough buyers to push us up.  The small gains are nothing compared to the big drop we have experienced since this year opened and the China meltdown happened.   We have a long way to go before we can say the economies are recovering.  What is to watch for as we move forward is that oil.  There is so much of it already on the market and Iran has not off loaded the extra 500,000+ barrels yet.

Martha Leah Nangalama

Moncton, Canada

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