The IMF came out with a report that Uganda’s debt is 50% of the GDP.
In 2015, Uganda defaulted on IGAD payments and international servicing of debt. In 2015, our debt was 44% of the GDP.
In 2015, the Uganda shilling was trading at 2500 on the US dollar. Now it is a different playground.
Today the shilling closed at 3362 on the US dollar, 438 on the British pound, 3800 on the Euro, 50.24 on the Rupee, 33.12 on the Kenyan shilling, 2620 on the Canadian dollar, 25778 on the Australian dollar and 1.54 on the Tanzania shilling.
These minor moves for the shilling are not convincing. The Uganda shilling could tank so I would not trade it at all.
Coffee Arabica closed at $3.48 per kilo.
Coffee Robusta closed at $2 even on the kilo.
There is a bit of weakness on coffee but remember that summer is coming to an end and when winter kicks in, people will drink more coffee. Just always mix your shipments of both types. If you even work with Fair Trade, you will make more money because the world now invests in FAIR.
Brent Crude Oil gained $0.78 closing at $49.80 per barrel. Remember Total said they need $60 per barrel to break even. http://www.wsj.com/articles/total-ceo-warns-of-weaker-profit-amid-oil-price-collapse-1453188577
WTI Crude Oil gained $0.21 and closed at $46.79 per barrel.
Remember that #SouthSudan pays $25 per barrel to use the Sudan pipeline. http://sudantribune.com/spip.php?article58432
Shanghai did not get out of bed.
Hong Kong lost 2 points. This one is a bit tricky because it usually does not move but it is a bull.
Tokyo gained 149 points but forming a perfect short pattern. I still would not touch the Nikkei. This thing is a causer of heart attacks.
Frankfurt – oh hot damn! The Dax lost 139 points. It was looking good but too many haters. It does have a lot of support though so maybe do not short it but stay on the side and watch how the hate against Merkel plays out.
Today could have been profit taking because it rose a lot.
Paris – Ladies and gentlemen, it acted like Frankfurt. The CAC lost 43 points but it still has a lot of support so maybe this one is also one to be watched.
London lost 35 points. Why? This is not a surprise. The FTSE has risen a lot and at this level, smart people tale out some profits. It was crazy for people to trade the FTSE with #Brexit but we now have many billionaires