Comoros Political Turmoil: Reports are indicating thatComoros President, Azali Assoumani, has granted expansive executive powers to his son, Nour El Fath, that will allow him to effectively make all executive decisions for the government. This follows a decision by Assoumani last month, placing his son in charge of coordinating government affairs. Assoumani, 65, whose re-election in January was tainted by allegations of voter fraud, has been accused by opponents preparing the way for his son to replace him when his term ends in 2029. He has so far refused to comment on the allegations.
Protests Arrests of Foreign Students in Nigeria: Polish Authorities announced on Wednesday thatNigerian security forces had detained seven Polish nationals, including six students and a lecturer, for allegedly displaying Russian flags during protests against economic hardship in the West African nation, Nigerian and Polish authorities said Wednesday. The Poles were reportedly arrested on Monday because of where they were during the protests and for allegedly displaying foreign flags according to Peter Afunanya, a spokesman for the Nigeria secret service, during a meeting of diplomats hosted by Nigeria’s foreign affairs ministry in the capital, Abuja. There was no confirmation of their participation in the protests when they were arrested, nor was there any evidence provided of their involvement in the protests. The University of Warsaw confirmed those detained were students and a lecturer who were in Nigeria for a study trip organized by the university, according to the Polish state news agency PAP.
Olympic Highlights:
- Men’s Athletics: Soufiane El Bakkali, the 28-year old athlete from Morocco, showed he is a world class athlete winning a consecutive gold medal in the Olympic’s 3000m steeplechase final last night. He is the first athlete to defend an Olympic title in the Steeplechase event since 1936. The two-time world champion, had a late challenge from American Kenneth Rooks, but held his lead after easing past Rooks. Bakkali won in a time of eight minutes 6.05 seconds. Rooks held on for silver, beating Kenya’s Abraham Kibiwot who took bronze.
- Zambia Celebrates its First Medal: 21-year old Muzala Samukonga, of Zambia, Broke the medal drought for Zambia taking Bronze in a hard fought 400m race last night to end Zambia’s 28-year Olympic medal drought. Sumukonga joins a small list of Zambian Olympic medalists, alongside 400m hurdler Samuel Matete, who took silver at Atlanta 1996, and boxer Keith Mwila, who took secured a bronze at Los Angeles 1984 Olympics. The 2022 Commonwealth champion finished behind the USA’s Quincy Hall and Great Britain’s Matthew Hudson-Smith in a time of 43.74 seconds, setting a new Zambian national record.
Market News: Markets are currently range-bound ahead of jobless claims data, with investors highly sensitive to any negative news that could hint at a recession. Currency and commodity markets are keeping within recent ranges ahead of today’s US jobless claims number. Concerns surrounding a possible US recession and global growth concerns are unsettling markets while contradictory signals from the BOJ have seen continued volatility in both the Yen and the Nikkei. Hawkish comments from RBA Governor Bullock have seen the Aussie Dollar firm nearly 0.7% to 0.6560 against the Dollar. Emerging Market currencies are also a touch firmer this morning. The Rand is currently at 18.35.. Equity markets are mixed with US markets and futures in the red, but the rest of the global markets are positive.
Commodities: Precious metals have opened firmer this morning, with Gold up at $2,393, Platinum at $924, and Palladium at $894. Trading remains on the cautious side, with geopolitical and recession concerns, along with US rate cut uncertainty. Brent crude closed firmer at $78.33 last night on the back of lower US inventories, but demand concerns are limiting gains for now.