Please note that the next Daily Shot will come out on Tuesday, September 6th.
1. We begin with emerging markets where Nigeria has finally released its Q2 economic figures. Some suggest that the delay was related to John Kerry’s visit. Perhaps. Here is the quarterly GDP.
Nigeria’s employment situation has worsened as payrolls fell while the unemployment rate rose.
Nigeria’s foreign reserves continue to deteriorate.
Moreover, the nation’s food inflation is accelerating due to weak currency.
Domestic bond yields are rising again on the back of the above reports.
2. Other oil producing nations are experiencing significant economic deterioration as well. Here is Saudi Arabia’s GDP – note the non-oil component.
Source: Capital Economics, @elenaholodny (Business Insider)
3. South Africa’s sovereign CDS spread is grinding higher.
It looks as though South Africa’s private sector is experiencing a credit crunch of sorts. Credit as well as the broad money supply growth slowed more than expected.
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