Nigerian senate approves $6.2 billion external loan request

Contracts on the S&P 500 and Nasdaq 100 signaled a retreat from new records set Wednesday in the underlying gauges. Despite the retreat the index ended up +.34% higher from its opening levels to close at 4,358.13. The Dow Jones Industrial Average DJIA added +.3% to 34,681.79. The Nasdaq composite COMP gained less than +.1% to a record 14,665.06. Overnight, Wall Street closed at a new high, propelled by gains for technology, industrial and health care stocks.

The markets in China saw the Shanghai Composite Index SHCOMP drop 0.6% from its opening levels after Chinese Cabinet announced it will free up more money for lending by reducing the amount of deposits banks are required to hold in reserve. Markets in Asia were also relatively down with the MSCI Asia Pacific Index declined 1.1%. The Nikkei 225 NIK in Tokyo lost 0.9% as Japanese officials prepared to declare a coronavirus state of emergency during the Olympics due to a surge in infections.

Oil prices dropped Thursday, falling for the third consecutive session, amid continued uncertainty over future OPEC+ production levels after a dispute halted talks earlier this week. WTI lost 17 cents to $72.03/bbl in electronic trading on the New York Mercantile Exchange. It fell $1.17 to $72.20/bbl on Wednesday. Brent crude shed 6 cents to $73.37 per barrel in London. It sank $1.10 the previous session to $73.43/bbl

The Nigerian Senate approved a request by President Muhammadu Buhari to borrow as much as $6.2 billion including through eurobonds, to finance infrastructural projects, according to Wednesday’s proceedings. The approval came after lawmakers adopted a proposal by the Local and Foreign Loans Committee, which recommended that the funds be used in part to finance the 2021 budget deficit. The government can raise the amount from external markets or domestically.