The third quarter was a story of dashed hopes in emerging markets, with the unraveling of some of the most profitable trades in the asset class.
Three ships that recently arrived to load grain or iron ore at Ukrainian Black Sea ports have sailed and more are headed into the region in the biggest flurry of activity since Russia pulled out of a safe-transit agreement two months ago. Five cargo vessels are on their way toward sea ports in the temporary corridor established by Ukraine’s navy, according to the Marine Traffic database, while the bulk carriers Azara, Ying Hao 01 and Eneida have departed.
South Africa said its state-owned power utility will add 2,400 megawatts of generating capacity to the country’s strained electricity grid before the end of the year.
UBS Group AG reached a settlement with Mozambique over Credit Suisse’s role in a ship-financing scandal, resolving the case between the two on the eve of a London trial.
Saudi Arabia has rewritten its budget forecast for next year, saying it expects a deficit instead of a surplus as it ramps up spending and tackles uncertainty in oil markets.
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