09/04/2026 - Sectors

09/04/2026 - Compliance

Financial Cybercrime: Illegal Loan Network Dismantled

09/04/2026 - Economy/Forex

09/04/2026 - Sectors

Telecommunications: Telefónica and Melisa Acquisition Agree to Sell Movistar Mexico

09/04/2026 - Sectors

09/04/2026 - Sectors

09/04/2026 - General Information

OF Morning Brief§§§--=--§§§<p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">European stock markets are expected to open mixed on Thursday, with investors monitoring the evolving situation in the Middle East while awaiting the release of the US PCE inflation index.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">According to IG broker data, around 8:15 AM, the CAC 40 futures contract was down 0.1%.<br> <br> According to IG broker data, the DAX 40 futures contract in Frankfurt was down 0.3%, while the FTSE 100 futures contract in London gained 0.5%, around 8:15 AM. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Israel conducted its heaviest bombing campaign in Lebanon on Wednesday since the start of its offensive on March 2, resulting in nearly 200 deaths, despite the truce agreed upon by the United States and Iran. Tehran stated that this truce implied a halt to fighting in Lebanon, which US President Donald Trump denied.<br> Furthermore, one of the main conditions set by the United States, the reopening of the Strait of Hormuz, remains a pipe dream for now. Only four vessels were authorized to cross the strait on Wednesday, the lowest number recorded so far in April, according to S&amp;P Global Market Intelligence. Traffic in the strait was interrupted Wednesday evening after the Israeli strikes in Lebanon, according to the semi-official Iranian news agency Fars.<br> In this context, oil prices are rising again. The June contract for North Sea Brent crude gained 2.3% on Thursday morning, reaching 96.90 dollars.<br> In Asia, the Tokyo Stock Exchange was down 0.8% at the end of Thursday's session. Shanghai fell by 0.7% and Hong Kong by 0.4%.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif"><br> The yield on the ten-year US Treasury bond was almost stable at 4.30% around 8:15 AM. &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Eric Wallerstein, macro strategy expert at Clocktower Group, stated that the bond market's reaction to the ceasefire has so far been more subdued than that of other market segments. Fears that the Middle East war will fuel inflationary pressures are prompting investors to exercise caution.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">According to the minutes of the latest Federal Reserve (Fed) meeting, released Wednesday evening, Fed officials indicated they expect high oil prices to boost short-term inflation and delay the stabilization of prices towards their 2% annual target. Even if they continue to forecast rate cuts this year, a growing number of Fed members believe that this easing bias could be abandoned, the minutes show.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The euro was stable against the greenback at 1.1663 dollars around 8:15 AM.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif"><br> The May contract for West Texas Intermediate (WTI) crude traded on Nymex rose by 3% to 97.27 dollars per barrel. Around 8:15 AM, the June contract for North Sea Brent crude gained 2.2% to 96.83 dollars.&nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Vivek Dhar, an analyst at Commonwealth Bank of Australia, stated that "it's hard not to see more upside risks than downside risks for oil prices as long as the Strait of Hormuz remains closed". <o:p></o:p></span></p><p> </p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Even if it reopens, Iran has indicated that it would limit the number of vessels crossing the Strait of Hormuz to a dozen per day and would collect transit fees as part of the two-week ceasefire concluded by President Trump.<o:p></o:p></span></p>

08/04/2026 - Sectors

08/04/2026 - Sectors

08/04/2026 - Index/Markets Sectors

08/04/2026 - Sectors

Global Recovery Program: Afreximbank to unlock US$10 billion§§§--=--§§§<p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">In order to protect African and CARICOM economies from the ongoing conflict, </span><a><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">Afreximbank&nbsp;</span></a><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">will unlock US$10 billion as part of its Global Recovery Program (GRP). <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The Board of Directors of&nbsp;</span><a><span style="font-size:14.0pt;line-height:107%; font-family:&quot;Bookman Old Style&quot;,serif">the African Export-Import Bank (Afreximbank)&nbsp;</span></a><span style="font-size:14.0pt;line-height:107%; font-family:&quot;Bookman Old Style&quot;,serif">has approved a US$10 billion Gulf Crisis Response Program (GCRP) to protect economies against severe economic shocks triggered by the escalating conflict in the Middle East. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The conflict has sent shockwaves through the global economy, with African and Caribbean economies being the hardest hit. Given the Gulf region's importance as a major global source of oil, liquefied natural gas (LNG), fertilizers, and the crucial role of the Strait of Hormuz, the escalating conflict has led to far-reaching global repercussions, particularly affecting African and CARICOM economies.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The GCRP aims, in particular, to support essential imports – including fuel, LNG, foodstuffs, fertilizers, and pharmaceuticals – by providing vital short-term foreign exchange and liquidity to support vulnerable member states.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">It further aims to empower African energy and mineral exporters to capitalize on rising prices and the redirection of trade flows by increasing their production capacity in strategic raw materials through pre-export financing, working capital, and inventory financing.<o:p></o:p></span></p><p> <span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family: &quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi;mso-ansi-language:FR; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">The program also aims to strengthen the medium- to long-term resilience of African and Caribbean economies to future shocks by increasing the production capacities of energy and mineral producers and exporters, while accelerating the completion of essential energy, port, and logistics infrastructure projects in African and Caribbean member states, which have been delayed by the conflict.</span></p>

08/04/2026 - Sectors

08/04/2026 - Sectors

08/04/2026 - Raw materials

08/04/2026 - Raw materials

Metals: Gold hits nearly three-week high§§§--=--§§§<p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">On Wednesday, gold prices reached their highest level in nearly three weeks. Markets are re-evaluating short-term risks after US President Donald Trump agreed to suspend bombings and attacks against Iran for two weeks. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Spot gold rose 2.3% to $4,812.49 an ounce at 2:15 GMT. Earlier in the session, the yellow metal had climbed more than 3% to reach its highest level since March 19. US gold futures for June delivery advanced 3.4% to $4,841.60.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">According to Tai Wong, an independent metals trader, "this is an immediate relief rally, and it remains to be seen whether Iran will comply with the demand. For gold, the 200-day moving average, at $4,930 and then $5,000, will be a major hurdle. Similarly, the $80-81 level is important for silver." <o:p></o:p></span></p><p> <span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family: &quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi;mso-ansi-language:FR; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Among other metals, spot silver prices rose 4.9% to $76.48 an ounce, platinum advanced 3.2% to $2,020.57, and palladium increased 4.1% to $1,529.35.</span></p>

08/04/2026 - Index/Markets

08/04/2026 - Raw materials

08/04/2026 - Raw materials

08/04/2026 - Raw materials

08/04/2026 - Economy/Forex