Ghana's Credit Rating Raised by S&P After Spending Cut Plans
Ghana's credit rating was raised by S&P Global Ratings after the new administration unveiled plans to rein in spending as the West African nation recovers from a painful debt restructuring.
The credit assessor upgraded the long-term foreign-debt rating of Africa's top gold producer to CCC from SD, or selective default. The outlook was set at stable.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
25 minutes ago
- Wall Street Journal
Heard on the Street Recap: What Wall Street Is Talking About
Trump terminated trade talks with Canada. Trade tension reared its head again in the afternoon with President Trump's declaration that discussions with Canada were off. Stocks had hit record highs in earlier trading, after the president said he'd signed a trade deal with China and administration officials indicated more were on the way. Stocks hit record highs before losing ground. The S&P 500 and Nasdaq ended 0.5% higher. The Dow Jones Industrial Average rose 432 points, or about 1%. Nike rose. The sneaker maker said tariffs would add $1 billion to its costs this fiscal year, which the company plans to partly recoup by raising prices on some of its products. But the company's quarterly results on Thursday came in ahead of expectations. The stock ended 15% higher.
UPI
30 minutes ago
- UPI
S&P 500, Nasdaq set records in dramatic 3-month turnaround
The Standard & Poor's 500 and Nasdaq Index on Friday rose to records nearly three months after plunging amid tariff wars. File Photo by John Angelillo/UPI | License Photo June 27 (UPI) -- The Standard & Poor's 500 and Nasdaq Composite on Friday rose to record highs nearly three months after plunging to bearish stock prices amid tariff wars. The S&P finished at 6,173, an increase of 32.05, or 0.52% at the close of trading at 4 p.m. EDT. The previous all-time high closing price was 6,144 on Feb. 19. The index dropped to 4,982.77 on April 8, six days after Donald Trump announced trading tariffs on virtually all U.S. trading partners. That low point was 19% off the record with a bear market considered to be 20%. Tech-heavy Nasdaq finished at 20,273, a rise of 105.55, or .52%. The last all-time high was 20,173.89 on Dec. 16. The year's low was April 8 at 15,267, a decline of 24.5% from the record. The Dow Jones Industrial Average ended the day at 43,819.27, a rise of 431.43 or 1%. DJIA hit a record of 45,014.04 on Dec. 4 and was down to 37,645.59 on April 8. The high this year was 44,882.13 on Jan. 30th, 10 days after Donald Trump became president. All but two of CNBC's 11 sectors declined. Energy dropped 0.5% and health 0.17%. The biggest increases were consumer discretionary at 1.78% and communications services at 1.55%. Stocks had been trading higher Friday until Trump posted on Truth Social that trade talks with Canada were terminated. "We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country," Trump posted. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," he said. "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period." The United States has imposed a 25% tariff on non-compliant Canadian goods, including vehicles, with energy products subject to a 10% tariff. Also, Canada was hit by the 50% tariff on steel and aluminum imports like other nations. Canada has retaliated with its own tariffs. Products involved in the U.S.-Mexico-Canada Agreement are exempted. Investors were buoyed after Commerce Secretary Howard Lutnick said a trade framework with China had been finalized. At one time, Trump imposed a 134% tariff but it has since been cut to $30. Lutnick said he expects deals with 10 trading partners soon. On "Liberation Day" on April 2, Trump said he would impose a baseline 10% tariffs on most trading partners and stiffer ones for big violators. A week later, he paused them until July 7 and that date might be extended. "I can see where the risks are here -- if the trade [progress] is just hype from the White House and no deals are really forthcoming, then this market is going to roll over," Thierry Wizman, global FX and rates strategist at Macquarie Group, told CNBS. "Ultimately, this all comes back to growth in the U.S. economy and growth of earnings." "We think the recovery makes sense, considering that most large-cap companies should weather the tariffs reasonably well," David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, told investors in a note. "In fact, we think the upcoming [second-quarter] earnings season will once again highlight the resilience of corporate profits." Vital Knowledge analyst Adam Crisafulli sees possibly bumpy times. "We think there's a dangerous amount of complacency on trade/tariffs, a view underscored by the fact markets this morning are celebrating the China 'deal' for a third time," Crisafulli said in a report. The records come days after Trump brokered a cease-fire between Israel and Iran. Oil prices surged before the U.S. bombed three nuclear targets in Iran. West Test Intermediate crude climbed to $74.14 a barrel after being as low as $57.13 on May 13. On Friday, crude oil settled at 65.07, up 17 cents from the day before. One year ago, it reached nearly $84. The average price for unleaded gas in the United States is $3.207, a penny down from last week and $3.503 one year ago, according to AAA. Investors are also pleased with good economic data. Inflation rose 2.4% in May over one year. The unemployment rate 4.2% and has been at this level since May 2024. The Federal Reserve has not raised interest rates since Dec. 18. The Federal Funds Rate is 4.25% to 4.50%. Federal Reserve Chairman Jerome Powell has described a "wait-and-see" approach to interest rate adjustments, describing the need for more data. The next meeting is July 29 and 30.
Yahoo
42 minutes ago
- Yahoo
Trump celebrates U.S.-brokered peace deal between Democratic Republic of Congo and Rwanda
Washington — President Trump on Friday celebrated the signing of a U.S.-brokered peace agreement between the Democratic Republic of the Congo and Rwanda, marking what the Trump administration hopes will be the end of a deadly conflict that has spanned nearly three decades. The agreement brokered by the Trump administration is an effort to stop the bloodshed in the eastern part of the DRC, where a militia allegedly backed by Rwanda occupies large pieces of land. Rwanda has denied directly backing the rebels. Officials from both countries signed the agreement in Washington this week. "So we're here today to celebrate a glorious triumph, and that's what it is, for the cause of peace," Mr. Trump said in the Oval Office. "This is a long time waiting. The signing of a historic peace agreement between the Democratic Republic of the Congo and the Republic of Rwanda. The conflict has continued and it's been going on for many, many years. It's been going from, I guess they say 30 years." The region has been unstable for decades, and conflict in eastern Congo has led to thousands of deaths recently, and about 6 million deaths over the last three decades, according to the Council on Foreign Relations. The conflict has spawned a humanitarian crisis and widespread displacement in eastern DRC. Mr. Trump said the U.S. will be "putting a lot of pressure" on the countries to honor the agreement. "I will just say that there are big penalties if they violate," Mr. Trump said, including financial penalties. But, he added, he thinks they'll remain in peace. The agreement allows for U.S. access to the DRC's deposits of minerals, such as gold, copper and lithium. Mr. Trump on Friday took credit not just for the DRC-Rwanda agreement, but for his administration's role in intervening in other conflicts, too. "This is a tremendous breakthrough," he said. "In a few short months, we've now achieved peace between India and Pakistan, India and Iran, and the DRC and Rwanda, and a couple of others, also." Vice President JD Vance also praised the president's role in the DRC-Rwanda deal. "If I think about what I know about these two countries, for 30 years, pretty much the entire time that I can remember these two countries being in the news, much of the story has been about them fighting one another, about them killing one another," Vance said. "And now, we can look forward to a future where my children will look at this moment as the beginning of a new story, a story of prosperity and peace." Hegseth slams Iran strikes initial assessment that contradicts Trump's take Young Cuban girl asks Trump to lift travel ban stopping her from joining mom in U.S. Jeff Bezos and Lauren Sánchez set for star-studded wedding in Venice
