JPMorgan, the global leader in financial services, has removed Nigeria from its list of emerging market sovereign recommendations that investors should be ‘overweight’ in.According to Reuters, the move was informed by the fact that Nigeria had not taken advantage of high oil prices.
Last week, the Fed raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years, as it seeks to tame high inflation while its rate increases also buffet higher-yielding emerging markets.JPMorgan’s Emerging Markets Bond Index Global Diversified index has fallen 16% this year, the analysts said, “with most of the losses having come from rates” and $4 billion in net outflows from emerging markets since mid-April.
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