E-Financial
IMF Warnings Renew Market Jitters
Sentiment towards the global economy was dealt a numbing blow during trading on Tuesday following the International Monetary Fund’s (IMF) gloomy outlook on global growth which consequently dented risk appetite.
These meek outlooks come at a time when the violent combination of stubbornly low commodity price and ongoing China woes has persistently exposed other nations to major downside risks.
With the horrible cocktail of ongoing global instabilities potentially sabotaging any real recovery in global growth and blurring economic outlooks, it seems likely that the IMF will slash growth forecasts once again at the next meeting in Washington.
The logical steps to mitigating the headwinds of slowing global growth in a normal market environment may be to unleash further accommodative monetary policy, but recent market reactions from central bank intervention have almost exacerbated the situation.
We live in a period of negative rate policies where unorthodox central bank interventions have severely warped the financial markets, only leaving investors more anxious.
Confidence towards the global economy was already low and with the IMF’s fears adding to the mixture of falling oil prices, Brexit fears, China concerns and emerging market weakness, investors may be encouraged to scatter from riskier assets.
Stock markets were left vulnerable on Tuesday and concluded surrendering to the bears as depressed oil prices chipped away at risk appetite.
Europe, Asia and American markets descended into the red territory following the IMF’s timid outlook on global growth that renewed a sharp wave of risk aversion.
With anxiety mounting ahead of the FOMC minutes on Wednesday forcing investors to flee from riskier assets, stock could be poised to decline further with Asia leading the selloff as risk aversion boosts appetite for the safe-haven Japanese Yen.
FOMC Minutes in Focus
Investors may direct their attention towards the heavily anticipated FOMC minutes on Wednesday which could offer additional clarity on interest rate hike timings in 2016. In recent weeks sentiment towards the US economy was ripped in various directions following the clash of stances between hawkish Fed officials and the dovish Janet Yellen and today may offer some light as to why.
Although data from the States continues to display signs of recovery, it seems clear that global developments dictate when or if the Fed will be raising US rates in 2016.
Sentiment is bearish towards the Dollar and with the latest comments from the IMF eroding any expectations over the Fed taking action in Q2, bearish investors have been provided a platform to attack.
The Dollar Index remains bearish on the daily timeframe and may be set to depreciate further if the FOMC minutes hint at a dovish tone or even fail to provide any direction on US rate hikes.
From a technical standpoint, prices are trading below the daily 20 SMA while the MACD has crossed to the downside. Previous support at 95.50 may transform into a dynamic resistance which could trigger a further decline towards 94.00.
WTI Crude Challenges $35
WTI experienced a technical bounce during trading on Tuesday which had nothing to do with an improved sentiment towards the heavily oversupplied commodity.
The lingering impact of Saudi Arabia’s unexpected comments on the success of an output freeze deal on Iran’s unlikely participation has left prices vulnerable to further losses.
With Iran remaining defiant on any talks of a production freeze, while currently boosting output to 4mbpd, any real recovery in prices could be curbed.
The sentiment is bearish towards WTI and with expectations mounting that the Doha meeting may conclude unsuccessful amid the conflict of interests, sellers could exploit this opportunity to send prices lower.
From a technical standpoint, WTI is bearish as there have been consistently lower lows and lower highs. Prices are trading below the daily 20 SMA and the breakdown below $35 has opened a path towards $30.
China in The Picture
China Caixin Services PMI exceeded expectations earlier this morning, but sentiment remains bearish towards the Chinese economy regardless with an increasing focus on its ability to maintaining the 6.5% GDP target for 2016.
Investors should keep in mind that in March data from Beijing followed a negative trajectory, while the elevated fears of a faster deceleration in economic momentum ensured the China markets remained depressed.
Although the nation is currently engaged in a mission to transform into an economy that prospers on global demand, China export-reliant countries continue to feel the pain.
By Lukman Otunuga, Research Analyst at FXTM
Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.
This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.
The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.
Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .
In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.
Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
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