NAIROBI, July 24 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

EVENTS:

*Zambia Finance Minister Situmbeko Musokotwane to present the country’s mid-year budget review.

GLOBAL MARKETS

Asian stocks were subdued on Wednesday after lacklustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment, while the yen hit a six-week high ahead of a central bank meeting next week where a rate hike remains on the table.

WORLD OIL PRICES

Oil prices rebounded on Wednesday, snapping three straight sessions of decline, as falling U.S. crude inventories and growing supply risks from wildfires in Canada boosted prices.

SOUTH AFRICA MARKETS

The South African rand weakened on Tuesday, as investors looked towards June inflation data due on Wednesday and markets watched for developments in the U.S. presidential race.

NIGERIA CENTRAL BANK

Nigeria’s central bank on Tuesday raised its benchmark interest rate for the fourth time this year, as inflation surged to a 28-year high and the naira came under renewed pressure on both the official and parallel markets.

NIGERIA WAGES

Nigerian lawmakers passed legislation on Tuesday to more than double the minimum wage to 70,000 naira ($44.16) a month, ending months of wrangling between the government and labour unions.

NIGERIA POLITICS

Nigeria’s police chief warned against Kenyan-style protests on Tuesday after frustrated citizens used online platforms to call for demonstrations against poor governance and a cost of living crisis.

KENYA MARKETS

Kenya’s shilling weakened against the dollar on Tuesday, traders said, weighed on by banks covering their positions.

KENYA ECONOMY

Kenya expects the International Monetary Fund to review its revised fiscal repair plan at the end of August, the country’s chief minister has told a parliamentary panel.

KENYA POLITICS

Kenya’s police fired tear gas to prevent scuffles between groups of protesters and government supporters in the capital Nairobi on Tuesday, as youth-led demonstrations against alleged corruption and misgovernance dragged into their sixth week.

UGANDA POLITICS

Ugandan security forces detained dozens of young people on Tuesday, a rights group said, as they took part in a banned protest rally in downtown Kampala against official corruption and alleged human rights abuses by the country’s rulers.

TANZANIA MINING

Australia’s Peak Rare Earths said on Wednesday Chinese miner Shenghe Resources would acquire a 50% stake in an U.K.-based firm that owns 84% of its Ngualla project in Tanzania.

GHANA ECONOMY

Ghana’s finance minister raised the country’s 2024 growth forecast on Tuesday and said the West African nation was rebounding faster than expected from its worst economic crisis in a generation.

BOTSWANA MINING

Botswana is proposing a law that will ask mining companies, once granted a licence, to sell a 24% stake in mines to locals if the government does not exercise its option to acquire the shareholding, a draft bill seen by Reuters on Tuesday shows.

((Compiled by Nairobi Newsroom))