Global Markets
Asian stocks achieved their highest levels in 27 months due to softer U.S. economic data, which raised the likelihood of a rate cut in September. This development boosted bonds and commodities while weakening the dollar.
World Oil Prices
Oil prices declined in Asia amid investor caution regarding expectations of lower demand, as U.S. employment and business data came in weaker than anticipated—indicating a potential cooling in the world’s top oil-consuming economy.
Country-Specific Updates:
- South Africa: South African assets saw gains on Wednesday, fueled by optimistic comments from the Federal Reserve chair regarding upcoming U.S. interest rate cuts.
- Kenya: The Kenyan shilling slightly firmed on Wednesday, supported by hard currency inflows from tea exporters and diaspora remittances despite ongoing nationwide protests.
- Niger: Niger’s junta has agreed to talks with Benin’s government, aimed at restoring relations following a 2022 coup which led to border closures and a shutdown of a China-backed oil pipeline.
- Congo: The International Monetary Fund (IMF) concluded a sixth and final review of Congo’s loan program, allowing an immediate disbursement of approximately $224.7 million.
Top Interviews on CNBC Africa
1. The Future of South Africa’s Automotive Industry
Renai Moothilal, CEO of the National Association of Automotive Component and Allied Manufacturers (NAACAM), emphasizes the significance of policy continuity within South Africa’s automotive industrial policy framework. The government aims to reach 60% localization rate by 2035 while transitioning towards electric vehicles.
Watch the full video on CNBC Africa
2. Eskom’s Recovery Plan Brings Stability
Eskom Chairman Mteto Nyati discusses strategies to improve Eskom’s financial health, including securing 250 billion rand from the National Treasury and reducing reliance on diesel. The long-term vision involves unbundling the utility into three distinct entities and promoting renewable energy.
Watch the full video on CNBC Africa
3. Ramaphosa Appoints New Leadership for Agricultural Sector
Wandile Sihlobo, Chief Economist of the Agricultural Business Chamber of South Africa, discusses the new multi-party leadership in South Africa’s agriculture and land reform ministries. Highlights include land reform, financial support for farmers, and projected sector growth.
Watch the full video on CNBC Africa
4. Scaling Up Green Housing Solutions in East Africa
Shiv Arora, CEO of Superior Homes Kenya, explains the drivers behind the adoption of sustainable building practices in East African real estate. Challenges and strategies for broader implementation of green housing solutions are discussed.
Watch the full video on CNBC Africa
5. EU-Kenya Economic Partnership Agreement Boosts MSMEs
Victor Otieno, Managing Director of Viffa Consult, discusses opportunities and challenges for Kenyan MSMEs under the new Economic Partnership Agreement with the EU, aiming to enhance trade and investment flows sustainably.
Watch the full video on CNBC Africa
6. Economic Crossroads in East Africa
Pamela Akidi from Stanbic Bank Uganda analyzes economic factors affecting East Africa such as inflation, exchange rates, and market performance, with a focus on Kenya and Uganda.
Watch the full video on CNBC Africa
7. Multinationals Exiting Nigeria: Opportunities for Local Industries
Chika Mordi from United Capital Group discusses the challenges and opportunities for Nigeria’s manufacturing sector following the exit of multinational companies, emphasizing localization and cost optimization.
Watch the full video on CNBC Africa
8. Insights on Access Holdings’ Rights Issue
Morounke Olufemi and Roosevelt Ogbonna discuss Access Holdings’ rights issue, part of their 2023-2027 strategic plan, aiming to meet regulatory requirements and deliver value to shareholders.
Watch the full video with Morounke Olufemi
Watch the full video with Roosevelt Ogbonna
9. Vetiva Research on Inflation in Nigeria and Ghana
Ibukun Omoyeni from Vetiva Research provides insights into the potential moderation of inflation in Nigeria and Ghana during H2 2024, highlighting the undervaluation of the naira and the role of external funding.
