<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 10 (Reuters) &#8211; Kenya&#8217;s shilling weakened on Wednesday, pressured by increased foreign-currency demand and a credit rating downgrade by Moody&#8217;s, traders said.



At 0800 GMT, commercial banks quoted the shilling at 128.25/129.25 per dollar, compared with Tuesday&#8217;s closing rate of 127.75/128.75.



Moody&#8217;s pushed Kenya&#8217;s sovereign rating deeper into junk territory on Monday, citing the country&#8217;s diminished capacity to implement a fiscal consolidation strategy after the president withdrew planned tax hikes in response to mass protests.



Traders said the higher foreign-currency demand was mainly coming from the manufacturing sector and general goods importers.



(Reporting by George Obulutsa; Editing by Alexander Winning)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling weakens due to increased FX demand, Moody’s downgrade

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, July 10 (Reuters) &#8211; The Ugandan shilling was stable on Wednesday, underpinned by dollar inflows from offshore investors and some commodity exporters weighing against thin importer appetite, traders said.



At 0710 GMT, commercial banks quoted the shilling at 3,700/3,710, the same level as Tuesday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling stable as offshore investor FX inflows help

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, July 10 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Wednesday against a weaker dollar, as focus remains on the future interest rate path of the world&#8217;s biggest economy.



At 0725 GMT, the rand traded at 18.0550 against the dollar, around 0.5% stronger than its previous close. The dollar last traded around 0.06% weaker against a basket of global currencies.



&#8220;Fed Chair Jerome Powell commented last night&#8230; that the Fed is not comfortable cutting rates right now,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



But U.S. inflation has been improving in recent months and Powell said that &#8220;more good data would strengthen&#8221; the case for central bank interest rate cuts.



Markets will focus on key U.S. inflation data on Thursday that could give more hints on the Fed&#8217;s future interest rate path.



The rand often takes cues from global drivers like U.S. monetary policy in the absence of major local data points.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded around 0.1% weaker in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield weakened 1.5 basis points to 9.79%.



(Reporting by Tannur Anders; Editing by Alexandra Hudson)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand gains on weaker dollar, focus on Fed rate path

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 10 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand edged lower on Tuesday after Federal Reserve Chair Jerome Powell did not give a clear indication on whether the U.S. central bank would cut interest rates soon.



On the stock market, the Top-40 index closed down 0.2%.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks hovered near two-year highs on Wednesday on growing bets of imminent U.S. rate cuts, while the New Zealand dollar slid after its central bank signalled greater confidence that inflation was coming to heel.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The S&amp;P 500 and Nasdaq notched record-high closes on Tuesday, fueled by gains in Nvidia after U.S. Federal Reserve Chair Jerome Powell told lawmakers that more &#8220;good&#8221; economic data would strengthen the case for rate cuts.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve&#8217;s interest rates trajectory.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Reserve Bank loses nearly R1bn on its stake in African Bank



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Business lobby alarmed as US House votes for &#8216;full review&#8217; of SA relationship



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 10

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, July 10 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



*Rwanda&#8217;s statistics office releases consumer inflation data for June.



*State-owned Ethio Telecom releases its financial results for the full year to end-June.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks hovered near two-year highs on Wednesday on growing bets of imminent U.S. rate cuts, while the New Zealand dollar slid after its central bank signalled greater confidence that inflation was coming to heel.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand edged lower on Tuesday after Federal Reserve Chair Jerome Powell did not give a clear indication on whether the U.S. central bank would cut interest rates soon.



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



Nigeria&#8217;s NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive told Reuters, as pressure mounts on the state-backed oil company the economy depends upon.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling was steady on Tuesday, with dollar supply and importer demand matching, traders said.



<h2 class="wp-block-heading" id="h-ethiopia-central-bank">ETHIOPIA CENTRAL BANK</h2>



Ethiopia&#8217;s central bank said on Tuesday it was adopting an interest rate-based monetary policy regime, setting its initial rate at 15%, and creating an interbank market for currency trading, in a major shake-up of the country&#8217;s banking sector.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 10

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HIIJDZFCB5P35MGUWBAGP3Y76E-820x547.jpg" alt="" class="wp-image-505670" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HIIJDZFCB5P35MGUWBAGP3Y76E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HIIJDZFCB5P35MGUWBAGP3Y76E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HIIJDZFCB5P35MGUWBAGP3Y76E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HIIJDZFCB5P35MGUWBAGP3Y76E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HIIJDZFCB5P35MGUWBAGP3Y76E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HIIJDZFCB5P35MGUWBAGP3Y76E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A person casts a ballot in the second round of the early French parliamentary elections, at a polling station in Paris, France, July 7, 2024. REUTERS/Sarah Meyssonnier</figcaption></figure>



July 9 (Reuters)&nbsp;&#8211;&nbsp;Elections are taking place this year in countries home to almost half of the world&#8217;s population, from Taiwan&#8217;s general election in January to the U.S. presidential race in November.



The votes come amid growing economic and geopolitical strife, with the Ukraine war, conflicts in the Middle East and rising trade tensions between the United States and China, the world&#8217;s two largest economies.



In some countries, there are concerns about the resilience of democracy itself as political discourse has polarized or been warped by disinformation. Many of this year&#8217;s elections will not be free and fair &#8211; or their results will be disputed.



Half-way through the biggest year for elections in history, here are some common themes that have emerged in Reuters&#8217; reporting from around the world:



<h2 class="wp-block-heading" id="h-cost-of-living">COST OF LIVING</h2>



From the price of green onions in Indonesia to higher fuel bills across Europe, rises in the price of food, energy and other basics have hit the living standards of households across the world. Incumbent governments and leaders are paying for it.



Polling showed that cost of living concerns were a powerful factor in a fall in support for Prime Minister Narendra Modi&#8217;s party in India, losses suffered by mainstream parties in June&#8217;s European Parliament elections and the poll rout of Britain&#8217;s ruling Conservatives.



In Africa, discontent over living standards and unemployment contributed to the ANC&#8217;s loss of its majority in South Africa&#8217;s election. Worsening poverty is likely to help shape the outcome of Ghana&#8217;s December vote to succeed President Nana Akufo-Addo.



Polling ahead of the U.S. election suggests voters are similarly unimpressed with President Joe Biden&#8217;s efforts to improve their livelihoods, with many Americans feeling their living standards are falling despite strong headline economic data. One outlier: In Mexico, the ruling MORENA party emerged the winner after offering ample subsidies to low-income voters.



While economic policymakers say there are signs that inflation is returning to normal, they warn it has not yet been fully tamed and many economies remain fragile.



&#8220;A number of pressure points could throw the global economy off track,&#8221; Agustin Carstens, head of the central bank umbrella group the Bank of International Settlements (BIS), warned in June.



<h2 class="wp-block-heading" id="h-green-transition">GREEN TRANSITION</h2>



With the cost of living uppermost in many voters&#8217; minds, climate change action has often been crowded out of election campaigns &#8211; even as global temperatures break new records and death tolls from extreme heat climb.



While surveys show Europeans still support ambitious action on global warming, the debate there has focused on the perceived cost to livelihoods, with farming and other lobbies stepping up calls for an easing of net-zero policies.



In the EU elections, ecologist Greens shed most of the gains made five years earlier. In Britain, Labour dropped a 28-billion-pound green investment pledge ahead of the July 4 general election, saying the country could not afford it, while their Conservative rivals described themselves as &#8220;on the side of drivers&#8221;, attacking low-traffic and low-emission schemes.



The biggest challenge to the green transition may come from the United States, with Donald Trump campaigning on policies supporting continued fossil fuel use. It remains to be seen how much of Biden&#8217;s Inflation Reduction Act (IRA) green subsidies stay in place in the event of a Trump victory.



<h2 class="wp-block-heading" id="h-swing-to-the-far-right">SWING TO THE (FAR)RIGHT?</h2>



The cost of living crisis has led to rising support for far-right movement&nbsp;in Western countries&nbsp;with a mix of anti-immigration and nationalist policies, often unfunded economic spending plans and populist rhetoric attacking global elites.



Back in March, Portugal&#8217;s Chega party quadrupled its seats in parliament to become the country&#8217;s third-largest party. Three months later, its far-right, eurosceptic peers across Europe made gains in elections to the European Parliament.



In France, Marine Le Pen&#8217;s National Rally failed in elections on Sunday to achieve the majority they were coveting but became the largest single party in a hung parliament that now risks plunging Europe&#8217;s second-largest economy into policy paralyis.



In Britain, the anti-immigrant, nationalist Reform Party won over four million votes, contributing to the collapse in support for the ruling Conservatives even if Britain&#8217;s first-past-the-post electoral system meant it only won a handful of seats.



Austria&#8217;s Sept. 29 election will be closely watched, with polls showing the far-right Freedom Party (FPO) leading rivals after it ranked first in European Parliament elections.



In the United States, Trump has made immigration one of his top domestic campaign issues, declaring he would carry out mass deportations, end birthright citizenship, and expand a travel ban on people from certain countries.



Mohit Kumar, chief economist for investment house Jefferies, noted that immigration as an election theme was hottest in precisely the large Western economies whose ageing populations were creating labour shortages.



&#8220;Economically we need immigration but the political dynamics are shifting away from immigration,&#8221; he said.



<h2 class="wp-block-heading" id="h-debt-and-election-largesse">DEBT AND ELECTION LARGESSE</h2>



With economic hardship so prevalent, many politicians are offering to spend big and cut taxes in a bid to win power &#8211; at the risk of adding to global debt already at record levels after huge post-pandemic stimulus packages in rich-world economies.



Credit rating firm S&amp;P Global has warned the United States, France and other Group of Seven (G7) governments were unlikely to halt rises in their debt &#8220;at the present stage in their electoral cycles&#8221;.



The BIS annual report in June said an election year like this brought an &#8220;especially high&#8221; risk of fiscal expansion that could complicate efforts to bring inflation down to target.



Budget watchdogs in Britain and France &#8211; two countries struggling to balance their budgets &#8211; noted that many spending pledges were either unfunded or unrealistically costed.



Trump has pledged to keep in place a broad 2017 tax cut that he signed while in office, and his economic team has discussed a further round of cuts beyond those enacted in his first term.



Biden, meanwhile, proposes raising levies on businesses and rich individuals, while vowing not to increase taxes for households earning less than $400,000 a year and to assist low- and middle-income Americans with childcare costs. U.S. federal government currently has more than $34 trillion in debt.



Such levels of debt are seen making the global economy more vulnerable to financial shocks and the International Monetary Fund has urged governments to reduce their borrowing.



&#8220;Unfortunately, fiscal plans so far are insufficient and could be derailed further given the record number of elections this year,&#8221; its chief economist Pierre-Olivier Gourinchas said in a recent blog.



<h2 class="wp-block-heading" id="h-defence-and-security">DEFENCE AND SECURITY</h2>



As geopolitical tensions rise, defence and security matters have been prominent in a number of election campaigns so far this year &#8211; particularly in countries near the hotspots.



In February, Finland elected as president Alexander Stubb, who campaigned on the previously non-aligned country fully participating in NATO and allowing the transit of nuclear arms through it. Incumbents in Lithuania won an election dominated by concerns over Russia and calls for higher defence spending.



Taiwan&#8217;s presidential and parliamentary elections on Jan. 13 focused around arguments on how best to deal with China, which views the island as its own territory. The ruling DPP party secured the presidency for a third term as its candidate vowed to safeguard Taiwan from intimidation while emphasising the need for dialogue with Beijing.



In the United States, Democratic voters&#8217; anger over Israel&#8217;s military action in Gaza &#8211; and over Biden&#8217;s continued support of Israel – has emerged as a major vulnerability for him. American views on the conflict have broken down along party lines with Republicans largely supporting Israel.



While Biden voices unwavering support for NATO, Trump has said that if he is returned to the White House, America would fundamentally rethink NATO&#8217;s purpose. He has also asserted without evidence that if elected he would end the conflict in Ukraine before even taking office. On that, Biden has retorted that Trump has &#8220;no idea what he&#8217;s talking about&#8221;.



<h2 class="wp-block-heading" id="h-democracy-at-stake">DEMOCRACY AT STAKE?</h2>



Pro-democracy watchdogs estimate that nearly three-quarters of the world&#8217;s population live in autocracies. Observers and human rights groups have signalled concerns about the fairness of elections this year in Bangladesh, Azerbaijan, Belarus, Cambodia, Iran and Russia. Votes in Algeria and Uzbekistan face similar questions.



Modi&#8217;s electoral setback has been hailed by some commentators as proof of the resilience of its democracy. There was relief at the peaceful handover of power in Senegal in March after moves by the incumbent to delay the vote triggered protests.



Democracy&#8217;s biggest test this year may, however, be in Washington.



Trump refuses to commit to accepting the election results or to rule out possible violence around the Nov. 5 contest. He is already laying the groundwork to contest a potential defeat.



&#8220;We should be quite worried,&#8221; Steven Levitsky, political scientist and professor of government at Harvard University, told a Brookings think tank event in June.



&#8220;A democracy cannot survive if one party in a two-party system is not committed to playing by the democratic rules of the game.&#8221;



(Graphics by Sumanta Sen and Anand Katakam; Editing by Simon Robinson and Daniel Flynn)

France votes in the second round of the 2024 snap legislative elections

How this year of elections is set to reshape global politics

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, July 9 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Tuesday, as markets awaited the Federal Reserve chair&#8217;s testimony in Washington and U.S. June inflation data for clues on the country&#8217;s future interest rate path.



At 0644 GMT, the rand traded at 18.1300 against the dollar, near its previous close of 18.1175.



&#8220;The rand has opened marginally softer at 18.13 this morning, and we expect trading to remain range-bound in the short term,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



Markets will listen to the tone of Fed Chair Jerome Powell&#8217;s testimony in Washington on Tuesday and Wednesday and look to June inflation data out of the U.S. later this week for hints on the future interest rate path in the world&#8217;s biggest economy.



&#8220;Analysts will be gauging the Fed&#8217;s response to the recent softer U.S. economic and labour data, with markets already starting to price in two rate cuts this year,&#8221; Cilliers added.



The risk-sensitive rand often takes cues from global drivers like U.S. economic policy in the absence of major local factors.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, with the yield down 1 basis point at 9.74%.



(Reporting by Tannur Anders; Editing by Christina Fincher)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand stable as markets await US interest rate hints

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 9 (Reuters) &#8211; Kenya&#8217;s shilling was steady on Tuesday, with dollar supply and importer demand matching, traders said.



At 0721 GMT, commercial banks quoted the shilling at 127.75/128.75 per dollar, unchanged from Monday&#8217;s closing.



Traders said there was no immediate reaction in the foreign exchange market to Moody&#8217;s downgrading Kenya&#8217;s sovereign rating deeper into junk territory on Monday.



(Reporting by George Obulutsa; Editing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Kenya’s shilling holds steady as dollar supply meets importer demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 9 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on July 9.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



South Africa&#8217;s government will hold its weekly auction of long-term bonds.



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand strengthened on Monday, as risk sentiment improved on bets that an interest rate cut by the U.S. Federal Reserve is close.



On the stock market, the Top-40 index was little changed.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Japan&#8217;s Nikkei hit a record high on Tuesday, while investors elsewhere waited anxiously to see if Federal Reserve Chair Jerome Powell would sound supportive of rate cuts after evidence the U.S. labour market is cooling.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The S&amp;P 500 and Nasdaq notched record-high closes on Monday as investors awaited fresh inflation data, commentary from Federal Reserve Chair Jerome Powell and the start of quarterly earnings season.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices firmed on Tuesday as the dollar remained soft, with investors awaiting Federal Reserve Chair Jerome Powell&#8217;s testimony and June inflation data to assess the next policy move by the U.S. central bank.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; World platinum body hopes GNU will improve investment case for sector



&#8211; British asset manager casts wary eye at next ANC conference



(Compiled by Tannur Anders)

South African Markets – Factors to watch on July 9

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, July 9 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Japan&#8217;s Nikkei hit a record high on Tuesday, while investors elsewhere waited anxiously to see if Federal Reserve Chair Jerome Powell would sound supportive of rate cuts after evidence the U.S. labour market is cooling.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices slipped on Tuesday, extending losses from the previous session, after a hurricane that hit a key U.S. oil-producing hub in Texas caused less damage than markets had expected, easing supply concerns.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand strengthened on Monday, as risk sentiment improved on bets that an interest rate cut by the U.S. Federal Reserve is close.



<h2 class="wp-block-heading" id="h-nigeria-economy">NIGERIA ECONOMY</h2>



Nigeria plans to suspend taxes on certain food imports including wheat and maize for 150-days, and recommend a retail price to try to bring under control rising prices in Africa&#8217;s most populous nation, its agricultural minister said on Monday.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling was steady on Monday, but it was expected to gain ground in the next few days due to increased dollar inflows from tea exporters, traders said.



<h2 class="wp-block-heading" id="h-kenya-sovereign-ratings">KENYA SOVEREIGN RATINGS</h2>



Moody&#8217;s cut Kenya&#8217;s sovereign rating deeper into junk territory on Monday, citing diminished capacity to implement a fiscal consolidation strategy to contain its debt burden. 



<h2 class="wp-block-heading" id="h-ghana-debt">GHANA DEBT</h2>



Ghana has cleared a key hurdle to restructure its international bonds, as its official creditors confirmed the proposed debt rework was not overly favourable to bondholders.



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



Cocoa arrivals at ports in top grower Ivory Coast had reached 1.612 million metric tons by July 7 since the start of the season on Oct. 1, down 27.5% from the same period last season, exporters estimated on Monday.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on July 9

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-820x523.jpg" alt="" class="wp-image-505609" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-1536x980.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view shows the central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



July 8 (Reuters)&nbsp;&#8211;&nbsp;Moody&#8217;s cut Kenya&#8217;s sovereign rating deeper into junk territory on Monday, citing diminished capacity to implement a fiscal consolidation strategy to contain its debt burden.



The credit ratings agency downgraded the country&#8217;s local- and foreign-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings to &#8220;Caa1&#8221; from &#8220;B3&#8221;.



In June, Kenyan President Willian Ruto withdrew planned tax hikes in response to mass protests that turned deadly, killing at least 24 people.



The scrapped finance bill contained measures intended to aid the government&#8217;s aim to raise $2.7 billion in additional taxes to reduce budget deficit and state borrowing.



In order to compensate for the withdrawn finance bill, Ruto&#8217;s administration has proposed cuts in spending.



Moody&#8217;s said that while the spending cuts should narrow fiscal deficit, it would be at a more gradual pace than previously assumed, and as a result expect Kenya&#8217;s debt affordability to remain weaker for longer.



&#8220;In the context of heightened social tensions, we do not expect the government to be able to introduce significant revenue-raising measures in the foreseeable future,&#8221; the ratings agency said.



Moody&#8217;s affirmed its &#8216;negative&#8217; outlook for Kenya, stating that the larger fiscal deficits will push up borrowing requirements and subsequently increase government liquidity risks.



(Reporting by Raechel Thankam Job; Editing by Maju Samuel)

General view of the central business district in Nairobi

Moody’s pushes Kenya’s rating deeper into junk

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-scaled.jpg" alt="" class="wp-image-505362" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Customers peruse goods at Makola market in Accra, Ghana, June 15, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, July 8 (Reuters)&nbsp;&#8211;&nbsp;Ghana has cleared a key hurdle to restructure its international bonds, as its official creditors confirmed the proposed debt rework was not overly favourable to bondholders.



&#8220;The Ministry &#8230; has received a formal confirmation from its Official Creditor Committee (OCC) that the Agreement in Principle reached with representatives of Eurobond holders is consistent with the Comparability of Treatment principle,&#8221; Ghana&#8217;s finance ministry said in a statement on Monday.



&#8220;Comparability of Treatment&#8221; is a principle from the Paris Club of wealthy creditor nations aimed at ensuring its members do not give outsized concessions compared to private lenders or others outside the group.



A Paris Club spokesperson confirmed the OCC had found Ghana&#8217;s bond restructuring deal gave comparable treatment to different types of creditor.



Leeuwner Esterhuysen, economist at Oxford Economics Africa, said the green light from official creditors meant Ghana could soon issue new bonds to investors to replace the ones being restructured.



&#8220;The country aims to begin the bond exchange this month still and conclude it by the end of September,&#8221; he said.



Ghana had in January reached a deal to restructure $5.4 billion of loans with its Official Creditor Committee, including China and France, which co-chair the group.



The country clinched an agreement in principle with two bondholder groups to restructure around $13 billion of its international bonds in late June, making it the second African country after Zambia in recent weeks to reach the final stages of a debt overhaul.



The government now needs to ask all its bondholders to vote on the proposed deal, which if confirmed would finalise the debt rework.



The West African gold and cocoa producer defaulted on most of its $30 billion in external debt in 2022, after the COVID-19 pandemic, the war in Ukraine and higher global interest rates exacerbated years of overstretched borrowing.



(Reporting by Christian Akorlie; Writing by Alexander Winning; Editing by Karin Strohecker and Arun Koyyur)

Customers peruse goods at Makola market in Accra

Ghana gets green light for bond rework from official creditors

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="423" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160553943-820x423.jpg" alt="" class="wp-image-505345" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160553943-820x423.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160553943-300x155.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160553943-160x83.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160553943-768x396.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160553943-1536x793.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160553943-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">CAPE TOWN, SOUTH AFRICA &#8211; JULY 03: Minister of Electricity Kgosientsho Ramokgopa during the swearing-in ceremony of the new national executive members at Cape Town International Convention Centre on July 03, 2024 in Cape Town, South Africa. The new National Executive constitutes the 7th Democratic Administration as a Government of National Unity comprising a diversity of political parties as an outcome of the national and provincial elections held on Wednesday, 29 May 2024. (Photo by Brenton Geach/Gallo Images via Getty Images)</figcaption></figure>



PRETORIA, July 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s new energy minister vowed on Monday to accelerate the shift to renewable energy from coal, breaking with a predecessor who opposed swift decarbonision and pledged to keeping burning coal for a long time.



Kgosientsho Ramokgopa, who now runs the newly-created Energy and Electricity Ministry, was addressing journalists as Africa&#8217;s most industrial nation celebrated more than 100 days with no power cuts &#8211; a record over years of crippling blackouts.



&#8220;I am going to be ultra-aggressive on the &#8230; renewable energy. You are going to see an exponential share,&#8221; he told a news conference in the capital Pretoria, adding that he wanted to signal to investors &#8220;our intention to go that route&#8221;.



Owing to its reliance on coal-fired power stations run by state provider Eskom, South Africa is among the world&#8217;s top 15 greenhouse gas emitters &#8211; pushing out more than Britain, Turkey or France &#8211; and has the highest carbon intensity among the Group of 20 largest economies, according to watchdog Climate Transparency.



&#8220;We are going to be the leaders on this continent in relation to renewables,&#8221; Ramakgopa said.



It cut a very different tone from predecessor Gwede Mantashe, who had repeatedly urged resisting international pressure to rush into green energy, questioning its viability.



President Cyril Ramaphosa chose his new cabinet at the end of last month, after weeks of horse-trading with other parties following the ruling African National Congress&#8217;s unprecedented majority loss in a May election.



Previously, energy had been tied to mines, under Mantashe, but Ramaphosa hived it off and merged it with Ramokgopa&#8217;s electricity ministry, in what analysts saw as a move to decouple energy from coal.



With 400,000 square kilometres (about 150,000 square miles) of semi-desert and a vast coastline battered by strong winds, South Africa also has some of the world&#8217;s most abundant renewable energy potential.



Yet policy uncertainty has discouraged investment, and activists bemoaned a government decision last year to delay decommissioning several coal-fired power stations well into 2030, citing energy security.



Ramokgopa admitted South Africa&#8217;s switch to green energy had &#8220;taken a bit longer than what is necessary,&#8221; and said his priority would be meeting business people to discuss &#8220;the hurdles that undermined &#8230; their appetite to participate.&#8221;



(Reporting by Tim Cocks Additional reporting by Sfundo Parakozov and Tannur Anders; editing by David Evans)

Members of the National Executive Swearing-in Ceremony In South Africa

South Africa energy minister vows change with ‘aggressive’ renewables rollout

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 8 (Reuters) &#8211; The Ugandan shilling weakened on Monday due to increased demand for dollars from commercial banks and merchandise importers, traders said.



At 0905 GMT, commercial banks quoted the shilling at 3,705/3,715 per dollar, compared with Friday&#8217;s closing rate of 3,693/3,703.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

GettyImages-924883576-1

Ugandan shilling weakens on increased FX demand from banks, importers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="584" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NW2AS3N47ZIR7LBODI45CSJWAM-820x584.jpg" alt="" class="wp-image-505311" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NW2AS3N47ZIR7LBODI45CSJWAM-820x584.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NW2AS3N47ZIR7LBODI45CSJWAM-300x214.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NW2AS3N47ZIR7LBODI45CSJWAM-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NW2AS3N47ZIR7LBODI45CSJWAM-768x547.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NW2AS3N47ZIR7LBODI45CSJWAM-1536x1094.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NW2AS3N47ZIR7LBODI45CSJWAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ECOWAS President Omar Alieu Touray addresses the Heads of State and delegates during the Economic Community of West African States (ECOWAS) summit in Abuja, Nigeria July 7, 2024. REUTERS/Marvellous Durowaiye</figcaption></figure>



ABUJA, July 8 (Reuters)&nbsp;&#8211;&nbsp;The Economic Community of West African States (ECOWAS) said it was disappointed with a lack of progress in reconciling with breakaway, junta-led Burkina Faso, Mali and Niger and will make &#8220;more vigorous&#8221; reconciliation efforts.



ECOWAS commission president Oumar Touray said at the start of a summit in the Nigerian capital Abuja on Sunday the region risks disintegeration and worsening insecurity after the three Alliance of Sahel States (AES)signed a confederation treaty.



That treaty underscored the juntas&#8217; determination to exit the near 50-year ECOWAS after also severing military and diplomatic ties with Western powers while seeking greater ties with Russia.



&#8220;The Authority expresses disappointment with the lack of progress in engagements with the authorities of Burkina Faso, Mali and Niger and instructs the President of the Commission to facilitate a more vigorous approach,&#8221; ECOWAS said in a communique released on Monday.



But ECOWAS would &#8220;develop a forward-looking contingency plan&#8221; regarding all eventualities in relations with the AES.



Juntas in Burkina Faso, Niger and Mali seized power in a series of military coups between 2020-2023.



It is not clear how closely the AES will harmonise political, economic and defence policies as it struggles to contain a decade-old battle with Islamist insurgents and grow economies that are among the world&#8217;s poorest.



Their departure could weaken ECOWAS and Touray said the freedom of movement and a common market of 400 million people offered by the bloc were under threat.



ECOWAS re-elected Nigerian President Bola Tinubu chairman for another year and tasked Senegalese and Togolese leaders to negotiate with the juntas to try bring them back into the bloc.



The ECOWAS leaders approved a decision to mobilise a 5,000 strong regional standby counter-terrorism force. The force would start as a 1,650-man brigade to be increased over time.



Member countries are expected to fund the force and will also approach the African Union for financial support.



(Editing by MacDonald Dzirutwe and Angus MacSwan)

Leaders from West African bloc ECOWAS meet at summit in Abuja

West Africa’s ECOWAS decries lack of progress with junta states

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, July 8 (Reuters) &#8211; Kenya&#8217;s shilling was steady on Monday, but it was expected to gain ground in the next few days due to increased dollar inflows from tea exporters, traders said.



At 0752 GMT, commercial banks quoted the shilling at 127.75/128.75 per dollar, the same as Friday&#8217;s closing rate.



(Reporting by George Obulutsa; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenya’s shilling stable, seen firming due to tea export FX inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, July 8 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was slightly weaker in early trade on Monday, as the dollar recovered after slipping last week on bets on a nearing U.S. rate cut.



At 0644 GMT, the rand traded at 18.1950 against the dollar, about 0.1% weaker than its previous close.



The dollar last traded about 0.05% stronger against a basket of global currencies.



Economic data out of the U.S. on Friday showed a slowdown in the job market in June and rising unemployment, adding to hopes of an interest rate cut as early as September which were boosted by softer-than-expected data earlier last week.



&#8220;Bets on a possible September rate cut have climbed, lifting risk sentiment in markets,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;The rand is holding steady near Friday&#8217;s stronger closing levels&#8230; and we expect the local currency to stick within a R18.00/R18.40 trading range in the short term.&#8221;



With few major local economic data releases this week, the rand is likely to take cues from global drivers.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, as the yield weakened 2.5 basis point to 9.735%.



(Reporting by Tannur Anders; Editing by Sharon Singleton)

Reuters

Kenyan shilling weakens due to increased FX demand, Moody’s downgrade

Ugandan shilling stable as offshore investor FX inflows help

South African rand gains on weaker dollar, focus on Fed rate path

South African Markets – Factors to watch on July 10

African Markets – Factors to watch on July 10

How this year of elections is set to reshape global politics

South African rand stable as markets await US interest rate hints

Kenya’s shilling holds steady as dollar supply meets importer demand

South African Markets – Factors to watch on July 9

African Markets – Factors to watch on July 9

Moody’s pushes Kenya’s rating deeper into junk

Ghana gets green light for bond rework from official creditors

South Africa energy minister vows change with ‘aggressive’ renewables rollout

Ugandan shilling weakens on increased FX demand from banks, importers

West Africa’s ECOWAS decries lack of progress with junta states

Kenya’s shilling stable, seen firming due to tea export FX inflows

South African rand slightly weaker on stronger dollar

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Reuters

Kenyan shilling weakens due to increased FX demand, Moody’s downgrade

Ugandan shilling stable as offshore investor FX inflows help

South African rand gains on weaker dollar, focus on Fed rate path

South African Markets – Factors to watch on July 10

African Markets – Factors to watch on July 10

How this year of elections is set to reshape global politics

South African rand stable as markets await US interest rate hints

Kenya’s shilling holds steady as dollar supply meets importer demand

South African Markets – Factors to watch on July 9

African Markets – Factors to watch on July 9

Moody’s pushes Kenya’s rating deeper into junk

Ghana gets green light for bond rework from official creditors

South Africa energy minister vows change with ‘aggressive’ renewables rollout

Ugandan shilling weakens on increased FX demand from banks, importers

West Africa’s ECOWAS decries lack of progress with junta states

Kenya’s shilling stable, seen firming due to tea export FX inflows

South African rand slightly weaker on stronger dollar

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