<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-820x547.jpg" alt="" class="wp-image-429088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The Airbus A350-1000 seen in the aerial display during the media preview of the Singapore Airshow in Singapore, February 13, 2022. REUTERS/Caroline Chia/File Photo</figcaption></figure>



DUBAI, Nov 16 (Reuters)&nbsp;&#8211;&nbsp;Airbus&nbsp;AIR.PA&nbsp;won a consolation order for 15 A350-900 jets from Emirates on Thursday after a public row between the Mideast giant and engine maker Rolls-Royce&nbsp;RR.L&nbsp;prevented a bigger deal for European jets at a Dubai Airshow dominated by Boeing.



Emirates Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said the long-haul jets would &#8220;add to our fleet mix, and we are pleased to announce additional orders for this aircraft type&#8221;.



However, industry sources described the deal as a face-saving compromise after the influential carrier criticised the amount of maintenance needed to keep the engines for the larger A350-1000 flying in hot and sandy conditions of the Gulf.



Sheikh Ahmed said Emirates would &#8220;work closely with Airbus and Rolls-Royce to ensure our aircraft deliver the best possible operating efficiency and flying experience for our customers&#8221;.



The deal, which Emirates said was worth $6 billion, followed intense negotiations focusing on the needs of the Gulf as it fends off new competition from Turkey, India and elsewhere to its East-West transit model, while shedding light on broader industry tensions over rising engine costs.



Emirates is by far the biggest user of the Airbus A380 after investing heavily in the world&#8217;s largest airliner, and is now planning the fleet needed to keep its Dubai super-hub at the centre of the aviation map beyond the 2030s as the A380 retires.



The airline opened this week&#8217;s air show with a $52 billion order for 90 Boeing 777X airplanes, saying the U.S. planemaker appeared to be getting a grip on regulatory and other problems surrounding its entry to service after five years of delays.



But Emirates Airline President Tim Clark refused to place a large order for Airbus&#8217; broadly similar A350-1000 and blasted Rolls-Royce over the disruption and cost of dealing with frequent maintenance needed to keep the plane&#8217;s engines running.



Emirates would have ordered 35-50 of the planes, he said.



Rolls-Royce acknowledged its engine for the A350-1000 would need more servicing than Emirates would like, but denied Clark&#8217;s suggestion that the XWB-97 engine was &#8220;defective&#8221;.



Chief Customer Officer Ewen McDonald said deal for the A350-900, which uses a different variant of engine, was a sign of the airline&#8217;s trust in Rolls-Royce and held out hope for a future order for the A350-1000.



&#8220;We will continue our discussions with Emirates on the A350-1000 engine improvements and look forward to them choosing this aircraft in the future,&#8221; he said.



Emirates has already ordered 50 A350-900s which are scheduled to arrive from August next year.



Delegates said earlier a top-up order would be seen as a consolation prize for Airbus and Rolls-Royce after Boeing and its main engine supplier GE&nbsp;GE.&nbsp;won the majority of deals, but would leave questions over Airbus&#8217;s ability to compete with Boeing&#8217;s 777X in the lucrative Gulf market.



&#8220;It is&#8230;just to keep the relationship going and so they can talk again,&#8221; a senior aviation industry source said.



Investors are expected to quiz Rolls-Royce about the durability and pricing of its engines at a Nov. 28 investor day.



Rolls-Royce said earlier in week it was looking at applying technology from its Ultrafan research project to the XWB-97.



<h2 class="wp-block-heading" id="h-boeing-dominates-orders">BOEING DOMINATES ORDERS</h2>



In a week dominated by soaring demand for wide-body planes, Boeing won new orders for 196 aircraft while Airbus agreed deals for 55 jets.



Airbus said it had reached an &#8220;agreement in principle&#8221; for a significant order from Turkish Airlines&nbsp;THYAO.IS, but industry sources said the deal had not yet been signed.



Emirates also agreed to buy five additional 787 Dreamliners, while sister airline flyDubai went for 30 with its first wide-body order.



Although political power is consolidated in the UAE capital Abu Dhabi, Monday&#8217;s high-profile announcement overseen by Dubai&#8217;s crown prince was symbolic of the value the UAE places on its bilateral relationship with the United States after a recent period of strain, said sources familiar with the matter.



In other business, Turkey-based budget carrier SunExpress announced an order for 45 Boeing 737 MAX narrow-bodies and used the spotlight to issue a reminder of the industry&#8217;s supply chain problems.



Ethiopian Airlines announced it was buying 20 737 MAX jets nearly five years after the fatal 2019 MAX crash that led to the grounding of the global fleet. It also ordered 11 Dreamliners.



EgyptAir said it was ordering 10 A350-900s from Airbus, while AirBaltic announced it was buying 30 Airbus A220-300s.



Royal Air Maroc signed a repeat order for two additional 787 Dreamliners. EgyptAir said it would lease 18 new Boeing 737 MAX jets from Air Lease Corp&nbsp;AL.N.



(Reporting by Tim Hepher, Alexander Cornwell and Pesha Magid; editing by Jan Harvey, Kirsten Donovan)

FILE PHOTO: The Airbus A350-1000 seen in the aerial display during the media preview of the Singapore Airshow in Singapore,

Emirates buys 15 Airbus jets in reprieve from engine row

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



Nov 16 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets&#8217; stocks slipped on Thursday dragged by heavyweight China shares on glum domestic economic data, while the Philippine peso was steady against the dollar, paring early losses after its central bank kept interest rates steady as expected.



MSCI&#8217;s index tracking emerging market equities&nbsp;.MSCIEF, slipped 0.1% by 0955 GMT. The index was set to snap three straight sessions of gains if losses hold.



China&#8217;s new home prices fell for the fourth straight month, suggesting a broader weakening in the sector that could drag on the country&#8217;s overall recovery.



The Shanghai Composite Index&nbsp;.SSEC&nbsp;dropped 0.7%, while blue-chip shares&nbsp;.CSI300&nbsp;fell nearly 1%. Hong Kong&#8217;s Hang Seng Index&nbsp;.HSI&nbsp;dropped 1.4%.



The yuan&nbsp;CNY=CFXS&nbsp;was flat and the latest home prices data dampened recovery sentiment in the world&#8217;s second-largest economy and comes a day after positive industrial output and retail sales for October.



On the geopolitical front, signs of improving relations emerged after U.S. President Joe Biden and Chinese leader Xi Jinping agreed on Wednesday to resume military-to-military communications and cooperate on anti-drug policies.



However, some investors were disappointed at the lack of any major breakthroughs in the talks.



Capping broader equity losses, Pakistan&#8217;s benchmark stock index .KSE jumped 1.3% after the International Monetary Fund (IMF) said it had reached a staff-level agreement with Pakistan on the first review of a $3 billion bailout, which will unlock $700 million in funding for the country.



India&#8217;s NSE Nifty 50 index&nbsp;.NSEI&nbsp;and the benchmark S&amp;P BSE Sensex&nbsp;.BSESN&nbsp;advanced 0.5% each, lifted by information technology stocks.&nbsp;.BO



The Philippine central bank kept its policy rate steady at 6.5% on Thursday, as expected, warning that its fight with inflation was not over and it could raise rates again.



The peso&nbsp;PHP=&nbsp;pared losses after the rate decision and was last seen steady against the dollar. The benchmark stock index&nbsp;.PSI&nbsp;rose 0.3%.



A basket of regional currencies&nbsp;.MIEM00000CUS&nbsp;inched up 0.1% led by gains in the South Korean won.



The won KRW=KFTC jumped 1.1% after authorities planned to loosen stock short-selling rules for retail investors, while tightening rules for institutional and foreign investors.



Having fallen earlier this week on cooling U.S. inflation, the dollar index =USD clawed back some gains on Thursday after a mixed set of U.S. economic data on Wednesday.



&#8220;We think investors are still under-pricing risks that Fed rates will pause for longer, which could weigh on EM asset performance during Q1, although easing longer-end rates and downwards pressure on the dollar could also marginally alleviate pressure on EM,&#8221; Tellimer Research said in a note.



The South African rand&nbsp;ZAR=&nbsp;weakened 0.2% against a steady dollar, while most&nbsp;central and eastern&nbsp;European currencies edged up against the euro.



On the data front, Israel&#8217;s preliminary third-quarter readings, Brazil&#8217;s September economic activity, Poland&#8217;s October core inflation and Colombia&#8217;s September trade balance are due later in the day.



(Reporting by Siddarth S in Bengaluru; editing by Eileen Soreng)

Stock market report. 3d illustration

Stocks set to snap 3-day winning run on China’s property sector woes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-820x547.jpg" alt="" class="wp-image-429066" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zambia&#8217;s Finance Minister Situmbeko Musokotwane takes part in a panel during the annual meeting of the International Monetary Fund and the World Bank, following last month&#8217;s deadly earthquake, in Marrakech, Morocco, October 14, 2023. REUTERS/Susana Vera/File Photo</figcaption></figure>



JOHANNESBURG/LONDON, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s official creditors including China rejected a deal the country struck with its international bondholders because they believed its &#8220;base case&#8221; scenario did not deliver debt relief comparable to what they offered in a separate deal, two sources familiar with the talks said.



Official creditors said the agreement in principle, which the International Monetary Fund (IMF) also rejected, did not comply with &#8220;Comparability of Treatment&#8221;, said the sources, who declined to be identified as the discussions are private.



Zambia announced on October 26 that it had clinched an agreement in principle with its international bondholders &#8211; a key step for the country whose debt rework has been beset by delays since it defaulted in 2020.



The announcement sparked a sharp rally in Zambia&#8217;s three outstanding bonds, which has been partially reversed since Zambia said on November 10 that official creditors and the IMF had &#8220;expressed reservations&#8221; about the deal, sparking fears that the country&#8217;s drawn-out default could be extended still further.



Both bondholders and official creditors had proposed extending the maturity of Zambia&#8217;s debt and that it be paid back quicker if the country&#8217;s economy performs better than expected. The bondholder deal proposed they would be paid more than $700 million before 2026 in the base case, while official creditors had offered a longer three-year grace period.



Bondholders would need to offer more debt relief in the base case scenario for the deal to be acceptable to official creditors and the IMF, one of the sources said.



&#8220;There were marginal deviations in positions and these deviations are being discussed. As it stands, the IMF may be in a position to support the adjusted terms as compatible with Zambia&#8217;s programme parameters,&#8221; the second source added.



A spokesperson for Zambia&#8217;s finance ministry contacted on Wednesday pointed to a statement published on Tuesday that said there were &#8220;continuing discussions&#8221; with the group of bondholders, but that no further comment could be made as the negotiations are being held under Non-Disclosure Agreements (NDAs).



An IMF spokesperson referred to a statement on Friday that said that &#8220;modifications are needed to bring this initial proposal more fully into line with the requirements of the IMF program&#8221; and declined to comment further.



Representatives for the negotiating committee of the international bondholder group declined to comment and the Paris Club, which acts as a secretariat for developed creditor nations, did not immediately respond to a request for comment.



China&#8217;s foreign ministry said all creditors should offer debt relief &#8220;in accordance with the principle of &#8216;common action and fair burden&#8217;,&#8221; in faxed comments on Monday in response to Reuters questions about what the &#8220;reservations&#8221; on the bondholder deal were.



(Reporting by Rachel Savage and Karin Strohecker; Additional reporting by Marc Jones, Editing by Alexandra Hudson)

DWS3TK7MAVPAPFKEL2YX7GYITI

Official creditors rejected Zambia bond rework deal as too generous to bondholders – sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="498" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-820x498.jpg" alt="" class="wp-image-429061" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-820x498.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-300x182.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-1536x933.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Nov 16 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund has reached a staff-level agreement with Kenya, unlocking immediate access to a $682.3 million tranche and boosting the current lending programme by $938 million, the fund said on Thursday.



The East African nation is grappling with acute liquidity challenges caused by uncertainty over its ability to access funding from financial markets before a $2 billion Eurobond matures next June.



Its balance of payments and financial positions have also been strained by the legacy of the COVID-19 pandemic and frequent climate change-induced droughts, the fund said at the conclusion of a two-and-a-half week review mission to Nairobi.



&#8220;The tightening global financing conditions for frontier economies and global geopolitical tensions are compounding the challenges,&#8221; said Haimanot Teferra, the head of the mission.



Subject to the approval of the Washington-based fund&#8217;s executive board, Kenya will have access to a total of $3.88 billion, which would bring its total funding under the existing Extended Fund Facility and Extended Credit Facility arrangements to $4.43 billion, the IMF said.



The current programme, agreed in April 2021, was first bumped up in May by an extra $1 billion, including $544 million under the IMF&#8217;s Resilience and Sustainability Facility (RSF), and a new arrangement under the same RSF.



Kenya&#8217;s international bonds rose modestly on the news, with the $2 billion note maturing in June 2024 rising the most. It was up 0.43 cents on the dollar to 95.6 cents at 0928 GMT&nbsp;XS1028952403=TE.



Although the deal was widely expected after it was telegraphed by a senior adviser in Kenya&#8217;s presidency, it was still being viewed positively, said a Kenyan market participant who did not wish to be named.



The new IMF financing, together with expected funds from the World Bank and regional banks like Afrexim, would allow Kenya to pay maturing foreign debt without running down its hard currency reserves, said the market participant.



The additional money was more than international markets were expecting, said Thato Mosadi, a strategist at Jefferies in London.



&#8220;I am very positive that reserves could be higher than USD6.5bn following the payment of the (2024) eurobond, and even more confident now following the IMF&#8217;s augmentation,&#8221; she said.



(Reporting by George Obulutsa and Duncan Miriri; Additional reporting by Rachel Savage in Johannesburg; Editing by Christina Fincher)

Shadow of Kenya’s borrowing binge to hang over next president

Kenya gets additional $938 mln from IMF, soothing nerves

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



BLANTYRE, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund&#8217;s executive board has approved a loan of about $178 million for Malawi, with an immediate disbursement of about $35 million, the IMF said in a statement on Wednesday.



Malawian authorities reached a staff-level agreement with the fund on the four-year Extended Credit Facility in September.



Earlier this month Malawi devalued its currency by about 30% as it battles severe shortages of fuel, medicines and fertilisers linked to foreign-currency shortages.



&#8220;The decision is a big breather for us and our economy,&#8221; Finance Minister Simplex Chithyola Banda said in a telephone interview with Reuters.



&#8220;Two major benefits expected are the resumption of budgetary support from our traditional donors and the easing of foreign currency supplies,&#8221; the southern African country&#8217;s finance minister said.



The IMF programme will unlock more financial support from development partners, Malawian President Lazarus Chakwera said in a televised national address late on Wednesday.



The World Bank could give Malawi $60 million for trade finance, a $217 million package linked to fiscal reforms and $250 million for agriculture, Chakwera said.



&#8220;These injections of foreign investment from our partners over the next four months will greatly enhance our foreign exchange reserves position and provide the macroeconomic stability needed for economic and business growth,&#8221; he added.



(Reporting by Frank Phiri; Writing by Anait Miridzhanian and Kopano Gumbi; Editing by David Gregorio and Sandra Maler)

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

IMF board approves $178 mln loan to Malawi

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg" alt="" class="wp-image-422637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Ghana&#8217;s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen</figcaption></figure>



ACCRA, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s finance minister said on Wednesday in a budget speech that the economy was getting back on track, pointing to a smaller budget deficit than targeted so far this year and higher economic growth than last year.



The West African country is grappling with its worst economic crisis in a generation, with a sharply weaker cedi currency&nbsp;GHS=&nbsp;and rampant inflation.



The government of the gold, oil and cocoa producer turned to the International Monetary Fund for financial support last year as it was locked out of international capital markets.



Finance Minister Ken Ofori-Atta told lawmakers on Wednesday that Ghana had recorded an overall budget deficit of 3.0% of gross domestic product (GDP) over January-August, better than a targeted deficit of 4.6% of GDP.



He said real GDP growth had averaged 3.2% in the first half of this year, an improvement on 2.9% growth in same period in 2022.



The central bank had bought gold worth more than $1 billion to boost its reserves since it launched a gold-for-reserves programme, he added.



For 2024, Ghana is targeting GDP growth of at least 2.8%, a year-end inflation rate of 15% from more than 35% in October this year&nbsp;GHCPIY=ECI&nbsp;and a primary budget surplus of 0.5% of GDP.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Sofia Christensen; Editing by Alexander Winning and Bate Felix)

Ghana’s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra

Ghana’s economy getting back on track, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-820x615.jpg" alt="" class="wp-image-429028" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers check out at the cash register in a mall in Abuja, Nigeria, September 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Nov 15 (Reuters) &#8211; Nigerian inflation rose for the tenth month in a row in October, increasing pressure on the new central bank governor to raise interest rates when the monetary policy committee meets for the first time since his appointment.



Consumer inflation rose to 27.33% year on year in October from 26.72% in September, its highest in about 18 years, data from the National Bureau of Statistics showed.



Olayemi Cardoso took over as governor of Nigeria&#8217;s central bank in September, after Godwin Emefiele was suspended earlier in the year.



Cardoso has pledged to pull the bank back from much-criticised fiscal interventions pursued by Emefiele that undermined the central bank&#8217;s ability to effectively manage inflation. Instead the central bank will take a &#8220;more limited advisory role&#8221; in support of the government&#8217;s economic growth agenda, Cardoso said.



Price rises for food and non-alcoholic beverages were the biggest driver of inflation in October in annual terms, the statistics bureau said.



Food inflation, which accounts for the bulk of Nigeria&#8217;s inflation basket, rose to 31.52% in October from 30.64% in September.



Inflation in Africa&#8217;s biggest economy and most populous nation has been in double digits since 2016, eroding incomes and savings.



&#8220;We are reaching almost four months since the central bank&#8217;s last policy meeting in July, a meeting which underwhelmed,&#8221; said David Omojomolo, Africa economist at research firm Capital Economics.



&#8220;The central bank will need to act with aggressive hikes to maintain its credibility and bring down inflation,&#8221; he said.



At the July monetary policy meeting, the central bank opted for a smaller-than-expected 25 basis point hike, saying it preferred a moderate increase to anchor inflation expectations while continuing to support investment.



President Bola Tinubu, who has embarked on some of Nigeria&#8217;s boldest reforms in decades, has been under pressure from labour unions as some of those reforms have contributed to price pressures.



(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning and Toby Chopra)

Customers check out at the cash register in a mall in Abuja

Nigeria inflation rises further in October, upping pressure on new central bank head

<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>



Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Emerging market assets jumped, hitting multi-month highs on Wednesday, as softer U.S. inflation data bolstered bets of an end to the Federal Reserve&#8217;s interest rate hikes, while positive Chinese economic data also boosted risk sentiment.



MSCI&#8217;s index tracking emerging market equities&nbsp;.MSCIEF&nbsp;jumped 2.3% by 0937 GMT, hitting its highest level in nearly two months.



A basket of regional currencies&nbsp;.MIEM00000CUS&nbsp;climbed 0.7%, marking the highest levels since August.



If gains hold, the broader equity index is set for its best day since June, while the FX index is on track for its best session since late March.



Data on Tuesday showed&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ARR:220&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">U.S. consumer prices</a>(CPI) were unchanged in October and the annual rise in underlying inflation was the smallest in two years.



Cooling inflation will allow the Fed to hold off on further interest rate hikes and potentially start cutting rates by May, traders bet on Tuesday.



Investors will also monitor talks between U.S. President Joe Biden and Chinese President Xi Jinping and more U.S. economic data.



The dollar index&nbsp;=USD&nbsp;last stood at 104.260, after having slumped on Tuesday post the CPI data.



&#8220;While we agree with the peak Fed rate narrative, it is important to consider what we get from here,&#8221; Charu Chanana, market strategist at Saxo Markets said in a note.



&#8220;Growth data becomes extremely key from here and today’s (U.S.) retail sales print will be one to watch,&#8221; Chanana added.



China&#8217;s industrial output and retail sales growth beat expectations in October, but the underlying economic picture highlighted significant pockets of weakness.



Chinese shares&nbsp;.SSEC&nbsp;rose 0.6%, while blue-chips climbed&nbsp;.CSI300&nbsp;0.7%. Hong Kong shares jumped 3.9%, leading broader equity gains.



China&#8217;s central bank ramped up injections of liquidity but kept the interest rate unchanged when rolling over maturing medium-term policy loans on Wednesday, matching market expectations.



The yuan&nbsp;CNY=CFXS&nbsp;gained 0.1% against the dollar.



In Europe, Poland&#8217;s final October CPI on an annual basis came in at 6.60% compared to a previous estimate of 6.50% for the same period, data showed.



The Polish zloty&nbsp;EURPLN=&nbsp;rose 0.2% against the euro.



The South African rand&nbsp;ZAR=&nbsp;climbed 0.1% and the benchmark equity index&nbsp;.JTOPI&nbsp;jumped nearly 2% ahead of September retail sales data.



The Russian rouble&nbsp;RUBUTSTN=MCX&nbsp;on Wednesday soared to its highest levels since early July against the dollar, boosted by continued supply of foreign currency by exporters, high interest rates and relatively strong oil prices.&nbsp;RU/RUB



The rouble was last up 1.5%.



Kenya&#8217;s shilling KES= hovered around all-time lows against the greenback on Wednesday, hurt by higher demand for dollars from importers in various sectors, amid low hard currency inflows, traders said.



On the data front, October CPI for Israel and Nigeria and third-quarter GDP for Russia and Colombia are due later in the day.



(Reporting by Siddarth S in Bengaluru; Editing by Sharon Singleton)

World map with charts and graphs as symbols of global finance

EM assets hit multi-month highs on soft US CPI, positive China data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was weaker in early trade on Wednesday ahead of retail sales data in South Africa and the United States which could provide markets with fresh direction.



At 0717 GMT, the rand traded at 18.2550 against the dollar&nbsp;ZAR=D3, about 0.2% weaker than its previous close.



The dollar&nbsp;=USD&nbsp;last traded around 0.1% stronger against a basket of major currencies.



The rand jumped on Tuesday as softer-than-expected U.S. consumer inflation data boosted expectations the Federal Reserve might be done with interest rate hikes.



Like other risk-sensitive currencies, the rand often takes its cues from global drivers such as U.S. monetary policy.



Investors will look to U.S. retail sales and producer price inflation data later on Wednesday for further clues as to the state of the economy.



&#8220;Given the mood, the market would surge on any softening in the data,&#8221; said Rand Merchant Bank analysts in a briefing.



Locally, Statistics South Africa will publish the country&#8217;s September retail sales data&nbsp;ZARET=ECI&nbsp;at 1100 GMT. Analysts polled by Reuters predict a 0.1% rise in retail sales year-on-year.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was stronger in early deals, with the yield down 4 basis points to 10.195%.



(Reporting by Tannur Anders; Editing by Nellie Peyton and Mark Potter)

South African Rand coins are seen in this photo illustration

South African rand weakens ahead of retail sales data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="498" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-820x498.jpg" alt="" class="wp-image-429008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-820x498.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-300x182.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-1536x933.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An employee works on the assembly line in a hangar of an aircraft manufacturer Aero Vodochody near the town of Odolena Voda, Czech Republic, July 11, 2017. Picture taken July 11, 2017. REUTERS/David W Cerny/File Photo</figcaption></figure>



PRAGUE/WARSAW, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Central European defence companies are negotiating new deals to sell more weapons, military equipment and related services in Africa as they seek to poach customers looking for alternatives to Russia, companies and government officials say.



Though now part of the Western NATO alliance, former Warsaw Pact members such as the Czech Republic, then part of Czechoslovakia, delivered a steady supply of weapons to African countries during the Communist era and so are well-placed to maintain or upgrade those systems.



&#8220;The best new markets are the African ones because they still use Soviet-era equipment but now want Western technology added to it,&#8221; Jiri Hynek, president and director of industry trade group the Defence and Security Industry Association of the Czech Republic, told Reuters.



&#8220;We call it the westernization of Soviet products.&#8221;



Take Czech aircraft maker Aero Vodochody. The company is in talks to sell its L-39NG training and light attack aircraft to new buyers as well as provide upgrades for older versions, its executive vice president of sales Filip Kulstrunk told Reuters.



&#8220;We see increasing interest from new potential customers, who are looking to abandon Russian or Chinese equipment and wish to westernize their armed forces,&#8221; he said, declining to give details on which countries it was talking to.



The Czech Republic in 2022 exported ammunition, guns, aircraft and other military supplies valued at around 32 million euros to 10 sub-Saharan African countries, many which rely on Soviet-era weapons manufactured with different standards and calibres than those used in the West. This was up from just under 2 million euros in 2011.



<h2 class="wp-block-heading" id="h-ukraine-diversion">UKRAINE DIVERSION</h2>



Reuters spoke to around a half dozen Czech and Polish defence companies and government officials who described renewed efforts to carve out a bigger share of the African arms market as the Ukraine conflict diverts Russia&#8217;s attention.



While the companies declined for the most part to outline specifics or countries they were targeting for competitive reasons, deals being discussed included for guns, ammunition and other military equipment and services, they said.



Privately-held defence and civil manufacturing company Czechoslovak Group &#8211; the biggest Czech defence company &#8211; said its ability to maintain and modernize armoured vehicles using Soviet-era standards has helped it win business in Africa.



&#8220;CSG has exceptional capability to maintain and modernise military land systems of Eastern origin so that African customers needn&#8217;t depend on Russian suppliers,&#8221; spokesman Andrej Cirtek told Reuters. &#8220;We have already used this in a number of business cases in Africa.&#8221;



According to the Stockholm International Peace Research Institute, Russia overtook China as the leading arms seller in sub-Saharan Africa with a market share rising to 26% over the past five years from 2018 to 2022.



While it has not yet fully processed data on all recent exports to Africa since the start of the Ukraine war, Pieter Wezeman, a senior researcher in the organisation&#8217;s arms transfers programme, told Reuters that reliability concerns could spur some nations to look beyond Russia.



&#8220;Czech industry has the kind of expertise on former Soviet weapons which can be useful when selling equipment, components or servicing of weapons used by African countries,&#8221; he said.



Sebastian Chwalek, chief executive of Poland&#8217;s state-owned PGZ – which controls dozens of companies making weapons, ammunition, armoured transporters, unmanned air systems and other equipment – told Reuters the company has stepped up talks over the last 12 months to tap African markets.



Polish military technology company WB Group &#8211; whose products include unmanned drones and missile systems &#8211; has also seen an uptick in interest from potential African customers on its home turf over the past year.



&#8220;We attended a recent trade exposition. &#8230;in Poland where our stand was visited by numerous delegations from African countries that appeared here for the first time,&#8221; WB Group spokesman Remigiusz Wilk said.



&#8220;It is always beneficial for any other supplier if someone who previously existed on a given market disappears from it, or is less represented.&#8221;



<h2 class="wp-block-heading" id="h-trade-mission">TRADE MISSION</h2>



Underlining the push into Africa, a Czech trade mission visited Ethiopia, Kenya, Ghana and the Ivory Coast earlier this month. A key aim, said Prime Minister Petr Fiala, was boosting opportunities for the defence industry.



Czech national security advisor Tomas Pojar, who took part in the trade mission, said defence deals under discussion as a result of the trip were worth billions of crowns and included talks with Ethiopia about modernizing its aircraft and upgrading Soviet technology.



&#8220;Our focus is to re-open and strengthen relationships with our traditional partners in Africa by committing ourselves to what they want and need the most,&#8221; he told Reuters.



Tomas Kopecny, a Czech government envoy and former deputy minister of defence charged with leading business missions to Africa, added that inviting African leaders to visit Prague represented another way to stir up new defence deals.



This included the Czech-speaking president of Mozambique, whose visit in August marked the first of a sub-Saharan African leader to Prague for more than two decades, he added.



&#8220;One part of these activities also includes defence industry cooperation, since it has been an integral part of what we have engaged in together in the past,&#8221; Kopecny said.



As a nation of 10.5 million, the Czech Republic has long punched above its weight when coming to arms production and has been a leading supplier of ammunition, military equipment and other weapons to Ukraine since Russia&#8217;s 2022 invasion.



The effort to supply Ukraine has pushed Czech companies to boost production and expand supply lines, something Czech-based independent defence analyst Lukas Visingr said has burnished the region&#8217;s reputation.



&#8220;The Czech arms industry is stepping up its efforts towards certain African countries still using Soviet-style equipment but who start to see Russia as a problematic supplier,&#8221; Visingr said.



(Reporting by Michael Kahn and Anna Koper, Editing by Alex Richardson)

FILE PHOTO: An employee works on the assembly line in a hangar of an aircraft manufacturer Aero Vodochody near the town of Odolena Voda

Central Europe’s defence companies spy African opportunity

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-820x547.jpg" alt="" class="wp-image-428991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Tinubu met top officials of the Islamic Development Bank (IsDB) to negotiate a &#8220;multi-billion dollar infrastructure finance facility&#8221; to help build ports and power plants, his spokesperson said on Tuesday.



Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a statement. He didn&#8217;t provide further details of the finance package sought by the Nigerian government.



&#8220;We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities,&#8221; Tinubu said in the statement.



&#8220;These deficits present unrivalled opportunity for savvy investors in a market that is by far the largest on the continent,&#8221; he said.



On Friday, Nigeria agreed to a series of investments and cooperation deals with Saudi Arabia, including a pledge by the Saudi government to make a &#8220;substantial deposit&#8221; of foreign exchange to help boost Nigeria&#8217;s forex liquidity.



Under Tinubu, Nigeria has embarked on its boldest reforms in decades, ending a costly petrol subsidy and restrictions on foreign currency trading as part of measures to boost economic growth.



Tinubu, who was sworn into office in May, has pledged to revive the economy fraught with sluggish growth, double-digit inflation, foreign currency shortages, and widespread insecurity and crude oil theft.



Muhtar said the IsDB is ready to work with the government to support big investments in Nigeria, which is expected to get a &#8220;significant share&#8221; of a $50 billion Africa investment fund announced by the bank in cooperation with the Arab Coordination Group.



The Jeddah, Saudi Arabia-based IsDB is a multilateral development bank that provides financing for infrastructure and other development projects in Muslim-majority countries.



(Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Christina Fincher)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria in talks with Islamic bank for infrastructure finance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-820x547.jpg" alt="" class="wp-image-428983" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NIAMEY, NIGER &#8211; AUGUST 06: A coup supporter raises the flag of Niger during a demonstration at a stadium in the capital city of Niger, Niamey on August 6, 2023. The 7-day deadline given by Economic Community of West African States (ECOWAS) to the military junta on July 30 for the release and reinstatement of President Mohamed Bazum will expire before midnight. (Photo by Balima Boureima/Anadolu Agency via Getty Images)</figcaption></figure>



DAKAR, Nov 14 (Reuters) &#8211; Niger has missed payments on interest and capital totalling 187.136 billion ($304 million) CFA francs since a July coup and its suspension from regional financial markets, data from the West African regional debt management agency showed on Tuesday.



The West African monetary union debt management agency UMOA Titres said in a statement on Tuesday that the country had missed another interest payment of around 2.464 billion CFA francs ($4 million) on its debt.



&#8220;This payment incident occurs in a context where the State of Niger is subject to sanctions taken against it by the conference of heads of state and government of the West African Economic and Monetary Union,&#8221; the agency said.



Niger has been suspended from the regional financial market, and the regional central bank by the Economic Community of West African States (ECOWAS) and the West African monetary union following a military coup in July that ousted President Mohamed Bazoum.



ECOWAS has imposed severe economic and financial sanctions on the junta, including cutting off its access to the state&#8217;s accounts with the regional central bank, and has threatened to use force to restore constitutional rule.



($1 = 615.5300 CFA francs)



(Reporting by Bate Felix; Editing by Andrew Heavens and Bernadette Baum)

Demonstration of coup supporters in Niger

Niger debt default reaches $304 million due to sanctions- agency

<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>



Nov 14 (Reuters) &#8211; Most emerging markets stocks inched up while currencies were subdued on Tuesday ahead of key U.S. inflation data that could offer more clues on the Federal Reserve&#8217;s interest rate outlook.



MSCI&#8217;s index tracking emerging markets equities edged 0.2% higher, while a basket of regional currencies was muted at 0921 GMT.



&#8220;Emerging markets are trading mixed ahead of the US data &#8230; suggesting caution.&#8221; said Shaun Murison, senior market analyst at IG markets.



Financial markets will be closely watching the world&#8217;s largest economy&#8217;s October inflation data, due later in the day, with economists expecting a headline increase of 3.3%, easing from 3.7% in September.



The data comes after Fed officials including Chair Jerome Powell last week said they were still not sure that interest rates are high enough to tame inflation.



Heavyweight Chinese shares rose 0.3% ahead of key domestic economic data this week, while investors will keenly monitor talks between U.S. President Joe Biden and Chinese President Xi Jinping.



&#8220;In person talks between the leaders of the two largest economies in the world are seen as a positive at face value,&#8221; said Murison, while adding trade tensions were likely to remain.



China&#8217;s central bank is widely expected to boost its liquidity injections but keep the interest rate unchanged when it rolls over maturing medium-term policy loans on Wednesday, a Reuters survey showed.



Reuters on Tuesday reported China had ordered local governments to halt public-private partnership projects identified as &#8220;problematic&#8221; as it tries to curb municipal debt risks.



Across Central and Eastern Europe, Hungary&#8217;s economy increased by 0.9% on a quarterly basis in the third quarter as it returned to growth after tipping into recession last year, data showed, while activity in Poland, Romania and Slovakia also expanded in the period.



Against the euro, the Hungarian forint was subdued, the Romanian leu slipped 0.1%, while the Polish zloty rose 0.2%.



The South African rand strengthened 0.1% against the dollar after data showed the domestic unemployment rate fell to 31.9% in the third quarter from 32.6% in the second quarter.



The Russian rouble firmed to a 3-1/2 month high against the dollar in early trade, buoyed by exporters&#8217; foreign currency sales, high interest rates and recovering oil prices.



The rouble was last up 0.6%.



(Reporting by Siddarth S in Bengaluru Editing by Mark Potter)

istockphoto-1076949610-612×612-1

Stocks inch up, FX muted on investor caution ahead of US CPI

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="488" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-73.jpg" alt="" class="wp-image-428975" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-73.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-73-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-73-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-73-768x468.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">Radzuma Tshimangadzo walks holding a placard with his qualifications as he seeks a job, at an intersection in Rosebank, South Africa, June 23, 2020. REUTERS/Siphiwe Sibeko</figcaption></figure>



PRETORIA, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;The number of people with jobs in South Africa surpassed the pre-COVID level in the third quarter of this year to hit its highest since 2019, statistics agency data showed on Tuesday.



Meanwhile the official unemployment rate fell to 31.9% from 32.6% in the second quarter, but it remains among the highest in the world.



Statistics South Africa said the July-to-September quarter saw the eighth consecutive employment increase, pointing to an ongoing labour market recovery from the scars of the pandemic.



&#8220;This 16.7 million (the number of employed people) actually returns us higher than the pre-COVID levels, which is the first time we are seeing that,&#8221; Statistician-General Risenga Maluleke said.



Job gains were mainly in the finance, community and social services and agriculture industries.



Sectors like mining and manufacturing have seen a rapid decline in employment in the past decade, and they recorded further job losses in the third quarter.



Manufacturing shed 50,000 jobs and mining 35,000, the data showed.



The number of unemployed people was 7.849 million in the third quarter, down from 7.921 million at the end of June.



Under an expanded definition of unemployment that includes people discouraged from seeking work, 41.2% of the labour force was jobless in July-September compared with 42.1% in April-June.



South Africa is due to hold national elections next year, with high levels of unemployment and weak economic growth perennial hot-button issues at the polls.



COSATU, the largest trade union federation in the country and an &#8220;alliance partner&#8221; of the governing African National Congress (ANC) party, said after Tuesday&#8217;s unemployment figures that the government needed to &#8220;move with speed to fix the obstacles hindering economic growth&#8221;.



After its worst-ever election result at municipal elections in 2021, the ANC faces the prospect of having to enter into a national coalition government for the first time since the end of apartheid in 1994.



(Reporting by Kopano Gumbi; Additional reporting by Tannur Anders; Editing by Alexander Winning and Christina Fincher)

download-73

South African employment surpasses pre-COVID level in third quarter

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-820x547.jpg" alt="" class="wp-image-428965" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Leader of Liberia&#8217;s ruling party Coalition for Democratic Change(CDC), President and former soccer player George Weah, speaks to the press after casting his vote during the presidential elections in Monrovia, Liberia, October 10, 2023. REUTERS/Carielle Doe</figcaption></figure>



MONROVIA, Nov 14&nbsp;&#8211;&nbsp;Liberians&nbsp;started voting early on&nbsp;Tuesday in a runoff election between President George Weah and former vice president Joseph Boakai,&nbsp;who were&nbsp;neck-and-neck in the first round&nbsp;of voting but&nbsp;below the 50% needed to secure an outright victory.



Former soccer star Weah won 43.83% of the vote, against Boakai&#8217;s 43.44% &#8211; a razor-thin margin that has raised expectations of a closely fought second round.



A Reuters reporter saw queues of people at five polling stations in the capital Monrovia.



&#8220;We want to thank all Liberians who left their bed this morning. Stay on the line and vote,&#8221; the head of the national elections commission, Davidetta Browne-Lansanah, told state radio.



Incumbent&nbsp;Weah has&nbsp;asked voters for more time to make good on his first-term promises to root out corruption and improve livelihoods. The West African nation is still suffering the fallout from two civil wars between 1989 and 2003, and the 2013-16 Ebola epidemic that killed thousands of people.



Meanwhile Boakai has campaigned on the need to rescue the nation from what he calls mismanagement by Weah&#8217;s administration, which has been dogged by graft scandals.



Both Weah and Boakai have received endorsements from candidates who lost in the first round.



A key point will be who the 6% of voters whose ballots were invalidated in the first round favour in the run-off.



Although generally peaceful, the electoral period saw a few clashes between rival factions, and any alleged irregularities in the second round could potentially fuel unrest.



The economy grew 4.8% in 2022, driven by gold production and a relatively good harvest, but more than 80% of the population still face moderate or severe food insecurity, the World Bank said in July.



(Writing by Alessandra Prentice and Anait Miridzhanian; Editing by Hugh Lawson and Bernadette Baum)

FILE PHOTO: Presidential elections in Liberia

Liberians vote in tight presidential run-off

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-820x547.jpg" alt="" class="wp-image-428955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; OCTOBER 31: William Ruto, President of the Republic of Kenya, gives a speech a State Banquet at State House, along with distinguished guests from Kenya and the United Kingdom on October 31, 2023 in Nairobi, Kenya. Chris Jackson/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;Negotiators working on the world&#8217;s first treaty to curb plastic pollution need to hurry up and strike a deal, Kenyan&nbsp;President William Ruto said on Monday at the start of talks in Nairobi.



The world produces about 400 million metric tonnes of plastic waste annually&nbsp;and less than 10% of it is recycled, according to the&nbsp;U.N.&nbsp;Environment Programme.



At least 14 million metric tonnes ends up in the ocean every year, the International Union for Conservation of Nature says, while more piles up in landfills.



International delegates meeting in the Kenyan capital Nairobi for the third round of talks will consider a list of possible measures to include in the treaty.



&#8220;I urge all the negotiators to recall that 2024 is only six weeks away and (there) are only two other meetings to go,&#8221; Ruto said at the opening of the talks.



Governments agreed in March 2022 to put together a treaty on controlling plastic pollution by the end of next year.



In Nairobi,&nbsp;delegates will be haggling over whether to stick to their broad mandate of addressing the entire life cycle of plastics, including production, or to&nbsp;prioritise&nbsp;plastic waste management.



The talks need to come up with a first draft agreement, outlining commitments to reducing the plastic menace, and a financing scheme for its implementation, said Carroll Muffett, president of the Centre for International Environmental law.



&#8220;We need to navigate extraordinary risks over the week ahead,&#8221; he said, citing attempts to derail and delay the talks by some members states in previous rounds.



Kenya is among those who want a strong, binding agreement on the manufacture and use of plastics, having&nbsp;enacted several laws banning certain uses of plastics, such as for shopping bags, since 2017.



&#8220;We must change the way we consume, the way we produce and how we dispose our waste,&#8221; Ruto said. &#8220;Change is inevitable. This instrument that we are working on, is the first domino in that change. Let us bring it home.&#8221;



The plastics&nbsp;industry and oil and petrochemical exporters like Saudi Arabia do not want plastic use curtailed, arguing that the global deal should promote improved&nbsp;the&nbsp;recycling and reuse of plastic.



&#8220;The vast majority of countries are eager to advance the negotiations to get the job done,&#8221; said Pamela Miller, Co-Chair of the International Pollutants Elimination Network, a global public interest organization.



&#8220;On the other hand a small group of like-minded countries of mainly major fossil fuel, petrochemical and plastic exporters like Saudi Arabia and Russia are actively attempting to take us backwards.&#8221;



Saudi and Russian delegates were not immediately available to comment.



(Reporting by Duncan Miriri; additional reporting by Gloria Dickie in London; editing by Hugh Lawson and Mark Heinrich)

Britain’s King Charles III and Queen Camilla Visit Kenya

Kenya president urges progress on global treaty against plastic pollution

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-820x512.jpg" alt="" class="wp-image-428950" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-820x512.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-768x480.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-1536x960.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: European Union flags fly outside the EU Commission headquarters in Brussels, Belgium September 19, 2019. REUTERS/Yves Herman/File Photo</figcaption></figure>



BRUSSELS, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;The European Union will make a &#8220;substantial&#8221; financial contribution to a new international fund addressing the destruction caused by climate change, the EU&#8217;s executive Commission said on Monday.



The world-first climate &#8220;loss and damage&#8221; fund is set to be launched during the United Nations COP28 climate summit to be held Nov. 30-Dec. 12 in Dubai in the United Arab Emirates.



&#8220;The Commissioner is ready to announce substantial financial contribution by the EU and its member states to the loss &amp; damage fund at COP28 in the context of an ambitious outcome at COP28,&#8221; the European Commission and the UAE&#8217;s incoming COP28 president said in a joint statement, referring to EU Climate Commissioner Wopke Hoekstra.



The EU did not specify the size of its planned contribution.



The 27-nation bloc also plans to commit funding at COP28 to help countries meet a pledge to triple global renewable energy capacity by 2030, the statement said.



Finance is one of the biggest issues at the annual U.N. climate talks. The EU move could help grease the wheels for other deals at COP28, where countries will consider whether to phase out fossil fuels and take other steps to cut emissions.



Adnan Amin, CEO of the COP28 summit, said the aim was to secure several hundred million U.S. dollars for it by the end of the event. He said he was &#8220;hopeful&#8221; that the COP28 host, the UAE, would also make a contribution.



&#8220;There is an active discussion going on in the UAE, a positive discussion, about whether we would be participants in this,&#8221; Amin told Reuters.



Countries agreed at last year&#8217;s U.N. climate talks to launch the climate damage fund, a deal hailed as a breakthrough by more vulnerable, developing nations that have long demanded support to cope with climate-driven damage from drought, floods and rising seas.



So far, no country has made a specific financial pledge to the fund, though some have signalled interest.



U.S. climate envoy John Kerry said Washington would put &#8220;several millions of dollars into the fund at the COP&#8221;, speaking during the Bloomberg New Economy Forum in Singapore last week.



The UAE is among a handful of high per-capita income countries that are not obliged to contribute to U.N. climate funds, but are facing pressure from European states to do so.



(Reporting by Kate Abnett; additional reporting by Bart Meijer; editing by Gareth Jones and Mark Heinrich)

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Reuters

Emirates buys 15 Airbus jets in reprieve from engine row

Stocks set to snap 3-day winning run on China’s property sector woes

Official creditors rejected Zambia bond rework deal as too generous to bondholders – sources

Kenya gets additional $938 mln from IMF, soothing nerves

IMF board approves $178 mln loan to Malawi

Ghana’s economy getting back on track, finance minister says

Nigeria inflation rises further in October, upping pressure on new central bank head

EM assets hit multi-month highs on soft US CPI, positive China data

South African rand weakens ahead of retail sales data

Central Europe’s defence companies spy African opportunity

Nigeria in talks with Islamic bank for infrastructure finance

Niger debt default reaches $304 million due to sanctions- agency

Stocks inch up, FX muted on investor caution ahead of US CPI

South African employment surpasses pre-COVID level in third quarter

Liberians vote in tight presidential run-off

Kenya president urges progress on global treaty against plastic pollution

EU pledges ‘substantial’ contribution to COP28 climate damage fund

News Tips

Advertise With Us

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