
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Friday.</p>



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



<p>The South African Reserve Bank will publish data on the country&#8217;s foreign reserves for August.</p>



<p>South Africa&#8217;s government will holds it weekly auction of inflation-linked bonds.</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>African Rainbow Minerals (ARM) said on Friday its annual profit declined 43%, hit mainly by weaker prices for platinum group metals and coal.</p>



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



<p>The South Africa rand extended gains on Thursday as risk sentiment improved on bets for a deeper interest rate cut this month in the United States, analysts said.</p>



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



<p>Asian shares clung to tight ranges and the dollar nursed losses on Friday, with investors on tenterhooks ahead of U.S. jobs data that could decide the size and speed of coming rate cuts in the world&#8217;s largest economy.</p>



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



<p>The benchmark S&amp;P 500 index and the Dow ended lower in choppy trading on Thursday after a short-lived boost from a string of economic reports faded and investors eyed key jobs data due on Friday. The Nasdaq finished slightly higher.</p>



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



<p>Gold held below a one-week high on Friday and was on track for a weekly gain, as market participants focussed on U.S. jobs data that could shape the size of an expected rate cut this month. </p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Justice minister Thembi Simelane to state her case over VBS claims</p>



<p>&#8211; Many moving parts but Treasury ‘still intends to meet fiscal targets’</p>



<p>&#8211; SA bonds rally as GNU helps brighten outlook</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 6


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, equity and currency market moves may affect South African markets on Thursday.</p>



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



<p>Q2 current account data</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South Africa&#8217;s Harmony Gold increased its dividend on Thursday as it reported a 132% jump in annual profit, boosted by higher gold production, better grades and record prices.</p>



<p>South African insurer Sanlam  will report its half-year results.</p>



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



<p>The South African rand strengthened against a weaker dollar on Wednesday, after U.S. jobs data showed a softening labour market.</p>



<p>On the stock market, the Top-40 index closed 0.37% lower.</p>



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



<p>Asian share markets tried to regain their footing on Thursday after a steep sell-off, while a rally in Treasuries dented the dollar and lifted the yen as U.S. economic worries raised the odds of the Federal Reserve going big on rate cuts.</p>



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



<p>U.S. stocks finished slightly lower in choppy trading on Wednesday following labor market data and comments from a Federal Reserve official that bolstered the case for an interest rate cut.</p>



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



<p>Gold was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Rich South Africans flock to Portugal for stability</p>



<p>&#8211; IMF adopts a more upbeat tone on SA</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 5


<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>



<p>NAIROBI, Sept 5 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>Asian share markets tried to regain their footing on Thursday after a steep sell-off, while a rally in Treasuries dented the dollar and lifted the yen as U.S. economic worries raised the odds of the Federal Reserve going big on rate cuts.</p>



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



<p>Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns.</p>



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



<p>The South African rand strengthened against a weaker dollar on Wednesday, after U.S. jobs data showed a softening labour market.</p>



<h2 class="wp-block-heading" id="h-china-africa-debt">CHINA AFRICA DEBT</h2>



<p>A China-Africa summit in Beijing this week takes place as a continent slowly emerging from a series of defaults seeks to define its future cooperation with the Asian nation that partly fuelled its debt binge and now faces its own economic headwinds.</p>



<h2 class="wp-block-heading" id="h-china-africa-financing">CHINA AFRICA FINANCING</h2>



<p>Chinese President Xi Jinping on Thursday pledged $51 billion in fresh financing to Africa, support for 30 infrastructure projects across the resource-rich continent, and promised to create at least 1 million jobs.</p>



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



<p>Kenya&#8217;s shilling firmed slightly against the dollar on Wednesday, LSEG data showed.</p>



<h2 class="wp-block-heading" id="h-kenya-private-sector-activity">KENYA PRIVATE SECTOR ACTIVITY</h2>



<p>Kenya&#8217;s private sector activity picked up in August as firms recovered from disruption caused by anti-government protests the previous month, a survey showed on Wednesday.</p>



<h2 class="wp-block-heading" id="h-mtn-cameroon">MTN CAMEROON</h2>



<p>The Cameroon subsidiary of South African mobile operator MTN Group said late on Tuesday it won&#8217;t exit the country despite the seizure of its bank accounts since 2022 under a Cameroon court order.</p>



<h2 class="wp-block-heading" id="h-mauritius-china-currency-swap">MAURITIUS CHINA CURRENCY SWAP</h2>



<p>Mauritius and China&#8217;s central banks have signed a three-year currency swap agreement worth 13 billion Mauritian rupees or 2 billion Chinese yuan (about $281 million), the Bank of Mauritius said on Wednesday.</p>



<p>(Compiled by Nairobi Newsroom)</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 5


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-820x547.jpg" alt="" class="wp-image-527088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s President Xi Jinping and his wife Peng Liyuan pose with Secretary-General of the United Nations Antonio Guterres for a photography during a reception at the Forum on China-Africa Cooperation (FOCAC) in the Great Hall of the People in Beijing, China, 04 September 2024.  ANDRES MARTINEZ CASARES/Pool via REUTERS</figcaption></figure>



<p>BEIJING, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;African countries&#8217; inadequate access to debt relief and scarce resources is a recipe for social unrest, United Nations Secretary-General Antonio Guterres said on Thursday, proposing fresh reforms to the international financial architecture.</p>



<p>A growing debt crisis across the 1 billion-strong continent has seen a conflagration of civil unrest in recent months, after protests in Kenya, where police clashed with demonstrators rallying against proposed tax hikes, inspired people to take to the streets in Nigeria and Uganda over the cost of living.</p>



<p>African nations have been seeking to restructure their debts through a rework architecture designed by the G20 called the &#8216;Common Framework,&#8217; but the scheme did not as expected expedite talks between a myriad of leaders from Chinese state-owned banks to London-based asset managers and New York banks.</p>



<p>Zambia in June became the first country to successfully restructure its debt through the scheme, more than three years after it defaulted on its loans.</p>



<p>Guterres told a major China-Africa cooperation summit in Beijing that Africa&#8217;s debt &#8220;situation is unsustainable and a recipe for social unrest&#8221;.</p>



<p>&#8220;They have no access to effective debt relief, scarce resources, and clearly insufficient concessional funding to respond to the basic needs of their population,&#8221; he said.</p>



<p>Guterres proposed &#8220;deep reforms to the outdated, ineffective and unfair international financial architecture&#8221; and further stimulus &#8220;to provide developing countries with the liquidity they need while seeking medium- and long-term solutions.&#8221;</p>



<p>Beijing, the world&#8217;s biggest bilateral lender, is hosting 50 African nations for the ninth Forum on China-Africa Cooperation Summit this week, at which China&#8217;s President Xi Jinping pledged 360 billion yuan ($50.70 billion) in fresh financing to the continent over the next three years.</p>



<p>China approved loans worth $4.61 billion to Africa last year, the first annual increase since 2016.</p>



<p>Guterres praised China&#8217;s initiatives across Africa and said they could drive a &#8220;renewable energy revolution&#8221; and &#8220;be a catalyst for key transitions on food systems and digital connectivity.&#8221;</p>



<p>Angola&#8217;s finance minister on Tuesday told Reuters that Luanda was considering proposals from Beijing, Brussels and elsewhere, with a view to quickly securing funds to help bring down inflation and do more through public-private partnerships.</p>



<p>($1 = 7.1005 Chinese yuan renminbi)</p>



<p>(Reporting by Joe Cash; Editing by Jacqueline Wong and Michael Perry)</p>


Forum on China-Africa Cooperation in Beijing

UN chief warns Africa’s inadequate access to debt relief is recipe for social unrest


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-820x547.jpg" alt="" class="wp-image-527085" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s President Xi Jinping delivers a keynote speech at the opening ceremony of the ninth Forum on China-Africa Cooperation (FOCAC) Summit, at the Great Hall of the People in Beijing, China September 5, 2024. REUTERS/Florence Lo</figcaption></figure>



<p>BEIJING, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;President Xi Jinping pledged on Thursday to step up China&#8217;s support to the world&#8217;s fastest-growing continent with funding of nearly $51 billion, backing for more infrastructure initiatives and a promise to create at least 1 million jobs.</p>



<p>The world&#8217;s biggest two-way lender, Beijing showed a desire to move away from funding big-ticket infrastructure and focus instead on selling to developing economies the advanced and green technologies in which Chinese firms have invested heavily.</p>



<p>Still, Xi told delegates from more than 50 African nations that the world&#8217;s second-largest economy would carry out 30 infrastructure projects across the resource-rich continent, and offer 360 billion yuan ($50.70 billion) in financial assistance.</p>



<p>&#8220;China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment,&#8221; Xi told delegates at a major China-Africa summit in Beijing.</p>



<p>He called for &#8220;a China-Africa network featuring land-sea links and co-ordinated development,&#8221; as he told Chinese contractors to return to the 1-billion-strong continent, after the lifting of COVID-19 curbs that disrupted its schemes.</p>



<p>Last year, China approved loans worth $4.61 billion to Africa, in the first annual increase since 2016.</p>



<p>Xi said 210 billion yuan of the financing pledge would be disbursed through credit lines and at least 70 billion in fresh investment by Chinese companies, with smaller amounts provided through military aid and other projects.</p>



<p>The Forum on China-Africa Cooperation Summit, held this year in the Chinese capital, chalks out a three-year programme for China and every African state bar Eswatini, which retains ties to Taiwan.</p>



<p>Besides 30 infrastructure connectivity projects, Xi added, &#8220;China is ready to launch 30 clean energy projects in Africa,&#8221; offering to co-operate on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.</p>



<p>But the Chinese leader did not reiterate his pledge at the 2021 forum in Dakar for the Asian giant to buy $300 billion worth of African goods, pledging only to unilaterally expand market access.</p>



<p>Analysts say Beijing&#8217;s phytosanitary rules for market access are too strict, making China unable to meet that promise.</p>



<p>&#8220;We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial co-operation for the benefit of trans-regional development in Africa,&#8221; Xi added.</p>



<p>($1=7.0976 Chinese yuan renminbi)</p>



<p>(Reporting by Laurie Chen; Writing by Joe Cash; Editing by Jacqueline Wong and Michael Perry)</p>


China offers Africa $51 bln in fresh funding, promises a million jobs


<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>



<p>JOHANNESBURG, Sept 4 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was weaker in early trade on Wednesday, as markets awaited U.S. jobs data for clues on the interest rate path in the world&#8217;s biggest economy.</p>



<p>At 0626 GMT, the rand traded at 18.0025 against the dollar, about 0.17% weaker than its previous close.</p>



<p>&#8220;The USD-ZAR now looks to be targeting the 18.0000 handle once more. Whether it sustains a break above that level will depend on the market reaction to the U.S. data scheduled for release in the upcoming session,&#8221; ETM Analytics said in a research note.</p>



<p>U.S. job openings data is expected on Wednesday and could hint at the Federal Reserve&#8217;s interest rate path for this year.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers in addition to local factors.</p>



<p>Local investors will look to the S&amp;P Global South Africa Purchasing Managers&#8217; Index for August on Wednesday for hints on the health of Africa&#8217;s most industrialised economy.</p>



<p>Data on Tuesday showed South Africa&#8217;s second-quarter economic growth was slightly weaker than expected.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 1.5 basis points to 9.2%.</p>



<p>(Reporting by Tannur Anders; Editing by Andrew Heavens)</p>


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

South African rand softens ahead of US jobs data


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 4 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, and equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>S&amp;P Global Whole Economy PMI for August</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South African upmarket fashion and food retailer Woolworths reported a 16.8% decline in full-year headline earnings on weak sales, as higher living costs continue to weigh on discretionary spend.</p>



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



<p>The South African rand weakened on Tuesday after data showed the country&#8217;s second-quarter economic growth was slightly weaker than expected.</p>



<p>On the stock market, the Top-40 index closed 1.6% lower.</p>



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



<p>Asian shares and global stock futures tumbled on Wednesday, led by a heavy decline in technology names and as worries about the global growth outlook drove investors out of risky assets, while oil prices hit multi-month lows. </p>



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



<p>U.S. stocks slumped on Tuesday, at the start of one of the market&#8217;s historically worst months, ahead of data likely to influence how much the Federal Reserve will lower interest rates. </p>



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



<p>Gold prices held steady on Wednesday as investors braced for a monthly U.S. payrolls report that could influence how swiftly and deeply the Federal Reserve cuts interest rates this year.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; ‘Worst is probably behind us’ after modest lift in GDP</p>



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



<p>&#8211; MPs stunned as Post Office warns of liquidation within a month without R4bn bailout</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 4


<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>



<p>NAIROBI, Sept 4 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



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



<p>Asian shares and global stock futures tumbled on Wednesday, led by a heavy decline in technology names and as worries about the global growth outlook drove investors out of risky assets, while oil prices hit multi-month lows.</p>



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



<p>Oil prices fell on Wednesday, extending a plunge of more than 4% the previous day, on expectations that a political dispute halting Libyan exports could be resolved and concerns over lower global demand growth.</p>



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



<p>The South African rand weakened on Tuesday after data showed the country&#8217;s second-quarter economic growth was slightly weaker than expected.</p>



<h2 class="wp-block-heading" id="h-nigeria-china-investments">NIGERIA CHINA INVESTMENTS</h2>



<p>China vowed to encourage its more &#8220;powerful&#8221; companies to invest in Nigeria, which in turn said it was open to Chinese companies building factories and developing its energy and mineral resources, after the two nations&#8217; leaders met in Beijing.</p>



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



<p>Kenya&#8217;s shilling was unchanged on Tuesday, and traders said it was expected to strengthen, helped by tea export dollar inflows.</p>



<h2 class="wp-block-heading" id="h-uganda-politics">UGANDA POLITICS</h2>



<p>Uganda&#8217;s main opposition leader Bobi Wine, who has emerged as the most formidable opponent of veteran President Yoweri Museveni, was shot in the leg by security agents in a northern suburb of the capital Kampala on Tuesday, his party said.</p>



<h2 class="wp-block-heading" id="h-ethiopia-airline">ETHIOPIA AIRLINE</h2>



<p>Ethiopian Airlines said on Tuesday it had suspended flights to neighbouring Eritrea because its bank account there was frozen.</p>



<h2 class="wp-block-heading" id="h-angola-china-financing">ANGOLA CHINA FINANCING</h2>



<p>China needs to step up its financing for Angola if the African nation is to absorb more Chinese-made goods from solar panels to electric cars, Angola&#8217;s finance minister said on Tuesday, as the former OPEC member considers vying bids from Beijing and Europe.</p>



<p>(Compiled by Nairobi Newsroom)</p>


African Markets – Factors to watch on Sept 4


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-820x550.jpg" alt="" class="wp-image-526731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-1536x1030.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s President Xi Jinping attends Shanghai Cooperation Organization (SCO) summit in Astana, Kazakhstan July 4, 2024. REUTERS/Turar Kazangapov/File Photo</figcaption></figure>



<p>BEIJING, Sept 4 (Reuters) &#8211; China&#8217;s President Xi Jinping will open the ninth Forum on China-Africa Cooperation Summit on Thursday, where he is expected to urge African leaders gathered in Beijing to absorb more Chinese goods in exchange for pledges of loans and investment.</p>



<p>The three-yearly forum officially kicks off today with a welcome dinner for the 50 African nations in attendance and will close on Friday, after negotiations over cooperation documents setting the course of China-Africa relations up until 2027.</p>



<p>China approved loans worth $4.61 billion to Africa last year, the first annual increase since 2016.</p>



<h2 class="wp-block-heading" id="h-what-is-china-s-pitch">WHAT IS CHINA&#8217;S PITCH?</h2>



<p>The world&#8217;s biggest bilateral lender wants to slim down its investment portfolio and re-align its relations with developing economies around Xi&#8217;s new mantra of &#8220;small and beautiful projects,&#8221; instead of big-ticket infrastructure.</p>



<p>Infrastructure appeared only once in Xi&#8217;s address to the last summit in Dakar in 2021, where he pledged to support 10 projects to improve the interconnectivity of African states.</p>



<p>On Thursday, analysts anticipate the Chinese leader to talk up the competitiveness of its green technologies, which the U.S. and Europe maintain it has overcapacity in, and Beijing needs to find buyers for, as well as technology transfer schemes and more people-to-people exchanges.</p>



<p>China could also pledge to increase the amount availabe to African central banks and businesses through credit lines, after committing $10 billion dollars at the last summit, in addition to support in developing digital finance and e-payment systems.</p>



<h2 class="wp-block-heading" id="h-what-do-the-african-delegates-want">WHAT DO THE AFRICAN DELEGATES WANT?</h2>



<p>African leaders will be looking for quicker financing solutions to a growing debt crisis across the continent in the Beijing Action Plan of the Forum on China-Africa Cooperation for 2025-2027, as well as fresh job-creating investment pledges and assurances projects proposed in Dakar will be completed.</p>



<p>South Africa&#8217;s president on Monday told Xi he wanted to narrow his country&#8217;s trade deficit with China, an aspiration almost all African states share, which leaders will be hoping Beijing responds to with better terms for their agricultural and natural resources exports.</p>



<p>Delegates will also be looking for assurance that a pledge from the 2021 summit that China would buy $300 billion worth of African goods will be met.</p>



<p>Analysts say Beijing&#8217;s phytosanitary market access barriers are too strict, preventing African food exporters from selling into the 1.4 billion strong consumer market.</p>



<p>Over the course of the week, African leaders have also been meeting Chinese firms to encourage them to set up manufacturing hubs in their countries, to help move their industrial sectors up the value chain.</p>



<h2 class="wp-block-heading" id="h-what-happens-in-beijing">WHAT HAPPENS IN BEIJING?</h2>



<p>On Tuesday, China&#8217;s foreign and commerce ministers met with delegates at Beijing&#8217;s Diaoyutai State Guesthouse to begin discussions over two documents: the action plan for 2024-2027 and a report on the implementations of the last summit in Dakar.</p>



<p>The two documents will be finalised and signed off by all delegates by the end of the summit.</p>



<p>African and Chinese negotiating teams have been meeting at least twice a year since the last forum, but the in-person meeting presents presidents with a chance to personally involve themselves in the negotiations.</p>



<p>A procession of presidents has passed through Beijing&#8217;s Great Hall of the People in the days leading up to the summit, with Xi having already met more than 20 heads of state, according to Chinese state media.</p>



<p>This year&#8217;s forum is the first in-person summit since COVID, with the Dakar meeting taking place largely online, and Chinese and African leaders alike are using the gathering to hold various bilateral meetings.</p>



<p>(Reporting by Joe Cash; Editing by Michael Perry)</p>


Shanghai Cooperation Organization summit held in Kazakh capital Astana

What to expect from the Forum on China-Africa Cooperation Summit


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-820x559.jpg" alt="" class="wp-image-526446" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-820x559.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-1536x1047.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People work at &#8221;The Faktory&#8221;, a fashion design and clothing manufacturing company in Johannesburg, South Africa, March 4, 2021. REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>PRETORIA, Sept 3 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s economic growth picked up in the second quarter, supported by higher consumer spending and power availability, but output declines in agriculture, mining and transport meant growth was slightly weaker than expected.</p>



<p>Gross domestic product (GDP) expanded 0.4% in quarter-on-quarter seasonally-adjusted terms in April to June, below the 0.5% growth forecast by economists polled by Reuters but above the first quarter&#8217;s flat output.</p>



<p>South Africa&#8217;s top statistics official said it was too early to say whether the coalition government that emerged after May&#8217;s election had contributed to the improved second-quarter performance, since President Cyril Ramaphosa was only sworn in for a second term in mid-June.</p>



<p>&#8220;Even in the next quarter, it would be too early to tell about the effects of the government of national unity,&#8221; Statistician-General Risenga Maluleke told reporters.</p>



<p>Seven of the 10 sectors tracked by Statistics South Africa registered growth in the latest three-month period, as the economy benefited from an unbroken stretch without power cuts for the first time in years.</p>



<p>But economists said lingering bottlenecks at ports and on the freight rail network and weak global demand remained a drag.</p>



<p>&#8220;It&#8217;s a big step forward to not have power disruptions, but (we&#8217;re) not there yet in terms of all the other constraints,&#8221; said Lisette IJssel de Schepper, chief economist at the Bureau for Economic Research (BER).</p>



<p>After the marked improvement in power utility Eskom&#8217;s performance this year, inefficiencies at state logistics group Transnet are among the biggest unresolved issues.</p>



<h2 class="wp-block-heading" id="h-faster-growth-ahead">FASTER GROWTH AHEAD?</h2>



<p>South African factory activity also slumped in August, indicating that business conditions remain highly volatile in key sectors.</p>



<p>IJssel de Schepper said growth could start to pick up from the fourth quarter.</p>



<p>One reason is a government pension policy reform that came into effect on Sept. 1 and will allow fund members to withdraw some of their savings before retirement age.</p>



<p>The central bank estimates withdrawals could be between 40 billion rand and 100 billion rand ($2.2 billion and $5.6 billion) by the end of the year, boosting household consumption spending and GDP growth.</p>



<p>Another factor is that the central bank is expected to start cutting interest rates from this month for the first time in four years.</p>



<p>The BER forecasts 2.2% growth in 2025, up from 1% this year, but it says for that to be sustained there needs to be progress with reforms to enhance the country&#8217;s growth potential.</p>



<p>($1 = 17.9700 rand)</p>



<p>(Reporting by Kopano Gumbi and Tannur Anders: Editing by Alexander Winning)</p>


People work at ”The Faktory”, in Johannesburg

South African economy gains momentum but not as much as forecast


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



<p>JOHANNESBURG, Sept 3 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Tuesday.</p>



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



<p>Statistics South Africa will release GDP figures for the second quarter of 2024.</p>



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



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South Africa&#8217;s biggest vehicle dealership Motus Holdings posted a 28% decline in annual profit.</p>



<p>South Africa&#8217;s biggest grocery retailer Shoprite will report its full-year results.</p>



<p>South Africa-based pharmaceutical manufacturer Aspen Pharmacare will report its full-year results.</p>



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



<p>The South African rand was steady on Monday ahead of the release of second-quarter gross domestic product (GDP) data.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.33% lower.</p>



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



<p>Bond yields drifted higher on Tuesday, while currencies and Asia&#8217;s stock markets steadied as investors waited on a raft of data to determine how deeply the U.S. can cut interest rates.</p>



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



<p>Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday, with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.</p>



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



<p>Gold prices fell on Tuesday, while investors awaited a slew of U.S. economic data to gauge the size of the Federal Reserve&#8217;s expected interest rate cut this month.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Transnet on track to turn a profit in 2025</p>



<p>&#8211; New-car sales gloomy as cash-strapped buyers await rate cut</p>



<p>(Compiled by Tannur Anders)</p>


Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

South African Markets-Factors to watch on Sept 3


<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>



<p>NAIROBI, Sept 3 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Bond yields drifted higher on Tuesday, while currencies and Asia&#8217;s stock markets steadied as investors waited on a raft of data to determine how deeply the U.S. can cut interest rates.</p>



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



<p>Brent oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya.</p>



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



<p>The South African rand was steady on Monday ahead of the release of second-quarter gross domestic product (GDP) data.</p>



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



<p>Nigeria&#8217;s Dangote Oil Refinery has begun processing gasoline after delays caused by recent crude shortages, an executive said on Monday.</p>



<h2 class="wp-block-heading" id="h-nigeria-politics">NIGERIA POLITICS</h2>



<p>Nigeria on Monday charged 10 people with treason and conspiring to incite the military to mutiny following last month&#8217;s nationwide demonstrations that saw thousands take to the streets to protest against a cost of living crisis.</p>



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



<p>Kenya&#8217;s shilling was stable on Monday, with dollar supply from the tourism sector matching general importer demand, traders said.</p>



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



<p>Cocoa arrivals at ports in top grower Ivory Coast stood at 1.704 million metric tons as of Sept. 1 since the season began on Oct. 1, down 26.2% from the same period last season, exporters estimated on Monday.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Sept 3


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="500" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg" alt="" class="wp-image-495627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South African Rand coins are seen in this illustration picture taken October 28, 2020.  REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



<p>JOHANNESBURG, Sept 2 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Monday, ahead of a purchasing managers&#8217; index (PMI) survey for the domestic manufacturing sector.</p>



<p>At 0711 GMT the rand traded at 17.87 against the dollar, about 0.1% softer than its Friday close.</p>



<p>The Absa PMI for August is set to be released at 0900 GMT and should shed light on conditions in South Africa&#8217;s manufacturing sector.</p>



<p>Local investors will focus on the country&#8217;s second-quarter gross domestic product data on Tuesday for signs on the health of Africa&#8217;s most industrialised economy.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 0.4% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield climbing 4 basis points to 9.24%.</p>



<p>(Reporting by Tannur Anders; Editing by David Goodman)</p>


FILE PHOTO: South African Rand coins are seen in this illustration picture

South African rand little changed ahead of manufacturing PMI


<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>



<p>JOHANNESBURG, Sept 2 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.</p>



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



<p>South Africa&#8217;s Johannesburg Stock Exchange will release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.</p>



<p>South Africa&#8217;s government will hold its weekly auction for Treasury bills.</p>



<p>South Africa&#8217;s manufacturing sector purchasing managers&#8217; index for August will be published.</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South African food producer RCL Foods posted a 31% jump in full-year profit on Monday.</p>



<p>South African state logistics group Transnet will release its full-year financial results.</p>



<p>South African consumer goods firm AVI Ltd will report its full-year results.</p>



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



<p>South Africa&#8217;s rand was stable on Friday against a buoyant dollar, after the local unit hit a fresh 13-month high earlier in the day supported by improved investor sentiment on signs the domestic economy is starting to gain momentum.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index closed 0.64% down.</p>



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



<p>Share markets were subdued in Asia on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized.</p>



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



<p>Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday, with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.</p>



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



<p>Gold prices dipped on Monday as the dollar strengthened, while investors awaited key U.S. jobs data to firm their bets on the size of Federal Reserve&#8217;s interest rate cut expected this month.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Central banks must aim for ‘soft landing’ as they start cutting rates, says Kganyago</p>



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



<p>&#8211; Two large water boards face bankruptcy as municipalities refuse to pay bills</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 2


<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>



<p>NAIROBI, Sept 2 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.</p>



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



<p>Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized.</p>



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



<p>Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world&#8217;s two biggest oil consumers.</p>



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



<p>South Africa&#8217;s rand was stable on Friday against a buoyant dollar, after the local unit hit a fresh 13-month high earlier in the day supported by improved investor sentiment on signs the domestic economy is starting to gain momentum.</p>



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



<p>Nigeria&#8217;s state-oil firm NNPC on Sunday said it is facing financial strain making it unable to import petrol into Africa&#8217;s most populous nation, that has seen weeks-long fuel scarcity across its retail stations.</p>



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



<p>The Kenyan shilling was unchanged on Friday, with little market activity, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-inflation">KENYA INFLATION</h2>



<p>Kenya&#8217;s inflation edged up to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.</p>



<h2 class="wp-block-heading" id="h-china-africa-summit">CHINA AFRICA SUMMIT</h2>



<p>China will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.</p>



<h2 class="wp-block-heading" id="h-democratic-republic-of-congo-gold">DEMOCRATIC REPUBLIC OF CONGO GOLD</h2>



<p>Democratic Republic of Congo is looking for new buyers of gold from its eastern territories after taking full control of Primera Gold which had an exclusive contract to buy and sell gold mined in the east, the company&#8217;s head said.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Sept 2


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-820x546.jpg" alt="" class="wp-image-525967" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Gabon&#8217;s President Brice Clotaire Oligui Nguema waves as he arrives at Beijing Capital International Airport ahead of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, Sep. 1, 2024. Ken Ishii/Pool via REUTERS</figcaption></figure>



<p>BEIJING/NAIROBI, Sept 2 (Reuters)&nbsp;&#8211;&nbsp;China will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.</p>



<p>But the dozens of African leaders arriving in the Chinese capital for the three-yearly event may not be easy bait. They will want to hear how China plans to meet an unfulfilled pledge from the previous summit in 2021 to buy $300 billion of goods.</p>



<p>They will also seek assurances on the progress of incomplete Chinese-funded infrastructure projects, such as a railway designed to link the greater East African region.</p>



<p>&#8220;The prize is going to go to those countries who have carefully studied the changes in China and align their proposals with China&#8217;s new slimmed-down priorities,&#8221; said Eric Olander, co-founder of the China-Global South Project.</p>



<p>&#8220;That&#8217;s a big ask for a continent that generally has very poor China literacy.&#8221;</p>



<p>Africa&#8217;s biggest two-way lender, investor and trade partner is moving away from funding big-ticket projects in the resource-rich continent, preferring instead to sell it the advanced and green technologies Chinese firms have invested in heavily.</p>



<p>As Western curbs on Chinese exports loom, Beijing&#8217;s top priority will be finding buyers for its EVs and solar panels, areas where the U.S. and European Union say it has overcapacity, and building overseas production bases for emerging markets.</p>



<p>China has already started tweaking conditions for its loans to Africa, setting aside more for solar farms, EV plants and 5G Wi-Fi facilities, while cutting back on bridges, ports and railways.</p>



<p>Last year, China offered 13 loans of just $4.2 billion to eight African states and two regional banks, data from Boston University&#8217;s Global Development Policy Centre showed, with about $500 million for hydropower and solar projects.</p>



<h2 class="wp-block-heading" id="h-geopolitical-jostling">GEOPOLITICAL JOSTLING</h2>



<p>When President Xi Jinping opens the ninth Forum on China-Africa Co-operation Summit on Thursday, he is expected to pitch plugging into China&#8217;s burgeoning green energy industry to leaders from Gambia, Kenya, Nigeria, South Africa, and Zimbabwe.</p>



<p>In attendance will also be delegates from every African state except Eswatini, with which Beijing has no ties.</p>



<p>To avoid losing market share, China&#8217;s geopolitical rival, the United States, has started to host African leaders.</p>



<p>Britain, Italy, Russia and South Korea have also held Africa summits in recent years, recognising the potential of the region&#8217;s young people and its 54 U.N. seats.</p>



<p>China&#8217;s outsized role as a financial and trade partner makes its meetings a far bigger deal, however.</p>



<p>&#8220;There is no other development partner that does that much,&#8221; said Hannah Ryder, founder of Development Reimagined, an African-owned consultancy.</p>



<p>&#8220;But are African leaders able to push China to really dig in so that the balance of the &#8216;win&#8217; is way more towards the African side?&#8221;</p>



<h2 class="wp-block-heading" id="h-matching-wants-and-needs">MATCHING WANTS AND NEEDS</h2>



<p>China will want to talk up boosting trade and access to minerals like copper, cobalt and lithium in countries such as Botswana, Namibia, and Zimbabwe.</p>



<p>But it could be cautious about more funding commitments following debt restructuring bids in economies such as Chad, Ethiopia, Ghana and Zambia, since the 2021 summit.</p>



<p>&#8220;We are likely to see a continued prudence in terms of financing mega projects,&#8221; said Lina Benabdallah, of the Centre for African Studies at Harvard University, adding that Beijing would push for technology transfers instead.</p>



<p>&#8220;I am most certainly keen to understand how many new finance commitments may come out of this, and how they&#8217;re going to deal with existing debt to African countries,&#8221; said Yvette Babb, portfolio manager at asset management firm William Blair.</p>



<p>But China&#8217;s enthusiasm to lend might be dampened by security concerns, such as a spat between Niger and Benin that killed six Nigerien soldiers guarding a PetroChina-backed pipeline, or deadly protests in Kenya over tax hikes.</p>



<p>(Writing by Joe Cash; Editing by Clarence Fernandez)</p>


China Africa Forum in Beijing

China to pitch green tech exports to African leaders as Western curbs loom


<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>



<p>JOHANNESBURG, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened to a fresh 13-month high on Friday, supported by improved investor sentiment on signs the domestic economy is starting to gain momentum.</p>



<p>At 0935 GMT, the rand was 0.7% higher at 17.63 per dollar. It earlier hit 17.5950 against the greenback, a level not seen since late July 2023.</p>



<p>The rand&#8217;s gains come ahead of U.S. core personal consumption expenditure data, a key inflation reading, later on Friday that could cement bets on a Federal Reserve interest rate cut next month.</p>



<p>Analysts have linked recent rand strength to a structural improvement on the supply side of Africa&#8217;s most industrialised economy, with South Africa not witnessing rolling power cuts for over 150 days thanks to a big improvement in state power utility Eskom&#8217;s performance.</p>



<p>&#8220;There have been no power cuts in South Africa for several months, which may not sound very impressive at first, but this has not happened in South Africa for years,&#8221; Commerzbank FX analyst Volkmar Baur said in a research note.</p>



<p>Power cuts have hampered South Africa&#8217;s economic growth for over a decade, with outages on a record 335 days last year.</p>



<p>Inflation also appears to have turned a corner.</p>



<p>Data released on Thursday showed annual producer inflation in South Africa dropped to 4.2% in July.</p>



<p>July consumer inflation fell to a three-year low of 4.6%, falling close to the midpoint of the South African central bank&#8217;s 3% to 6% target range and bolstering expectations the bank will cut its main interest rate for the first time in four years next month.</p>



<p>Baur said lower domestic interest rates could stimulate further investment and structural improvements in the economy.</p>



<p>&#8220;This positive development reduces the risk premium that the foreign exchange market has placed on South Africa in recent years and strengthens the rand,&#8221; he added.</p>



<p>South Africa&#8217;s central bank governor Lesetja Kganyago said on Thursday that the country was getting to grips with reforms that could lift its growth potential.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index was down 0.4%.</p>



<p>(Reporting by Bhargav Acharya and Alexander Winning; Editing by Susan Fenton)</p>


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Economy

South African Markets – Factors to watch on Sept 6

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UN chief warns Africa’s inadequate access to debt relief is recipe for social unrest

China offers Africa $51 bln in fresh funding, promises a million jobs

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African Markets – Factors to watch on Sept 4

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