
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, 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>South Africa July Business Confidence Index</p>



<p>South Africa June retail sales data</p>



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



<p>The South African rand gained against a weaker dollar on Tuesday, shrugging off lacklustre domestic mining and unemployment data.</p>



<p>On the stock market, the Top-40 index closed up over 0.5%.</p>



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



<p>Asian shares rose on Wednesday after soft U.S. producer prices data stirred hopes that consumer price inflation would be benign, while the kiwi dollar slumped after its central bank cut rates for the first time since early 2020.</p>



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



<p>U.S. indexes closed up on Tuesday and hit a near two-week high after softer producer prices data reinforced bets of an interest-rate cut by the Federal Reserve in September.</p>



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



<p>Gold prices edged lower on Wednesday as investors remained on the sidelines ahead of a key U.S. inflation report later in the day that could set the tone for the Federal Reserve&#8217;s September policy meeting.</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; Business balks at signing presidential health compact, citing NHI</p>



<p>&#8211; Transnet questions private sector’s preparedness for third-party access, says CEO Michelle Phillips</p>



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



<p>&#8211; Transnet says it may deliver a profit next year &#8211; if it can hit its rail targets</p>



<p>(Compiled by Bhargav Acharya)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 14


<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, Aug 14 (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 rose and the dollar nursed losses on Wednesday after soft U.S. producer prices data stirred hopes that consumer price inflation would be benign, sending bond yields lower.</p>



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



<p>Oil prices climbed on Wednesday on estimates about shrinking U.S. crude and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies.</p>



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



<p>The South African rand gained against a weaker dollar on Tuesday, shrugging off lacklustre domestic mining and unemployment data.</p>



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



<p>Kenya&#8217;s shilling inched higher against the U.S. dollar on Tuesday, lifted by dollar inflows from remittances and offshore investors attracted by an upcoming infrastructure bond auction, traders said.</p>



<h2 class="wp-block-heading" id="h-africa-mpox">AFRICA MPOX</h2>



<p>Africa&#8217;s top public health body declared what it termed a &#8220;public health emergency of continental security&#8221; on Tuesday over an outbreak of mpox that has spread from the Democratic Republic of Congo to neighbouring countries.</p>



<h2 class="wp-block-heading" id="h-somalia-ethiopia-diplomacy">SOMALIA-ETHIOPIA DIPLOMACY</h2>



<p>A second round of Turkish-mediated talks between Somalia and Ethiopia over a port deal Addis Ababa signed with the breakaway Somaliland region ended without a deal on Tuesday, but Turkey and ministers from both countries sounded upbeat on progress.</p>



<h2 class="wp-block-heading" id="h-tanzania-politics">TANZANIA POLITICS</h2>



<p>Several leaders of Tanzania&#8217;s main opposition party CHADEMA and hundreds of their supporters were released on Tuesday after mass arrests over a banned youth meeting in the southwest of the country, police and a party spokesperson said.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 14


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1080" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW.jpg" alt="" class="wp-image-518376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-1536x864.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A worker labels copper products at Truong Phu cable factory in northern Hai Duong province, outside Hanoi, Vietnam August 11, 2017.<br>Kham | Reuters</figcaption></figure>



<p>Commodity prices have tumbled over the past month, signaling underlying weakness in the global economy despite the U.S. stock market bouncing back from recession fears.</p>



<p>U.S. stocks recovered most of their losses last week in the wake of a steep sell-off triggered by weak labor and manufacturing data. Investors have sought to look past recession fears, with some analysts arguing that U.S. economic fundamentals remain on a solid footing.</p>



<p>But commodity markets may be telling a different story about the global economy. The Invesco DB Base Metals Fund is down more than 7% over the past month, while crude oil futures dropped 14% from July 5 through Aug. 5.</p>



<p>“In terms of commodities, the entire asset class is coming under pressure,” Rob Ginsberg, managing director at Wolfe Research, told clients in a Friday research note.</p>



<p>“Outside of gold, you would be hard pressed to find a positive set-up,” Ginsberg said. “We see this broad decline in commodity prices as yet another warning about the state of the economy.”</p>



<p>Copper in particular is viewed as a signal of what is likely to happen with the economy, said Bart Melek, global head of commodity strategy at TD Securities.</p>



<p>Copper soared earlier this year on expectations of a super-cycle in which demand would outstrip supply due to the metal’s role as a key input in growth industries such as electric vehicles, semiconductors and renewable energy.</p>



<p>But copper futures have pulled back 21.4% from the 2024 high of $5.19 per pound on May 20 to trade at $4.089 as of Monday morning. Futures are down nearly 12% over the past month.</p>



<p>“We’ve got the narrative of the super-cycle, this wonderful world of battery vehicles, dissipating very, very quickly,” Melek told CNBC. “No one is really talking about it anymore.”</p>



<p>Weakness in China, the world’s second-largest economy, is weighing on copper and oil in particular, Melek said. Global manufacturing data also hasn’t been “gangbusters,” he said. It is likely that copper and oil are facing surpluses rather than the tight market that some analysts had expected, the analyst said.</p>



<p>“We didn’t get extremely supportive fiscal stimulus in China,” Melek said. “There were a lot of bets out there, particularly on the discretionary side, that China will deliver some sort of a stimulus that will lift their economy.”</p>



<p>Though oil has found support from ongoing geopolitical tensions in the Middle East, weak demand in China has weighed on the market for months. OPEC on Monday lowered its global oil demand growth forecast this year by 135,000 barrels per day as expectations in China have softened.</p>



<p>“Both energy markets and base metal markets and copper do reflect a slower economic environment where there is likely to be less demand growth that reduces the risk of undersupply conditions,” Melek said.</p>



<p>At the same time China’s economy is sputtering, the U.S. is leaning into protectionism, imposing tariffs against Beijing on everything from electric vehicles, to batteries, to semiconductors and solar modules. The European Union announced tariffs on Chinese EVs in July, with Beijing filing a complaint at the World Trade Organization on Friday</p>



<p>“That just means that there is less free flow of stuff from there to here,” Melek said. “If we impose tariffs, that means higher prices. Almost by definition, for any level of demand, you get less of it with tariffs.”</p>



<p>The market is waiting on the latest reading of the consumer price index Wednesday and commentary out of the annual meeting of central bankers in Jackson Hole, Wyoming next week. A rate cut by the Federal Reserve in September has largely already been priced in, Melek said.</p>



<p>“I’m not sure the market gets all that excited,” Melek said of the expected rate cut. TD Securities is pricing in a 25 basis point cut, though the Fed might become more optimistic about doing 50 basis points if the CPI data on Wednesday comes in weak, he said.</p>


-SXlrcXW

Falling commodity prices are indicating there is trouble brewing with the economy


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



<p>JOHANNESBURG, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed early on Tuesday, before the release of domestic mining and unemployment data which could set the tone for the day&#8217;s trading.</p>



<p>At 0555 GMT, the rand traded at 18.24 against the U.S. dollar, a whisker away from its closing level on Monday.</p>



<p>June mining output numbers will be published at 0900 GMT and the second-quarter unemployment rate at 0930 GMT.</p>



<p>Economists polled by Reuters estimate mining production contracted 0.8% year on year in June, after May&#8217;s flat output. The official unemployment rate is expected to have dipped slightly to 32.3% in the second quarter from 32.9% in the previous quarter.</p>



<p>(Reporting by Alexander Winning; Editing by Andrew Heavens)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand flat before mining and unemployment 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/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, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, 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>Second-quarter unemployment data</p>



<p>June mining output</p>



<p>Government bond auction&nbsp;SARB24</p>



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



<p>The South African rand was stronger on Monday at the start of a week filled with closely watched global and domestic economic data releases.</p>



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



<p>Asian stocks rose on Tuesday, led by Japanese shares on the back of a steady yen, with traders awaiting data including the U.S. inflation report to gauge the Federal Reserve&#8217;s policy outlook after volatile moves last week.</p>



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



<p>Wall Street stocks closed mixed on Monday as investors braced for a slew of U.S. economic data this week, especially consumer prices, to gauge the outlook for Federal Reserve monetary policy.</p>



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



<p>Gold prices eased on Tuesday as profit-taking kicked in after bullion hit a more than one-week high, while market players awaited key U.S. inflation data that could provide further insight into the Federal Reserve&#8217;s next policy decision. </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; Baptism of fire for new Sasol CEO</p>



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



<p>&#8211; Ramokgopa: Gas master plan needs reworking</p>



<p>(Compiled by Alexander Winning)</p>


South African Markets – Factors to watch on Aug 13


<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>Aug 13 (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-events">EVENTS:</h2>



<p>Africa&#8217;s public health agency will declare an outbreak of mpox that spread from Democratic Republic of Congo to neighbouring countries a public health emergency of continental security.</p>



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



<p>Asian stocks rose on Tuesday, led by Japanese shares on the back of a steady yen, with traders awaiting data including the U.S. inflation report to gauge the Federal Reserve&#8217;s policy outlook after volatile moves last week.</p>



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



<p>Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China.</p>



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



<p>The South African rand was stronger on Monday at the start of a week filled with closely watched global and domestic economic data releases.</p>



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



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



<h2 class="wp-block-heading" id="h-congo-mining">CONGO MINING</h2>



<p>Zambia will reopen its border with Democratic Republic of Congo after sealing it at the weekend due to protests, blocking a key export route for the world&#8217;s second largest copper producer, the two countries said in a joint statement on Monday.</p>



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



<p>Talks to end Sudan&#8217;s 16-month war between the army and the paramilitary Rapid Support Forces (RSF) will move forward this week, the U.S.&#8217;s special envoy said, despite little sign from either party that they seek a peaceful resolution.</p>



<h2 class="wp-block-heading" id="h-kenya-airports">KENYA AIRPORTS</h2>



<p>Kenya&#8217;s main aviation union said it would call a strike from next Monday over a proposed deal with an Indian company to develop the country&#8217;s biggest airport &#8211; industrial action that could cause major disruption in the east African travel hub.</p>



<h2 class="wp-block-heading" id="h-kenya-economy">KENYA ECONOMY</h2>



<p>Kenya&#8217;s new Finance Minister John Mbadi said on Monday he would clean up the bloated government payroll and carry out tax reforms to cut spending and bolster the government&#8217;s finances.</p>



<h2 class="wp-block-heading" id="h-equity-group">EQUITY GROUP</h2>



<p>Kenya&#8217;s Equity Group Holdings said on Monday that its pre-tax profit rose about 6% to 37.2 billion shillings ($288.93 million) in the first half of this year from 35.2 billion shillings in the same period a year ago.</p>



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


African Markets – Factors to watch on Aug 13


<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 12 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was stronger in early trade on Monday at the start of a week filled with closely watched global and domestic economic data releases.</p>



<p>At 0805 GMT, the rand traded at 18.25 against the dollar ZAR, 0.4% firmer than its previous closing level.</p>



<p>The U.S. dollar was down marginally against a basket of global currencies.</p>



<p>Analysts said the rand was likely to take its direction this week from global data prints including U.S. consumer inflation data on Wednesday, and South African mining, unemployment and retail sales figures over Tuesday and Wednesday.</p>



<p>The U.S. inflation reading will be scrutinised for clues on the Federal Reserve&#8217;s monetary policy path, while the local data releases will show whether Africa&#8217;s most industrialised economy gained any momentum in the middle of the year.</p>



<p>Oxford Economics Africa said the domestic data releases were not expected to show much improvement, with the unemployment rate seen stuck around 32%, the mining sector dealing with supply-side constraints and subdued consumer demand continuing to pressure retail.</p>



<p>The Johannesburg Stock Exchange&#8217;s All-Share index was little changed in early trade. One exception was Gold Fields, which dropped 2% after the company said it had agreed to acquire Osisko Mining for C$2.16 billion (about $1.57 billion).</p>



<p>(Reporting by Alexander Winning; Editing by Shounak Dasgupta)</p>


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

South African rand firms at start of data-packed week


<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, Aug 12 (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>Offshore trading in stocks and bonds on the Johannesburg Stock Exchange</p>



<p>Treasury bill auction</p>



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



<p>Gold Fields aid on Monday it had agreed to acquire Osisko Mining for C$2.16 billion (about $1.57 billion).</p>



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



<p>South Africa&#8217;s rand edged higher on Thursday after data out of the United States showed a fall in jobless claims which eased fears of a hard landing in the world&#8217;s biggest economy.</p>



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



<p>Share markets were broadly firmer across Asia on Monday as a holiday in Japan removed one source of recent volatility, and investors looked ahead to major U.S. and Chinese economic data for an update on global growth prospects.</p>



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



<p>The S&amp;P 500 ended higher on Friday and was little changed for the week after regaining almost all of its losses since Monday&#8217;s steep dive that was prompted by fears of a recession and unwinding of a global yen-funded carry trade.</p>



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



<p>Gold prices struggled for momentum on Monday as investors looked forward to a key inflation report that could shed more light on the U.S. central bank&#8217;s next policy move. </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; ANC, IFP leaders tell big business SA&#8217;s fate hangs in the balance</p>



<p>&#8211; Business to float water crisis as new focus for government partnership</p>



<p>&#8211; Wave of impairments on JSE tops 250 bln rand</p>



<p>&#8211; EU says ball is in SA court on meat ban</p>



<p>(Compiled by Alexander Winning)</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 Aug 12


<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>Aug 12 (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-events">EVENTS:</h2>



<p>The Kenya Aviation Workers’ Union are due to issue a strike notice on Monday about the planned lease of airport operations to Indian company Adani Holdings.</p>



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



<p>Asian stocks edged higher on Monday as a holiday in Japan removed one source of recent volatility, and investors hunkered down for major U.S. and Chinese economic data for an update on global growth prospects.</p>



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



<p>Oil prices were little changed in early Asian trading on Monday, holding on to most of last week&#8217;s more than 3% gains, supported by geopolitical tensions and better economic data.</p>



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



<p>South Africa&#8217;s rand edged higher on Thursday after data out of the United States showed a fall in jobless claims which eased fears of a hard landing in the world&#8217;s biggest economy.</p>



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



<p>Kenya&#8217;s shilling weakened slightly on Friday against the U.S. dollar, driven by increased demand from the manufacturing sector, but was partially offset by commercial banks offloading their long dollar positions, according to traders.</p>



<h2 class="wp-block-heading" id="h-rwanda-election">RWANDA ELECTION</h2>



<p>Rwanda&#8217;s President Paul Kagame was sworn into office on Sunday for a five-year term, after a landslide win in last month&#8217;s election extended his near quarter century in office.</p>



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



<p>Ghana opened its first commercial gold refinery in which the state holds shares on Thursday as part of an effort by Africa&#8217;s leading gold producer to add value and earn more from the precious metal, which has been mined there for centuries.</p>



<h2 class="wp-block-heading" id="h-congo-mining">CONGO MINING</h2>



<p>Democratic Republic of Congo said on Sunday it had begun talks with Zambia a day after its southern African neighbour sealed their common border, blocking a key export route for Congo, the world&#8217;s second-largest copper producer.</p>



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


African Markets – Factors to watch on Aug 12


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1439" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-scaled.jpg" alt="" class="wp-image-424954" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-1536x1079.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe,  file.  REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



<p>JOHANNESBURG, Aug 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was stable in early trade on Thursday, as markets traded cautiously ahead of U.S. jobless claims data that could be a major driver globally.</p>



<p>At 0805 GMT, the rand traded at 18.41 against the dollar, the same level it closed at on Wednesday.</p>



<p>South African assets including the rand plunged on Monday, caught up in a global sell-off linked to U.S. recession worries. They have staged a recovery since, but analysts caution that sentiment is still fragile.</p>



<p>&#8220;Investors are currently highly sensitive to any negative news that could hint at a (U.S.) recession,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>&#8220;Currency and commodity markets are keeping within recent ranges ahead of today&#8217;s U.S. jobless claims number with traders in cautious mode,&#8221; he added.</p>



<p>At 1100 GMT Statistics South Africa will publish June manufacturing output figures ZAMAN, ZAMFG. Analysts polled by Reuters predict a 0.9% contraction in year-on-year terms and a 1.3% expansion month-on-month.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded about 0.5% weaker in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was also weaker in early deals, with the yield up 3.5 basis points to 9.415%.</p>



<p>(Reporting by Tannur Anders; Editing by Alexander Winning)</p>


FILE PHOTO: A street money changer counts South African Rands in Harare

South African rand flat, global focus on US jobless claims


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Aug 8 (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>South Africa&#8217;s manufacturing output for June will be released ZAMFG, ZAMAN.</p>



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



<p>Dutch technology investor Prosus and its South African parent group Naspers said on Thursday that Basil Sgourdos will retire as chief financial officer of both firms effective on Nov. 30.</p>



<p>Astral Foods said on Thursday that its CEO Chris Schutte will retire on Jan. 30, 2025, having led the company for 16 years.</p>



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



<p>The South African rand gained on Wednesday as a rebound in global stock markets boosted risk sentiment and investors awaited U.S. labour market data later this week for hints on the future interest rate path of the world&#8217;s biggest economy.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded up about 1.2%. South Africa&#8217;s benchmark 2030 government bond was unchanged, with the yield at 9.375%.</p>



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



<p>Asian stock markets bounced between gains and losses on Thursday, while the yen and U.S. bonds attempted to rebound, as global investors struggled to find their footing in a wild week for markets.</p>



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



<p>U.S. stocks ended lower on Wednesday, with the Nasdaq falling 1% as technology shares declined and weak demand in a 10-year Treasury auction stoked investor jitters in choppy trade..N</p>



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



<p>Prices of safe-haven gold edged higher on Thursday, supported by Middle East tensions and optimism surrounding U.S. rate cuts, while traders awaited economic data for clues on the Federal Reserve&#8217;s policy trajectory.</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; World Bank urges SA to overhaul its trade</p>



<p>&#8211; Big foreign inflows into SA bonds</p>



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


South African Markets – Factors to watch on Aug 8


<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, Aug 8 (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>Tech shares led a selloff in stock markets around Asia, while the yen and U.S. bonds rebounded, as global investors struggled to find their footing in a wild week for markets.</p>



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



<p>Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week.</p>



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



<p>The South African rand gained on Wednesday as a rebound in global stock markets boosted risk sentiment and investors awaited U.S. labour market data later this week for hints on the future interest rate path of the world&#8217;s biggest economy.</p>



<h2 class="wp-block-heading" id="h-nigeria-markets">NIGERIA MARKETS</h2>



<p>Nigeria&#8217;s central bank said on Wednesday it has sold $876.26 million at 1,495 naira to the dollar at its first retail auction for end users, firmer than where the currency is trading at on the official market.</p>



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



<p>Kenya&#8217;s shilling was stable against the U.S. dollar on Wednesday, LSEG data showed.</p>



<h2 class="wp-block-heading" id="h-uganda-central-bank-rate">UGANDA CENTRAL BANK RATE</h2>



<p>Uganda&#8217;s central bank reduced its key lending rate by 25 basis points to 10.00% &lt;UGCBIR=ECI> on Wednesday, saying a recovery in the shilling currency had led to an improvement in the inflation outlook.</p>



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



<p>Kenya&#8217;s central bank governor said on Wednesday that the country&#8217;s shilling currency had remained stable in the face of protests sparked by a plan to hike taxes and should shrug off recent credit rating downgrades.</p>



<h2 class="wp-block-heading" id="h-south-sudan-petroleum">SOUTH SUDAN PETROLEUM</h2>



<p>Malaysian state energy firm Petroliam Nasional (Petronas) said it will withdraw from South Sudan as it tailors its investment strategy to business conditions.</p>



<h2 class="wp-block-heading" id="h-ethiopia-forex">ETHIOPIA FOREX</h2>



<p>Ethiopia&#8217;s central bank said the weighted average exchange rate at a special foreign exchange auction on Wednesday was 107.9 birr per U.S. dollar. </p>



<h2 class="wp-block-heading" id="h-comoros-politics">COMOROS POLITICS</h2>



<p>Comoros President Azali Assoumani has granted sweeping new powers to his son, Nour El Fath, allowing him to intervene at all stages of government decision making, after putting him in charge of coordinating government affairs last month.</p>



<h2 class="wp-block-heading" id="h-angola-petroleum">ANGOLA PETROLEUM</h2>



<p>Angola&#8217;s Etu Energias plans to hold an initial public offering in 2026, its chief executive said on Wednesday, weeks after it finalised a $400 million deal to buy Galp Energia&#8217;s Angolan offshore stakes.</p>



<h2 class="wp-block-heading" id="h-zambia-mining">ZAMBIA MINING</h2>



<p>Zambia&#8217;s proposed minerals regulation law could deter investment and deliver a &#8220;fatal blow&#8221; to its goal of raising annual copper output to 3 million metric tons, two mining bodies said on Wednesday.</p>



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


African Markets – Factors to watch on Aug 8


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Aug 7 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, 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>South Africa&#8217;s net foreign reserves rose to $59.165 billion at the end of July from $58.437 billion in June, central bank data showed on Wednesday.</p>



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



<p>The Johannesburg Stock Exchange will publish its half-year results.</p>



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



<p>The South African rand held steady on Tuesday as global risk sentiment improved after tanking on Monday amid fears of a possible recession in the United States.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded about down 0.6%. South Africa&#8217;s benchmark 2030 government bond was slightly weaker, with the yield up 1.5 basis point to 9.375%.</p>



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



<p>Asian share markets extended their rally on Wednesday, led by another bounce in the Nikkei, as the Bank of Japan unexpectedly turned cautious on rate hikes amidst market volatility, which led to a sharp fall in the yen.</p>



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



<p>The S&amp;P 500 and Nasdaq ended 1% higher on Tuesday as investors jumped back into the market a day after a dramatic sell-off, with recent comments by Federal Reserve officials easing U.S. recession worries.</p>



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



<p>Gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields strengthened, while traders awaited further cues to gauge the size of the Federal Reserve&#8217;s likely September interest rate cut.</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; SA less attractive to investors than Africa&#8217;s islands</p>



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



<p>&#8211; What this week&#8217;s turmoil may mean for SA interest rates</p>



<p>(Compiled by Tannur Anders; editing by David Evans)</p>


South African Markets – Factors to watch on Aug 7


<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, Aug 7 (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-events">EVENTS:</h2>



<p>*Uganda&#8217;s central bank is due to announce its latest benchmark lending rate decision.</p>



<p>*Kenya&#8217;s central bank governor is due to hold a news conference, a day after the bank announced its latest lending rate decision.</p>



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



<p>Asian share markets extended their rally on Wednesday, led by another bounce in the Nikkei, as the Bank of Japan unexpectedly turned cautious on rate hikes amidst market volatility, which led to a sharp fall in the yen.</p>



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



<p>Oil prices slipped in early Asian trading on Wednesday following a brief rebound in the previous session after industry data showed an unexpected build in U.S. crude oil and gasoline inventories, offsetting global oil supply concerns.</p>



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



<p>The South African rand held steady on Tuesday as global risk sentiment improved after tanking on Monday amid fears of a possible recession in the United States.</p>



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



<p>Nigeria&#8217;s oil output has risen to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft, Chief of Naval Staff Emmanuel Ikechukwu Ogalla said on Tuesday.</p>



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



<p>Kenya&#8217;s shilling eased slightly on Tuesday, and traders said it was expected to hold steady during the session, with dollar demand from various sectors being matched by supply.</p>



<h2 class="wp-block-heading" id="h-kenya-central-bank-rate">KENYA CENTRAL BANK RATE</h2>



<p>Kenya&#8217;s central bank cut its benchmark lending rate by 25 basis points on Tuesday, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.</p>



<h2 class="wp-block-heading" id="h-ethiopia-forex">ETHIOPIA FOREX</h2>



<p>Ethiopia&#8217;s central bank said on Tuesday that it would conduct a special foreign exchange auction on Aug. 7.</p>



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


African Markets – Factors to watch on Aug 7


<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>



<p>Aug 6 (Reuters)&nbsp;&#8211;&nbsp;Emerging market assets recouped some losses on Tuesday after a torrent of selling in the prior session, though a stronger dollar and continued concerns over global economic growth kept gains in check.</p>



<p>MSCI&#8217;s index of emerging market stocks rose 1.2% after its worst day in over two years on Monday, when a combination of concerns about a U.S. economic recession, disappointing tech earnings and geopolitical worries saw investors flee risk assets.</p>



<p>Emerging market stocks in Asia outside Japan rose 1%, helped by a sharp recovery in the Nikkei.</p>



<p>Still, some caution remained, with investors pricing in an 80% chance of a 50 basis point interest rate cut from the Federal Reserve in September, down from 86% on Monday. Policy easing in the U.S. typically benefits emerging market stocks and currencies.</p>



<p>&#8220;Large stock market movements often mean that investors are looking for answers to one or more questions, so even if the day looks like the situation is improving, it is best to assume that it will continue to be nervous for some time to come,&#8221; Marcus Widén, economist at SEB said.</p>



<p>The Japanese yen was a key beneficiary of risk aversion on Monday, which saw an unwinding of carry trades that hit many high-yielding emerging market currencies. The yen slipped on Tuesday, though a rebound in the U.S. dollar continued to weigh on EM currencies.</p>



<p>&#8220;Higher interest rates in Japan and expectations of greater and faster expectations of interest rate cuts in the U.S. changed the conditions for carry trades,&#8221; Widen added.</p>



<p>Turkey&#8217;s lira touched a fresh record low of 33.47 to the dollar, while the South African rand slipped 0.2%.</p>



<p>Malaysia&#8217;s ringgit lost over 1% against the dollar after surging over 2% on Monday. The Mexican peso was also down on the day after the carry trade favourite fell to a two-year low.</p>



<p>Among equities, Turkey&#8217;s Bist 100 rose 1.4% and the Prague bourse rose after falling over 4% the session prior.</p>



<p>Saudia Arabia&#8217;s benchmark index gained 1.8%, with Saudi Aramco rising 2.2% after reporting a second-quarter net profit of 109.01 billion riyals.</p>



<p>Central European currencies weakened against the euro, with the Czech crown, Polish zloty and Hungarian forint slipping between 0.1% and 0.3%.</p>



<p>Meanwhile the International Monetary Fund said it was &#8220;fully committed to Bangladesh&#8221; after Prime Minister Sheikh Hasina resigned and fled the country following student-led protests.</p>



<p>Kenya&#8217;s shilling edged down 0.2% against the dollar ahead of a monetary policy announcement.</p>



<p>(Reporting by Lisa Pauline Mattackal in Bengaluru; Editing by Christina Fincher)</p>


Stock market report. 3d illustration

EM stocks recover after bruising selloff, dollar recovery weighs on currencies


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Aug 6 (Reuters)&nbsp;&#8211;&nbsp;The South African rand clawed back ground in early trade on Tuesday as risk sentiment improved, after tanking on Monday on fears of a possible recession in the United States.</p>



<p>At 0649 GMT, the rand traded at 18.45 against the dollar, about 0.4% firmer than its previous close.</p>



<p>Friday&#8217;s weak U.S. July payrolls report stoked recession worries and led to a plunge in global equities, with traders fleeing to safe havens.</p>



<p>&#8220;The rand opened below the R18.50 handle this morning after risk sentiment improved in the early morning hours,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>&#8220;We will still take our cues from global risk sentiment and could expect volatility to remain for the days to come,&#8221; Cilliers added.</p>



<p>U.S. central bank policymakers pushed back on Monday against the notion that the economy is close to recession, but indicated the Federal Reserve will need to cut rates to avoid such an outcome.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. economic data and monetary policy in addition to local factors.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was also firmer in early deals, with the yield down 3.5 basis points to 9.325%.</p>



<p>(Reporting by Tannur Anders; Editing by Christina Fincher)</p>


South African rand claws back losses as risk sentiment improves


<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, Aug 6 (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>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>Nedbank Group recorded an 8% rise in half-year headline earnings supported by good non-interest revenue growth, a lower impairment charge and tight cost control.</p>



<p>AngloGold Ashanti will release first-half results.</p>



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



<p>South African stocks and the rand fell on Monday as global investor sentiment towards riskier assets soured on growing fears over a possible recession in the United States.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index was down about 2.3%, mirroring a sell-off on global stock markets.</p>



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



<p>Japanese stocks jumped at the open on Tuesday, underpinning a recovery across battered Asian share markets, after central bank officials said all the right things to soothe investor nerves.</p>



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



<p>U.S. stocks ended with steep losses on Monday, leaving the Nasdaq and S&amp;P 500 down at least 3% each as the market extended last week&#8217;s sell-off amid U.S. recession worries and as Apple shares fell sharply on news that a big investor had cut its stake.</p>



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



<p>Gold prices edged higher on Tuesday after comments from Federal Reserve officials reinforced expectations of bigger U.S. interest rate cuts later 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; Treasury eases tough-love approach to Transnet</p>



<p>&#8211; Wind power sector ‘deeply concerned’ after regulator rejects Eskom’s reservation request</p>



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


Economy

South African Markets – Factors to watch on Aug 14

African Markets – Factors to watch on Aug 14

Falling commodity prices are indicating there is trouble brewing with the economy

South African rand flat before mining and unemployment data

South African Markets – Factors to watch on Aug 13

African Markets – Factors to watch on Aug 13

South African rand firms at start of data-packed week

South African Markets – Factors to watch on Aug 12

African Markets – Factors to watch on Aug 12

South African rand flat, global focus on US jobless claims

South African Markets – Factors to watch on Aug 8

African Markets – Factors to watch on Aug 8

South African Markets – Factors to watch on Aug 7

African Markets – Factors to watch on Aug 7

EM stocks recover after bruising selloff, dollar recovery weighs on currencies

South African rand claws back losses as risk sentiment improves

South African Markets – Factors to watch on Aug 6

News Tips

Advertise With Us

Economy

South African Markets – Factors to watch on Aug 14

African Markets – Factors to watch on Aug 14

Falling commodity prices are indicating there is trouble brewing with the economy

South African rand flat before mining and unemployment data

South African Markets – Factors to watch on Aug 13

African Markets – Factors to watch on Aug 13

South African rand firms at start of data-packed week

South African Markets – Factors to watch on Aug 12

African Markets – Factors to watch on Aug 12

South African rand flat, global focus on US jobless claims

South African Markets – Factors to watch on Aug 8

African Markets – Factors to watch on Aug 8

South African Markets – Factors to watch on Aug 7

African Markets – Factors to watch on Aug 7

EM stocks recover after bruising selloff, dollar recovery weighs on currencies

South African rand claws back losses as risk sentiment improves

South African Markets – Factors to watch on Aug 6

News Tips

Advertise With Us

Newsletters