
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1254" height="836" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w, 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-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w" sizes="auto, (max-width: 1254px) 100vw, 1254px" /><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>July 31 (Reuters)&nbsp;&#8211;&nbsp;Currencies of most emerging European countries slipped against the dollar on Wednesday, with the Turkish lira touching a record low, while a gauge of EM stocks rose as investors awaited the Federal Reserve&#8217;s interest rate decision later in the day.</p>



<p>MSCI&#8217;s indexes tracking emerging market stocks jumped 1.1%, lifted by gains on Asian bourses on hopes for economic stimulus in China after data showed the country&#8217;s manufacturing activity slipped to a five-month nadir in July.</p>



<p>Additionally, geopolitical risks remained on the radar after Hamas said its leader Ismail Haniyeh was assassinated in Iran, drawing worries about further escalation in the region.</p>



<p>Turkey&#8217;s lira dipped 0.2% versus the dollar, touching a fresh all-time low of 33.1075 against the greenback, while stocks in Turkey dipped 0.5%.</p>



<p>Currencies in emerging European economies edged lower, with the Hungarian forint and Czech crown losing about 0.1% against both the euro and the greenback.</p>



<p>Meanwhile, the Polish zloty slipped 0.2% against the euro after data showed inflation jumped significantly in July, from 2.6% to 4.2% year-on-year, primarily due to the government&#8217;s partial withdrawal of measures aimed at keeping down energy prices.</p>



<p>Investors awaited the U.S. Federal Reserve&#8217;s policy decision later on Wednesday, where the central bank is expected to hold rates but could potentially signal rate cuts are imminent.</p>



<p>The Fed is a key event on a central bank-packed week. The Bank of Japan hiked interest rates earlier in the day. Decisions are on deck from the central banks of Colombia, Brazil, Chile on Wednesday, and the Czech Republic on Thursday.</p>



<p>&#8220;The BoJ and FOMC meetings bookend and are the focal points for a very busy day,&#8221; said Marc Ostwald, global strategist at ADM Investor Services International.</p>



<p>&#8220;It is also month end, and price action thus far this week suggests this has been a constraint, above all given all of the event risk this week, not to mention long-standing national and geopolitical issues,&#8221; Ostwald said, adding plenty of trading activity was likely post the Fed meeting as investors rebalance portfolios.</p>



<p>The emerging markets stock index is on pace for its first monthly decline since January, while an index tracking EM currencies is on track to rise about 0.3%, as markets have grappled with a U.S. tech-led equity selloff, while gauging the likelihood of lower interest rates in the U.S.</p>



<p>Emerging market bonds have fared better, with J.P. Morgan&#8217;s index of dollar-denominated EM bonds returning 1.6% in July, putting its year-to-date gains at nearly 4%.</p>



<p>Elsewhere, the World Bank&#8217;s board approved $1.5 billion in financing for its first ever budget support lending to Ethiopia, it announced on Tuesday.</p>



<p>Ethiopia&#8217;s birr was trading around 74.738 against the dollar.</p>



<p>Nigeria&#8217;s naira was also under pressure, quoted at 1610 to the dollar and on course to fall nearly 7% in July.</p>



<p>(Reporting by Lisa Mattackal in Bengaluru; Editing by Shailesh Kuber)</p>


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

Emerging European FX slips, EM stocks rise as all eyes on Fed


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg" alt="Waldo Swiegers | Bloomberg | Getty Images" class="wp-image-381748" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-696x391.jpg 696w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption class="wp-element-caption">Waldo Swiegers | Bloomberg | Getty Images
</figcaption></figure>



<p>JOHANNESBURG, July 31 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened early on Wednesday, ahead of a much-anticipated policy decision by the Federal Reserve.</p>



<p>At 0718 GMT, the rand traded at 18.22 against the dollar, about 0.6% stronger than its previous close.</p>



<p>Investors focus will be on the Fed on Wednesday for clues on the future interest rate trajectory of the world&#8217;s biggest economy. The central bank is expected to leave rates unchanged, but markets are betting on a cut at its September meeting.</p>



<p>&#8220;The rand is likely to continue to trade in an R18.20/R18.45 range ahead of the (meeting),&#8221; Andre Cilliers, currency strategist at TreasuryONE, said.</p>



<p>Domestic investors will also be looking at June trade balance data to be released by Statistics South Africa later in the day.</p>



<p>On the stock market, the Top-40 index was up 1.2%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond firmed in early deals, with the yield down 3.5 basis points to 9.470%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Andrew Heavens)</p>


Waldo Swiegers | Bloomberg | Getty Images

South African rand firms ahead of Fed policy decision


<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, July 31 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Wednesday.</p>



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



<p>Statistics South Africa to release June trade balance data</p>



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



<p>The South African rand gained on Tuesday as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index closed 0.3% higher.</p>



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



<p>Asian stocks surged on Wednesday and the yen was volatile after the Bank of Japan raised interest rates in a hawkish pivot, while investors assessed contrasting results from Microsoft and chipmaker AMD that suggested a divide in the AI landscape.</p>



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



<p>The S&amp;P 500 and Nasdaq stumbled to close lower on Tuesday, weighed down by weak chip and megacap shares ahead of earnings from heavyweight tech companies this week, but the Dow managed modest gains. </p>



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



<p>Gold prices firmed on Wednesday, heading for a monthly gain on the back of growing optimism about U.S. interest rate cuts and the killing of Hamas leader Ismail Haniyeh in Iran, while traders shifted focus to the Federal Reserve&#8217;s policy verdict.</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; Nersa rejects Eskom’s bid to reserve grid capacity for renewable energy projects</p>



<p>&#8211; Coronation warns water-shedding a risk to investment</p>



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


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 31


<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, July 31 (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>*Kenya and Uganda statistics offices are due to release their respective consumer inflation data for July.</p>



<p>*Ethiopia&#8217;s lawmakers are due to hold an emergency session to discuss the country&#8217;s loans. On Monday, Ethiopia secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion.</p>



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



<p>Asian stocks rose on Wednesday and the yen was volatile after the Bank of Japan raised interest rates, while investors assessed contrasting results from tech bellwether Microsoft and chipmaker AMD that suggested a divide in the AI landscape.</p>



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



<p>Oil futures rebounded more than $1 a barrel from 7-week lows on Wednesday after the killing of Hamas leader Ismail Haniyeh in Iran ratcheted up tensions in the Middle East, but prices stayed under pressure from concerns about weak China demand.</p>



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



<p>The South African rand gained on Tuesday as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.</p>



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



<p>Kenya&#8217;s shilling held steady on Tuesday, with traders projecting that dollar inflows from the tourism and agriculture sectors would bolster its strength.</p>



<h2 class="wp-block-heading" id="h-ethiopia-economy">ETHIOPIA ECONOMY</h2>



<p>Ethiopia&#8217;s new $3.4 billion financing deal with the International Monetary Fund paves the way for completion of its long-delayed debt restructuring in the next three to six months, a senior finance ministry official said on Tuesday.</p>



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



<p>Liberia suspended its central bank governor on Tuesday after an audit found irregular loans to the government and unauthorised spending, the information minister and a spokesperson for the central bank said.</p>



<h2 class="wp-block-heading" id="h-cameroon-mining">CAMEROON MINING</h2>



<p>Cameroon on Tuesday signed a bauxite mining deal worth at least $2 billion with a subsidiary of Australia-based Canyon Resources, as the central African nation seeks to become an upper middle-income country by 2035.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 31


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1254" height="836" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w, 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-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w" sizes="auto, (max-width: 1254px) 100vw, 1254px" /><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>July 30 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks slipped while a gauge of currencies edged higher as investors awaited the outcome of key central bank meetings, while a slump in commodity prices on worries about demand in China kept sentiment cautious.</p>



<p>MSCI&#8217;s index tracking emerging market equities fell 0.3%, as rate decisions from the Bank of Japan and the U.S. Federal Reserve were awaited on Wednesday. The index is on track to fall by about 1% in July as a rout in U.S. tech stocks weighed on global stocks.</p>



<p>A currencies gauge edged up about 0.1% against a largely unchanged U.S. dollar.</p>



<p>Worries about demand from China, the world&#8217;s second-largest economy, also weighed after the country&#8217;s Politburo meeting. While pledging to support the economy, there were no specific new stimulus efforts announced.</p>



<p>&#8220;Most investors are waiting for central bank movements, with many trimming holdings, and as optimism wanes over China&#8217;s government stimulus plans,&#8221; said Ahmed Azzam, regional financial market analyst at Equiti Group.</p>



<p>Oil prices briefly touched their lowest since early June, and were last about flat on the day, while prices of iron ore, copper and other metals fell. </p>



<p>The Federal Reserve is widely expected to keep rates on hold at its meeting on Wednesday, but investors will watch for a dovish tone from policymakers to gauge whether market bets on a September rate cut are on the right track.</p>



<p>Looser U.S. monetary policy would be a boon for riskier emerging market assets, brightening their relative appeal.</p>



<p>China&#8217;s blue-chip stocks and Hong Kong shares fell for a second straight day.</p>



<p>In Europe, the Czech crown was about flat and the Hungarian forint weakened 0.3% against the euro after weak economic data.</p>



<p>Weak foreign demand weighed on industry in both central European economies, with Hungary&#8217;s gross domestic product falling 0.2% on a quarterly basis, the first contraction since the first quarter of 2023. Versus the euro, the forint fell to a three-week low.</p>



<p>Meanwhile, in the Czech Republic, increasing domestic demand helped buoy the economy but both quarterly and annual growth figures were a touch below forecasts from analysts polled by Reuters.</p>



<p>The Czech central bank is expected to ease policy by 25 basis points at its meeting later this week.</p>



<p>&#8220;The Czech koruna remains our favourite currency for this week given our hawkish expectations from the CNB meeting,&#8221; analysts at ING said in a note.</p>



<p>Meanwhile, Ethiopia&#8217;s only international sovereign bond jumped to its highest level since 2021 after the country secured a long-awaited support programme with the International Monetary Fund for $3.4 billion in financing.</p>



<p>The $1 billion dollar bond, which is in the process of being restructured, rose more than 2 cents on the dollar to 77.7 cents, Tradeweb data showed.</p>



<p>South Africa&#8217;s rand regained ground against the dollar, strengthening about 0.7% to 18.32 versus the greenback after falling in the previous session.</p>



<p>(Reporting by Lisa Mattackal in Bengaluru; Editing by David Holmes)</p>


Stocks, FX cautious as commodity slump and Fed jitters weigh


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



<p>NAIROBI, July 30 (Reuters) &#8211; Kenya&#8217;s shilling held steady on Tuesday, with traders projecting that dollar inflows from the tourism and agriculture sectors would bolster its strength.</p>



<p>Commercial banks quoted the shilling at 130.00/131.00 per dollar at 0800 GMT, unchanged from Monday&#8217;s closing rate.</p>



<p>(Reporting by George ObulutsaEditing by Bate Felix)</p>


ANCK25OQIFMHTJYACOM5XU5T24

Steady Kenyan shilling eyes boost from dollar inflows


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/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, July 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand pared the previous session&#8217;s losses in early trade on Tuesday, as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.</p>



<p>At 0729 GMT, the rand traded at 18.38 against the dollar, about 0.3% stronger than its previous close, after tumbling against a stronger greenback on Monday.</p>



<p>Investors will focus on the Fed on Wednesday for insights into the future interest rate path in the world&#8217;s biggest economy. The Fed is expected to leave interest rates unchanged, but markets are betting on a cut at its September meeting.</p>



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



<p>South Africa&#8217;s National Treasury will publish the country&#8217;s budget balance figures for June later on Tuesday.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index eased about 0.1% in early trade. South Africa&#8217;s benchmark 2030 government bond was slightly stronger, with the yield down 1.5 basis points at 9.49%.</p>



<p>(Reporting by Tannur Anders; Editing by Kirsten Donovan)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand pares losses, focus on Fed


<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, July 30 (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>Oil traded near seven-week lows on Tuesday as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.</p>



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



<p>Oil prices fell on Tuesday, extending losses from the previous session, amid concerns about demand in China, the world&#8217;s largest crude importer, while the market shrugged off the risk of conflict escalating in the Middle East.</p>



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



<p>South Africa&#8217;s rand slipped against a stronger dollar on Monday as markets looked towards a U.S. policy decision later this week, while concerns grew over a possible escalation in conflict in the Middle East.</p>



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



<p>Nigeria&#8217;s government gave approval on Monday for state oil company NNPC Ltd to sell crude in the naira currency to the mega Dangote refinery effective immediately to help ease foreign exchange pressure.</p>



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



<p>The Kenyan shilling slightly strengthened early on Monday, and traders anticipate further gains backed by expected dollar inflows from tea exports.</p>



<h2 class="wp-block-heading" id="h-kenya-east-african-breweries-results">KENYA EAST AFRICAN BREWERIES RESULTS</h2>



<p>Kenya&#8217;s East African Breweries said on Tuesday its pretax profit dropped to 16.77 billion Kenyan shillings ($129.0 million) in its full year to end-June, down from 18.71 billion shillings in the previous year.</p>



<h2 class="wp-block-heading" id="h-kenya-centum-investments-results">KENYA CENTUM INVESTMENTS RESULTS</h2>



<p>Kenya&#8217;s Centum Investments Company said on Tuesday it swung into a pretax profit of 2.91 billion shillings ($22.38 million)in its full year to March-end from a loss of 6.25 billion shillings in the same period a year earlier.</p>



<h2 class="wp-block-heading" id="h-ethiopian-airlines-results">ETHIOPIAN AIRLINES RESULTS</h2>



<p>Ethiopian Airlines posted revenue of $7 billion for its 2023/24 financial year, up from $6.1 billion a year earlier, helped by higher passenger numbers, state-owned Ethiopian Broadcasting Corporation (EBC) reported on Monday.</p>



<h2 class="wp-block-heading" id="h-ethiopia-currency">ETHIOPIA CURRENCY</h2>



<p>Ethiopia&#8217;s central bank floated the birr currency on Monday, a move it hopes will secure International Monetary Fund (IMF) support and enable progress on a long-delayed debt restructuring.</p>



<h2 class="wp-block-heading" id="h-ethiopia-imf">ETHIOPIA IMF</h2>



<p>Ethiopia has secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion, the IMF said on Monday.</p>



<h2 class="wp-block-heading" id="h-mozambique-bond">MOZAMBIQUE BOND</h2>



<p>Mozambique has substantially won its $3.1-billion lawsuit at London&#8217;s High Court against Emirati-Lebanese shipbuilder Privinvest for allegedly paying bribes in relation to the decade-old &#8220;tuna bond&#8221; scandal.</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 had reached 1.655 million metric tons by July 28 since the start of the season on Oct. 1, down 27.1% from the same period last season, exporters estimated on Monday.</p>



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


African Markets – Factors to watch on July 30


<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, July 30 (Reuters)&nbsp;&#8211;&nbsp;The following 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>South Africa&#8217;s government will hold its weekly auction of long-term bonds.</p>



<p>South Africa&#8217;s budget balance figures for June will be published.</p>



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



<p>South Africa&#8217;s rand slipped against a stronger dollar on Monday as markets looked towards a U.S. policy decision later this week, while concerns grew over a possible escalation in conflict in the Middle East.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index closed over 0.2% weaker.</p>



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



<p>Oil traded near seven-week lows on Tuesday as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.</p>



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



<p>The S&amp;P 500 closed barely higher after Monday&#8217;s choppy trading session as investors held their breath ahead of a raft of big technology company earnings, a Federal Reserve policy decision on interest-rate cuts and key US labor data, all due this week.</p>



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



<p>Gold prices held steady on Tuesday as investors looked for more cues on when the U.S. central bank will cut interest rates from this week&#8217;s Federal Reserve policy meeting and economic data releases.</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; Africa needs major advances for universal banking inclusion, says Standard Bank</p>



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



<p>&#8211; Alone in the water? Africa Energy the last man standing as TotalEnergies quits offshore gas finds</p>



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


South African Markets – Factors to watch on July 30


<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>July 29 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks gained on Monday, while major currencies slipped against a stronger dollar as investors looked ahead to a week packed with key central bank policy decisions and assessed a potentially escalating conflict at the Israel-Lebanon border.</p>



<p>MSCI&#8217;s index of emerging markets (EM) stocks jumped 0.6%, tracking global stocks higher as equities recovered from a Wall Street led sell-off last week. </p>



<p>Meanwhile, the likelihood of widening conflict in the Middle East also weighed on sentiment, after the U.S. and Israel blamed a rocket strike in the Israeli-occupied Golan Heights on the Iran-backed Lebanese militant group Hezbollah.</p>



<p>Oil rose, while the shekel dropped to a more than three-week low against the dollar.</p>



<p>EM currencies broadly slipped against a strong dollar, with the Polish zloty and Hungarian forint down 0.5% and 0.4%, respectively. MSCI&#8217;s broader gauge of EM currencies was little changed on the day.</p>



<p>Rate decisions are due this week from a number of major central banks, with emerging market investors particularly focusing on the U.S. Federal Reserve and the Bank of Japan.</p>



<p>The Fed is widely expected to keep rates on hold at its meeting this week, with all focus on whether policymakers signal they could start easing policy in September, while the BOJ will be watched for a potential rate hike and any further changes to its bond-buying programme.</p>



<p>&#8220;Should the BoJ tighten monetary policy further, the yen would benefit from that and the selling pressure on high yielding EM currencies could resurface or intensify,&#8221; said Piotr Matys, senior FX analyst at InTouch Capital Markets.</p>



<p>&#8220;That said, the Fed may provide some relief if the overall message is relatively dovish (or) far less hawkish, cementing market expectations for a September rate cut.&#8221;</p>



<p>Meanwhile, the Czech crown edged 0.2% lower against the euro ahead of a central bank policy decision later this week.</p>



<p>&#8220;The consensus expectation is for the CNB to slow down the pace of easing at this week&#8217;s meeting by lowering the policy rate by 25 basis points, yet another 50 bps move cannot be completely excluded,&#8221; Matys said.</p>



<p>Emerging market stocks had clocked their second week of declines on Friday, losing more than 1.5%, as a move out of expensive U.S. technology megacaps sparked global equity declines. Wall Street indexes recovered some ground on Friday.</p>



<p>Wall Street&#8217;s recovery, combined with hopes for easing policy in the U.S., helped Asian stocks ex-Japan rise, though China&#8217;s Shanghai Composite index closed flat ahead of a key Politburo meeting this week.</p>



<p>Saudi Arabian stocks edged 0.1% lower, while Turkey&#8217;s BIST fell 0.5%.</p>



<p>Elsewhere, Indian stocks, briefly touched record highs, led by banking and energy stocks, and were last flat on the day.</p>



<p>Meanwhile, Ethiopia&#8217;s birr slumped 30% against the dollar after the central bank floated the currency.</p>



<p>(Reporting by Lisa Mattackal in Bengaluru; Editing by Alex Richardson)</p>


Stocks gain, FX slips as rate decisions, Middle East conflict in focus


<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-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



<p>KAMPALA, July 29 (Reuters) &#8211; The Ugandan shilling was firmer on Monday on the back of inflows of dollars from non-governmental organisations and some commodity exporters such as coffee, traders said.</p>



<p>At 0846 GMT commercial banks quoted the shilling at 3,710/3,720, compared with Friday&#8217;s closing rate of 3,720/3,730.</p>



<p>(Reporting by Elias Biryabarema; Editing by George Obulutsa)</p>


Ugandan Economy Following Rate Cut

Ugandan shilling strengthens; NGO dollar inflows help


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg" alt="" class="wp-image-422769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays  Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



<p>NAIROBI, July 29 (Reuters) &#8211; The Kenyan shilling slightly strengthened early on Monday, and traders anticipate further gains backed by expected dollar inflows from tea exports.</p>



<p>At 0807 GMT, commercial banks quoted the shilling at 130.50/131.50, a slight increase compared to Friday&#8217;s closing rate of 130.75/131.75.</p>



<p>(Reporting by George Obulutsa; Editing by Bate Felix)</p>


Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi

Kenya’s shilling firms, tea export dollars to add more lift


<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, July 29 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged higher early on Monday, as risk sentiment remained positive ahead of the U.S. Federal Reserve&#8217;s policy decision later in the week.</p>



<p>At 0716 GMT, the rand traded at 18.27 against the dollar, 0.14% stronger than its previous close.</p>



<p>Emerging market currencies like the rand will look at the Fed&#8217;s decision on Wednesday for further direction, analysts said.</p>



<p>&#8220;The Fed is expected to keep rates on hold but markets are looking for a more dovish outlook going forward,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>Domestic investors are also awaiting South Africa&#8217;s June trade and budget balance figures due this week.</p>



<p>South African Reserve Bank data earlier showed South Africa&#8217;s June M3 money supply growth was at 4.19% and credit growth at 4.27% year-on-year.</p>



<p>M3 is a measure of money supply released by the central bank, which includes all currency in circulation, bank deposits and debt securities, among others.</p>



<p>On the stock market, the Top-40 index was up 0.4% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was marginally stronger, with the yield down 1.7 basis points to 9.46%.</p>



<p>(Reporting by Bhargav Acharya; Editing by David Holmes)</p>


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

South African rand edges higher with eyes on Fed


<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, July 29 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, 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>June money supply data</p>



<p>Foreigners&#8217; weekly trading in South African bonds and equities</p>



<p>South African weekly Treasury bill auction</p>



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



<p>The South African rand gained against the dollar on Friday, after a reading of U.S. inflation did little to alter expectations of a September interest rate cut by the Federal Reserve.</p>



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



<p>Asian shares bounced on Monday into a week packed with earnings and a trio of central bank meetings that could see the United States and UK open the door to easing, while Japan might lift borrowing costs in a step toward &#8220;normality&#8221;.</p>



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



<p>Wall Street&#8217;s major indexes ended higher on Friday as investors flocked back to tech megacaps that had triggered broad sell-offs earlier in the week, and inflation data boosted optimism that the Federal Reserve will soon commence cutting interest rates.</p>



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



<p>Prices of safe-haven gold climbed on Monday on heightened geopolitical tensions in the Middle East and amid expectations of a U.S. rate cut in September, while focus shifted to the Federal Reserve&#8217;s policy meeting due later this week.</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; ‘Unnecessarily tight’ policy may lead to recession, Investec warns</p>



<p>&#8211; Seize the moment, JPMorgan investment bank boss tells SA</p>



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


South African Markets – Factors to watch on July 29


<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, July 29 (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>*Ethiopian Airlines Group expected to release its full year financial results for the period to end June.</p>



<p>*MOZAMBIQUE &#8211; London&#8217;s High Court will rule on Mozambique&#8217;s $3.1 billion lawsuit against Emirati-Lebanese shipbuilder Privinvest over the fallout from the decade-old &#8220;tuna bond&#8221; scandal, after a civil trial last year.</p>



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



<p>Asian shares bounced on Monday into a week packed with earnings and a trio of central bank meetings that could see the United States and UK open the door to easing, while Japan might lift borrowing costs in a step toward &#8220;normality&#8221;.</p>



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



<p>Oil prices rose on Monday, paring last week&#8217;s loss, on fears of a widening conflict in the Middle East following a rocket strike in the Israeli-occupied Golan Heights, which Israel and the United States blamed on Lebanese armed group Hezbollah.</p>



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



<p>The South African rand gained in early trade on Friday, as markets focused on a key U.S. inflation reading that could offer more cues on the Federal Reserve&#8217;s future interest rate path.</p>



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



<p>Nigeria&#8217;s central bank has sold $148 million in foreign exchange to 29 authorised dealer banks in the spot market to ease demand pressure, it said on Friday.</p>



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



<p>Nigeria&#8217;s major Dangote oil refinery is reselling cargoes of U.S. and Nigerian crude, four trade sources familiar with the matter said on Friday.</p>



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



<p>Days before a nationwide protest over bad governance and a high cost of living, Nigeria is offering its young people jobs in the state-oil company and billions of naira worth of grants among other incentives to discourage the action.</p>



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



<p>Kenya&#8217;s shilling gained ground on Friday, helped by dollar inflows from tea exporters, trader said.</p>



<h2 class="wp-block-heading" id="h-ethiopia-economy">ETHIOPIA ECONOMY</h2>



<p>Ethiopia&#8217;s central bank on Monday removed restrictions on the foreign currency market, it said, a crucial step towards securing funding from the International Monetary Fund and making progress on a long-delayed debt overhaul.</p>



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



<p>Police in Uganda arrested 104 people during anti-corruption protests this week and almost all of them have been charged with public order offences, a police statement said late on Friday.</p>



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



<p>Ghana&#8217;s central bank held its main interest rate steady at 29% for the third meeting in a row on Friday, saying a strong monetary stance was needed due to uncertainty over the inflation outlook.</p>



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


African Markets – Factors to watch on July 29


<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, July 26 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



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



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



<p>The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.</p>



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



<p>Oil prices rose slightly on Friday but remained on track for a third straight week of decline due to weak demand in China, the world&#8217;s largest crude importer, and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East.</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 Thursday, after U.S. economic data readings left intact expectations of an interest rate cut by the Federal Reserve in September.</p>



<h2 class="wp-block-heading" id="h-africa-economy">AFRICA ECONOMY</h2>



<p>Inflation in key sub-Saharan African economies is unlikely to slow to targets even after recent aggressive interest rate hikes as central banks look to reverse those increases, a Reuters poll found.</p>



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



<p>Kenyan and Ugandan shilling are expected to be stable against the dollar in the next week to Thursday, while Ghana&#8217;s cedi and Zambia&#8217;s kwacha are seen weakening and Nigeria&#8217;s naira could strengthen, traders said.</p>



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



<p>Kenya&#8217;s shilling was stable on Thursday, but could to come under pressure due to offshore dollar demand, while any sales by the central bank could give it a boost, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



<p>Kenyan police detained several people on Thursday who attempted to present a petition to the president&#8217;s office and lay flowers to honour those killed a month ago on the most violent day of anti-government protests, protesters said.</p>



<h2 class="wp-block-heading" id="h-zimbabwe-budget">ZIMBABWE BUDGET</h2>



<p>Zimbabwe&#8217;s 2024 budget deficit is forecast to be 1.3% of gross domestic product, Finance Minister Mthuli Ncube said on Thursday, but warned that concerns remained over the impact of a drought on finances</p>



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


African Markets – Factors to watch on July 26


<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, July 26 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, 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>South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.</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 Thursday, after U.S. economic data readings left intact expectations of an interest rate cut by the Federal Reserve in September.</p>



<p>On the stock market, the Top-40 index closed 0.12% higher.</p>



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



<p>The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.</p>



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



<p>The S&amp;P 500 and Nasdaq Composite ended a fickle session weaker on Thursday, failing to regain ground lost in the previous day&#8217;s tech-triggered sell-off as investors grappled with the likely direction of megacaps.</p>



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



<p>Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates.</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 banks face nearly R1-trillion exposure to energy transition risks</p>



<p>&#8211; SA pushes for relaxation of Agoa eligibility criteria</p>



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


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Economy

Emerging European FX slips, EM stocks rise as all eyes on Fed

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African Markets – Factors to watch on July 31

Stocks, FX cautious as commodity slump and Fed jitters weigh

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Kenya’s shilling firms, tea export dollars to add more lift

South African rand edges higher with eyes on Fed

South African Markets – Factors to watch on July 29

African Markets – Factors to watch on July 29

African Markets – Factors to watch on July 26

South African Markets -Factors to watch on July 26

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