
<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>July 17 (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>Gold hit a record and bonds rallied on Wednesday as markets prepared for global interest rates to fall, while stocks in Taiwan slipped after U.S. presidential candidate Donald Trump sounded lukewarm in his commitment to the island&#8217;s defence.</p>



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



<p>Oil prices were steady on Wednesday, with global benchmark Brent hovering near the one-month low it hit in the prior session, as signs of weakening demand growth in China clashed with the prospect of declining U.S. oil stockpiles.</p>



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



<p>The South African rand clawed back some losses on Tuesday, after tumbling on Monday, on rising expectations that the U.S. Federal Reserve will soon cut interest rates.</p>



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



<p>Kenya&#8217;s shilling slid lower on Tuesday, with traders saying there was a shortage of dollars on the market.</p>



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



<p>At least one person was killed in renewed anti-government protests across Kenya on Tuesday, a Reuters reporter said, as police clashed with demonstrators demanding that President William Ruto step down.</p>



<h2 class="wp-block-heading" id="h-nigeria-binance">NIGERIA BINANCE</h2>



<p>A Nigerian court on Tuesday adjourned a money laundering trial against cryptocurrency exchange Binance and two of its executives to Oct. 11, after the court&#8217;s annual holiday that starts next week.</p>



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



<p>Ghana&#8217;s cocoa marketing board Cocobod made a 2.3 billion cedi ($149.84 million) profit in 2022/23, helped by the restructuring of its debt, the west Africa nation&#8217;s auditor general said in a report obtained by Reuters on Tuesday.</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 17


<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 16 (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>South Africa&#8217;s government holds its weekly auction of long-term bonds.</p>



<p>South Africa&#8217;s government and the World Bank hold a conference on building resilience to climate change.</p>



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



<p>The South African rand tumbled against the dollar on Monday, as the assassination attempt on former U.S. president Donald Trump this weekend dented appetite for riskier assets and spurred safe-haven demand globally.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index closed 0.65% stronger. The benchmark 2030 government bond was weaker, as the yield rose 10 basis points to 9.575%.</p>



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



<p>Asian shares fell on Tuesday as investors pondered the prospect of a Trump victory and what that would mean for China, while the dollar climbed for a second day even though dovish Fed comments fuelled bets of more U.S. rate cuts this year.</p>



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



<p>Wall Street closed higher on Monday, building on Friday&#8217;s rally as increasing expectations of a second Donald Trump presidency in the wake of a failed assassination attempt raised hopes of a looser regulatory environment.</p>



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



<p>Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.</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-fin-24">FIN 24</h2>



<p>&#8211; Two SA interest rate cuts may still come this year, says Bank of America</p>



<p>&#8211; SA has used only 25% of $8.5bn climate funding &#8211; but there are some green shoots</p>



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


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 16


<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>July 16 (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>Counting continues in Rwanda&#8217;s presidential election.</p>



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



<p>Asian shares fell on Tuesday as investors pondered the prospect of a Trump victory and what that would mean for China, while the dollar climbed for a second day even though dovish Fed comments fuelled bets of more U.S. rate cuts this year.</p>



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



<p>Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines.</p>



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



<p>The South African rand tumbled against the dollar on Monday, as the assassination attempt on former U.S. president Donald Trump this weekend dented appetite for riskier assets and spurred safe-haven demand globally.</p>



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



<p>Kenya&#8217;s shilling was unchanged against the dollar on Monday, LSEG data showed.</p>



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



<p>Rwandans lined up on Monday to elect their next president, with early results putting incumbent Paul Kagame in the lead in a vote widely expected to give him a fourth term and extend his near quarter century in charge of the East African country.</p>



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



<p>Trading houses face losses of at least $1 billion on cocoa derivatives after major producer Ghana failed to deliver beans this year, forcing traders to liquidate short positions in a rallying market, six industry sources told Reuters.</p>



<h2 class="wp-block-heading" id="h-gambia-fgm">GAMBIA FGM</h2>



<p>Gambia&#8217;s parliament on Monday rejected a bill that would have ended a ban on female genital mutilation, after lawmakers voted down all the clauses in the proposed law.</p>



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



<p>S&amp;P Global plans to wait until a scheduled review date on August 23 to decide whether to cut Kenya&#8217;s sovereign credit rating following deadly turmoil in the country that has seen tax hikes abandoned and the entire cabinet sacked.</p>



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



<p>South Africa&#8217;s Koeberg nuclear power plant will be allowed to run one of its two units for another 20 years, the country&#8217;s nuclear regulator said on Monday after lengthy deliberations.</p>



<h2 class="wp-block-heading" id="h-somalia-security">SOMALIA SECURITY</h2>



<p>A car bomb exploded outside a restaurant in Somalia&#8217;s capital Mogadishu on Sunday night, killing five and injuring 20 as patrons were watching the final of the Euro 2024 football tournament on TV, police said, blaming Islamist insurgents.</p>



<h2 class="wp-block-heading" id="h-kenya-killings">KENYA KILLINGS</h2>



<p>A suspected serial killer has been arrested in Kenya following the discovery of several bodies at a quarry in Nairobi, with police saying on Monday he had confessed to killing 42 women including his wife.</p>



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


African Markets – Factors to watch on July 16


<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 15 (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>Treasury bill auction</p>



<p>Offshore trading in South African stocks and bonds</p>



<p>South Africa&#8217;s government and World Bank hold conference on building resilience to climate change</p>



<p>Nuclear regulator to announce decision on extending Koeberg operations</p>



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



<p>The South African rand extended its gains on Friday, as surprisingly soft U.S. inflation data spurred bets the Federal Reserve will cut interest rates in September.</p>



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



<p>U.S. Treasuries slipped and the dollar firmed on Monday as investors wagered the attack on U.S. presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.</p>



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



<p>Wall Street closed higher on Friday, with the S&amp;P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.</p>



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



<p>Gold prices dipped on Monday as the dollar held firm, while investors awaited economic data and comments from Federal Reserve officials for further cues on the trajectory of U.S. 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 delegation to lobby against review of US relations</p>



<p>&#8211; Ramaphosa buoyant after cabinet lekgotla</p>



<p>&#8211; An outside chance of a rate cut, but market expects a hold</p>



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


South African Markets – Factors to watch on July 15


<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>July 15 (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>Rwandan President Paul Kagame is expected to cruise to a fourth term in office in an election on Monday against two opposition candidates who were cleared to run against him but have only modest expectations.</p>



<p>Nigeria&#8217;s statistics office is expected to release the latest inflation data.</p>



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



<p>U.S. bond futures slipped and the dollar firmed on Monday as investors wagered the attack on U.S. presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.</p>



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



<p>Oil prices fell for a second day on Monday as the dollar gained ground amid political uncertainty in the U.S. following an attack on U.S. presidential candidate Donald Trump while investors eyed the progress of talks for a Gaza ceasefire.</p>



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



<p>The South African rand extended its gains on Friday, as a surprisingly soft U.S. inflation data spurred bets the Federal Reserve will cut interest rates in September.</p>



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



<p>Kenya&#8217;s shilling weakened on Friday due to increased demand for dollars from general goods importers, while inflows from non-governmental organisations cushioned it from easing further, traders said.</p>



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



<p>Voters in Rwanda headed to the polls on Monday to elect their next president, with 66-year-old incumbent Paul Kagame who has ruled the central African country for nearly a quarter of a century expected to cruise to victory.</p>



<h2 class="wp-block-heading" id="h-senegal-oil">SENEGAL OIL</h2>



<p>Senegalese President Bassirou Diomaye Faye said on Saturday the West African country planned to renegotiate its oil contracts, saying it could have negotiated better on the contracts.</p>



<h2 class="wp-block-heading" id="h-congo-politics">CONGO POLITICS</h2>



<p>U.N. peacekeepers are unlikely to proceed with an agreed withdrawal from Congo&#8217;s conflict-torn North Kivu for as long as Rwandan troops remain in the eastern province, the Congolese foreign minister said on Saturday.</p>



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



<p>Luxury cars, private helicopters, mounds of cash. The lavish lifestyles of Kenya&#8217;s lawmakers, splashed across TikTok and X, added fuel to anger simmering last month among a young, plugged-in population over proposed tax hikes.</p>



<h2 class="wp-block-heading" id="h-somalia-security">SOMALIA SECURITY</h2>



<p>Eight people were killed in Somalia&#8217;s capital Mogadishu on Saturday after gunfire broke out between security forces and some prisoners who had acquired weapons and were trying to escape, state media and the prisons service said.</p>



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


African Markets – Factors to watch on July 15


<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, July 12 (Reuters)&nbsp;&#8211;&nbsp;The South African rand extended its gains in early trade on Friday, as a surprisingly soft U.S. inflation data spurred bets the Federal Reserve will cut interest rates in September.</p>



<p>Like most emerging market currencies, the rand often takes cues from U.S. economic data in addition to local factors.</p>



<p>At 0701 GMT, the rand traded at 17.98 against the dollar, about 0.2% stronger than its previous close.</p>



<p>Data on Thursday showed that U.S. consumer prices unexpectedly fell and the annual increase was the smallest in a year.</p>



<p>&#8220;This is important for the rand as monetary easing in the developed world will effectively inject fresh liquidity into global markets,&#8221; said Danny Greeff, co-head of Africa at ETM Analytics, on Thursday.</p>



<p>&#8220;Improved risk appetite is thus anticipated into the end of the year,&#8221; Greeff added.</p>



<p>U.S. inflation has been improving in recent months, and earlier this week Fed Chair Jerome Powell said that &#8220;more good data would strengthen&#8221; the case for central bank interest rate cuts.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, with the yield up 1.5 basis points at 9.585%.</p>



<p>(Reporting by Tannur Anders; Editing by Sherry Jacob-Phillips)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand extends climb on soft US inflation 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, July 12 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled 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 extended its gains on Thursday after U.S. inflation unexpectedly fell last month, fuelling bets that the Federal Reserve may cut interest rates in September.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.9% higher.</p>



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



<p>The yen swung between losses and gains on Friday in volatile trade, reflecting investors&#8217; skittishness after Tokyo was thought to have intervened to prop up the Japanese currency in the wake of a cooler-than-expected U.S. inflation report.</p>



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



<p>The Nasdaq .IXIC ended sharply lower on Thursday, hit by losses in Nvidia, Apple and Tesla as investors rotated into smaller companies after softer-than-expected inflation data fed bets the Federal Reserve will cut interest rates in September.</p>



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



<p>Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected U.S. inflation data boosted hopes of the Federal Reserve cutting interest rates in September.</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-fin-24">FIN 24</h2>



<p>&#8211; &#8216;Not ashamed&#8217;: SA keen to boost trade with Russia, says Mantashe</p>



<p>&#8211; South Africans &#8216;jaded&#8217;, financially stressed and not hopeful for change, Sanlam survey finds</p>



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


South African Markets – Factors to watch on July 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>NAIROBI, July 12 (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-global-markets">GLOBAL MARKETS</h2>



<p>The yen swung between losses and gains on Friday in volatile trade, reflecting investors&#8217; skittishness after Tokyo was thought to have intervened to prop up the Japanese currency in the wake of a cooler-than-expected U.S. inflation report.</p>



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



<p>Oil prices inched up on Friday amid signs of easing inflationary pressures in the world&#8217;s biggest oil consumer, the United States, though the contracts were headed for a weekly decline.</p>



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



<p>The South African rand extended its gains on Thursday after U.S. inflation unexpectedly fell last month, fuelling bets that the Federal Reserve may cut interest rates in September.</p>



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



<p>Zambia&#8217;s kwacha and Kenya&#8217;s shilling could fall against the dollar in the next week to Thursday, while Uganda&#8217;s shilling, Nigeria&#8217;s naira and Ghana&#8217;s cedi are seen broadly stable, traders said.</p>



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



<p>Nigeria&#8217;s central bank will do whatever is necessary to tame double-digit inflation but expects price pressures to moderate and interest rates to drop in the not-too-distant future, Central Bank of Nigeria (CBN) governor said on Thursday.</p>



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



<p>Nigeria&#8217;s oil regulator has struck a deal with producers to allow sales of crude to domestic refiners at market prices, ending a supply dispute that had strained relations with international oil companies.</p>



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



<p>Kenya&#8217;s shilling was weaker on Thursday due to increased demand for dollars from oil-retailing companies and general goods importers, traders said.</p>



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



<p>Kenyan President William Ruto on Thursday fired his entire cabinet apart from the foreign minister, bowing to pressure from nationwide protests that have created the biggest crisis of his two-year presidency.</p>



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



<p>Uganda&#8217;s central bank has begun buying locally-produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets.</p>



<h2 class="wp-block-heading" id="h-zambia-electricity">ZAMBIA ELECTRICITY</h2>



<p>Zambia&#8217;s Maamba Collieries will build a 300 megawatt (MW) coal-fired power plant costing an estimated $400 million over a two-year period from August 2024, its local shareholder ZCCM-IH said in a statement.</p>



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



<p>China&#8217;s JCHX Mining plans to invest $300 million to breathe new life into Zambia&#8217;s Lubambe Copper Mines which it recently acquired, Zambia&#8217;s state mining investment unit, ZCCM-IH said on Thursday.</p>



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


African Markets – Factors to watch on July 12


<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/AU3TIBJDBBNTFCB7MP32IQ4O5A-820x547.jpg" alt="" class="wp-image-506442" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>LUSAKA, July 11 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s kwacha and Kenya&#8217;s shilling could fall against the dollar in the next week to Thursday, while Uganda&#8217;s shilling,&nbsp;Nigeria&#8217;s naira&nbsp;and Ghana&#8217;s cedi are seen broadly stable, traders said.</p>



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



<p>Kenya&#8217;s shilling is expected to slip on increased demand for dollars from oil-retailing companies at a time that some market participants are holding off from big bets because of uncertainty over the budget and an International Monetary Fund (IMF) disbursement.</p>



<p>Commercial banks quoted the shilling at 128.75/129.75 per dollar, compared with last Thursday&#8217;s closing rate of 127.75/128.75.</p>



<p>In mid-June Kenya reached a staff-level agreement with IMF, paving the way for a disbursement of about $976 million once board approval is granted.</p>



<p>But since the staff agreement was reached Kenyan President William Ruto withdrew planned tax hikes in response to nationwide protests, a move analysts say could result in the country missing key IMF programme targets.</p>



<p>&#8220;There&#8217;s an element of, you know, wait and see, we still need to hear from the IMF okay and even from Treasury in terms of what is the final budget going to look like,&#8221; one trader said.</p>



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



<p>Nigeria&#8217;s naira is seen little changed on the official market and in street trading.</p>



<p>LSEG data showed the naira at 1,534 to the dollar on the official market on Thursday, compared with around 1,507 a week ago. The unit was quoted at 1,558 on the parallel market on Thursday.</p>



<p>Central bank governor Olayemi Cardoso said at a conference on Thursday that the bank&#8217;s clearer communication had helped reduce market volatility.</p>



<p>&#8220;A lot of the wide swings that we saw are gradually beginning to smoothen out as a result of a better understanding of the market, greater transparency that is taking place and the comfort that those using the market see in it,&#8221; he said.</p>



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



<p>Ghana&#8217;s cedi is expected to hold its ground due to improved liquidity on the interbank market.</p>



<p>LSEG data showed the cedi trading at 15.35 to the dollar on Thursday, compared with 15.30 at last Thursday&#8217;s close.</p>



<p>&#8220;The cedi has seen continued stability this week amid increased volume of dollar supply even with reduced intervention from the central bank. We expect the stability to remain in the coming week,&#8221; said Chris Nettey, head of trading at Stanbic Bank Ghana.</p>



<p>&#8220;(The dollar/cedi pair) has been largely directionless in recent sessions, with very little trading activity between market makers. Improved flows from corporates have also contributed to tighter bid-offer spreads. Up ahead, we expect much of the same,&#8221; said Sedem Dornoo, senior trader at Absa Bank Ghana.</p>



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



<p>Zambia&#8217;s kwacha is expected to remain under pressure due to strong demand for hard currency.</p>



<p>On Thursday the currency of Africa&#8217;s second-largest copper producer was trading at 25.35 per dollar from 24.30 a week ago.</p>



<p>&#8220;In the foreseeable future, losses are anticipated for the kwacha,&#8221; Access Bank said in a note.</p>



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



<p>Uganda&#8217;s shilling is seen trading around its current levels as hard-currency demand is curtailed by mid-month tax payments due in the local currency.</p>



<p>Commercial banks quoted the shilling at 3,695/3,705 to the dollar, compared to last Thursday&#8217;s close of 3,692/3,702.</p>



<p>&#8220;Demand will be tepid as we have mid-month taxes around the corner,&#8221; one trader said, adding the shilling would likely trade in a range of 3,680-3,710 to the U.S. currency in the coming week.</p>



<p>(Reporting by Chris Mfula, George Obulutsa, Elias Biryabarema, Christian Akorlie and Elisha Bala-GbogboEditing by Alexander Winning)</p>


FILE PHOTO: Man counts Nigerian naira notes in a market place in Yola

Zambian and Kenyan currencies seen under pressure


<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 11 (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-events">EVENTS:</h2>



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



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



<p>Stocks rose on Thursday, with markets from Tokyo to New York at record highs, while traders counted down to U.S. data that is expected to show inflation easing and pave the way for rate cuts in September.</p>



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



<p>Oil prices edged higher on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signalling stronger demand.</p>



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



<p>The South African rand gained on Wednesday against a weaker dollar, as focus remains on the future interest rate path of 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 on Wednesday, pressured by increased foreign-currency demand and a credit rating downgrade by Moody&#8217;s, traders said.</p>



<h2 class="wp-block-heading" id="h-uganda-airtel-shares">UGANDA AIRTEL SHARES</h2>



<p>Telecom firm Airtel Uganda, a unit of India&#8217;s Bharti Airtel, said on Wednesday it plans to sell shares left over from its undersubscribed initial public offering to comply with regulatory requirements.</p>



<h2 class="wp-block-heading" id="h-ethio-telecom-results">ETHIO TELECOM RESULTS</h2>



<p>Ethiopian state-owned telecom company Ethio Telecom said on Wednesday that its full-year revenue and net profit rose by more 20% in the year that ended in June.</p>



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



<p>Rwandan President Paul Kagame is expected to cruise to a fourth term in office in an election on Monday against two opposition candidates who were cleared to run against him but have only modest expectations.</p>



<h2 class="wp-block-heading" id="h-ghana-inflation">GHANA INFLATION</h2>



<p>Ghana&#8217;s consumer inflation slowed for a third consecutive month to 22.8% year-on-year in June from 23.1% in May, the statistics service said on Wednesday.</p>



<h2 class="wp-block-heading" id="h-zimbabwe-economy">ZIMBABWE ECONOMY</h2>



<p>Zimbabwe has revised its economic growth forecast downwards as southern Africa&#8217;s worst drought in decades ravages crop yields, its finance minister told Reuters on Wednesday, but a bounceback in growth is likely in 2025.</p>



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


African Markets – Factors to watch on July 11


<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 10 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.</p>



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



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



<p>On the stock market, the Top-40 index closed down 0.2%.</p>



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



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



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



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



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



<p>Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve&#8217;s interest rates trajectory.</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; Reserve Bank loses nearly R1bn on its stake in African Bank</p>



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



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



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


South African Markets – Factors to watch on July 10


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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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


African Markets – Factors to watch on July 10


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/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 9 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Tuesday, as markets awaited the Federal Reserve chair&#8217;s testimony in Washington and U.S. June inflation data for clues on the country&#8217;s future interest rate path.</p>



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



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



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



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



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



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



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


South African rand stable as markets await US interest rate hints


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



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



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



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



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


ANCK25OQIFMHTJYACOM5XU5T24

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


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



<p>JOHANNESBURG, July 9 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on July 9.</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-south-african-markets">SOUTH AFRICAN MARKETS</h2>



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



<p>On the stock market, the Top-40 index was little changed.</p>



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



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



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



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



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



<p>Gold prices firmed on Tuesday as the dollar remained soft, with investors awaiting Federal Reserve Chair Jerome Powell&#8217;s testimony and June inflation data to assess the next policy move by the U.S. central bank.</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 platinum body hopes GNU will improve investment case for sector</p>



<p>&#8211; British asset manager casts wary eye at next ANC conference</p>



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


South African Markets – Factors to watch on July 9


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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



<p>Ghana has cleared a key hurdle to restructure its international bonds, as its official creditors confirmed the proposed debt rework was not overly favourable to bondholders.</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 1.612 million metric tons by July 7 since the start of the season on Oct. 1, down 27.5% from the same period last season, exporters estimated on Monday.</p>



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


African Markets – Factors to watch on July 9


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



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



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



<p>The dollar last traded about 0.05% stronger against a basket of global currencies.</p>



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



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



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



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



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



<p>(Reporting by Tannur Anders; Editing by Sharon Singleton)</p>


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