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



<p>JOHANNESBURG, Oct 28 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Monday.</p>



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



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



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



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



<p>South African grocery retailer Pick n Pay&nbsp;PIKJ.J&nbsp;reported on Monday a wider half-year loss before tax of 1.1 billion rand ($62 million), as trading losses in its core Pick n Pay business grew 9.1%.</p>



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



<p>South Africa&#8217;s rand firmed on Friday, while local investors geared up for the country&#8217;s mid-term budget next week.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.1% higher.</p>



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



<p>The yen hit a three-month low on Monday, as Japan&#8217;s ruling party lost its parliamentary majority, while oil tumbled after Israel&#8217;s weekend strike on Iran bypassed oil or nuclear targets.</p>



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



<p>The Nasdaq ended higher on Friday, driven by megacap shares, as investors awaited quarterly results from some of Wall Street&#8217;s biggest companies next week.</p>



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



<p>Gold prices fell on Monday as the U.S. dollar held firm, while investors awaited U.S. economic data for fresh insights on the Federal Reserve&#8217;s monetary policy path.</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; IMF to assess SA&#8217;s growth prospects</p>



<p>&#8211; SA and Ukraine to sign visa waiver for diplomatic purposes</p>



<p>&#8211; SA needs more prosecutions to combat money laundering, says FATF</p>



<p>(Compiled by Tannur Anders; Editing by Sumana Nandy)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 28


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-820x547.jpg" alt="" class="wp-image-546353" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: IMF African Department Director Abebe Aemro Selassie listens to a question during an interview with Reuters at the annual meeting of the International Monetary Fund and the World Bank, in Marrakech, Morocco October 9, 2023. REUTERS/Susana Vera/File Photo</figcaption></figure>



<p>NAIROBI/WASHINGTON, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;Sub-Saharan African nations that depend on commodity exports need to reform their economies to tackle patchy regional economic growth, International Monetary Fund Africa Director Abebe Aemro Selassie said.</p>



<p>The region is expected to grow by 3.6% this year, unchanged from last year and down from an April forecast of 3.8%, the IMF said in its latest World Economic Outlook released this week, with commodity economies lagging their diversified counterparts.</p>



<p>The commodity intensive countries are growing at about half the rate of the rest of the region, the IMF said in the report, with oil exporters struggling the most in what it described as &#8220;subdued and uneven&#8221; regional growth.</p>



<p>&#8220;South Sudan, Nigeria, Angola are all very much in that camp,&#8221; Abebe told Reuters.</p>



<p>While diversified economies such as Senegal and Tanzania are expected to grow at above the regional average, Nigeria will fall short, growing at 2.9%, according to the IMF&#8217;s regional economic outlook for Sub-Saharan Africa launched on Friday.</p>



<p>&#8220;They have had very large macroeconomic imbalances, financing challenges which have held back growth,&#8221; Abebe said.</p>



<p>He said the government in Nigeria needed to &#8220;squarely address&#8221; those challenges, since they had caused high inflation and put pressure on the cost of living.</p>



<p>President Bola Tinubu&#8217;s government has launched a series of reforms it says are aimed at lifting economic growth and attracting investment.</p>



<p>South Africa, whose growth has been curbed by crippling electricity blackouts, is expected to grow by 1.1% this year, the IMF said.</p>



<p>Armed conflicts are also weighing on growth, the IMF said, citing South Sudan&#8217;s oil exports blocked by conflict in neighbouring Sudan, which hosts the crude export pipeline.</p>



<p>&#8220;They (oil exporters) need to find new sources of growth, get more private sector investment &#8211; so working on reforms that will facilitate that is important,&#8221; Abebe said.</p>



<p>Other challenges facing African oil producers include the global transition to green fuels due to climate change, the report said.</p>



<h2 class="wp-block-heading" id="h-small-rebound">SMALL REBOUND</h2>



<p>Sub-Saharan Africa&#8217;s economic growth is expected to improve slightly next year to 4.2%, the IMF report said.</p>



<p>The report found that nearly half of the 20 fastest growing economies in the world this year were in Sub-Saharan Africa, but cautioned that faster growth rates were required to reduce widespread poverty and inequalities.</p>



<p>One of the main obstacles to faster growth include a lack of access to affordable financing, the IMF said, as countries struggle with heavy debt loads and high debt servicing costs.</p>



<p>While some countries have been able to sell bonds on international capital markets this year following a two-year hiatus caused by geopolitical shocks and elevated interest rates in advanced economies such as the United States, the new funding came at a high cost.</p>



<p>&#8220;The old development finance architecture is not delivering, and, if anything, kind of is in the process of disintegrating,&#8221; Abebe said, citing &#8220;very problematic levels&#8221; of official bilateral funding for poor countries.</p>



<p>For countries such as Kenya, where deadly anti-tax hikes protests in June forced the government to withdraw its finance bill for this fiscal year, such development assistance from overseas has been falling in recent years, a senior U.N. official told Reuters.</p>



<p>The solutions lay in ensuring that poor nations continue to access low-priced development financing from bilateral and multilateral lenders, Abebe said.</p>



<p>&#8220;We need also to find ways in which when countries are facing liquidity rather than solvency challenges, more financing can be made available for them to support reforms so they can move on to better times,&#8221; he said.</p>



<p>(Reporting by Duncan Miriri and Karin Strohecker; Graphics by Sumanta Sen; Editing by Alison Williams)</p>


FILE PHOTO: IMF African Department Director Selassie at interview with Reuters during International Monetary Fund and the World Bank meeting in Marrakech

IMF urges African oil exporters’ reforms to boost ‘subdued’ growth


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg" alt="" class="wp-image-545991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



<p>KAMPALA, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s currency is seen strengthening against the dollar in the next week to Thursday, while Ghana&#8217;s could weaken and Kenya&#8217;s and Nigeria&#8217;s are expected to be broadly unchanged, traders said.</p>



<p>UGANDA</p>



<p>Uganda&#8217;s shilling&nbsp;UGX=&nbsp;is seen trading with a firming bias in the coming week, helped by hard-currency inflows from charities and commodity exporters.</p>



<p>Commercial banks quoted the shilling at 3,660/3,670 to the dollar, compared to last Thursday&#8217;s close of 3,670/3,680.</p>



<p>&#8220;We normally receive an increase in inflows toward end of month so I anticipate that dynamic to play out in the coming days,&#8221; one trader said.</p>



<p>The shilling will likely trade in a range of 3,640-3,670 to the U.S. currency, he said.</p>



<p>Charities convert some of their donations from foreign currency into shillings to meet operational expenses like salaries.</p>



<p>GHANA</p>



<p>Ghana&#8217;s cedi&nbsp;GHS=&nbsp;could weaken further on seasonal demand for dollars, as companies in the commerce and manufacturing sectors stock up ahead of the festive period.</p>



<p>LSEG data showed the cedi trading at 16.10 to the dollar on Thursday, compared to 15.99 at last Thursday&#8217;s close.</p>



<p>&#8220;FX illiquidity has plagued the local unit in recent sessions and has seen the cedi depreciate considerably as a result. Demand for hard currency has come from both local and offshore participants,&#8221; said Sedem Dornoo, senior trader at Absa Bank Ghana.</p>



<p>&#8220;Locally, demand seems to be driven primarily by the manufacturing sector. In the coming week, I expect to see continued pressure on the cedi as demand for the greenback remains strong,&#8221; he added.</p>



<p>One trader said the central bank&#8217;s forward auctions had not fully dealt with foreign-currency demand on the interbank market, weighing on the cedi.</p>



<p>NIGERIA</p>



<p>Nigeria&#8217;s naira is seen relatively stable, buttressed by central bank interventions to meet rising foreign-currency demand from importers stocking up for the festive season.</p>



<p>The naira&nbsp;NGN=D1&nbsp;was quoted at 1,676 to the dollar on the official market on Thursday, LSEG data showed, compared with a closing rate of around 1,663 naira a week earlier.</p>



<p>The currency was changing hands much weaker in street trading&nbsp;NGNP=&nbsp;at 1,728 naira to the dollar.</p>



<p>&#8220;I don&#8217;t think the central bank will allow it run too far from where we are,&#8221; one trader said.</p>



<p>KENYA</p>



<p>Kenya&#8217;s shilling&nbsp;KES=&nbsp;is expected to remain unmoved as month-end payroll and tax commitments offer support.</p>



<p>Commercial banks quoted the shilling at 128.50/129.50 per U.S. dollar, the same as last Thursday&#8217;s closing rate.</p>



<p>(Reporting by Elias Biryabarema, Christian Akorlie, Chijioke Ohuocha and Sonia Rao; Editing by Alexander Winning)</p>


UGANDA SHILING

AFRICA-FX-Uganda’s currency seen gaining while Ghana’s could drop


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="514" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-820x514.jpg" alt="" class="wp-image-545973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-820x514.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-768x481.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-1536x962.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Officials, including South Africa&#8217;s President Cyril Ramaphosa, Russia&#8217;s President Vladimir Putin and China&#8217;s President Xi Jinping, attend a plenary session in the outreach/BRICS Plus format at the BRICS summit in Kazan, Russia October 24, 2024. REUTERS/Maxim Shemetov/Pool</figcaption></figure>



<p>KAZAN, Russia, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Here&#8217;s a brief summary of the outcome of the BRICS summit:</p>



<p>* XI AND MODI: Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met just two days after New Delhi announced that it had reached a deal with Beijing to resolve a four-year military stand-off on their Himalayan frontier.</p>



<p>* LOTS OF LEADERS ATTENDED: Putin, who wanted to show that the West&#8217;s attempt to isolate Russia over the Ukraine war has failed, was able to attract major leaders such as Xi and Modi, and nearly 20 others including Turkey&#8217;s Tayyip Erdogan. U.N. Secretary-General Antonio Guterres also attended.</p>



<p>* BRICS WAITING LIST: Putin said more than 30 countries had expressed a desire to join the BRICS, though there was little immediate clarity on how the expansion would work.</p>



<p>* UKRAINE WAR: BRICS leaders did raise the Ukraine war with Putin in different formats, but there was no sign that anything specific would be done to end the conflict.</p>



<p>* BRICS MONEY: BRICS predicted its influence would grow and outlined common projects ranging from a grain exchange to a cross-border payments system. Here are the main points.</p>



<p>* MIDDLE EAST: Putin told BRICS leaders that the Middle East was on the brink of a full-scale war after a sharp rise in tension between Israel and Iran. </p>



<p>(Reporting by Vladimir Soldatkin in Kazan; Guy Faulconbridge and Gleb Bryanski in Moscow; editing by Philippa Fletcher)</p>



<p></p>


Final day of BRICS summit in Russia’s city of Kazan

FACTBOX-The main takeaways from the BRICS summit


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg" alt="" class="wp-image-536645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File.   REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>JOHANNESBURG, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained against the U.S. dollar early on Thursday, as the greenback eased from a three-month high.</p>



<p>At 0756 GMT, the rand traded at 17.70 against the dollar, about 0.5% stronger than its previous close.</p>



<p>The dollar index was last down 0.22% against a basket of major currencies, pausing a recent rally fuelled by bets on a slower pace of interest rate cuts by the Federal Reserve and a potential second presidency for Donald Trump.</p>



<p>With no major domestic economic data releases due in South Africa for the rest of the week, the risk-sensitive rand is set to take cues from the direction of the dollar.</p>



<p>On the stock market, the Top-40 index was up 0.7%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 12 basis points at 9.39%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Kirsten Donovan)</p>


New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand firms as dollar slips


<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>Oct 24 (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>Kenya&#8217;s High Court will hold a hearing into a legal challenge by ousted deputy president Rigathi Gachagua to prevent President William Ruto from swearing in his replacement.</p>



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



<p>Asian shares fell on Thursday, while the dollar held near three-month highs and U.S. yields rose as uncertainty over the U.S. election outcome kept markets on edge, though Tesla&#8217;s forecast-topping earnings provided some comfort for investors.</p>



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



<p>Oil prices climbed by more than 1% on Thursday, almost reversing previous session&#8217;s losses, as Middle East tensions came back into focus ahead of the U.S. election despite a mixed bag of U.S. fuel inventories.</p>



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



<p>The South African rand slumped on Wednesday against a strong dollar on bets that the Federal Reserve won&#8217;t rush to cut interest rates and as investors were uncertain about the outcome of next month&#8217;s U.S. election.</p>



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



<p>The Kenyan shilling was unmoved against the dollar on Wednesday, as exporters converted dollars to the local currency to process payrolls, one trader said.</p>



<h2 class="wp-block-heading" id="h-sudan-security">SUDAN SECURITY</h2>



<p>A plane downed in Sudan&#8217;s North Darfur state had Russian crew members and was being used by the army to resupply the besieged city of al-Fashir, according to the opposing faction and documents it said were found in the wreckage.</p>



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



<p>Nigeria&#8217;s decision this week to block Shell&#8217;s $2.4 billion sale of its onshore assets has sent a negative signal to investors the country urgently needs to strengthen its all-important oil sector, analysts said.</p>



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



<p>Nigerian President Bola Tinubu has reshuffled his 45-member cabinet, naming seven new ministers, sacking five and reassigning 10 others to new portfolios, a spokesperson said on Wednesday.</p>



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



<p>A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 24


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="432" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E.jpg" alt="" class="wp-image-545616" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E-150x90.jpg 150w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">A drone view shows combines harvesting wheat in a field in the Rostov Region, Russia July 9, 2024. REUTERS/Sergey Pivovarov/File Photo</figcaption></figure>



<p>KAZAN, Russia, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Leaders of the nations in the BRICS grouping, which accounts for 37% of global economic output, predicted its influence would grow as they met in Russia on Tuesday, outlining common projects ranging from a grain exchange to a cross-border payments system.</p>



<p>Russia&#8217;s President Vladimir Putin, who has sought support from BRICS leaders amid his standoff with the West over the war in Ukraine, said that BRICS&#8217; average economic growth in 2024/25 would be 3.8%, compared to global growth of 3.2-3.3%.</p>



<p>&#8220;The trend for the BRICS&#8217; leading role in the global economy will only strengthen,&#8221; Putin said, citing population growth, urbanization, capital accumulation, and productivity growth as key factors.</p>



<p>The joint communique of the summit, called the Kazan Declaration, attacked unilateral sanctions imposed on some of the group&#8217;s members, including Russia and Iran, saying that they harm the poorest people in targeted states.</p>



<p>&#8220;Therefore, we call for their elimination,&#8221; the Kazan Declaration said.</p>



<p>Russia, the world&#8217;s biggest wheat exporter, proposed the creation of a BRICS grain exchange which could later be expanded to trade other major commodities such as oil, gas and metals. The Kazan Declaration welcomed the initiative.</p>



<p>&#8220;BRICS countries are among the world&#8217;s largest producers of grains, legumes, and oilseeds. In this regard, we proposed opening a BRICS grain exchange,&#8221; Putin told the leaders.</p>



<h2 class="wp-block-heading" id="h-cross-border-payments">CROSS BORDER PAYMENTS</h2>



<p>He added that the exchange &#8220;will contribute to the formation of fair and predictable price indicators for products and raw materials, considering its special role in ensuring food security&#8221;.</p>



<p>&#8220;The implementation of this initiative will help protect national markets from negative external interference, speculation, and attempts to create an artificial food shortage,&#8221; Putin said.</p>



<p>Other leaders backed the creation of a common cross-border payments system, which would help BRICS countries trade with each other, bypassing the dollar-dominated global financial system.</p>



<p>Brazilian President Luiz Inacio Lula da Silva, who took part in the BRICS summit via video conference after a head injury over the weekend, said that it is time for the BRICS nations to create alternative payment methods.</p>



<p>He added that the group&#8217;s New Development Bank (NDB) was designed as an alternative to what he called failing Bretton Woods institutions such as the International Monetary Fund (IMF).</p>



<h2 class="wp-block-heading" id="h-local-currencies">LOCAL CURRENCIES</h2>



<p>India&#8217;s Prime Minister Narendra Modi said that he welcomed the steps for financial integration of BRICS countries while China&#8217;s President Xi Jinping urged BRICS countries to deepen financial and economic cooperation.</p>



<p>The Kazan Declaration called for a feasibility study on the other Russian initiatives, a BRICS Clear depositary and securities trade settlement system and a common reinsurance company.</p>



<p>In his speech, Putin also called for the creation of a BRICS investment platform, which will facilitate mutual investment between BRICS countries and could also be used for investment in other countries in the Global South.</p>



<p>Contrary to earlier statements from senior Russian officials on the need to find an alternative to the International Monetary Fund (IMF), the Kazan Declaration enhanced the role of the IMF, stressing the need for further reforms.</p>



<p>The declaration did not mention global dollar dominance, an issue that was often raised during the Russian presidency, nor a BRICS single currency and the use of cryptocurrencies, mentioned by Russia as a way to protect trade from Western sanctions.</p>



<p>&#8220;We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners,&#8221; the Kazan Declaration said.</p>



<p>(Reporting by Vladimir Soldatkin in Kazan, Gleb Bryanski in Moscow; Editing by Alison Williams, Emelia Sithole-Matarise, Philippa Fletcher, Alexandra Hudson)</p>


LRPYWTISXFKI3LGTJNVMUIQQ5E

BRICS leaders tout joint finance, trade projects at Russian summit


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-536666" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015.  REUTERS/Mike Hutchings</figcaption></figure>



<p>JOHANNESBURG, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Wednesday, before the release of local consumer inflation figures that will be the main focal point for the day&#8217;s trading.</p>



<p>At 0535 GMT, the rand traded at 17.5425 against the U.S. dollar, down less than 0.1% on Tuesday&#8217;s closing level.</p>



<p>Statistics South Africa will release September Consumer Price Index (CPI) data around 0800 GMT.</p>



<p>Economists polled by Reuters predict that annual inflation fell to 3.9% last month, well below the 4.5% level the central bank aims for.</p>



<p>A further drop in inflation, from 4.4% in August, could encourage the South African Reserve Bank to deliver another interest rate cut at November&#8217;s monetary policy meeting, after its first cut in more than four years last month.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was marginally stronger in early deals, with the yield down 2 basis points to 9.325%.</p>



<p>(Reporting by Alexander Winning; Editing by Savio D&#8217;Souza)</p>


South African Rand coins are seen in this photo illustration

South African rand little changed; CPI data in focus


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



<p>JOHANNESBURG, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>September consumer inflation data</p>



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



<p>Famous Brands interim results</p>



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



<p>The South African rand was stronger on Tuesday, buoyed by global precious metals prices and its appeal for carry trades.</p>



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



<p>Gold prices jumped to record high and the dollar was on the rise again on Wednesday, while stocks in Asia stuttered as investors were reluctant to place major bets ahead of a hotly contested U.S. election.</p>



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



<p>U.S. stocks ended little changed on Tuesday, but the Nasdaq eked out a modest gain while investors kept an eye on Treasuries yields and awaited more earnings to assess the health of American companies.</p>



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



<p>Gold prices surged to a record high on Wednesday, as conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets. </p>



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


South African Markets – Factors to watch on Oct 23


<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>Oct 23 (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 prices jumped to record high and the dollar was on the rise again on Wednesday, keeping the pressure on the yen and the euro, while stocks in Asia stuttered as investors were reluctant to place major bets ahead of a hotly contested U.S. election.</p>



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



<p>Oil prices dipped on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though declines were capped as the market watched diplomatic efforts in the Middle East after Israel continued attacks on Gaza and Lebanon.</p>



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



<p>The South African rand was stronger on Tuesday, buoyed by global precious metals prices and its appeal for carry trades.</p>



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



<p>The Kenyan shilling was steady against the dollar on Tuesday, as limited foreign exchange demand from importers matched supply, traders said.</p>



<h2 class="wp-block-heading" id="h-africa-floods">AFRICA FLOODS</h2>



<p>Devastating rains that triggered deadly floods in Cameroon, Chad, Niger, Nigeria and Sudan in recent months were worsened by human-caused climate change, a team of international scientists said on Wednesday.</p>



<h2 class="wp-block-heading" id="h-africa-democracy">AFRICA DEMOCRACY</h2>



<p>Nearly half of Africa&#8217;s citizens live in a country where governance has worsened over the past decade, as deteriorating security erodes progress, according to a new report.</p>



<h2 class="wp-block-heading" id="h-rwanda-economy">RWANDA ECONOMY</h2>



<p>Rwanda&#8217;s economy is expected to grow by 8.3% in 2024, the International Monetary Fund (IMF) said on Tuesday, citing growth in the services and construction sectors and a recovery in food crop production.</p>



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



<p>Ten bodies were recovered from the scene of a fuel tanker explosion in Uganda&#8217;s capital Kampala on Tuesday, a Reuters witness said.</p>



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


African Markets – Factors to watch on Oct 23


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-820x429.jpg" alt="" class="wp-image-545386" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sudanese women from community kitchens, run by local volunteers, prepare meals for people who are affected by conflict and extreme hunger and are out of reach of international aid efforts, in Omdurman, Sudan, May 13, 2024. REUTERS/Mazin Alrasheed/File Photo</figcaption></figure>



<p>LONDON, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Nearly half of Africa&#8217;s citizens live in a country where governance has worsened over the past decade, as deteriorating security erodes progress, according to a new report.</p>



<p>The annual Ibrahim Index of African Governance report found that despite positive progress in 33 countries, overall governance was worse in 2023 in 21 countries, accounting for just under half of Africa&#8217;s population, compared with 2014.</p>



<p>For several countries, including densely populated Nigeria and Uganda, the deterioration in overall governance had worsened over the second part of the decade, according to the report released by Sudanese-British billionaire businessman Mo Ibrahim&#8217;s foundation.</p>



<p>&#8220;We can see really a huge arc of instability and conflicts and this deterioration, and security and safety of our people, is the biggest driver of deterioration and governance&#8230;putting everything down in general,&#8221; Ibrahim told Reuters in an interview.</p>



<p>Ibrahim pointed to the coups in West Africa and war in Sudan, but said poor governance also fostered violence and instability.</p>



<p>&#8220;If there is deterioration on governance, if there is corruption, if there is marginalization&#8230;people are going to pick up arms,&#8221; he said.</p>



<p>The report found that infrastructure &#8211; from mobile phone access to energy &#8211; and women&#8217;s equality, were better in 2023 for roughly 95% of Africans.</p>



<p>Health, education and business environment metrics had also improved continent-wide.</p>



<p>But the report found that public perceptions on progress were grim, even when the corresponding governance dimensions showed progress; all public perception indicators, apart from those tracking women&#8217;s leadership, declined.</p>



<p>The worst drops were in perceptions of economic opportunities and of safety and security.</p>



<p>The foundation said this could be due to higher expectations in countries that were making progress, and also a tendency to focus on what is not working.</p>



<p>But Ibrahim said it was a serious problem.</p>



<p>&#8220;If public dissatisfaction is high, that obviously can lead to unrest, it can lead to increased migration, conflicts,&#8221; he said.</p>



<p>(Reporting By Libby George; Editing by Sharon Singleton)</p>


EOMWPC6NZ5IR5K2P3BFBOOSP4E

African progress backslides as coups and war persist


<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>Oct 22 (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>Kenya&#8217; High Court is due to hold a hearing on Tuesday after declining the National Assembly&#8217;s request to lift other orders barring the swearing in of newly-appointed Deputy President Kithure Kindiki.</p>



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



<p>Asian stocks turned lower and the dollar stood by multi-month peaks on Tuesday as a sharp sell-off in bonds and a jump in gold suggested investors are hunkering down ahead of the U.S. election.</p>



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



<p>Oil prices eased on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world&#8217;s top oil importer, continued to weigh on the market.</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 investor focus shifts towards local inflation figures due later this week.</p>



<h2 class="wp-block-heading" id="h-cameroon-politics">CAMEROON POLITICS</h2>



<p>Cameroon&#8217;s 91-year-old president, Paul Biya, returned to the country on Monday after a 42-day absence that had sparked questions about his health and whereabouts.</p>



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



<p>Kenya said on Monday said it had handed over four Turkish refugees after accepting an extradition request by Ankara despite Amnesty International raising concerns they could face persecution at home if they were deported.</p>



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



<p>The U.S. government on Monday condemned the weekend killings by gunmen of two Mozambique opposition figures ahead of protests against a disputed election result, with Washington urging &#8220;a swift and thorough investigation into the murders.&#8221;</p>



<h2 class="wp-block-heading" id="h-sudan-aviation">SUDAN AVIATION</h2>



<p>The Russian embassy in Sudan is investigating reports that a cargo plane carrying Russian crew members may have been shot down in the western part of the country, the embassy said on Monday.</p>



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



<p>Nigeria has blocked Shell&#8217;s sale of its entire onshore and shallow-water oil operations, but approved a similar deal by Exxon Mobil, the country&#8217;s upstream oil regulator said on Monday.</p>



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



<p>The M23 rebel group has seized the town of Kalembe in eastern Democratic Republic of Congo, expanding its reach in the region, an official and a former lawmaker said on Monday.</p>



<h2 class="wp-block-heading" id="h-sudan-war">SUDAN WAR</h2>



<p>Sudan&#8217;s army said on Sunday a commander from its foe the Rapid Support Forces had defected with some of his troops, the first such move by a senior figure since the two sides went to war more than 18 months ago.</p>



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


African Markets – Factors to watch on Oct 22


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



<p>JOHANNESBURG, Oct 21 (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>Foreigners&#8217; trading in South African bonds and equities</p>



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



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



<p>South Africa&#8217;s rand firmed against a weaker dollar on Friday, ahead of a domestic inflation reading next week which could provide clues on the central bank&#8217;s rate-cutting path.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded about 0.5% higher.</p>



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



<p>Asia shares dipped in and out of positive territory on Monday, under pressure from weakness in Hong Kong stocks, but bitcoin scaled a three-month peak as &#8220;Trump trades&#8221; continued to ramp up.</p>



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



<p>The Dow Jones Industrial Average and S&amp;P 500 chalked up record closing highs on Friday, with the Nasdaq also in positive territory, as markets were boosted by an earnings-driven jump in Netflix shares and broader gains across technology stocks.</p>



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



<p>Gold rose to a fresh high on Monday, extending its blazing rally amid uncertainties surrounding the U.S. election, simmering Middle East tensions and rate cuts by major central banks, while silver scaled a near 12-year peak.</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; Economists warn Eskom tariffs should be a red flag</p>



<p>&#8211; Budget cuts leave health department unable to fill critical posts</p>



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



<p>&#8211; Standard Bank hunts for SA sales as it leverages Liberty&#8217;s impressive data, 2 000 advisors</p>



<p>&#8211; SA competition watchdog says &#8216;all tools&#8217; should be considered to deal with Temu, Shein</p>



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



<p></p>


South African Markets – Factors to watch on Oct 21


<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, Oct 21 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.</p>



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



<p>Asia shares dipped in and out of positive territory on Monday, under pressure from weakness in Chinese stocks, but bitcoin scaled a three-month peak as &#8220;Trump trades&#8221; continued to ramp up. </p>



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



<p>Oil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the world&#8217;s top oil importer, and an easing of concerns about potential supply disruptions 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 firmed against a weaker dollar on Friday, ahead of a domestic inflation reading next week which could provide clues on the central bank&#8217;s rate-cutting path. </p>



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



<p>The Kenyan shilling was unchanged against the dollar on Friday and will likely remain at the same levels in the next week, one foreign exchange trader said. </p>



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



<p>Kenyan President William Ruto chose Interior Minister Kithure Kindiki as his new deputy on Friday, but a court blocked his appointment until it hears a case next week challenging the impeachment of Kindiki&#8217;s predecessor.</p>



<h2 class="wp-block-heading" id="h-tanzania-electricity">TANZANIA ELECTRICITY</h2>



<p>Tanzania is building a grid interconnector with Zambia to help assist in mitigating a drought-driven power crisis, Tanzania&#8217;s deputy prime minister said at the Singapore International Energy Week conference on Monday. </p>



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



<p>The executive board of the International Monetary Fund approved the first review of Ethiopia&#8217;s $3.4 billion lending programme, the fund said on Friday, paving the way for a $340.7 million disbursement. </p>



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


African Markets – Factors to watch on Oct 21


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 18 (Reuters) &#8211; South Africa&#8217;s rand firmed in early trade on Friday, paring some losses from Thursday, ahead of a domestic inflation reading next week which could provide clues on the central bank&#8217;s rate cutting path.</p>



<p>At 0630 GMT, the rand traded at 17.60 against the dollar, about 0.4% stronger than its previous close.</p>



<p>The dollar last traded about 0.2% softer against a basket of currencies.</p>



<p>&#8220;Yesterday’s blow-out raises the possibility that the phase of ZAR weakness has now completed, and that the local unit could make a stronger recovery as we close out the week,&#8221; ETM Analytics wrote in a research note.</p>



<p>Next week, domestic investors will look to September&#8217;s consumer inflation figures which could provide clues on the South African Reserve Bank&#8217;s interest rate path.</p>



<p>The central bank cut its main lending rate for the first time in more than four years in September, a day after data showed headline inflation fell just below 4.5%, the middle of the central bank&#8217;s target range.</p>



<p>On Thursday, South Africa&#8217;s central bank governor Lesetja Kganyago said the country could move to a lower inflation target at little cost.</p>



<p>&#8220;One of the requirements for a stable currency is low inflation; therefore, any talk of lowering the inflation target should be mildly supportive of the ZAR,&#8221; ETM Analytics wrote.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was little changed in early deals.</p>



<p>(Reporting by Tannur Anders; Editing by Hugh Lawson)</p>


Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand firms, inflation print next week


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



<p>JOHANNESBURG, Oct 18 (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>South Africa&#8217;s rand slipped against a stronger dollar on Thursday, after data showed U.S. retail sales rose more than expected, signalling a resilient economy.</p>



<p>On the stock market, the Top-40 index closed 0.34% higher.</p>



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



<p>China stocks rose on Friday as the central bank officially launched a swap facility aimed at boosting the equity market, although shares elsewhere in Asia were mixed in the wake of data confirming a slowdown in the world&#8217;s second-largest economy.</p>



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



<p>The Dow Jones Industrial Average advanced on Thursday to its fourth record close in the last five sessions, as stronger-than-expected monthly retail sales indicated a robust U.S. consumer and TSMC&#8217;s upbeat forecast buoyed chipmakers&#8217; stocks.</p>



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



<p>Gold breached the $2,700-per-ounce level on Friday for the first time ever, as U.S. election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.</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; JSE’s largest investor on hunt for new CEO</p>



<p>&#8211; Kganyago calls for more ambitious inflation target</p>



<p>&#8211; Ramaphosa commits to supporting SA motor industry</p>



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


South African Markets – Factors to watch on Oct 18


<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, Oct 18 (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>China stocks rose on Friday as the central bank officially launched a swap facility aimed at boosting the equity market, although shares elsewhere in Asia were mixed in the wake of data confirming a slowdown in the world&#8217;s second-largest economy.</p>



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



<p>Crude oil futures steadied on Friday after strong U.S. retail sales data, but Chinese economic indicators remained mixed and prices were headed for their biggest weekly loss in more than a month on concerns about demand.</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 Thursday, after data showed U.S. retail sales rose more than expected, signalling a resilient U.S. economy.</p>



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



<p>The Kenyan and Ugandan currencies are expected to be stable against the dollar in the next week to Thursday, while Nigeria&#8217;s, Ghana&#8217;s and Zambia&#8217;s could be under pressure, traders said.</p>



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



<p>Nigeria is beginning to reap the benefits of significant policy reforms following a near fiscal crisis in 2020, but must stay the course, the World Bank said on Thursday.</p>



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



<p>The Kenyan shilling was steady against the dollar on Thursday as diaspora dollar inflows matched importer demand, one trader said.</p>



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



<p>Kenya&#8217;s senate voted to dismiss Deputy President Rigathi Gachagua from office by impeachment on five out of 11 charges levelled against him on Thursday, in an unprecedented move that risks pushing the country towards a political crisis.</p>



<h2 class="wp-block-heading" id="h-tanzania-economy">TANZANIA ECONOMY</h2>



<p>The International Monetary Fund reached a staff-level agreement with Tanzania on a review that will make about $265.8 million available to the African country, the IMF said in a statement on Thursday.</p>



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


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