
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg" alt="" class="wp-image-534754" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe,  file.  REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trade on Tuesday, ahead of a purchasing managers&#8217; index (PMI) for the domestic manufacturing sector.</p>



<p>At 0747 GMT, the rand traded at 17.32 against the dollar, about 0.3% softer than its previous close.</p>



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



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded about 0.6% up.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 8 basis points to 8.925%.</p>



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


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

South African rand slips ahead of manufacturing PMI


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



<p>JOHANNESBURG, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, 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 September manufacturing sector PMI</p>



<p>South Africa September vehicle sales</p>



<p>South African government&#8217;s weekly long-term bonds auction</p>



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



<p>South African lender Capitec half-year results</p>



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



<p>The South African rand slipped on Monday as it took a breather after two weeks of gains following an improvement in investor sentiment towards the currency.</p>



<p>On the stock market, the Top-40 .JTOPI index closed 1.26% lower.</p>



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



<p>Asian stocks pulled back from two-and-half-year highs and the dollar firmed following comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Middle-East tension kept risk sentiment in check.</p>



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



<p>The S&amp;P 500 sputtered to a record high close on Monday, rebounding from a brief setback after Federal Reserve Chair Jerome Powell said the U.S. central bank is in no hurry to implement further interest rate cuts.</p>



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



<p>Gold prices were hovering below recent record peaks on Tuesday after U.S. Fed chair tempered expectations for more substantial interest rate cuts this year, with investors looking forward to a series of labour data this week for further insights.</p>



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



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



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



<p>&#8211; Nersa a &#8216;bottleneck&#8217; for new renewable energy projects, says industry</p>



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



<p>&#8211; Fuel price shocker: Some areas to miss out on large cuts this week as port woes bite</p>



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


istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on Oct 1


<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 1 (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>Asian stocks eased near two-and-half-year highs on Tuesday and the U.S. dollar firmed following hawkish comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Mid-East tension kept risk sentiment in check.</p>



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



<p>Oil prices were little changed on Tuesday as stronger supply prospects and tepid global demand growth outweighed worries that escalating tensions in the Middle East could impact output from the key exporting region.</p>



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



<p>The South African rand slipped on Monday as it took a breather after two weeks of gains following an improvement in investor sentiment towards the currency.</p>



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



<p>The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.</p>



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



<p>Kenya&#8217;s shilling was stable on Monday, with dollar inflows from tea exports matching month-end importer demand, traders said.</p>



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



<p>Kenyan lawmakers plan to launch impeachment proceedings against Deputy President Rigathi Gachagua, accusing him of undermining the government, parliament&#8217;s majority leader said, reflecting a widening rift between President William Ruto and his deputy.</p>



<h2 class="wp-block-heading" id="h-mali-mining">MALI MINING</h2>



<p>Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.</p>



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



<p>Ivory Coast has raised the fixed farmgate price paid to cocoa farmers by 20% to 1,800 CFA francs ($3.09) per kg for the main crop of the new season, the West African country&#8217;s agriculture minister said on Monday.</p>



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



<p>Mozambique&#8217;s central bank cut its main interest rate for the fifth meeting in a row on Monday, saying the inflation outlook remained favourable.</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 1


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg" alt="" class="wp-image-536822" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>MAPUTO, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s central bank cut its main interest rate for the fifth meeting in a row on Monday, saying the inflation outlook remained favourable.</p>



<p>The central bank reduced its MIMO interest rate&nbsp;MZMIMO=ECI&nbsp;by 75 basis points to 13.50%.</p>



<p>The southern African country&#8217;s inflation slowed to 2.75% year on year in August&nbsp;MZCPIY=ECI&nbsp;from 2.97% in July, statistics agency data showed.</p>



<p>The Bank of Mozambique reiterated in a statement that it expected to continue to lower the MIMO rate over the medium term.</p>



<p>(Reporting by Manuel Mucari; Writing by Bhargav Acharya; Editing by Alexander Winning)</p>


PF3JNZQUQ5M65OD7XXTYURHSSI

Mozambique central bank cuts main interest rate again


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="458" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/X6NY63TYXVKRFCEWGIZJ6ESKB4.avif" alt="" class="wp-image-536752"/><figcaption class="wp-element-caption">A man compares different grains of rice at a wholesale market in Navi Mumbai, India August 4, 2023. REUTERS/Francis Mascarenhas/File Photo</figcaption></figure>



<p>MUMBAI/HANOI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Global rice prices fell on Monday after India, the world&#8217;s No.1 exporter of the grain, gave the go-ahead for exports to resume, boosting global supply and helping poor Asian and African buyers secure more affordable supplies, exporters said.</p>



<p>India on Saturday allowed exports of non-basmati&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">white rice</a>. That came a day after New Delhi cut export duty on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">parboiled rice</a>&nbsp;to 10%, buoyed by a new crop in the offing and higher inventories in state warehouses.</p>



<p>&#8220;Suppliers from Thailand, Vietnam, and Pakistan are responding to India&#8217;s move by lowering their export prices,&#8221; said Himanshu Agarwal, executive director at Satyam Balajee, a leading rice exporter. &#8220;Everyone&#8217;s trying to stay competitive to hold their spot in the market.&#8221;</p>



<p>Global rice prices soared to their highest level in over 15 years following India&#8217;s decision last year to ban the export of white rice and impose a 20% duty on parboiled rice exports.</p>



<p>Last year&#8217;s export curbs imposed by India allowed competing suppliers like Vietnam, Thailand, Pakistan, and Myanmar to increase their market share and command higher prices in the global market.</p>



<p>On Monday, India&#8217;s 5% broken parboiled variety&nbsp;RI-INBKN5-P1&nbsp;was quoted at $500-$510 per metric ton, down from the last week&#8217;s $530-$536. Indian 5% broken white rice was offered around $490.</p>



<p>Exporters in Vietnam, Pakistan, Thailand and Myanmar also lowered prices by at least $10 per ton on Monday, dealers said.</p>



<p>The Philippines, Nigeria, Iraq, Senegal, Indonesia, and Malaysia are among the key importers of Asian rice.</p>



<p>Buyers and sellers are evaluating the potential impact of increased Indian rice supplies and accordingly prices would settle this week, said Nitin Gupta, senior vice president of Olam Agri India.</p>



<p>India accounted for more than 40% of the world&#8217;s rice exports in 2022, a record 22.2 million metric tons out of a total 55.4 million metric tons of global trade.</p>



<p>Thai rice prices were quoted at $540-$550 on Monday, down from last week&#8217;s $550 to $560 per ton.</p>



<p>Thailand&#8217;s rice export prices could decrease due to increased supplies in the market, but the extent of the decline would depend on several factors, including the appreciating Thai currency, said Chukiat Opaswong, honorary president of the Thai Rice Exporters Association.</p>



<p>Rice prices have started to correct, even in Vietnam, but traders caution that the full impact of Indian supplies has yet to be seen.</p>



<p>&#8220;(Vietnamese) exporters should stay calm and avoid reducing prices to secure contracts,&#8221; said Truong Tan Tai, chief executive of Vinarice Co., a rice exporter.</p>



<p>(Reporting by Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi, Mayank Bhardwaj in New Delhi and Panarat Thepgumpanat in Bangkok; editing by David Evans)</p>


X6NY63TYXVKRFCEWGIZJ6ESKB4

Global rice prices drop after India allows white rice exports


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg" alt="" class="wp-image-536675" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Quareebullahi Ajenifuja, 12, and Joy Adeniji, 12, take notes together during class at Ilorin Grammar school, in Ilorin, Kwara state, Nigeria, March 26, 2021. REUTERS/Temilade Adelaj</figcaption></figure>



<p>LAGOS, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.</p>



<p>The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed.</p>



<p>The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery.</p>



<p>&#8220;The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,&#8221; the bank said.</p>



<p>Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc.</p>



<p>The World Bank said part of the money would be used to improve dam safety to protect people from floods.</p>



<p>Nigeria faces frequent flooding and this year up to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KT0SF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a million people were affected</a>&nbsp;after a dam in northeastern Borno state burst.</p>



<p>More floods are expected in Nigeria after authorities in&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KO1PZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Cameroon started releasing water from a large dam</a>&nbsp;to prevent it from overflowing.</p>



<p>(Reporting by MacDonald Dzirutwe, editing by Ed Osmond)</p>


FILE PHOTO: Two children take notes during class in Kwara state, Nigeria. March 2021.

World Bank approves $1.57 billion loan for Nigeria


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4.jpg" alt="" class="wp-image-536648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



<p>NAIROBI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s shilling&nbsp;KES=&nbsp;was stable on Monday, with dollar inflows from tea exports matching month-end importer demand, traders said.</p>



<p>At 0647 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same as Friday&#8217;s closing rate.</p>



<p>Traders said central bank dollar-buying had prevented the shilling from gaining ground in recent weeks.</p>



<p>&#8220;If they (central bank) had stayed out, the shilling would have strengthened,&#8221; one trader said.</p>



<p>The central bank says it has no preferred level for the shilling and only steps in to smooth out volatility in either direction.</p>



<p>(Reporting by Sonia Rao; Editing by George Obulutsa and Alexander Winning)</p>


https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4

Kenyan shilling stable; dollar inflows from tea exports match demand


<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, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.</p>



<p><strong>ECONOMIC EVENTS</strong></p>



<p>August money supply and credit data&nbsp;ZAM3=ECI,&nbsp;ZACRED=ECI</p>



<p>August budget balance&nbsp;ZABUDM=ECI</p>



<p>August trade balance&nbsp;ZATBAL=ECI</p>



<p>Treasury-bill auction</p>



<p>Offshore trading in bonds and equities</p>



<p><strong>SOUTH AFRICAN MARKETS</strong></p>



<p>South Africa&#8217;s rand extended gains against the dollar on Friday, hitting a fresh 20-month high amid improved risk appetite and positive sentiment at home.&nbsp;.JZAR/</p>



<p><strong>GLOBAL MARKETS</strong></p>



<p>Share markets turned hesitant in Asia on Monday as strife in the Middle East offset more policy measures in China, while the Nikkei dived on concerns Japan&#8217;s new prime minister favoured normalising interest rates.&nbsp;MKTS/GLOB</p>



<p><strong>WALL STREET</strong></p>



<p>The blue-chip Dow Jones Industrial Average closed at a record high as a subdued inflation report stoked hopes for more Federal Reserve rate cuts, which enabled Wall Street&#8217;s three main indexes to post weekly gains.&nbsp;.N</p>



<p><strong>GOLD</strong></p>



<p>Gold prices eased on Monday but hovered near the record peak hit last week, setting bullion on track for its best quarter in over eight years following a jumbo U.S. rate cut decision and expectations of another outsized reduction in November.&nbsp;GOL/</p>



<p><strong>EMERGING MARKETS</strong></p>



<p>For the top emerging markets news, double click on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ARR:347&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a></p>



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



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



<p><strong>BUSINESS DAY</strong></p>



<p>&#8211; Grindrod deal points to SA firms favouring port of Maputo</p>



<p>&#8211; SA miners slash almost 7,000 jobs in second quarter</p>



<p><strong>FIN 24</strong></p>



<p>&#8211; Fabergé owner Gemfields expects to double its debt as it bets on growth</p>



<p>&#8211; Treasury&#8217;s new plan to attract companies to transmission: A credit guarantee vehicle</p>



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



<p></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 Markets – Factors to watch on Sept 30


<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, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was steady against the dollar on Friday, as the local currency held onto recent gains amid improved risk appetite and positive sentiment at home.</p>



<p>At 0758 GMT, the rand traded at 17.1975 against the dollar, not far from its previous close.</p>



<p>The rand has been on an upward trajectory since a big interest rate hike by the Federal Reserve last week, hitting repeated 20-month highs.</p>



<p>Analysts say the improvement in South Africa&#8217;s risk profile following the formation of a coalition government after an election in May has also contributed to the currency&#8217;s strength.</p>



<p>On the stock market, the Top-40 index was down about 0.4%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 4 basis points to 8.79%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Ros Russell)</p>


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

South African rand holds on to gains against dollar


<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>Sept 27 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



<p>Zambia&#8217;s finance minister Situmbeko Musokotwane will present the 2025 national budget on Friday.</p>



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



<p>Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally.</p>



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



<p>Oil prices eased for a third day on Friday and were on track to fall for the week as investors focused on expectations of increased output from Libya and the broader OPEC+ group, although fresh stimulus from top importer China limited losses.</p>



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



<p>South Africa&#8217;s rand edged higher on Thursday, with stronger risk appetite among investors after rate cuts by the U.S. Federal Reserve last week and positive sentiment in the months following May&#8217;s national election.</p>



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



<p>The Kenyan, Ugandan and Nigerian currencies are expected to strengthen in the next week to Thursday, Ghana&#8217;s is forecast to weaken and Zambia&#8217;s could be little changed, traders said.</p>



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



<p>Kenya&#8217;s shilling was steady on Thursday, as the central bank bought dollars to stabilise fluctuations in the market and bolster their reserves, a commercial trader said.</p>



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



<p>Sudan&#8217;s army launched artillery and airstrikes in Sudan&#8217;s capital on Thursday in its biggest operation to regain ground there since early in its 17-month war with the Rapid Support Forces (RSF), witnesses and military sources said.</p>



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



<p>At least five African countries are working on what could be the world&#8217;s first joint &#8220;debt-for-nature&#8221; swap to raise at least $2 billion to protect a coral-rich swathe of Indian Ocean, according to a global conservation group.</p>



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



<p>Uganda on Thursday commissioned its largest electricity generation plant, a 600 megawatt (MW) power plant built on the River Nile that cost $1.7 billion, financed with a loan from China.</p>



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



<p>The World Bank said on Thursday it is rolling out measures to ensure the recipients of any fresh lending to Uganda are not discriminated against by a tough anti-gay law.</p>



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


African Markets – Factors to watch on Sept 27


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



<p>JOHANNESBURG, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, 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>Inflation-linked bond auction</p>



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



<p>Insurer Momentum full-year results</p>



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



<p>South Africa&#8217;s rand edged higher on Thursday, with stronger risk appetite among investors after rate cuts by the U.S. Federal Reserve last week and positive sentiment in the months following May&#8217;s national election.</p>



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



<p>Chinese stocks are headed for the best week since 2008 as Beijing rolled out a stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally. </p>



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



<p>The S&amp;P 500 scored a record closing high and the Dow and Nasdaq rose on Thursday, as Micron Technology shares rallied and a strong U.S. jobless claims report eased labour market concerns.</p>



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



<p>Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited an inflation report for guidance. </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; MultiChoice and NBC fork out 3 bln rand on Showmax since April</p>



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


South African Markets – Factors to watch on Sept 27


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



<p>JOHANNESBURG, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>The South African Reserve Bank will publish the country&#8217;s leading indicator for July</p>



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



<p>South Africa&#8217;s rand strengthened to a fresh 20-month high against the dollar on Monday after a slight hiccup in the morning session.</p>



<p>On the stock market, the Top-40 index closed up 1.22%.</p>



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



<p>Chinese stocks made brisk gains on Wednesday, extending their stimulus-fueled rally to a second day, even as equities in the rest of the region struggled and crude oil retreated from a multi-week high.</p>



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



<p>The S&amp;P 500 and Dow ended at record highs on Tuesday, shrugging off weak consumer confidence data, as mining stocks surged following China&#8217;s announcement of a sweeping stimulus package.</p>



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



<p>Gold hit a record high on Wednesday, boosted by a softer U.S. dollar and hopes of more interest rate cuts, while investors looked for new signals for the Federal Reserve&#8217;s interest rate 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; Eskom targets revenue of R1.4-trillion from 2026-2028</p>



<p>&#8211; Musk says he had ‘great meeting’ with Ramaphosa</p>



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



<p>&#8211; SA manufacturers fear they are paying the price for Pretoria&#8217;s cosy relationship with Beijing</p>



<p>&#8211; Huawei&#8217;s SA workforce is now majority local, from 90% foreign two years ago</p>



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


South African Markets – Factors to watch on Sept 25


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



<p>NAIROBI, Sept 25 (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>Chinese stocks surged on Wednesday, lifting regional markets and helping extend a stimulus-fueled global rally that also underpinned risk-sensitive currencies, while Brent crude hovered near a three-week high.</p>



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



<p>Oil prices fell on Wednesday as investors reassessed the ability of China&#8217;s stimulus plans to boost the economy enough to drive more fuel demand growth in the world&#8217;s largest crude importer.</p>



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



<p>South Africa&#8217;s rand strengthened to a fresh 20-month high against the dollar on Monday after a slight hiccup in the morning session.</p>



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



<p>Kenya&#8217;s shilling strengthened slightly against the dollar on Tuesday, bolstered by hard currency inflows from the diaspora and foreign investors following the U.S. Federal Reserve&#8217;s interest rate cut last week.</p>



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



<p>Somalia accused Ethiopia of smuggling weapons on Tuesday amid fears that arms going into the conflict-riven Horn of Africa nation could end up in the hands of Islamist militants.</p>



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


African Markets – Factors to watch on Sept 25


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg" alt="" class="wp-image-534014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-768x402.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s shilling&nbsp;KES=&nbsp;was unchanged against the U.S. dollar on Monday, data from the London Stock Exchange Group showed.</p>



<p>At 1039 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same as Friday&#8217;s closing rate.</p>



<p>The shilling has been relatively stable for several months,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3EZ12H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">after rallying</a>&nbsp;in the first half of 2024 as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June.</p>



<p>(Reporting by Hereward Holland; Editing by Anait Miridzhanian)</p>



<p></p>


LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling stable, LSEG data shows


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-820x462.webp" alt="" class="wp-image-533991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-820x462.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN.webp 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An office worker studying electronic diagrams on a computer at control-panel maker in Japan.<br>Bloomberg | Bloomberg | Getty Images</figcaption></figure>



<p>Japan has ramped up its push for companies to adopt a four-day workweek, but those efforts face steep challenges in a country famous for its workaholic culture.</p>



<p>The Japanese government recently&nbsp;<a href="https://jsite.mhlw.go.jp/shiga-roudoukyoku/hourei_seido_tetsuzuki/_119416/consultant.html" target="_blank" rel="noreferrer noopener">initiated a “work style reform” campaign</a>&nbsp;aimed at promoting flexible work arrangements, shorter hours and overtime limits. To further encourage this initiative, the labor ministry has also begun&nbsp;<a href="https://www.mhlw.go.jp/stf/seisakunitsuite/bunya/0000120692.html" target="_blank" rel="noreferrer noopener">providing subsidies</a>&nbsp;and&nbsp;<a href="https://jsite.mhlw.go.jp/shiga-roudoukyoku/hourei_seido_tetsuzuki/hatarkikata-kaikaku.html" target="_blank" rel="noreferrer noopener">free consulting services</a>.&nbsp;</p>



<p>The move marks a more concerted effort after the government first floated support for a shorter workweek in 2021 when lawmakers endorsed the idea. But the concept has not been mandated, and has been slow to gain traction.</p>



<p>“The reasons Japanese work long hours are cultural and social; those things don’t change quickly,” said<strong>&nbsp;</strong>Tim Craig, who spent over&nbsp;<a href="https://blueskyacademic.net/welcome-to-bluesky/about-us/" target="_blank" rel="noreferrer noopener">20 years teaching and conducting research&nbsp;</a>in top business schools in Japan.</p>



<p>According to the Ministry of Health, Labor and Welfare,&nbsp;<a href="https://www.e-stat.go.jp/en/stat-search/files?page=1&amp;amp;query=week&amp;amp;layout=dataset&amp;amp;toukei=00200531&amp;amp;tstat=000000110001&amp;amp;tclass1=000001215302&amp;amp;stat_infid=000040169039&amp;amp;metadata=1&amp;amp;data=1" target="_blank" rel="noreferrer noopener">only about 8% of companies</a>&nbsp;in Japan permit employees to take three or more days off each week.&nbsp;</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>If they go home early, then their colleagues will (a) look askance at them, and (b) have to work more to cover for them.</p>



<p>Tim Craig &#8211; Founder of BlueSky Academic Services</p>
</blockquote>



<p>Craig, who also&nbsp;<a href="https://www.amazon.sg/Cool-Japan-Cultural-Creative-Industries/dp/4990982215" target="_blank" rel="noreferrer noopener">wrote a book on Japanese popular and traditional culture</a>, explained that the Japanese place a high premium on work because they tend to view it as a “positive part of life,” but social pressure also plays a role.</p>



<p>“If they go home early, then their colleagues will (a) look askance at them, and (b) have to work more to cover for them. Either way, it’s not a good feeling,” Craig elaborated.&nbsp;</p>



<p>The workplace is also where most Japanese have most of their social interactions, where employees are often willing to stay around longer to help the team and attend long company dinners, observed Martin Schulz, chief policy economist at Fujitsu.</p>



<p>“Being part of a company is almost part of a community, and this results often in longer work hours, not as efficient work hours,” he told CNBC.</p>



<p>Last October, the health ministry&nbsp;<a href="https://www.mhlw.go.jp/stf/wp/hakusyo/karoushi/23/index.html" target="_blank" rel="noreferrer noopener">published its annual white paper</a>&nbsp;addressing Japan’s excessively long working hours and their connection to depression and karoshi, or death from overwork. In 2022, 2,968 people in Japan died by suicide attributed to karoshi, an increase from 1,935 in 2021. Japan has not released its white paper for 2023′s statistics yet.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>I think that it’s going to take time [for the four-day workweek] to penetrate… we’re not used to being flexible.</p>



<p>Hiroshi Ono &#8211; Professor at Hitotsubashi University</p>
</blockquote>



<p>The report highlighted that 10.1% of men and 4.2% of women work over 60 hours a week, linking these long hours to the incidence of karoshi.</p>



<p>“I think that it’s going to take time [for the four-day work week] to penetrate… we’re not used to being flexible,” said Hiroshi Ono, professor of human resources at Hitotsubashi University.</p>



<p>“It’s still pretty rare in other countries as well. So I think that Japan especially will take some time to do that,” he added.</p>



<p>The small number of companies implementing a four-day workweek are also generally not traditional Japanese companies, Ono also observed,&nbsp;<a href="https://www.weforum.org/agenda/2022/01/four-day-week-work-life-balance-trial/" target="_blank" rel="noreferrer noopener">citing the example of Microsoft Japan</a>.&nbsp;</p>



<p>“So for the traditional Japanese companies, it might even take longer,” he said.</p>



<p>One of Japan’s largest companies,&nbsp;<a href="https://www.cnbc.com/quotes/6752.T-JP/">Panasonic</a>, rolled out the four-day workweek option for employees in 2022, but&nbsp;<a href="https://4dayweek.io/country/japan" target="_blank" rel="noreferrer noopener">only about 150 of 63,000 eligible workers</a>&nbsp;opted in.&nbsp;</p>



<p>Brokerage firm&nbsp;<a href="https://work-holiday.mhlw.go.jp/detail/11010.html#:~:text=%E9%80%B1%EF%BC%94%E6%97%A5%E5%8B%A4%E5%8B%99%E3%81%AE,%E9%81%B8%E6%8A%9E%E3%81%A7%E3%81%8D%E3%82%8B%E3%82%88%E3%81%86%E3%81%AB%E3%81%97%E3%81%9F%E3%80%82" target="_blank" rel="noreferrer noopener">SMBC has also offered employees a four-day workweek</a>&nbsp;option since 2020. But it has limited eligibility to workers aged 40 years or older for either family care or “autonomous career development.” The option is also only available from the fourth year of employment.&nbsp;</p>



<p>While the adoption rates are slim, the initiative is not all moot.</p>



<p>“The overall flexibility helps, definitely,” said Fujitsu’s Schulz, adding that the government has been pushing companies harder on work-life balance such that endless overtime hours are not allowed anymore.&nbsp;</p>



<p>Additionally, experts told CNBC that the concept of karoshi is not a phenomenon unique to Japan. In 2019,&nbsp;<a href="https://www.arbetarskydd.se/arbetsmiljo-stress/over-770-svenskar-dor-av-stress-varje-ar/1486737" target="_blank" rel="noreferrer noopener">more than 770 workers reportedly died due to work stress in Sweden</a>.</p>



<p>“The only thing that’s unique to Japan is that the ministry actually collects data on karoshi,” said Ono.</p>


An office worker studying electronic diagrams on a computer at control-panel maker in Japan. Bloomberg | Bloomberg | Getty Images

Japan is pushing a 4-day working week — but its workaholic culture makes it a hard sell


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS.jpg" alt="" class="wp-image-533973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



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



<p><strong>ECONOMIC EVENTS</strong></p>



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



<p>Weekly treasury bill auction</p>



<p><strong>SOUTH AFRICAN MARKETS</strong></p>



<p>The South African rand softened on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank, plus a local inflation print.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;closed little changed.&nbsp;.JZAR/</p>



<p><strong>GLOBAL MARKETS</strong></p>



<p>World stocks stuck around record highs as investors turned their attention to China and Switzerland as the next central banks to add vim to the global economy with rate cuts after last week&#8217;s decisive move by the U.S. Federal Reserve.&nbsp;MKTS/GLOB</p>



<p><strong>WALL STREET</strong></p>



<p>U.S. stocks closed nearly unchanged on Friday, as investors paused buying after a strong rally in the prior session that was fueled by an upsized interest-rate cut by the Federal Reserve, while Nike&#8217;s gains helped nudge the Dow to a record.&nbsp;.N</p>



<p><strong>GOLD</strong></p>



<p>Gold extended gains to scale a record high on Monday, driven by the momentum generated by the Federal Reserve&#8217;s interest rate cut and safe-haven demand due to geopolitical risks in the Middle East.&nbsp;GOL/</p>



<p><strong>EMERGING MARKETS</strong></p>



<p>For the top emerging markets news, double click on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ATOPEMRG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a></p>



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



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



<p><strong>BUSINESS DAY</strong></p>



<p>&#8211; Home deliveries give sales of motorbikes a lift</p>



<p>&#8211; GNU boosts business confidence in property market, survey shows</p>



<p><strong>FIN 24</strong></p>



<p>&#8211; SABC household levy: SARS, MultiChoice must help collect, says broadcaster</p>



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


MARKETS

South African Markets – Factors to watch on Sept 23


<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, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand softened against the dollar on Monday, retreating from a fresh 20-month high it hit earlier in the session.</p>



<p>At 0820 GMT, the rand traded at 17.455 against the greenback&nbsp;ZAR=D3, 0.27% weaker than its previous close.</p>



<p>The local unit earlier hit 17.37 per dollar, its strongest level since February 2023, as it continued to rally following strong&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3L20LG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">gains last week</a>&nbsp;after a super-sized interest rate cut by the Federal Reserve. That was followed by a rate cut by the South African Reserve Bank (SARB) along expected lines.</p>



<p>The local currency benefited from the positive sentiment in the wake of the Fed and SARB rate cuts, said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was up 0.4%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat, with the yield at 8.88%.</p>



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


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