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Sept 22 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks recovered from a four-day losing streak at the end of a week packed with major central bank decisions, while the Indian rupee firmed after JPMorgan&#8217;s plans to include the country&#8217;s local bonds in its debt index.



MSCI&#8217;s index for emerging market equities&nbsp;.MSCIEF&nbsp;rose 0.8% by 0853 GMT on Friday, bouncing off a recent three-month low, but was on track for weekly declines of 2.2%.



Pressuring emerging markets this week was a jump in U.S Treasury yields as investors assessed potential for an additional rate hike from the Federal Reserve and fewer cuts next year following revised projections from the central bank.



Most Asian stock markets were higher on Friday, led by equities in Hong Kong .HSI and mainland China .CSI300, up 2.3% and 1.8% respectively following reports of China&#8217;s measures to promote the development of the private economy.



China is considering relaxing the rules that cap foreign ownership in domestic publicly traded firms, Bloomberg News reported on Friday.



Emerging market currencies&nbsp;.MIEM00000CUS&nbsp;edged 0.1% higher but shed 0.2% for the week.



The dollar =USD, meanwhile, was on track for its tenth consecutive weekly increase while the yen JPY=EBS dropped as the Bank of Japan maintained ultra-low interest rates on Friday.



India&#8217;s rupee INR= climbed 0.3% against the dollar after JPMorgan JPM.Nsaid it will include the country in its widely tracked emerging market debt index, setting the stage for billions of dollars of inflows into the world&#8217;s fifth-largest economy.



JPMorgan&#8217;s decision could push India&#8217;s benchmark 10-year bond yield to sub-7% levels in the coming months, Citi and Bank of America said on Friday.



Barclays strategists forecast the inclusion implies direct inflows of $20-$25 billion over the next 18-21 months.



&#8220;The INR rallied on the index inclusion news, but still faces headwinds from a firm USD, elevated US yields and higher oil prices,&#8221; the strategists said in a note.



The South African rand ZAR= strengthened 0.6% versus the dollar and was on track for a weekly gain of nearly 1% despite a drop in the previous session after the country held interest rates steady.



Among central and eastern European currencies, the Polish zloty PLNEUR= rose 0.2% against the euro, ahead of a credit ratings review by Moody&#8217;s. The currency has outperformed its regional peers this week and is on track for weekly gains of 1%.



(Reporting by Amruta Khandekar. Editing by Jane Merriman)

istockphoto-1076949610-612×612-1

Stocks recover from Fed jolt, India to join JPMorgan bond index

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-820x547.jpg" alt="" class="wp-image-427655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Ahmed Tinubu addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Eduardo Munoz/File Photo</figcaption></figure>



UNITED NATIONS, (Reuters) &#8211; Nigerian President Bola Tinubu urged the United Nations to become more proactive in addressing his African nation&#8217;s poverty and security issues and helping to fight illicit resource extraction, his spokesman said on Thursday.



Tinubu raised the issues when he met U.N. Secretary-General Antonio Guterres on Wednesday on the sidelines of the U.N. General Assembly in New York, his spokesman Ajuri Ngelale said in a statement.



The Nigerian leader said malign actors who engage in illicit activities, including resource and weapons smuggling, exploit&nbsp;Africa&#8217;s vast mineral wealth and undermine its stability.



&#8220;We are facing the great challenge of scavengers ravaging our lands and oppressing our people on illegal mines, taking our gold and mineral wealth back to developed economies by stealth and violence,&#8221; the statement cited Tinubu as saying.



&#8220;We will now be aggressive and we will question motives. We will stop what is happening,&#8221; he said, urging &#8220;effective collaboration&#8221; with the U.N.



Tinubu called for the United Nations to evolve from a global discussion platform into a proactive coordination centre, highlighting the urgency of addressing poverty and security issues.



In response, Guterres acknowledged the need for comprehensive reform within the U.N. to address institutional weaknesses and improve decision-making power for developing nations, according to the statement.



&#8220;We now recognize the need to reform the institution to represent the world as it is today,&#8221; Guterres was quoted as saying.



In a speech at the U.N. General Assembly on Tuesday, Tinubu, who chairs the West African bloc ECOWAS, assailed military coups that have swept through West Africa and pledged to help re-establish constitutional order in Niger.



(Reporting by Felix Onuah in Abuja; Writing by Elisha Bala-Gbogbo; Editing by Howard Goller)

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<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-820x558.jpg" alt="" class="wp-image-403905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-1536x1045.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-459296780-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An embossed logo of South Africa&#8217;s Reserve Bank sits on a document folder during a news conference with Lesetja Kganyago, governor of South Africa&#8217;s reserve bank, in Pretoria, South Africa, on Thursday, Nov. 20, 2014. Reserve Bank Governor Lesetja Kganyago kept South African borrowing costs unchanged in his debut policy meeting as Reserve Bank governor, reinforcing his pledge for continuity. Photographer: Dean Hutton/Bloomberg via Getty Images</figcaption></figure>



PRETORIA, Sept 21 (Reuters) &#8211; The South African Reserve Bank (SARB) held its key interest rate steady on Thursday, but policymakers cited continued risks to the inflation outlook.



The central bank kept its main lending rate unchanged at 8.25%, the second meeting in a row that the bank has left its repo rate on hold.



Nearly all analysts polled by Reuters had forecast that the rate would be left unchanged.



The SARB&#8217;s monetary policy committee has stressed that it wanted to see inflation sustainably around the midpoint of its target range of 3%-6% before considering rate cuts.



Governor Lesetja Kganyago said on Thursday that risks to the inflation outlook were assessed to the upside, with a high risk that food price inflation would pick up later in 2024.



He added that in the absence of sustained increases in energy supply in South Africa, electricity prices continued to present clear inflation risks.



&#8220;When you have one supply shock, you can just easily see through it,&#8221; said Kganyago. &#8220;When it&#8217;s a multiplicity of shocks, it starts to filter more quickly into other parts.&#8221;



Inflation edged up to 4.8% year-on-year in August from 4.7% in July, data showed on Wednesday, remaining well within the central bank&#8217;s target range.



(Reporting by Anait Miridzhanian, Bhargav Acharya and Kopano Gumbi; Additional reporting by Rachel Savage and Nellie Peyton; Graphic by Promit Mukherjee; Editing by Alexander Winning and Olivia Kumwenda-Mtabo)

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<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-820x547.jpg" alt="" class="wp-image-426413" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The Central Bank of Nigeria&#8217;s logo is seen on its headquarters building in Abuja, Nigeria, January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Sept 21 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank said on Thursday that it had delayed an interest rate meeting that had been planned for next week and that it would schedule a new meeting later.



In a statement on its website, the Central Bank of Nigeria did not say why the Sept. 25-26 meeting of its Monetary Policy Committee was delayed and a new date would be set later.



The postponement comes days after President Bola Tinubu nominated a new central bank governor and four new deputy governors. The Senate is yet to hold confirmation hearings for Tinubu&#8217;s picks.



In July, the central bank opted for a small rate hike at the first monetary policy meeting since Tinubu suspended central bank governor Godwin Emefiele.



Emefiele oversaw a much-criticised system of multiple exchange rates used to keep the local naira currency&nbsp;NGN=D1&nbsp;artificially strong and lent directly to businesses to try to boost growth in&nbsp;Africa&#8217;s biggest economy.



Tinubu criticised the central bank&#8217;s policies under Emefiele at his inauguration in May, saying they needed &#8220;thorough house-cleaning&#8221;.



(Reporting by Camillus Eboh; Editing by Alexander Winning and Bernadete Baum)

FILE PHOTO: The Central Bank of Nigeria’s logo is seen on its headquarters in Abuja

Nigeria central bank postpones next week’s policy meeting

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" 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="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Sept 21 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks hit an over three month low on Thursday as risk sentiment waned after the U.S. Federal Reserve stiffened its hawkish monetary policy stance, while investors awaited interest rate decisions from Turkey and South&nbsp;Africa.



After the Fed left rates unchanged as widely expected, markets focused on the possibility of borrowing costs staying significantly tighter through 2024 than previously expected after the central bank&#8217;s updated quarterly projections.



MSCI&#8217;s gauge for emerging market equities&nbsp;.MSCIEF&nbsp;slid 1.3% to its lowest since early June, while currencies&nbsp;.MIEM00000CUS&nbsp;slid 0.3% by 8:48 GMT against a steady dollar.



China&#8217;s blue-chip CSI 300 Index&nbsp;.CSI300&nbsp;index hit an over ten-month low while Hong Kong&#8217;s Hang Seng Index&nbsp;.HSI&nbsp;dropped 1.3%.



A slew of regional monetary policy decisions will also grab focus later on Thursday, with Turkey expected to deliver a 500 basis point hike at 1100 GMT, taking the benchmark weekly repo rate to 30%, according to a Reuters poll.



The lira&nbsp;TRYTOM=D3&nbsp;was flat at 27.039 to the dollar, having drifted weaker in recent days after a jump late in August following a shock 750 basis point rate hike from the Turkish central bank.



After a historic currency crash in late 2021 and given surging inflation, President Tayyip Erdogan set aside years of opposition to tight monetary policy and publicly backed it this year.



&#8220;We have&#8230; reached a crucial juncture where the interest rate level may not yet be high enough to be labelled &#8220;restrictive&#8221; for the ongoing inflation rate,&#8221; said Tatha Ghose, FX analyst at Commerzbank in a note.



Erdogan &#8220;could be showing support now, but there could come a moment of truth leading up to the 2024 local elections, where he reverses stance,&#8221; Ghose added.



Later in the day, markets await the South African central bank&#8217;s monetary policy decision where the regulator is widely expected to keep the repo rate on hold at 8.25%. The rand ZAR= was flat ahead of the decision due at 1300 GMT.



In central and eastern Europe, Poland&#8217;s zloty EURPLN= slipped 0.1% against the euro after data showed nominal retail sales in constant prices fell 2.7% in August, lesser than market expectations.



Hungary&#8217;s forint HUFEUR= fell 0.3% versus the euro after central bank Governor Gyorgy Matolcsy said the country&#8217;s headline inflation rate, currently the highest in the European Union, can fall to an annual 7% by the end of this year.



(Reporting by Johann M Cherian and Amruta Khandekar in Bengaluru; Editing by Sharon Singleton)

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<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-820x547.jpg" alt="" class="wp-image-427633" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/PICJOSJU3ZIDPGUR5CMU73CAGM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Gabon coup leader General Brice Oligui Nguema is sworn in as interim president during his swearing-in ceremony, in Libreville, Gabon, September 4, 2023. REUTERS/Stringer/File Photo</figcaption></figure>



LONDON, Sept 21 (Reuters) &#8211; When Gabon&#8217;s General Brice Oligui Nguema ousted his distant cousin last month, he became the eighth military leader who has taken power by force in Africa since 2020. But one aspect about the country was different: it had sold a sizeable amount of bonds on international capital markets, and had just weeks prior sealed continental Africa&#8217;s first debt-for-nature swap.



The putsch not only sent Gabon&#8217;s bonds tumbling 10%, but also hit those issued by a number of other countries including neighbouring Cameroon, as jittery investors scanned for who might be next.



The apparent coup trend is adding to other major concerns deterring many investors from&nbsp;Africa&nbsp;&#8211; a wave of debt crises, tense geopolitics and an extreme vulnerability to climate change.



&#8220;Nearly all markets in that region are paying some price in terms of rising cost of debt,&#8221; said Sergey Dergachev, portfolio manager at Union Investment.



A UNDP study dated July shows how the costs add up. It estimated Guinea&#8217;s 2008 coup and one in Mali in 2012 wiped a combined $12-$13.5 billion off the two countries&#8217; economies over a 5-year period. This represented 76% of Guinea&#8217;s 2008 gross domestic product and almost half of Mali&#8217;s 2012 GDP, the study calculated.



There have been scores of coups and attempted coups in recent decades including in Thailand, Ecuador, Egypt and Turkey.



Investors in those markets reacted reflexively &#8211; sell first, think later.



Gabon&#8217;s coup not only hurt its bonds, it also ratcheted up the interest rate premium, or &#8216;spread&#8217;, investors demand to hold bonds in JPMorgan&#8217;s multi-country &#8220;Nexgem&#8221;&nbsp;Africa&nbsp;index, a move that has still not fully retraced.



Cameroon has been particularly sensitive. Its bonds have lost more ground than Gabon&#8217;s since the coup. The country&#8217;s President Paul Biya has ruled for over 40 years through crackdowns and contested elections and wants his son to take over.



In focus too is Senegal, whose President Macky Sall recently ruled out running for a third term after violent unrest, and Congo Republic which had to quash weekend rumours of an overthrow while President Denis Sassou Nguesso &#8211; in power for 38 years &#8211; was in New York for the U.N. General Assembly.



<h2 class="wp-block-heading" id="h-unequal-coups">UNEQUAL COUPS</h2>



&#8220;Certainly there&#8217;s a lot of eyeballs on this (coup) theme right now,&#8221; said Eamon Aghdasi, a sovereign analyst at investment firm GMO, who co-authored a recent paper on whether democracy matters to debt investors.



&#8220;As a bondholder, the worst-case scenario is that a new government comes in and repudiates the previous government&#8217;s debt&#8221;.



There is no sign of Gabon&#8217;s new leaders repudiating debt, though payments on bonds have run into trouble elsewhere, such as Niger.



Credit ratings usually suffer too. Fitch and Moody&#8217;s have put Gabon on a downgrade warning since the Aug. 30 overthrow. Agencies slashed ratings for Burkina Faso, Mali and Niger, although further afield, Thailand&#8217;s never budged despite two coups in the last two decades.



&#8220;Coups, in general, in&nbsp;Africa&nbsp;or anywhere else, can cause problems for debt repayment partly because of the potential for sanctions,&#8221; S&amp;P Global analyst Ravi Bhatia said, adding that vital international support can also get shelved.



<h2 class="wp-block-heading" id="h-rising-costs">RISING COSTS</h2>



Gabon, where the Bongo family had ruled for nearly 60 years amid stark inequality, has yet to face the kinds of sanctions imposed on Mali, Guinea, Burkina Faso and Niger &#8211; although its International Monetary Fund programme was already off track.



Moody&#8217;s cited the rise in oil prices in its decision to hold off on a full downgrade, as well as Gabon&#8217;s membership of the Central&nbsp;African monetary union (CFA franc), which shields it from currency volatility.



The country&#8217;s bond spreads have eased somewhat since investors&#8217; initial panic and could recover entirely, some analysts say, if it makes its first post-coup bond payment on time next month.



&#8220;You may get a situation where bondholders might say, if it&#8217;s a change away from long-term single leaderships, then it may well be a turn for the better,&#8221; said Simon Quijano-Evans, chief economist with Gemcorp. &#8220;As long as elections and democracy come back&#8221;.



Broadly though, concerns about sovereign stability across&nbsp;Africa&nbsp;loom large. This year&#8217;s &#8220;Fragile States Index&#8221; published by non-profit The Fund for Peace rated 46&nbsp;African countries as at least somewhat unstable.



Even in Kenya, a solid democracy on the other side of the continent, investors warn that general risk aversion could push up the cost of issuing a new bond.



(Reporting By Libby George and Marc Jones, additional reporting by Karin Strohecker; Editing by Emelia Sithole-Matarise)

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We bought a $10 smartwatch from Temu. Here’s how it stacks up against the Apple Watch #Shorts

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UBA: Short end of bond curve to remain in demand

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