China showcases humanoid robots at World Robot Conference

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107094949-16589488462022-07-27t185755z_1401356456_rc2ikv9v3blg_rtrmadp_0_usa-fed-scaled.jpeg" alt="" class="wp-image-419969" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107094949-16589488462022-07-27t185755z_1401356456_rc2ikv9v3blg_rtrmadp_0_usa-fed-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107094949-16589488462022-07-27t185755z_1401356456_rc2ikv9v3blg_rtrmadp_0_usa-fed-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107094949-16589488462022-07-27t185755z_1401356456_rc2ikv9v3blg_rtrmadp_0_usa-fed-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107094949-16589488462022-07-27t185755z_1401356456_rc2ikv9v3blg_rtrmadp_0_usa-fed-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107094949-16589488462022-07-27t185755z_1401356456_rc2ikv9v3blg_rtrmadp_0_usa-fed-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107094949-16589488462022-07-27t185755z_1401356456_rc2ikv9v3blg_rtrmadp_0_usa-fed-1536x1024.jpeg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, July 27, 2022.
Elizabeth Frantz | Reuters</figcaption></figure>



Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent.



“The time has come for policy to adjust,” the central bank leader said in his much-awaited keynote address at the Fed’s annual retreat in Jackson Hole, Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”



Watch live: Fed Chair Jerome Powell speaks from Jackson Hole conference



With markets awaiting direction on where monetary policy is headed, Powell focused as much on a look back at what caused the inflation that led to an aggressive series of 13 rate hikes from March 2022 through July 2023.



However, he did note the progress on inflation and said the Fed can now turn its focus equally to other side of its dual mandate, namely to make sure the economy stays around full employment.



“Inflation has declined significantly. The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic,” Powell said. “Supply constraints have normalized. And the balance of the risks to our two mandates has changed.”



He vowed that “we will do everything we can” to make sure the labor market says strong and progress on inflation continues.



Stocks added to gains as Powell began to speak while Treasury yields dropped sharply.



“This was a valedictory of essentially Chair Powell turning the page, saying the mission, which has been focused on inflation for the last two years, has been successful,” economist Paul McCulley, the former Pimco managing director, said on CNBC’s “Squawk on the Street.”



<h2 class="wp-block-heading" id="h-sees-progress-towards-goals"><a></a>Sees progress towards goals</h2>



The speech comes with the inflation rate consistently drifting back to the Fed’s 2% target though still not there yet. A gauge the Fed prefers to measure inflation most recently showed the rate at 2.5%, down from 3.2% a year ago and well off its peak above 7% in June 2022.



At the same time, the unemployment rate has slowly but consistently climbed higher, most recently at 4.3% and in an area that otherwise would trigger a time-tested indicator of a recession. However, Powell attributed the rise in unemployment to more individuals entering the workforce and a slower pace of hiring, rather than a rise in layoffs or a general deterioration in the labor market.



“Our objective has been to restore price stability while maintaining a strong labor market, avoiding the sharp increases in unemployment that characterized earlier disinflationary episodes when inflation expectations were less well anchored,” he said. “While the task is not complete, we have made a good deal of progress toward that outcome.”



Markets are expecting the Fed to start cutting in September, though Powell made no mention of when he thinks policy easing will begin. Minutes from the July open market committee meeting, released Wednesday, noted that a “vast majority” of officials believe a September cut will be appropriate so long as there are no data surprises.



In addition to assessing the current state of play, Powell took considerable time in the speech to evaluate what led to the surge in inflation — hitting its highest level in more than 40 years — as well as the Fed’s policy response and why price pressures have eased without a recession.



<h2 class="wp-block-heading" id="h-good-ship-transitory"><a></a>‘Good ship Transitory’</h2>



When inflation first began to rise in early 2021, he and his colleagues — as well as many Wall Street economists — dismissed it as “transitory” and caused by Covid-related factors that would abate.



“The good ship Transitory was a crowded one,” Powell quipped to laughter form attendees, “with most mainstream analysts and advanced-economy central bankers on board. I think I see some former shipmates out there today.”



When it became clear that inflation was spreading from goods to services, the Fed pivoted and began hiking, ultimately adding 5.25 percentage points to its benchmark overnight rate that had been around zero following emergency cuts in the early pandemic days.



The rise in inflation, Powell said, was “a global phenomenon,” the result of “rapid increases in the demand for goods, strained supply chains, tight labor markets, and sharp hikes in commodity prices.”



He attributed confidence in the Fed and well-anchored expectations that inflation ultimately would ease to the economy avoiding a sharp downturn during the hiking cycle.



“The FOMC did not flinch from carrying out our responsibilities, and our actions forcefully demonstrated our commitment to restoring price stability,” he said. “An important takeaway from recent experience is that anchored inflation expectations, reinforced by vigorous central bank actions, can facilitate disinflation without the need for slack.”



Powell added that there is still “much to be learned” from the experience.



“That is my assessment of events. Your mileage may differ,” he said.

107094949-16589488462022-07-27t185755z_1401356456_rc2ikv9v3blg_rtrmadp_0_usa-fed

Fed Chair Powell indicates interest rate cuts ahead: ‘The time has come for policy to adjust’

How Google Makes Custom Cloud Chips That Power Apple AI And Gemini

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="520" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/R7UP5L23DNJNVCR6AXA2NM23QI.jpg" alt="" class="wp-image-522413" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/R7UP5L23DNJNVCR6AXA2NM23QI.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/R7UP5L23DNJNVCR6AXA2NM23QI-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/R7UP5L23DNJNVCR6AXA2NM23QI-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/R7UP5L23DNJNVCR6AXA2NM23QI-768x499.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Dr. Pascaline Kahindo, checks the treatment progress on the feet of patient Ajuamungu Ntuyehe, undergoing the treatment of Mpox &#8211; an infectious disease caused by the monkeypox virus that sparks off a painful rash, enlarged lymph nodes and fever; at the treatment centre in Munigi, following Mpox cases in Nyiragongo territory near Goma, North Kivu province, Democratic Republic of the Congo July 19, 2024. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



BERLIN/BRUSSELS, Aug 23 (Reuters)&nbsp;&#8211;&nbsp;The German government is examining whether any available national mpox vaccine doses could be donated, the health ministry said in a status report for August that was seen by Reuters on Friday.



The ministry said it has given its remaining stock of the Jynneos vaccine to the defence ministry and the German army.



The federal government has around 117,000 doses of Jynneos, which is being stockpiled by the German army, after Berlin procured it in 2022, a ministry spokesperson said this week.



International aid measures, such as donations from the European Commission, are underway, though details need to be clarified both in Europe and locally, the ministry added.



The European Union has urged its members to coordinate their donations of mpox vaccines to African countries, rather than do this individually. The European Commission has a joint procurement contract with vaccine maker Bavarian Nordic&nbsp;BAVA.CO, to buy vaccines for donations.



&#8220;European donations will have more immediate impact if they are coordinated,&#8221; EU Health Commissioner Stella Kyriakides said in a letter dated Aug. 22 that was addressed to the health ministers of EU countries.



Germany so far has no reported cases of the clade 1 strain of mpox that has triggered global concern due to the ease with which it spreads though routine close contact, it said.



The ministry added that the government was closely monitoring the situation but it did not see an increased risk from clade 1 in Germany, which it assumes could also be contained effectively with the currently available mpox vaccines.



(Reporting by Christian Kraemer and Kate Abnett; Writing by Miranda Murray; Editing by Andrey Sychev and Shounak Dasgupta)

Children at risk as mpox variant hits Congo displacement camps

Germany examining whether any available mpox vaccines could be donated

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-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 . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Aug 23 (Reuters)&nbsp;&#8211;&nbsp;The South African rand strengthened in early trade on Friday, as traders awaited a speech by U.S. Federal Reserve Chair Jerome Powell that may give hints about the future interest rate path of the world&#8217;s biggest economy.



At 0751 GMT, the rand traded at 17.98 against the dollar, about 0.3% firmer than its previous close.



Powell is due to speak later on Friday at an annual meeting of global central bakers in Jackson Hole, Wyoming, and markets are looking out for clues on whether U.S. interest rate cuts will start in September.



&#8220;The nature of these speeches is normally that not too much will be revealed, but nevertheless, the market will go over the speech with a fine tooth comb,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;Should any new information be forthcoming, expect the market to be volatile around the speech,&#8221; Cilliers added.



Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. monetary policy in the absence of major local factors.



On the Johannesburg Stock exchange, the blue-chip Top-40 index was up about 0.4% in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, with the yield down 1.5 basis points to 9.195%.



(Reporting by Tannur Anders; Editing by Helen Popper)

South African Rand coins are seen in this photo illustration

South African rand firms as traders wait for Powell speech

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-820x547.jpg" alt="" class="wp-image-522347" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo by Mark Stebnicki</figcaption></figure>



From millet, teff and sorghum to cassava, cowpea and sweetpotato, Africa is home to a diverse range of nutritional, hardy and versatile crops with the potential to be used to make everything from baby food to bread and even beer.



Yet, the ability to fully take advantage of indigenous and locally adapted crops to meet growing demand for convenient and long-lasting products is held back by the continent’s underdeveloped food processing sector.&nbsp;



This reality confronted me during a visit to a rural village in Zambia where I stumbled across a shelf stacked with Chinese-produced biscuits. Traveling tens of thousands of miles to arrive in this remote farming community, this humble packet of biscuits is emblematic of a continent that remains overly reliant on costly food imports.&nbsp;



As the new CEO of Partners in Food Solutions (<a href="https://www.partnersinfoodsolutions.com/" target="_blank" rel="noreferrer noopener">PFS),</a>&nbsp;a nonprofit that works to support Africa’s growing food processing sector with the skills and expertise it needs, I believe unlocking this potential can release vital economic benefits, a wider range of nutritious foods and a reduced reliance on food imports.&nbsp;



Africa’s population is growing and urbanizing at the same time that the devastating impacts of climate change are disrupting food security and livelihoods. This means the demands on Africa’s food systems to provide sufficient food and jobs while catering to changing food preferences are steadily increasing.&nbsp;



However, Africa’s food processing sector is still lagging behind. This is fuelling an already high reliance on food importation and in the process, forgoing much-needed economic benefits such as job creation, upskilling and market growth.



Currently, Africa spends upwards of&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-01-24/africa-needs-up-to-65-billion-loans-yearly-to-curb-food-imports" target="_blank" rel="noreferrer noopener">$60 billion</a>&nbsp;a year on food imports. This money could otherwise be invested in boosting domestic production at a time when the continent’s food systems are facing mounting pressures. Access to expertise, increased investments and crop diversification are key to facilitating the transition to more local food processing across Africa.



We can achieve this by first ensuring access to the right support for food processing companies. The chance to use and learn from world-leading expertise can support sustainable food systems while helping businesses and entrepreneurs grow.&nbsp;



For example, when Zambian food processing company COMACO was struggling to achieve 80 per cent extraction of grade A polished rice from paddy rice, PFS connected them to an expert rice milling volunteer from Swiss-owned multinational Bühler, who helped the company troubleshoot the issue and identify solutions.&nbsp;



This kind of technical support can help food processing companies in Africa attain international food safety and quality certifications, increase their processing capacities, extend the shelf life of their products and more. It also creates a ripple effect that benefits smallholder farmers by creating greater demand for raw ingredients.&nbsp;



Secondly, we can drive economic development by investing in the necessary infrastructure for a thriving food processing sector. This includes equipment and machinery as well as training and market access.



Africa is home to the world’s youngest population and by 2035, will have the world’s largest workforce, yet there are&nbsp;<a href="https://ilostat.ilo.org/blog/african-youth-face-pressing-challenges-in-the-transition-from-school-to-work/" target="_blank" rel="noreferrer noopener">not enough</a>&nbsp;jobs available and many young people are turning away from agricultural careers. An innovative and profitable food processing sector can provide an appealing option for the continent’s growing youth population.&nbsp;



Lastly, the diverse crops available across Africa can meet the demands of an urbanizing population with changing food preferences.&nbsp;



Africa spends significantly on imports such as grains, often used for flour to meet demands for food products such as bread. In 2021,&nbsp;<a href="https://www.agflow.com/agricultural-markets-news/uganda-wheat-import-market-of-100-million/" target="_blank" rel="noreferrer noopener">Uganda</a>&nbsp;imported nearly $100 million worth of wheat, for example.&nbsp;



Rather than imported foods or crops, the continent’s food processors can instead be supported to leverage traditional African crops. Cereals such as sorghum and millet are nutritious and suited for processing into healthy and easily accessible food products to address Africa’s nutritional challenges.



Additionally, these crops are more resilient to droughts and extreme weather events, which have become more frequent across the continent. Leveraging international partnerships through initiatives such as the&nbsp;<a href="https://www.state.gov/the-vision-for-adapted-crops-and-soils/" target="_blank" rel="noreferrer noopener">US State Department’s Vision for Adapted Crops and Soils (VACS)</a>&nbsp;can help achieve crop diversification goals. VACS aims to build a resilient food system grounded in diverse, nutritious, and climate-adapted crops such as sorghum, millet, Bambara groundnut and yams.&nbsp;



Facing the dual challenge of a rapidly growing population amid escalating climate change, Africa’s historic reliance on food imports must be reduced. Supporting a homegrown food processing industry would not only unlock economic growth but also empower farmers and provide a food secure and resilient future for millions of young Africans.&nbsp;



To fully benefit from these opportunities, more investment and recognition of the food processing gap in Africa’s existing food system is urgently needed. Governments and businesses in the agrifood sector must champion collaboration to accelerate food systems transformation in Africa.

Africa’s food processing sector holds the key to a food-secure and prosperous continent

<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>



Aug 23 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



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



S&amp;P is scheduled to issue a reassessment of Kenya&#8217;s &#8216;B&#8217; credit rating, after deadly protests against tax hikes in June forced the government to abandon its funding plan for this fiscal year.



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



Asian shares sputtered on Friday while the dollar rebounded from one-year lows as investors were cautious ahead of a speech by the world&#8217;s most powerful central banker with markets looking for confirmation U.S. rate cuts would start in September.



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



Oil prices were little changed on Friday, on track to end the week lower, as downward revisions to U.S. employment data raised concerns over demand and renewed ceasefire talks in Gaza eased worries about supply disruptions.



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



The South African rand slipped against a stronger dollar on Thursday as investors awaited Federal Reserve Chair Jerome Powell&#8217;s speech for hints on the future interest rate path of the world&#8217;s biggest economy.



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



The Kenyan and Ugandan shillings are expected to strengthen against the dollar in the coming week to Thursday, while Zambia&#8217;s kwacha and Ghana&#8217;s cedi are seen weakening and Nigeria&#8217;s naira as holding steady, traders said.



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



Kenya&#8217;s shilling held steady against the U.S. dollar on Thursday, as foreign currency inflows matched demand from manufacturing and other sectors, traders said.



<h2 class="wp-block-heading" id="h-africa-climate-finance">AFRICA CLIMATE FINANCE</h2>



African countries want to use this year&#8217;s U.N. COP meetings to secure a much bigger share of global climate financing, their representatives said at a meeting in Kenya on Thursday, to help deal with the increased threats from climate change.



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



A fraction of available aid has passed through the Adre border crossing from Chad into Sudan&#8217;s hunger-ravaged Darfur region this week following a move by the Sudanese army to temporarily lift a ban on deliveries.



<h2 class="wp-block-heading" id="h-botswana-diamonds">BOTSWANA DIAMONDS</h2>



Canada&#8217;s Lucara Diamond Corp, has discovered a 2,492 carat diamond at its Karowe mine in Botswana, the company said late Wednesday, one of the largest stones to be excavated.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 23

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Aug 23 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, equity and currency market moves may affect South African markets on Friday.



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



South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.



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



Gold Fields&#8217; profit slumped to $320.7 million in the first half of this year, compared with about $458 million in the same period last year, taking a hit from declining gold output.



Industrial logistics company Grindrod Limited will release its half-year results.



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



The South African rand slipped against a stronger dollar on Thursday as investors awaited Federal Reserve Chair Jerome Powell&#8217;s speech for hints on the future interest rate path of the world&#8217;s biggest economy.



In the stock market, after hitting record highs earlier in the day, the Top-40 index closed down 0.63%, while the broader all-share ended 0.48% lower.



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



Asian shares stuttered on Friday while the dollar rebounded from one-year lows as investors were cautious ahead of a speech by the world&#8217;s most powerful central banker with markets looking for confirmation U.S. rate cuts would start in September.



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



All three major U.S. stock indexes lost ground on Thursday, weighed by technology shares, as Treasury yields rose on easing recession fears and global central bank officials convened at the Jackson Hole Economic Symposium.



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



Gold prices inched up on Friday but were set for a weekly decline after slipping from record highs, as the U.S. dollar and Treasury yields rebounded ahead of Federal Reserve Chair Jerome Powell&#8217;s speech that could give clues on interest rate cuts.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



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



&#8211; New efforts under way to make SA a building site



&#8211; Take-home pay up 5.9% as sentiment brightens



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 23

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-820x547.jpg" alt="" class="wp-image-522325" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BUDAPEST, HUNGARY &#8211; JULY 21: Lewis Hamilton of Great Britain and Mercedes waves to the crowd on the drivers parade prior to the F1 Grand Prix of Hungary at Hungaroring on July 21, 2024 in Budapest, Hungary. (Photo by Dean Mouhtaropoulos/Getty Images)</figcaption></figure>



ZANDVOORT, Netherlands, (Reuters) &#8211; Lewis Hamilton said on Thursday the time was right for a Formula One race in Africa and he was working behind-the-scenes with Rwanda and South Africa to try to make it happen.



The seven-times world champion spoke to reporters at the Dutch Grand Prix after visiting Africa during the sport&#8217;s August break.



&#8220;The time&#8217;s 100% right. We can&#8217;t be adding races in other locations and continue to ignore Africa, which the rest of the world just takes from. No one gives anything to Africa,&#8221; said the Mercedes driver.



&#8220;I think having a Grand Prix there will really be able to highlight just how great the place is and bring in tourism and all sorts of things. Why are we not on that continent?



&#8220;There is at least one track that&#8217;s ready. In the short term, we should just get on that track and have that part of the calendar, and then work on building out something really cool.&#8221;



Formula One has long wanted to return to Africa for the first time since South Africa&#8217;s Kyalami circuit last hosted a race in 1993, but financial issues have been a major obstacle.



Formula One chief executive Stefano Domenicali said this month that Rwanda wanted to host a race at a permanent circuit, yet to be built, and there would be further discussions in September.



Hamilton, Formula One&#8217;s first and only Black driver, said he would also be speaking with Domenicali.



&#8220;Rwanda is one of my favourite places I&#8217;ve been to actually. I&#8217;ve been doing a lot of work in the background on it,&#8221; said the Briton.



&#8220;I&#8217;ve spoken to people in Rwanda, I&#8217;ve spoken to people in South Africa. That&#8217;s a longer project, Rwanda, but it&#8217;s amazing that they&#8217;re so keen to get a part of it.&#8221;



The 39-year-old Briton has made several visits to Africa with the United Nations refugee agency UNHCR and his latest trip took him to Morocco, Senegal, Benin, Mozambique and Madagascar.



&#8220;I&#8217;m still digesting the trip to be honest. Going to a refugee camp and seeing the work that is being done there and how people who are displaced are affected,&#8221; he said.



&#8220;It&#8217;s one thing reading about it, or hearing on the news, but actually seeing and speaking to kids who are walking 10km to get to school just to have an education and then 10k back and not having school meals and being able to eat during the day.



&#8220;That was really heavy to see and experience and then the history of Senegal and seeing the slave areas was really heavy as well.



&#8220;Through all those experiences I feel it&#8217;s just adding to my compass of what I want to do moving forwards,&#8221; said Hamilton.



(Reporting by Alan Baldwin, editing by Clare Fallon)

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Hamilton working with Rwanda and South Africa on F1 race plans

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107284465-1691669496096-gettyimages-1603825613-dsc05537_eh8zi6qn-820x461.jpeg" alt="" class="wp-image-522307" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107284465-1691669496096-gettyimages-1603825613-dsc05537_eh8zi6qn-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107284465-1691669496096-gettyimages-1603825613-dsc05537_eh8zi6qn-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107284465-1691669496096-gettyimages-1603825613-dsc05537_eh8zi6qn-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107284465-1691669496096-gettyimages-1603825613-dsc05537_eh8zi6qn-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107284465-1691669496096-gettyimages-1603825613-dsc05537_eh8zi6qn-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107284465-1691669496096-gettyimages-1603825613-dsc05537_eh8zi6qn.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Grocery items are offered for sale at a supermarket on August 09, 2023 in Chicago, Illinois.  Scott Olson | Getty Images</figcaption></figure>



Contrary to what many believe, investment research firm BCA Research sees that the economy is on the cusp of a recession, and the predicted upcoming U.S. Federal Reserve rate cuts will not be sufficient to steer markets out of it.



“Every single one of us now believes there’s a recession, and that’s exactly the opposite of what the market believes,” Garry Evans, BCA Research’s chief strategist of global asset allocation told CNBC’s “Squawk Box Asia.”



Evans pointed to signs of the economy slowing down, including what he called the “deteriorating” U.S. labor market. The U.S. Labor Department reported that the unemployment rate inched to 4.3% in July to its highest since October 2021, and a gauge for U.S. manufacturing activity fell to an eight-month low in the same month.



“There’s things that are breaking down quite rapidly now,” said the strategist.



The Fed funds futures market suggests that investors are expecting at least three rate cuts by the end of the year, according to the CME FedWatch Tool.



But according to Evans, that will not move the needle much on his projections.



“A few rate cuts are not going to prevent a recession. Average recession is 10 months… It takes something like a year before fed cuts actually start to give a boost to the economy,” he said.



“The market believes that the fed fund rate at the end of next year will be 3%. It’s currently at 5.3%. That will not happen unless there is a recession,” he added.



A recession typically occurs when there are two consecutive quarters of decline in a country’s real GDP.



Traders are also keeping their eye on the annual economic policy symposium in Jackson Hole this week, which could offer greater clarity on the interest rate outlook, with Fed Chair Jerome Powell set to speak at the gathering on Friday.



The U.S. economy has remained robust even amid ongoing inflation and elevated interest rates.



In the last century, there have been more than a dozen recessions, some lasting as long as a year and a half.



Although the U.S. isn’t officially in a recession, a survey conducted by Affirm reveals that about 3 out of 5 Americans think it is.

107284465-1691669496096-gettyimages-1603825613-dsc05537_eh8zi6qn

A recession is coming in the U.S., and ‘a few rate cuts’ won’t prevent it, says strategist

What The Rise Of Fake Job Listings Says About The Job Market

Pro-Palestinian protestors converge outside the DNC

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



Aug 22 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan and Ugandan shillings are expected to strengthen against the dollar in the coming week to Thursday, while Zambia&#8217;s kwacha and Ghana&#8217;s cedi are seen weakening and Nigeria&#8217;s naira as holding steady, traders said.



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



Kenya&#8217;s shilling is expected to firm slightly in the coming week as foreign currency demand from the manufacturing and fuel sector appears to have waned.



Commercial banks quoted the shilling at 128.50/129.50 per dollar on Thursday, the same level it closed last Thursday.



&#8220;I&#8217;m hoping a bit more demand might come onto the market, or it&#8217;s likely to strengthen,&#8221; said one trader at a commercial bank.



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



Nigeria&#8217;s naira is seen holding steady around current levels on the official market next week amid expectations that the central bank will sell dollars to ease rising demand.



LSEG data showed the naira was quoted at 1,580 to the dollar on the official market on Thursday, around the same level a week ago. The unit sold at about 1,605 on the parallel market on Thursday.



This week, the Central Bank of Nigeria (CBN) reported a record $553 million in remittance inflows for July, a 130% rise from a year ago.



&#8220;The major take is that importers expect the CBN will intervene in the market, which will help to clear outstanding demand,&#8221; one trader said.



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



Ghana&#8217;s cedi is likely to slip next week as investors looked to purchase hard currency amid poor forex supply.



LSEG data showed the cedi trading at 15.58 to the dollar, from 15.55 at last Thursday&#8217;s close.



&#8220;After a couple of weeks of relative strength, the cedi faltered a bit following the government&#8217;s coupon payment on the DDEP (Domestic Debt Exchange Programme) bonds as investors looked to purchase hard currency,&#8221; Sedem Dornoo, a senior trader at Absa Bank Ghana, said.



&#8220;We expect to see some more pressure on the local unit next week but do not reckon the pair will rise too high, especially amidst continued support from the central bank, who&#8217;ve sold roughly $71 million in three 7-day FX forward auctions in the past week,&#8221; he added.



Another trader said the central bank&#8217;s intervention had helped to save the cedi from steep losses against the dollar.



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



The Ugandan shilling is seen trading with a strengthening tone in the coming days as typical end-month inflows of hard currency from some non-governmental organisations (NGOs) lend support to the local currency, traders said.



Commercial banks quoted the shilling at 3,707/3,717 on Thursday, compared to the last Thursday&#8217;s close of 3,720/3,730.



&#8220;Charity flows are expected as we head into the last days of the month, the local unit will draw a bit of support from that,&#8221; said an independent foreign exchange trader.



Charities convert part of their donations which they receive in hard currency to shillings to meet end-month operational expenses.



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



Zambia&#8217;s kwacha is likely to come under mild pressure against the dollar next week due to sustained greenback demand from importers amidst scant supply.



On Thursday, the currency of Africa&#8217;s second-largest copper producer was trading at 25.9220 per dollar from 26.2500 a week ago.



&#8220;With inflows thinning out and demand picking up, we anticipate the local unit to weaken slightly in the short term,&#8221; Zambia National Commercial Bank said in a note.



(Reporting by Christian Akorlie, Chris Mfula, Hereward Holland, Elias Biryabarema and Elisha Bala-Gbogbo; Editing by David Holmes)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan and Ugandan shilling to firm, Zambia’s currency seen falling

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg" alt="" class="wp-image-496289" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A building of the Bank of Botswana is seen in the capital Gaborone in Botswana, in this November 26, 2015 file photo. REUTERS/Siphiwe Sibeko</figcaption></figure>



GABORONE, Aug 22 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s central bank lowered its key lending rate for the second meeting in a row on Thursday, saying there was scope to ease monetary policy as the economy continued to operate below capacity.



Bank of Botswana lowered its Monetary Policy Rate by a further 25 basis points to 1.90% after reducing it by 25 bps in June.



In a news conference explaining the decision, central bank Governor Cornelius Dekop reiterated his previous comments that Botswana&#8217;s economy was forecast to operate below capacity in the medium term, failing to generate demand-driven inflationary pressures.



&#8220;As a result, the prevailing economic conditions and outlook provide scope for easing of monetary policy,&#8221; Dekop added. &#8220;Our aim is that this will assist in stimulating economic growth.&#8221;



The southern African country&#8217;s consumer inflation quickened to 3.7% year on year in July from 2.8% in June, but stayed within the Bank of Botswana&#8217;s 3% to 6% medium-term target range.



Inflation is expected to average 3.0% in 2024, Dekop said, down from 3.6% the bank forecast at its June meeting.



(Reporting by Brian Benza; Writing by Tannur Anders; Editing by Alison Williams, Bhargav Acharya and Toby Chopra)

File photo of building of the Bank of Botswana in the capital Gaborone in Botswana

Botswana central bank cuts interest rate again by 25 basis points

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Aug 22 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks regained some ground on Thursday, while currencies were largely subdued as investors awaited U.S. Federal Reserve Chair Jerome Powell&#8217;s speech at the Jackson Hole symposium on Friday.



MSCI&#8217;s emerging market equities index edged 0.2% higher. The symposium of global central bankers starts later in the day and markets are hoping Powell&#8217;s speech will offer further insights into the central bank&#8217;s interest rate path.



China&#8217;s Tencent Holdings, which has the second-highest weighting on the index, rose about 1.7%, but gains were capped by weakness in Chinese consumer and electric vehicle stocks amid simmering trade tensions.



Most Chinese EV makers fell as Brussels published its revised tariff plan for China-made EVs, potentially making the provisional penalties definitive. An index tracking EVs fell 0.7%.



Indian stocks also added some positivity.



An index of emerging market currencies was largely flat against the U.S. dollar, which hovered near 2024 lows after minutes of the Fed&#8217;s last policy meeting signalled a likely rate cut in September.



&#8220;The price action across the EM FX space on the day indicates that market participants are in a wait-and-see mode ahead of tomorrow&#8217;s speech by Chair Powell in Jackson Hole,&#8221; said Piotr Matys, senior FX Analyst at In Touch Capital Markets.



&#8220;The key question is whether Powell shifts in the odds in favour of a 25bps or a 50bps cut at the September meeting. Given that it will be an excellent opportunity for him to regain control over the narrative, Powell may push against what the markets are currently pricing in for the scale of rate cuts over the next 6-12 months.&#8221;



The South African rand was down 0.3% against the greenback, while the lira slipped and was last quoted at 33.95. Consumer confidence in Turkey rose to 79.6 points in August from 75.9 in July.



In central and eastern Europe, Polish zloty edged 0.1% lower against the euro after domestic retail sales in constant prices for July grew 4.4% on a yearly basis compared with expectations of a 5.6% growth.



Investors will also keep a close eye on the Polish central bank at 1200 GMT, when they publish the minutes from the last rate-setting meeting.



The Hungarian forint was also down 0.1%.



The Mexican peso was flat against the dollar ahead of the the minutes of its central bank&#8217;s latest monetary policy meeting, due at 1500 GMT.



(Reporting by Shubham Batra in Bengaluru; Editing by Varun H K)

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

Stocks rise, FX flat as investors await Powell’s speech

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Aug 22 (Reuters) &#8211; Kenya&#8217;s shilling held steady against the U.S. dollar on Thursday, as foreign currency inflows matched demand from manufacturing and other sectors, traders said.



At 0849 GMT, LSEG data quoted the shilling at 128.50/129.50 to the dollar, the same level as it closed on Wednesday.



&#8220;Supply is there but it&#8217;s being gobbled by the small demand on the market from manufacturing and other sectors,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Elisha Bala-Gbogbo)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling trades flat, manufacturing demand matches supply

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Aug 22 (Reuters) &#8211; The Ugandan shilling was trading stronger on Thursday, lifted by inflows of hard currency from non-governmental organisations (NGOs) and a slump in demand, traders said.



At 0833 GMT commercial banks quoted the shilling at 3,707/3,717, compared to Wednesday&#8217;s close of 3,717/3,727.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

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Stocks rise, FX flat as investors await Powell’s speech

Kenyan shilling trades flat, manufacturing demand matches supply

Ugandan shilling firms on low demand, charity inflows

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China showcases humanoid robots at World Robot Conference

Fed Chair Powell indicates interest rate cuts ahead: ‘The time has come for policy to adjust’

How Google Makes Custom Cloud Chips That Power Apple AI And Gemini

Germany examining whether any available mpox vaccines could be donated

South African rand firms as traders wait for Powell speech

Africa’s food processing sector holds the key to a food-secure and prosperous continent

African Markets – Factors to watch on Aug 23

South African Markets – Factors to watch on Aug 23

Hamilton working with Rwanda and South Africa on F1 race plans

A recession is coming in the U.S., and ‘a few rate cuts’ won’t prevent it, says strategist

What The Rise Of Fake Job Listings Says About The Job Market

Pro-Palestinian protestors converge outside the DNC

Kenyan and Ugandan shilling to firm, Zambia’s currency seen falling

Botswana central bank cuts interest rate again by 25 basis points

Stocks rise, FX flat as investors await Powell’s speech

Kenyan shilling trades flat, manufacturing demand matches supply

Ugandan shilling firms on low demand, charity inflows

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