
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg" alt="" class="wp-image-502655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020.  REUTERS/Mike Hutchings/File Photo</figcaption></figure>



<p>JOHANNESBURG, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was little changed early on Wednesday, ahead of the release of local business confidence and retail sales data.</p>



<p>At 0659 GMT, the rand traded at 18.1025 against the dollar, near its previous close.</p>



<p>The South African Chamber of Commerce and Industry will release business confidence numbers for June and July at 0930 GMT.</p>



<p>June retail sales data from Statistics South Africa is due at 1100 GMT.</p>



<p>On the stock market, the Top-40 index was up 0.1% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 3 basis points to 9.235%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Shounak Dasgupta)</p>


South African rand muted ahead of local data releases


<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>



<p>JOHANNESBURG, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, 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>South Africa July Business Confidence Index</p>



<p>South Africa June retail sales data</p>



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



<p>The South African rand gained against a weaker dollar on Tuesday, shrugging off lacklustre domestic mining and unemployment data.</p>



<p>On the stock market, the Top-40 index closed up over 0.5%.</p>



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



<p>Asian shares rose on Wednesday after soft U.S. producer prices data stirred hopes that consumer price inflation would be benign, while the kiwi dollar slumped after its central bank cut rates for the first time since early 2020.</p>



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



<p>U.S. indexes closed up on Tuesday and hit a near two-week high after softer producer prices data reinforced bets of an interest-rate cut by the Federal Reserve in September.</p>



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



<p>Gold prices edged lower on Wednesday as investors remained on the sidelines ahead of a key U.S. inflation report later in the day that could set the tone for the Federal Reserve&#8217;s September policy meeting.</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; Business balks at signing presidential health compact, citing NHI</p>



<p>&#8211; Transnet questions private sector’s preparedness for third-party access, says CEO Michelle Phillips</p>



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



<p>&#8211; Transnet says it may deliver a profit next year &#8211; if it can hit its rail targets</p>



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


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 14


<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, Aug 14 (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>Asian shares rose and the dollar nursed losses on Wednesday after soft U.S. producer prices data stirred hopes that consumer price inflation would be benign, sending bond yields lower.</p>



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



<p>Oil prices climbed on Wednesday on estimates about shrinking U.S. crude and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies.</p>



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



<p>The South African rand gained against a weaker dollar on Tuesday, shrugging off lacklustre domestic mining and unemployment data.</p>



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



<p>Kenya&#8217;s shilling inched higher against the U.S. dollar on Tuesday, lifted by dollar inflows from remittances and offshore investors attracted by an upcoming infrastructure bond auction, traders said.</p>



<h2 class="wp-block-heading" id="h-africa-mpox">AFRICA MPOX</h2>



<p>Africa&#8217;s top public health body declared what it termed a &#8220;public health emergency of continental security&#8221; on Tuesday over an outbreak of mpox that has spread from the Democratic Republic of Congo to neighbouring countries.</p>



<h2 class="wp-block-heading" id="h-somalia-ethiopia-diplomacy">SOMALIA-ETHIOPIA DIPLOMACY</h2>



<p>A second round of Turkish-mediated talks between Somalia and Ethiopia over a port deal Addis Ababa signed with the breakaway Somaliland region ended without a deal on Tuesday, but Turkey and ministers from both countries sounded upbeat on progress.</p>



<h2 class="wp-block-heading" id="h-tanzania-politics">TANZANIA POLITICS</h2>



<p>Several leaders of Tanzania&#8217;s main opposition party CHADEMA and hundreds of their supporters were released on Tuesday after mass arrests over a banned youth meeting in the southwest of the country, police and a party spokesperson said.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 14


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1290" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg" alt="" class="wp-image-513730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-1536x967.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



<p>GABORONE, (Reuters) &#8211; Botswana intends to renegotiate its proposed purchase of a stake in Belgian gem dealer HB Antwerp to double the size of its shareholding at no extra cost following the downturn in the diamond market, the country&#8217;s mines minister said on Tuesday.</p>



<p>Botswana is the world&#8217;s biggest diamond producer by value, meaning its economy has been disproportionately hit by a drop in demand for diamonds caused by a global economic slowdown.</p>



<p>Lefoko Moagi told parliament the weaker diamond market had also affected the company&#8217;s valuation, giving the country room to renegotiate.</p>



<p>&#8220;We will not be injecting more capital, but we will get more shares for the same amount proposed in 2023,&#8221; Moagi said. &#8220;Instead of the 24%, we will negotiate to get 49.9% for the same amount initially proposed.”</p>



<p>Finance ministry budget documents showed in February that the country had set aside 890 million pula ($65.95 million) for the 24% stake, valuing the Belgian company at about $275 million.</p>



<p>The HB Antwerp deal was announced during Botswana&#8217;s negotiations for a new sales contract with Anglo American&#8217;s diamond unit De Beers in March 2023.</p>



<p>As Botswana sought to increase its power to market its stones outside a decades-old agreement with De Beers, it said the HB Antwerp deal would strengthen its presence in the downstream diamond industry.</p>



<p>It includes supplying the trader with rough diamonds for five years through the state-owned Okavango Diamond Company (ODC).</p>



<p>($1 = 13.4953 pulas)</p>



<p>(Reporting by Brian Benza; editing by Nelson Banya and Barbara Lewis)</p>


FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana

Botswana aims to negotiate bigger stake in HB Antwerp diamond dealer


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UMBTJI4JKVLT5FGG6KDRNAJQHE.jpg" alt="" class="wp-image-518733" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UMBTJI4JKVLT5FGG6KDRNAJQHE.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UMBTJI4JKVLT5FGG6KDRNAJQHE-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UMBTJI4JKVLT5FGG6KDRNAJQHE-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UMBTJI4JKVLT5FGG6KDRNAJQHE-768x498.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Dr. Tresor Wakilongo, verifies the evolution of skin lesions on the ear of Innocent, suffering from 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>



<p>LONDON, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;Vaccines to help curb an escalating mpox outbreak in Democratic Republic of Congo and neighbouring countries may still not reach the central African country for months even as the World Health Organization considers following Africa’s top public health agency in declaring the outbreak an emergency.</p>



<p>On Tuesday, Africa Centres for Disease Control and Prevention declared a public health emergency of continental concern for the first time ever, and on Wednesday, a WHO-led panel meets to decide if it represents a global threat.</p>



<p>But while experts hoped the meetings would galvanise action worldwide, many obstacles remain, including limited vaccine supply, funding and competing disease outbreaks.</p>



<p>“It is important to declare an emergency because the disease is spreading,” said Jean-Jacques Muyembe-Tamfum, head of Congo’s Institut National pour la Recherche Biomedicale (INRB). He said he hoped any declaration would help provide more funding for surveillance as well as supporting access to vaccines in Congo.</p>



<p>But he acknowledged the road ahead was not easy in a huge country where health facilities and humanitarian funds are already stretched by conflict and outbreaks of diseases like measles and cholera.</p>



<p>“If the big declarations remain just words, it won’t make any material difference,” said Emmanuel Nakoune, an mpox expert at the Institut Pasteur de Bangui in Central African Republic.</p>



<p>Africa CDC said last week it had been granted $10.4 million in emergency funding from the Africa Union for its mpox response, and its director general Jean Kaseya said on Tuesday there was a clear plan to secure 3 million doses of vaccine this year, without elaborating further.</p>



<p>However, sources involved in planning a vaccination roll-out in Congo said only 65,000 doses were likely to be available in the short-term, and campaigns were unlikely to begin before October at the earliest.</p>



<p>There have been more than 15,000 suspected cases of mpox in Africa this year and 461 deaths, mainly among children in Congo, according to Africa CDC. The viral infection is usually mild but can kill, and causes flu-like symptoms and pus-filled lesions.</p>



<p>A new offshoot of the virus has caused outbreaks in refugee camps in the east of Congo this year, and spread to Uganda, Burundi, Rwanda and Kenya for the first time.</p>



<p>Ivory Coast and South Africa are also experiencing outbreaks linked to a different strain of the virus, which spread globally in 2022, largely among men who have sex with men. This outbreak prompted WHO to declare a global emergency before ending it 10 months later.</p>



<p>Then, two vaccines were used &#8211; Bavarian Nordic’s Jynneos, and LC16, made by KM Biologics. Outside clinical trials, neither has ever been available in Congo or across Africa, where the disease has been endemic for decades. Only LC16 is approved for use in children.</p>



<p>Congo&#8217;s regulators approved the use of the vaccines domestically in June, but the government is yet to officially request any from either the manufacturers or governments like the United States looking to make donations through the global vaccine group, Gavi.</p>



<p>(Reporting by Jennifer Rigby; Editing by Giles Elgood)</p>


FILE PHOTO: Children at risk as mpox variant hits Congo displacement camps

Mpox vaccines likely months away even as WHO, Africa CDC discuss emergency


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="529" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4.jpg" alt="" class="wp-image-518486" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4-768x508.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Christian Musema, a laboratory nurse, takes a sample from a child declared a suspected case Mpox &#8211; an infectious disease caused by the monkeypox virus that spark-off a painful rash, enlarged lymph nodes and fever; at the 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>



<p>Aug 13 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s top public health body declared what it termed a &#8220;public health emergency of continental security&#8221; on Tuesday over an outbreak of mpox that spread from the Democratic Republic of Congo to neighbouring countries.</p>



<p>Mpox is transmitted through close contact and causes flu-like symptoms and pus-filled lesions. Most cases are mild but it can kill.</p>



<p>The outbreak in Congo began with the spread of an endemic strain, known as Clade I. But the new variant, known as Clade Ib, appears to spread more easily through routine close contact, particularly among children.</p>



<p>The Africa Centres for Disease Control and Prevention (Africa CDC) warned last week that the viral infection&#8217;s rate of spread was alarming.</p>



<p>It said that over 15,000 mpox cases and 461 deaths were reported on the continent this year so far, representing a 160% increase from the same period last year.</p>



<p>Mpox has been endemic in parts of Africa for decades after it was first detected in human in the Democratic Republic of Congo in 1970.</p>



<p>A milder version of the virus spread to over a hundred countries in 2022, largely through sexual contact, prompting the World Health Organization (WHO) to declare a public health emergency of international concern, its highest level of alert.</p>



<p>The WHO ended the emergency 10 months later, saying the health crisis had come under control.</p>



<p>(Reporting by Jessica Donati; Editing by Alex Richardson and David Holmes)</p>


Children at risk as mpox variant hits Congo displacement camps

Africa public health body declares mpox emergency

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What is a war economy?


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-820x486.jpg" alt="" class="wp-image-518412" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-820x486.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-300x178.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-152x90.jpg 152w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-768x455.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-1536x910.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Casual workers display posters advertising their skills at an intersection in Kempton Park, near Johannesburg, South Africa, October 1, 2020. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



<p>PRETORIA, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s official unemployment rate rose for the third quarter in a row, reaching 33.5% in April-June of this year, data from the statistics agency showed on Tuesday.</p>



<p>Unemployment is now at its highest since the government repealed COVID-19 rules in the second quarter of 2022, though it remains below the record high of 35.3% struck in the final three months of 2021.</p>



<p>&#8220;The number of jobs that are being created are not able to deal with the issue of unemployment,&#8221; Statistician-General Risenga Maluleke told a media briefing.</p>



<p>Lowering the country&#8217;s unemployment rate &#8211; one of the highest in the world &#8211; is a priority for the coalition government that emerged after the African National Congress lost its majority in an election in May.</p>



<p>Laying out the government&#8217;s priorities for the next five years, President Cyril Ramaphosa said last month that officials thought small businesses and the informal sector held the greatest potential for job creation.</p>



<p>Economist Sanisha Packirisamy at local investment firm Momentum Investments said that since the COVID pandemic there had been a recovery in employment in areas viewed as more highly skilled, largely in the services sector.</p>



<p>Whereas for workers classified as unskilled or semi-skilled there had barely been a recovery, she said.</p>



<p>Packirisamy said significant job creation in South Africa would take time, and &#8220;as such we are not expecting significant jobs growth in the remainder of this year&#8221;.</p>



<p>Under an expanded definition of unemployment, which includes those discouraged from seeking work, 42.6% were jobless in the second quarter compared with 41.9% in the previous three months.</p>



<p>Statistics South Africa said the number of unemployed people rose to 8.384 million in April-June from 8.226 million in January-March.</p>



<p>Five of the 10 industries tracked by the agency saw employment decreases in the second quarter, with the highest number of jobs lost in trade and agriculture.</p>



<p>Solly Molayi, acting head of population statistics, said the hotel and restaurant sector lost 87,000 jobs in the second quarter and was the biggest contributor to joblessness in trade.</p>



<p>(Reporting by Kopano Gumbi; Additional reporting by Bhargav Acharya; Editing by Alexander Winning and Giles Elgood)</p>


K6EWW5EJ4ZI3LPDT3S6UCBY4FE

South Africa’s unemployment rate climbs for third quarter in a row


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1220" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, 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" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><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>



<p>NAIROBI, Aug 13 (Reuters) &#8211; Kenya&#8217;s shilling inched higher against the U.S. dollar on Tuesday, lifted by dollar inflows from remittances and offshore investors attracted by an upcoming infrastructure bond auction, traders said.</p>



<p>At 0910 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, compared with 128.75/129.75 at the close of Monday&#8217;s session.</p>



<p>The central bank will sell 50 billion Kenyan shillings of infrastructure bonds on Wednesday.</p>



<p>&#8220;We see &#8230; infrastructure bonds tomorrow so there could be some foreign investors attracted,&#8221; one trader said, adding that the auction might not be as highly subscribed as in February because Kenya&#8217;s sovereign credit ratings had been downgraded recently.</p>



<p>Moody&#8217;s and Fitch downgraded Kenya&#8217;s ratings deeper into &#8220;junk&#8221; territory after the government backtracked on highly contested tax increases following mass protests. S&amp;P Global is scheduled to review Kenya&#8217;s ratings on Aug. 23.</p>



<p>(Reporting by Hereward Holland; Editing by Alexander Winning)</p>


RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling inches higher on remittances, foreign inflows


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau 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>



<p>KAMPALA, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;The Ugandan shilling&nbsp;traded stable on Tuesday, with demand for hard currency subdued as some firms reserved a part of their local currency holdings for mid-month tax payments, traders said.</p>



<p>At 0914 GMT commercial banks quoted the shilling at 3,725/3,735, the same level as Monday&#8217;s close.</p>



<p>(Reporting by Elias Biryabarema; Editing by Hereward Holland)</p>


Ugandan Economy Following Rate Cut

Ugandan shilling flat; pending tax payments suppress demand


<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/KMHFEW5PZNIVDJA5S7C2XIOQ3M-820x547.jpg" alt="" class="wp-image-518409" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo of the Bank of America is seen on an office building at the Gujarat International Finance Tec-City (GIFT) at Gandhinagar, India, December 8, 2023.REUTERS/Amit Dave/File Photo</figcaption></figure>



<p>LONDON, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;Investors increased their allocations to cash and reduced their overweight position in stocks in August, as&nbsp;expectations&nbsp;for global growth dropped to&nbsp;their lowest&nbsp;in&nbsp;eight months, a BofA survey of fund mangers published Tuesday showed.</p>



<p>According to the survey, 31% of respondents said they were overweight&nbsp;in&nbsp;stocks in August, down from 51% in July, while their average cash level was 4.3% of their assets under management, up from 4.1% a month before.</p>



<p>BofA attributed the shift to weak U.S. payrolls data for July, and the volatility shock associated with the rebound in the Japanese yen.</p>



<p>The S&amp;P 500 is down 3.6% so far this month. It tumbled 2.7% on the day of the payrolls report and a further 2% the following session, after Japan&#8217;s Nikkei share index fell by its most in a day since 1987.&nbsp;.SPX</p>



<p>Market players have also pointed to the rebound in the yen and the resulting wind-down of carry trades used by investors to juice their bets, as being behind the sell off.</p>



<p>Shares around the world have been rebounding in recent sessions, however.</p>



<p>BofA said 189 participants with $508 billion of assets under management responded to the&nbsp;survey, and a net&nbsp;47% of survey respondents expect a weaker global economy in the next 12 months, down 20 percentage points from July.</p>



<p>However, 76% of respondents to the survey said they still expect a &#8220;soft landing&#8221; for the global economy, referring to a gradual slowdown as opposed to a more dramatic &#8220;hard landing&#8221; or a &#8220;no landing&#8221; scenario in which growth does not slow at all.</p>



<p>This conviction &#8220;is driven by expectations for lower interest rates,&#8221; BofA said, as 93% of respondents expect short-term rates to be lower in 12 months&#8217; time, the highest in the past 24 years.</p>



<p>The survey found 60% of respondents expect four or more rate cuts from the U.S. Federal Reserve over the next 12 months.</p>



<p>Allocation to Japanese equities saw the largest one-month drop since April 16. Investors moved from a net 7% overweight in July to a net 9% underweight in August, the first net underweight since July 2023.</p>



<p>(Reporting by Alun John; editing by Dhara Ranasinghe and Sharon Singleton)</p>


A logo of the Bank of America is seen on an office building at the Gujarat International Finance Tec-City (GIFT) at Gandhinagar

Investors reduced allocations to stocks, moved to cash in August, BofA survey shows

<p><iframe loading="lazy" src="https://www.youtube.com/embed/pp6yPCM-3fI" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Last March, Thierry Breton, the EU&#8217;s commissioner for internal market, advocated for a shift of the European defense industry toward a war economy.</p>
<p>Europe is facing an &quot;existential threat,&quot; he said, as the Commission announced a new defense strategic plan, with a minimum of €1.5 billion ($1.6 billion) subsidy to boost the continent&#8217;s w&#8230;</p>


What are the economics of war?


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1080" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW.jpg" alt="" class="wp-image-518376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-1536x864.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A worker labels copper products at Truong Phu cable factory in northern Hai Duong province, outside Hanoi, Vietnam August 11, 2017.<br>Kham | Reuters</figcaption></figure>



<p>Commodity prices have tumbled over the past month, signaling underlying weakness in the global economy despite the U.S. stock market bouncing back from recession fears.</p>



<p>U.S. stocks recovered most of their losses last week in the wake of a steep sell-off triggered by weak labor and manufacturing data. Investors have sought to look past recession fears, with some analysts arguing that U.S. economic fundamentals remain on a solid footing.</p>



<p>But commodity markets may be telling a different story about the global economy. The Invesco DB Base Metals Fund is down more than 7% over the past month, while crude oil futures dropped 14% from July 5 through Aug. 5.</p>



<p>“In terms of commodities, the entire asset class is coming under pressure,” Rob Ginsberg, managing director at Wolfe Research, told clients in a Friday research note.</p>



<p>“Outside of gold, you would be hard pressed to find a positive set-up,” Ginsberg said. “We see this broad decline in commodity prices as yet another warning about the state of the economy.”</p>



<p>Copper in particular is viewed as a signal of what is likely to happen with the economy, said Bart Melek, global head of commodity strategy at TD Securities.</p>



<p>Copper soared earlier this year on expectations of a super-cycle in which demand would outstrip supply due to the metal’s role as a key input in growth industries such as electric vehicles, semiconductors and renewable energy.</p>



<p>But copper futures have pulled back 21.4% from the 2024 high of $5.19 per pound on May 20 to trade at $4.089 as of Monday morning. Futures are down nearly 12% over the past month.</p>



<p>“We’ve got the narrative of the super-cycle, this wonderful world of battery vehicles, dissipating very, very quickly,” Melek told CNBC. “No one is really talking about it anymore.”</p>



<p>Weakness in China, the world’s second-largest economy, is weighing on copper and oil in particular, Melek said. Global manufacturing data also hasn’t been “gangbusters,” he said. It is likely that copper and oil are facing surpluses rather than the tight market that some analysts had expected, the analyst said.</p>



<p>“We didn’t get extremely supportive fiscal stimulus in China,” Melek said. “There were a lot of bets out there, particularly on the discretionary side, that China will deliver some sort of a stimulus that will lift their economy.”</p>



<p>Though oil has found support from ongoing geopolitical tensions in the Middle East, weak demand in China has weighed on the market for months. OPEC on Monday lowered its global oil demand growth forecast this year by 135,000 barrels per day as expectations in China have softened.</p>



<p>“Both energy markets and base metal markets and copper do reflect a slower economic environment where there is likely to be less demand growth that reduces the risk of undersupply conditions,” Melek said.</p>



<p>At the same time China’s economy is sputtering, the U.S. is leaning into protectionism, imposing tariffs against Beijing on everything from electric vehicles, to batteries, to semiconductors and solar modules. The European Union announced tariffs on Chinese EVs in July, with Beijing filing a complaint at the World Trade Organization on Friday</p>



<p>“That just means that there is less free flow of stuff from there to here,” Melek said. “If we impose tariffs, that means higher prices. Almost by definition, for any level of demand, you get less of it with tariffs.”</p>



<p>The market is waiting on the latest reading of the consumer price index Wednesday and commentary out of the annual meeting of central bankers in Jackson Hole, Wyoming next week. A rate cut by the Federal Reserve in September has largely already been priced in, Melek said.</p>



<p>“I’m not sure the market gets all that excited,” Melek said of the expected rate cut. TD Securities is pricing in a 25 basis point cut, though the Fed might become more optimistic about doing 50 basis points if the CPI data on Wednesday comes in weak, he said.</p>


-SXlrcXW

Falling commodity prices are indicating there is trouble brewing with the economy


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed early on Tuesday, before the release of domestic mining and unemployment data which could set the tone for the day&#8217;s trading.</p>



<p>At 0555 GMT, the rand traded at 18.24 against the U.S. dollar, a whisker away from its closing level on Monday.</p>



<p>June mining output numbers will be published at 0900 GMT and the second-quarter unemployment rate at 0930 GMT.</p>



<p>Economists polled by Reuters estimate mining production contracted 0.8% year on year in June, after May&#8217;s flat output. The official unemployment rate is expected to have dipped slightly to 32.3% in the second quarter from 32.9% in the previous quarter.</p>



<p>(Reporting by Alexander Winning; Editing by Andrew Heavens)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand flat before mining and unemployment data


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



<p>JOHANNESBURG, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Tuesday.</p>



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



<p>Second-quarter unemployment data</p>



<p>June mining output</p>



<p>Government bond auction&nbsp;SARB24</p>



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



<p>The South African rand was stronger on Monday at the start of a week filled with closely watched global and domestic economic data releases.</p>



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



<p>Asian stocks rose on Tuesday, led by Japanese shares on the back of a steady yen, with traders awaiting data including the U.S. inflation report to gauge the Federal Reserve&#8217;s policy outlook after volatile moves last week.</p>



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



<p>Wall Street stocks closed mixed on Monday as investors braced for a slew of U.S. economic data this week, especially consumer prices, to gauge the outlook for Federal Reserve monetary policy.</p>



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



<p>Gold prices eased on Tuesday as profit-taking kicked in after bullion hit a more than one-week high, while market players awaited key U.S. inflation data that could provide further insight into the Federal Reserve&#8217;s next policy decision. </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; Baptism of fire for new Sasol CEO</p>



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



<p>&#8211; Ramokgopa: Gas master plan needs reworking</p>



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


South African Markets – Factors to watch on Aug 13


<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>Aug 13 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Africa&#8217;s public health agency will declare an outbreak of mpox that spread from Democratic Republic of Congo to neighbouring countries a public health emergency of continental security.</p>



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



<p>Asian stocks rose on Tuesday, led by Japanese shares on the back of a steady yen, with traders awaiting data including the U.S. inflation report to gauge the Federal Reserve&#8217;s policy outlook after volatile moves last week.</p>



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



<p>Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China.</p>



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



<p>The South African rand was stronger on Monday at the start of a week filled with closely watched global and domestic economic data releases.</p>



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



<p>Kenya&#8217;s shilling firmed slightly against the U.S. dollar on Monday, LSEG data showed.</p>



<h2 class="wp-block-heading" id="h-congo-mining">CONGO MINING</h2>



<p>Zambia will reopen its border with Democratic Republic of Congo after sealing it at the weekend due to protests, blocking a key export route for the world&#8217;s second largest copper producer, the two countries said in a joint statement on Monday.</p>



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



<p>Talks to end Sudan&#8217;s 16-month war between the army and the paramilitary Rapid Support Forces (RSF) will move forward this week, the U.S.&#8217;s special envoy said, despite little sign from either party that they seek a peaceful resolution.</p>



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



<p>Kenya&#8217;s main aviation union said it would call a strike from next Monday over a proposed deal with an Indian company to develop the country&#8217;s biggest airport &#8211; industrial action that could cause major disruption in the east African travel hub.</p>



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



<p>Kenya&#8217;s new Finance Minister John Mbadi said on Monday he would clean up the bloated government payroll and carry out tax reforms to cut spending and bolster the government&#8217;s finances.</p>



<h2 class="wp-block-heading" id="h-equity-group">EQUITY GROUP</h2>



<p>Kenya&#8217;s Equity Group Holdings said on Monday that its pre-tax profit rose about 6% to 37.2 billion shillings ($288.93 million) in the first half of this year from 35.2 billion shillings in the same period a year ago.</p>



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


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South African rand muted ahead of local data releases

South African Markets – Factors to watch on Aug 14

African Markets – Factors to watch on Aug 14

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Mpox vaccines likely months away even as WHO, Africa CDC discuss emergency

Africa public health body declares mpox emergency

How BYD, Nio And Other Chinese EVs Compare To Tesla

What is a war economy?

South Africa’s unemployment rate climbs for third quarter in a row

Kenyan shilling inches higher on remittances, foreign inflows

Ugandan shilling flat; pending tax payments suppress demand

Investors reduced allocations to stocks, moved to cash in August, BofA survey shows

What are the economics of war?

Falling commodity prices are indicating there is trouble brewing with the economy

South African rand flat before mining and unemployment data

South African Markets – Factors to watch on Aug 13

African Markets – Factors to watch on Aug 13

News Tips

Advertise With Us

home

South African rand muted ahead of local data releases

South African Markets – Factors to watch on Aug 14

African Markets – Factors to watch on Aug 14

Botswana aims to negotiate bigger stake in HB Antwerp diamond dealer

Mpox vaccines likely months away even as WHO, Africa CDC discuss emergency

Africa public health body declares mpox emergency

How BYD, Nio And Other Chinese EVs Compare To Tesla

What is a war economy?

South Africa’s unemployment rate climbs for third quarter in a row

Kenyan shilling inches higher on remittances, foreign inflows

Ugandan shilling flat; pending tax payments suppress demand

Investors reduced allocations to stocks, moved to cash in August, BofA survey shows

What are the economics of war?

Falling commodity prices are indicating there is trouble brewing with the economy

South African rand flat before mining and unemployment data

South African Markets – Factors to watch on Aug 13

African Markets – Factors to watch on Aug 13

News Tips

Advertise With Us

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