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<p>Veldhoven, the Dutch suburb of Eindhoven, is home to ASML, which produces the most advanced silicon chip making machines. The semiconductor in your smartphone was very likely made using one of them.</p>
<p>Add in Amsterdam, the European headquarters for many international companies, and the Netherlands has become an attractive place for startups and inv&#8230;</p>


Inside Europe’s tech hubs: Is the Netherlands the no.1 destination for startups?


<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/AU3TIBJDBBNTFCB7MP32IQ4O5A-820x547.jpg" alt="" class="wp-image-506442" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AU3TIBJDBBNTFCB7MP32IQ4O5A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>LUSAKA, July 11 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s kwacha and Kenya&#8217;s shilling could fall against the dollar in the next week to Thursday, while Uganda&#8217;s shilling,&nbsp;Nigeria&#8217;s naira&nbsp;and Ghana&#8217;s cedi are seen broadly stable, traders said.</p>



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



<p>Kenya&#8217;s shilling is expected to slip on increased demand for dollars from oil-retailing companies at a time that some market participants are holding off from big bets because of uncertainty over the budget and an International Monetary Fund (IMF) disbursement.</p>



<p>Commercial banks quoted the shilling at 128.75/129.75 per dollar, compared with last Thursday&#8217;s closing rate of 127.75/128.75.</p>



<p>In mid-June Kenya reached a staff-level agreement with IMF, paving the way for a disbursement of about $976 million once board approval is granted.</p>



<p>But since the staff agreement was reached Kenyan President William Ruto withdrew planned tax hikes in response to nationwide protests, a move analysts say could result in the country missing key IMF programme targets.</p>



<p>&#8220;There&#8217;s an element of, you know, wait and see, we still need to hear from the IMF okay and even from Treasury in terms of what is the final budget going to look like,&#8221; one trader said.</p>



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



<p>Nigeria&#8217;s naira is seen little changed on the official market and in street trading.</p>



<p>LSEG data showed the naira at 1,534 to the dollar on the official market on Thursday, compared with around 1,507 a week ago. The unit was quoted at 1,558 on the parallel market on Thursday.</p>



<p>Central bank governor Olayemi Cardoso said at a conference on Thursday that the bank&#8217;s clearer communication had helped reduce market volatility.</p>



<p>&#8220;A lot of the wide swings that we saw are gradually beginning to smoothen out as a result of a better understanding of the market, greater transparency that is taking place and the comfort that those using the market see in it,&#8221; he said.</p>



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



<p>Ghana&#8217;s cedi is expected to hold its ground due to improved liquidity on the interbank market.</p>



<p>LSEG data showed the cedi trading at 15.35 to the dollar on Thursday, compared with 15.30 at last Thursday&#8217;s close.</p>



<p>&#8220;The cedi has seen continued stability this week amid increased volume of dollar supply even with reduced intervention from the central bank. We expect the stability to remain in the coming week,&#8221; said Chris Nettey, head of trading at Stanbic Bank Ghana.</p>



<p>&#8220;(The dollar/cedi pair) has been largely directionless in recent sessions, with very little trading activity between market makers. Improved flows from corporates have also contributed to tighter bid-offer spreads. Up ahead, we expect much of the same,&#8221; said Sedem Dornoo, senior trader at Absa Bank Ghana.</p>



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



<p>Zambia&#8217;s kwacha is expected to remain under pressure due to strong demand for hard currency.</p>



<p>On Thursday the currency of Africa&#8217;s second-largest copper producer was trading at 25.35 per dollar from 24.30 a week ago.</p>



<p>&#8220;In the foreseeable future, losses are anticipated for the kwacha,&#8221; Access Bank said in a note.</p>



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



<p>Uganda&#8217;s shilling is seen trading around its current levels as hard-currency demand is curtailed by mid-month tax payments due in the local currency.</p>



<p>Commercial banks quoted the shilling at 3,695/3,705 to the dollar, compared to last Thursday&#8217;s close of 3,692/3,702.</p>



<p>&#8220;Demand will be tepid as we have mid-month taxes around the corner,&#8221; one trader said, adding the shilling would likely trade in a range of 3,680-3,710 to the U.S. currency in the coming week.</p>



<p>(Reporting by Chris Mfula, George Obulutsa, Elias Biryabarema, Christian Akorlie and Elisha Bala-GbogboEditing by Alexander Winning)</p>


FILE PHOTO: Man counts Nigerian naira notes in a market place in Yola

Zambian and Kenyan currencies seen under pressure


<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, July 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>*Mauritius&#8217; central bank is expected to announce its latest benchmark lending rate decision.</p>



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



<p>Stocks rose on Thursday, with markets from Tokyo to New York at record highs, while traders counted down to U.S. data that is expected to show inflation easing and pave the way for rate cuts in September.</p>



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



<p>Oil prices edged higher on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signalling stronger demand.</p>



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



<p>The South African rand gained on Wednesday against a weaker dollar, as focus remains on the future interest rate path of the world&#8217;s biggest economy.</p>



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



<p>Kenya&#8217;s shilling weakened on Wednesday, pressured by increased foreign-currency demand and a credit rating downgrade by Moody&#8217;s, traders said.</p>



<h2 class="wp-block-heading" id="h-uganda-airtel-shares">UGANDA AIRTEL SHARES</h2>



<p>Telecom firm Airtel Uganda, a unit of India&#8217;s Bharti Airtel, said on Wednesday it plans to sell shares left over from its undersubscribed initial public offering to comply with regulatory requirements.</p>



<h2 class="wp-block-heading" id="h-ethio-telecom-results">ETHIO TELECOM RESULTS</h2>



<p>Ethiopian state-owned telecom company Ethio Telecom said on Wednesday that its full-year revenue and net profit rose by more 20% in the year that ended in June.</p>



<h2 class="wp-block-heading" id="h-rwanda-election">RWANDA ELECTION</h2>



<p>Rwandan President Paul Kagame is expected to cruise to a fourth term in office in an election on Monday against two opposition candidates who were cleared to run against him but have only modest expectations.</p>



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



<p>Ghana&#8217;s consumer inflation slowed for a third consecutive month to 22.8% year-on-year in June from 23.1% in May, the statistics service said on Wednesday.</p>



<h2 class="wp-block-heading" id="h-zimbabwe-economy">ZIMBABWE ECONOMY</h2>



<p>Zimbabwe has revised its economic growth forecast downwards as southern Africa&#8217;s worst drought in decades ravages crop yields, its finance minister told Reuters on Wednesday, but a bounceback in growth is likely in 2025.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 11

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Influencers have changed the ad industry. Now what?


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-820x543.jpg" alt="" class="wp-image-506323" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-820x543.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-1536x1017.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Rwanda&#8217;s President Paul Kagame of the ruling Rwanda Patriotic Front (RPF) party sits to submit his candidacy for an a July 15  election at Rwanda&#8217;s National Election Commission in Kiyovu, Kigali, Rwanda May 17, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



<p>KIGALI, July 11 (Reuters)&nbsp;&#8211;&nbsp;Rwandan President Paul Kagame is expected to cruise to a fourth term in office in an election on Monday against two opposition candidates who were cleared to run against him but have only modest expectations.</p>



<p>Kagame, 66, helped lead the rebel movement that ended the 1994 genocide in Rwanda and has served as president since 2000. He faces only two rivals because six other potential candidates were not cleared to run by the state-run electoral commission.</p>



<p>Kagame won nearly 99% of the vote in the last election in 2017, which followed a constitutional change removing term limits that would have barred him from standing again.</p>



<p>His reelection could signal further stability but also continued global scrutiny, given accusations of rights abuses and continued tensions with neighbouring Democratic Republic of Congo.</p>



<p>Kagame has won praise during his tenure for rebuilding the country of 14 million after the genocide, in which more than a million people were killed. Rwanda has emerged as a regional financial hub.</p>



<p>But his government has been accused by Western nations and rights activists of muzzling the media, assassinating opponents, and backing rebel groups in neighbouring Congo.</p>



<p>International scrutiny was intensified by the migration deal Rwanda struck in 2022 to receive thousands of asylum seekers from Britain. Newly elected British Prime Minister Keir Starmer confirmed on Saturday he would scrap the agreement.</p>



<p>Rwanda&#8217;s government has denied all the accusations against it, and while campaigning, Kagame promised continued development and stability.</p>



<p>&#8220;With you, there is nothing our country will not achieve, because today you have leaders who are not foolish and you are not foolish,&#8221; he told young supporters at a rally last week in Eastern Province.</p>



<h2 class="wp-block-heading" id="h-two-challengers">TWO CHALLENGERS</h2>



<p>Eight candidates had applied to run against Kagame, but only two were retained in the final list validated by the electoral commission. The others, including Kagame&#8217;s most vocal critics, were invalidated for various reasons that included prior criminal convictions.</p>



<p>The two approved candidates, Frank Habineza and Philippe Mpayimana, ran against Kagame in 2017.</p>



<p>In an interview with Reuters, Habineza, the leader of the Democratic Green Party, said he expected to exceed his total of 0.48% of the vote from 2017.</p>



<p>&#8220;People are only considering 2017 and say that I got 0.4%, but they forget that our party stood for parliament and got more than 5%,&#8221; he said.</p>



<p>Mpayimana, who works for the Ministry of National Unity and Civic Engagement, urged voters at a campaign event to consider his candidacy.</p>



<p>&#8220;It&#8217;s true you cannot change the winning team, but we also have to give opportunities to the junior teams to see if they can deliver on their pledges. That is what democracy means,&#8221; he said.</p>



<p>Over 9 million voters are registered for the polls in which they will also elect members of the 80-seat lower house of parliament. Provisional results are expected by July 20.</p>



<p>(Reporting by Aaron Ross, Editing by Bate Felix and Timothy Heritage)</p>


FILE PHOTO: Rwanda’s President Paul Kagame submits his candidature for re-election in Kigali

Kagame expected to cruise to fourth term in Rwanda election

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="597" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-820x597.jpg" alt="" class="wp-image-506072" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-820x597.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-300x218.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-124x90.jpg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-768x559.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-1536x1119.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">File photo: A woman fetches drinking water from an unprotected well, as Zimbabwe is experiencing an El Nino-induced drought, resulting in malnutrition among children under the age of five, pregnant and lactating women, and adolescents, in Kotwa in Mudzi district, Zimbabwe July 2, 2024. REUTERS/Philimon Bulawayo/File photo</figcaption></figure>



<p>HARARE, July 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe has revised its economic growth forecast downwards as southern Africa&#8217;s worst drought in decades ravages crop yields, its finance minister told Reuters on Wednesday, but a bounceback in growth is likely in 2025.</p>



<p>Finance Minister Mthuli Ncube said economic growth is forecast at 2% for 2024, down from 3.5% forecast in November, due to an El Niño-induced drought which has led to widespread crop failure.</p>



<p>El Niño is a natural climate phenomenon in which surface waters of the central and eastern Pacific become unusually warm, causing changes in global weather patterns.</p>



<p>Zimbabwe is among the hardest hit by drought in the region, impacting crop yields. Neighbours Zambia and Malawi have declared states of disaster as a result of the drought.</p>



<p>Last month, the International Monetary Fund also said it expected Zimbabwe&#8217;s growth to fall to 2%, down from 5.3% last year.</p>



<p>&#8220;We are all downgrading our growth targets for 2024 because of deeper than expected impact on our agriculture, but next year is brighter,&#8221; Ncube said.</p>



<p>Growth is expected to recover to above 5% in 2025, he added.</p>



<p>In May, the Zimbabwean government forecasted that staple maize production will drop 72% in the 2023/24 season.</p>



<p>Ncube said the drought had affected agriculture output and the country expects to import 1.4 million metric tonnes of grain.</p>



<p>To ease hunger across the country, Zimbabwe received around $32 million drought insurance last week from an African Union agency. Government has also appealed to international donors to assist with food aid.</p>



<p>Ncube will give the mid-term budget review later this month.</p>



<p>(Reporting by Nyasha Chingono, Editing by Tannur Anders and Angus MacSwan)</p>


A woman fetches drinking water from an unprotected well, in Kotwa in Mudzi district

Lower growth forecast for Zimbabwe as drought ravages crop yields – finmin

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, July 10 (Reuters) &#8211; Kenya&#8217;s shilling weakened on Wednesday, pressured by increased foreign-currency demand and a credit rating downgrade by Moody&#8217;s, traders said.</p>



<p>At 0800 GMT, commercial banks quoted the shilling at 128.25/129.25 per dollar, compared with Tuesday&#8217;s closing rate of 127.75/128.75.</p>



<p>Moody&#8217;s pushed Kenya&#8217;s sovereign rating deeper into junk territory on Monday, citing the country&#8217;s diminished capacity to implement a fiscal consolidation strategy after the president withdrew planned tax hikes in response to mass protests.</p>



<p>Traders said the higher foreign-currency demand was mainly coming from the manufacturing sector and general goods importers.</p>



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


HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling weakens due to increased FX demand, Moody’s downgrade


<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, July 10 (Reuters) &#8211; The Ugandan shilling was stable on Wednesday, underpinned by dollar inflows from offshore investors and some commodity exporters weighing against thin importer appetite, traders said.</p>



<p>At 0710 GMT, commercial banks quoted the shilling at 3,700/3,710, the same level as Tuesday&#8217;s close.</p>



<p>(Reporting by Elias Biryabarema; Editing by George Obulutsa)</p>


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Ugandan shilling stable as offshore investor FX inflows help


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, July 10 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Wednesday against a weaker dollar, as focus remains on the future interest rate path of the world&#8217;s biggest economy.</p>



<p>At 0725 GMT, the rand traded at 18.0550 against the dollar, around 0.5% stronger than its previous close. The dollar last traded around 0.06% weaker against a basket of global currencies.</p>



<p>&#8220;Fed Chair Jerome Powell commented last night&#8230; that the Fed is not comfortable cutting rates right now,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>But U.S. inflation has been improving in recent months and Powell said that &#8220;more good data would strengthen&#8221; the case for central bank interest rate cuts.</p>



<p>Markets will focus on key U.S. inflation data on Thursday that could give more hints on the Fed&#8217;s future interest rate path.</p>



<p>The rand often takes cues from global drivers like U.S. monetary policy in the absence of major local data points.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded around 0.1% weaker in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield weakened 1.5 basis points to 9.79%.</p>



<p>(Reporting by Tannur Anders; Editing by Alexandra Hudson)</p>


South African Economy As Inflation Rate Rises For First Time In 2017

South African rand gains on weaker dollar, focus on Fed rate path

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A first class guide to Paris


<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, July 10 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>The South African rand edged lower on Tuesday after Federal Reserve Chair Jerome Powell did not give a clear indication on whether the U.S. central bank would cut interest rates soon.</p>



<p>On the stock market, the Top-40 index closed down 0.2%.</p>



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



<p>Asian stocks hovered near two-year highs on Wednesday on growing bets of imminent U.S. rate cuts, while the New Zealand dollar slid after its central bank signalled greater confidence that inflation was coming to heel.</p>



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



<p>The S&amp;P 500 and Nasdaq notched record-high closes on Tuesday, fueled by gains in Nvidia after U.S. Federal Reserve Chair Jerome Powell told lawmakers that more &#8220;good&#8221; economic data would strengthen the case for rate cuts.</p>



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



<p>Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve&#8217;s interest rates trajectory.</p>



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



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



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



<p>&#8211; Reserve Bank loses nearly R1bn on its stake in African Bank</p>



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



<p>&#8211; Business lobby alarmed as US House votes for &#8216;full review&#8217; of SA relationship</p>



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


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 10


<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, July 10 (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-events">EVENTS:</h2>



<p>*Rwanda&#8217;s statistics office releases consumer inflation data for June.</p>



<p>*State-owned Ethio Telecom releases its financial results for the full year to end-June.</p>



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



<p>Asian stocks hovered near two-year highs on Wednesday on growing bets of imminent U.S. rate cuts, while the New Zealand dollar slid after its central bank signalled greater confidence that inflation was coming to heel.</p>



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



<p>Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved.</p>



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



<p>The South African rand edged lower on Tuesday after Federal Reserve Chair Jerome Powell did not give a clear indication on whether the U.S. central bank would cut interest rates soon.</p>



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



<p>Nigeria&#8217;s NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive told Reuters, as pressure mounts on the state-backed oil company the economy depends upon.</p>



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



<p>Kenya&#8217;s shilling was steady on Tuesday, with dollar supply and importer demand matching, traders said.</p>



<h2 class="wp-block-heading" id="h-ethiopia-central-bank">ETHIOPIA CENTRAL BANK</h2>



<p>Ethiopia&#8217;s central bank said on Tuesday it was adopting an interest rate-based monetary policy regime, setting its initial rate at 15%, and creating an interbank market for currency trading, in a major shake-up of the country&#8217;s banking sector.</p>



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


African Markets – Factors to watch on July 10


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108003607-1720573755368-gettyimages-2157355769-cfoto-dailylif240617_npCKV-820x461.jpeg" alt="" class="wp-image-505971" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108003607-1720573755368-gettyimages-2157355769-cfoto-dailylif240617_npCKV-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108003607-1720573755368-gettyimages-2157355769-cfoto-dailylif240617_npCKV-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108003607-1720573755368-gettyimages-2157355769-cfoto-dailylif240617_npCKV-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108003607-1720573755368-gettyimages-2157355769-cfoto-dailylif240617_npCKV-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108003607-1720573755368-gettyimages-2157355769-cfoto-dailylif240617_npCKV-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108003607-1720573755368-gettyimages-2157355769-cfoto-dailylif240617_npCKV.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Consumers are shopping at a supermarket in Qingzhou, China, on June 12, 2024. <br>Nurphoto | Nurphoto | Getty Images</figcaption></figure>



<p>BEIJING — China’s consumer price inflation rose by 0.2% in June from a year ago, missing expectations, while producer prices fell in-line with forecasts, data from the National Bureau of Statistics on Wednesday showed.</p>



<p>China’s consumer price index was expected to rise by 0.4% year-on-year in June, according to a poll by Reuters.</p>



<p>The producer price index, which measures factory-gate prices, dropped by 0.8% from a year ago — in line with expectations.</p>



<p>Core CPI, which strips out more volatile food and energy prices, rose by 0.6% year-on-year in June, slightly slower than the 0.7% increase for the first six months of the year.</p>



<p>Pork prices surged by 18.1% in June from a year ago, while beef prices fell by 13.4%. Tourism prices rose by 3.7% year-on-year in June, down by 0.8% from May.</p>



<p>“The risk of deflation has not faded in China. Domestic demand remains weak,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note.</p>



<p>He added that China would rely on exports to support growth in the first half of the year.</p>



<p>The country is scheduled to release trade data for June on Friday.</p>



<p>Lackluster domestic demand in China has kept inflation low, in contrast to major economies such as the U.S. where prices have remained elevated.</p>



<p></p>



<p><a href="https://elenadate.com/land/sp/2adaf2cc" rel="noreferrer noopener" target="_blank"></a></p>


108003607-1720573755368-gettyimages-2157355769-cfoto-dailylif240617_npCKV

China’s inflation numbers miss expectations, rising 0.2% in June


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="929" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107383408-17097467082024-03-06t173039z_1867852560_rc2hg6akf319_rtrmadp_0_usa-fed-powell.jpeg" alt="" class="wp-image-505743" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107383408-17097467082024-03-06t173039z_1867852560_rc2hg6akf319_rtrmadp_0_usa-fed-powell.jpeg 929w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107383408-17097467082024-03-06t173039z_1867852560_rc2hg6akf319_rtrmadp_0_usa-fed-powell-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107383408-17097467082024-03-06t173039z_1867852560_rc2hg6akf319_rtrmadp_0_usa-fed-powell-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107383408-17097467082024-03-06t173039z_1867852560_rc2hg6akf319_rtrmadp_0_usa-fed-powell-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107383408-17097467082024-03-06t173039z_1867852560_rc2hg6akf319_rtrmadp_0_usa-fed-powell-768x432.jpeg 768w" sizes="auto, (max-width: 929px) 100vw, 929px" /><figcaption class="wp-element-caption">Federal Reserve Chair Jerome Powell speaks during a House Financial Services Committee hearing on the “Federal Reserve’s Semi-Annual Monetary Policy Report” on Capitol Hill in Washington, U.S., March 6, 2024.&nbsp;<br>Bonnie Cash | Reuters</figcaption></figure>



<p>Federal Reserve Chair&nbsp;Jerome Powell&nbsp;on Tuesday expressed concern that holding interest rates too high for too long could jeopardize economic growth.</p>



<p>Setting the stage for a two-day appearance on Capitol Hill this week, the central bank leader said the economy remains strong as does the labor market, despite some recent cooling. Powell cited some easing in inflation, which he said policymakers stay resolute in bringing down to their 2% goal.</p>



<p>“At the same time, in light of the progress made both in lowering inflation and in cooling the labor market over the past two years, elevated inflation is not the only risk we face,” he said in prepared remarks. “Reducing policy restraint too late or too little could unduly weaken economic activity and employment.”</p>



<p>The commentary coincides with the approaching one-year anniversary of the last time the Federal Open Market Committee raised benchmark interest rates.</p>



<p>The Fed’s overnight borrowing rate currently sits in a rage of 5.25%-5.5%, the highest level in some 23 years and the product of 11 consecutive hikes after inflation hit its highest level since the early 1980s.</p>



<p>Markets expect the Fed to begin cutting rates in September and likely following up with another quarter percentage point reduction by the end of the year. FOMC members at their June meeting, however,&nbsp;indicated just one cut.</p>



<h2 class="wp-block-heading" id="h-strengthen-our-confidence"><a></a>‘Strengthen our confidence’</h2>



<p>In recent days, Powell and his colleagues have indicated that&nbsp;recent inflation data has been somewhat encouraging&nbsp;after a surprise jump to start the year. Inflation as judged by the Fed’s preferred&nbsp;personal consumption expenditures price index&nbsp;was at 2.6% in May after peaking above 7% in June 2022.</p>



<p>“After a lack of progress toward our 2 percent inflation objective in the early part of this year, the most recent monthly readings have shown modest further progress,” Powell said. “More good data would strengthen our confidence that inflation is moving sustainably toward 2 percent.”</p>



<p>The statement is part of congressionally mandated semiannual updates on monetary policy. After delivering the remarks, Powell will face questioning from Senate Banking Committee members on Tuesday, then the House Financial Services Committee on Wednesday.</p>



<p>In past appearances, Powell has veered away from making dramatic policy announcements while having to dodge politically loaded questions from committee members. The questioning could get contentious this year as Washington is on edge amid a volatile presidential campaign.</p>



<p>However, Powell has stressed that the Fed is not political and does not get involved in taking policy sides outside of its own roles. In his prepared remarks, he emphasized the importance of “the operational independence that is needed” for the Fed to do its job.</p>



<p>His other remarks focused squarely on the stance of policy in relation to the broader economy. Recent data has shown the&nbsp;unemployment rate creeping higher&nbsp;and broad growth as measured by gross domestic product receding. Both the manufacturing and services sectors reported being in contraction during June.</p>



<p>But Powell said the data is showing that “the U.S. economy continues to expand at a solid pace” despite the deceleration in GDP.</p>



<p>“Private domestic demand remains robust, however, with slower but still-solid increases in consumer spending,” he said.</p>


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Inside Europe’s tech hubs: Is the Netherlands the no.1 destination for startups?

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African Markets – Factors to watch on July 10

China’s inflation numbers miss expectations, rising 0.2% in June

Fed Chair Powell says holding rates high for too long could jeopardize economic growth

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