<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/KHXBMAI2KVMZVFFWJRXE5BTEH4-820x547.jpg" alt="" class="wp-image-502746" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People react to tear gas during a demonstration over police killings of people protesting against Kenya&#8217;s proposed finance bill 2024/2025, in Nairobi, Kenya, June 27, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, July 1 (Reuters) &#8211; Kenyan activists called for protesters to take to the streets again on Tuesday, with many rejecting appeals from President William Ruto for dialogue following his decision to withdraw proposed tax hikes.



At least 24 people were killed in clashes between protesters and police last week, when parliament was briefly stormed and set ablaze.



The protests, which have been led by young people and organised largely on social media, were initially sparked by a finance bill intended to raise 346 billion Kenyan shillings ($2.69 billion) in taxes.



But the demands of many protesters have escalated over the past two weeks to include calls to root out corruption and for Ruto to step down, presenting the most serious crisis of his two-year-old presidency.



An interview Ruto gave on Sunday evening to Kenyan television networks, in which he mostly defended the actions of the police and his government, seemed to have only hardened the positions of protesters.



On Monday, activists were sharing pamphlets on social media that urged people to occupy the capital Nairobi&#8217;s Central Business District. Many posted under the hashtag #OccupyCBDTuesday.



The protest movement has no official leadership, and it was not clear to what extent people would respond to these calls after tens of thousands came out last week in some of the country&#8217;s largest protests in recent memory.



In audio forums on social media, activists have been discussing how to maintain momentum now that the immediate objective of killing the finance bill has been attained.



<h2 class="wp-block-heading" id="h-spending-cuts">SPENDING CUTS</h2>



In his interview on Sunday, Ruto reiterated his previous calls for dialogue with young people. He said he was prepared to do this in a forum of their choosing, including the X Spaces where they often gather to discuss issues and strategise.



Many protesters reject the calls for dialogue, seeing them as an effort to co-opt the movement.



&#8220;You can’t dialogue with someone who is killing you on the other hand,&#8221; one activist said during an X Space over the weekend.



Ruto defended the conduct of the police in his interview, saying they had done the best they could under the circumstances and blaming &#8220;criminals&#8221; who he said had hijacked peaceful protests.



Ruto also suggested in the interview that the budget gap caused by the withdrawal of proposed tax hikes would be funded by borrowing, seemingly contradicting earlier statement that money would be saved through austerity measures.



Asked about&nbsp;this on Monday, Finance Minister Njuguna Ndung&#8217;u noted that there are legal limits on borrowing and the carrying capacity of debt.



&#8220;So it means that we must have expenditure cuts. This will be known once Parliament approves Supplementary one (budget),&#8221; he told Reuters in a text message.



Kenya&#8217;s national debt of more than 70% of gross domestic product already surpasses the statutory limit of 55% of GDP.



After withdrawing the bill, Ruto asked lawmakers to pass a supplementary budget, but parliament is currently in recess.



($1 = 128.5000 Kenyan shillings)



(Reporting by Aaron Ross; Editing by George Obulutsa and Toby Chopra)

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<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/ACKWZYM3F5LCNAPKWQETI5UNQU-820x547.jpg" alt="" class="wp-image-502742" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s president elect Cyril Ramaphosa interacts with a group on the day of his inauguration ceremony for his second term as South African president, in Pretoria, South Africa, June 19, 2024. REUTERS/Alet Pretorius/File Photo</figcaption></figure>



JOHANNESBURG, July 1 (Reuters)&nbsp;&#8211;&nbsp;South African assets rose sharply on Monday after President Cyril Ramaphosa formed a new cabinet following a long wait that included the former opposition leader and signalled continuity in fiscal policy by sticking to his previous finance minister.



Some investors, however, said the gains were likely to be short-lived as it would take time for the new government&#8217;s agenda and performance to become clear.



At 1125 GMT the rand traded at 18.09 against the dollar, 0.6% stronger than its previous close.



Ramaphosa named Democratic Alliance (DA) leader John Steenhuisen as agriculture minister in his 32-member cabinet line-up on Sunday. Alongside the DA and his African National Congress (ANC), Ramaphosa made space for five other coalition parties in the cabinet.



While the ANC retained control of the finance, defence and foreign affairs ministries, analysts saw the inclusion of the pro-business DA in other key portfolios as positive, while they welcomed the fact that Finance Minister Enoch Godongwana remained in his post.



&#8220;The outcome is clearly a compromise, and both of the major coalition players have had to accept less than what they would have preferred,&#8221; said Markus Korhonen, senior associate in Strategic Intelligence at S-RM, referring to the ANC and DA.



Jee-A van der Linde, senior economist at Oxford Economics, said it remained to be seen whether the unity government formed by Ramaphosa would be able to address South Africa&#8217;s economic issues, but the new cabinet was a &#8220;business-friendly&#8221; outcome.



Ramaphosa&#8217;s ANC lost its majority for the first time in three decades in the May 29 election and has formed a unity government with former rivals as a way to stay in power.



&#8220;It&#8217;s definitely been a bit of a sugar rush I would say, because the positivity is quite pervasive,&#8221; said Jason Swartz, portfolio manager at Old Mutual Investment Group.



&#8220;We&#8217;re going to need to see a little bit more information around actual tangible changes that we will see to policy and an implementation of those policies,&#8221; he said.



Korhonen said the focus now would be on the new government&#8217;s legislative agenda.



&#8220;A formal legislative agenda would provide a good indication of those issues that the government will set out to achieve, and what they might decide to deprioritise considering the potential difficulties in reaching agreement across the coalition,&#8221; he added.



On the domestic economic front, a purchasing managers&#8217; index survey showed factory activity contracted again in June. Vehicle sales figures for June are due later on Monday.



On the Johannesburg Stock Exchange, the Top-40 index was up 0.5% while the all-share index gained 0.8%. The country&#8217;s benchmark 2030 government bond strengthened, with the yield down 10 basis points at 9.885%.



(Reporting by Bhargav Acharya and Kopano Gumbi; Editing by Alexander Winning, David Goodman and Anil D&#8217;Silva)

South African Rand coins are seen in this illustration picture

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<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/KN4GN4LXKNL4ROPUFKEJ2724LM-820x547.jpg" alt="" class="wp-image-502652" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People attend a demonstration against Kenya&#8217;s proposed finance bill 2024/2025 in Nairobi, Kenya, June 25, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, June 28 (Reuters)&nbsp;&#8211;&nbsp;In the two years since he was elected, Kenya&#8217;s President William Ruto has wowed global climate activists under the Eiffel Tower, brushed shoulders with global tech titans in Silicon Valley and was toasted as a global peacekeeper at the White House.



As he notched up dozens of foreign trips, however, citizens back home endured gruelling economic hardship.



Already hammered by a cost-of-living crisis and watching those in government enjoy the largesse derived from their positions, Kenyans forced Ruto to ditch plans to introduce eye-watering tax hikes after days of protests.



The U-turn has exposed the gulf between the image of Ruto as the jet-setting global voice not just of Kenya but the wider continent, and the grinding realities his nation faces &#8211; weighed down by debt, corruption and security threats.



It has left him severely weakened domestically with his administration divided in its response and his opponents rejuvenated, seeking to harness the wave of discontent ahead of elections in 2027, analysts and politicians said.



&#8220;Enslaved and supported by foreign interests, and never pro-people in its outlook and interests, (Ruto&#8217;s administration) was bound to face the consequences of its priorities,&#8221; Willy Mutunga, Kenya&#8217;s former chief justice, told Reuters.



&#8220;As long as the material interests of the youth are not addressed, the chasm grows bigger and bigger,&#8221; he said.



A spokesperson for Ruto did not respond to requests for comment.



Kenya &#8211; already one of Africa&#8217;s biggest economies and strongest democracies – has in recent years expanded its global role.



On the eve of the climax of the protests, Ruto flagged off 400 policemen to lead a stabilisation force in Haiti.



The U.S. has designated Kenya as a major non-NATO ally, the first in sub-Saharan Africa, which gives it access to training and equipment but does not oblige it to join NATO operations.



Earlier this month, Ruto spoke at the G7 summit about the need to reform the global financial system to help the poor and has emerged as a powerful advocate for Africa in calls for action on climate change.



However, with protests erupting countrywide, including in Ruto&#8217;s hometown, Eldoret, and louder calls for his departure, some analysts say his administration is fighting for survival.



Should Ruto dedicate more time and energy to addressing domestic concerns, Western powers risk losing the focus of one of their strongest allies in the battle for influence in Africa, where they seek to counter the growing power of Russia and China, diplomats and analysts said.



Ruto has offered dialogue to allay the fears of protesters but it is not clear if that will be accepted or who talks would be with.



He must also come up with a new plan to tackle Kenya&#8217;s economic challenges, likely a hard sell due to the deficit cuts he will need to make to meet the conditions of international lenders for future funding.



&#8220;Even if nationwide demonstrations dissipate, this civil disobedience is a generation-defining moment,&#8221; said Declan Galvin, managing director of Nairobi-based Exigent Risk Advisory, a consultancy.



&#8220;The next election is still several years away but Ruto clearly needs to shift his political position to address public needs for his own political survival.&#8221;



<h2 class="wp-block-heading" id="h-brazen-arrogance">&#8216;BRAZEN ARROGANCE&#8217;</h2>



Ruto&#8217;s has earned a reputation for a fierce work ethic but has struggled to shake an indictment by the International Criminal Court for his role in post-election violence in 2007-8 even after the court dropped the case.



Gabrielle Lynch, a Kenya expert at the University of Warwick in the UK, said that Ruto was &#8220;an incredible performer&#8221;, able to roll out facts and figures for donors and then adapt his body language and tone for a local rally later the same day.



&#8220;It is as if presenting himself as a world leader would help legitimise him at home and remove tag of parochial instigator of violence,&#8221; Lynch said.



Underscoring the scale of his globe-trotting, Ruto went on a total of 62 trips to 38 countries in his first 20 months in power, according to a tally by Kenya&#8217;s Daily Nation newspaper.



But when home, Ruto has appeared tone deaf to complaints over the direction the country was taking, according to two sources in regular contact with his office.



Having campaigned as a champion of low-income &#8220;hustlers&#8221;, Ruto&#8217;s opponents have since given him the nickname &#8220;Zakayo&#8221;, the Swahili name for a greedy tax collector in the Bible.



As protests mushroomed, videos of politicians flaunting their wealth circulated widely. Homes and businesses of parliamentarians who supported the tax hikes have been targeted.



Mutula Kilonzo Jr, a member of the opposition and governor of Makueni County, said the &#8220;brazen arrogance&#8221; of government officials fuelled discontent.



Anger has also been directed at the World Bank and the International Monetary Fund (IMF), seen as the drivers of Ruto&#8217;s fiscal policies. Since his climb-down on tax rises, Ruto must now find another path to make his nation&#8217;s debt pile of some $80 billion, around 70% of GDP, more manageable.



<h2 class="wp-block-heading" id="h-iron-fist-velvet-glove">IRON FIST, VELVET GLOVE</h2>



Kenya&#8217;s relationship with the United States has deepened under Ruto&#8217;s presidency but critics complain the mutual admiration has clouded Washington&#8217;s view on Kenya&#8217;s challenges.



U.S. support has been crucial in the fight against Islamist militants in Somalia and in May, Ruto enjoyed the first state visit to the U.S. by an African leader in over 15 years.



Ruto is seen as close to Meg Whitman, a former CEO at eBay and Hewlett Packard who is currently the U.S. ambassador to Kenya and the relationship has helped attract foreign investors, particularly U.S.-based tech firms, Nairobi-based diplomats say.



Boniface Mwangi, a prominent Kenyan social activist, said diplomatic statements of concern and U.S. Secretary of State Antony Blinken calling Ruto after the violence was &#8220;too little too late&#8221; and Washington must now take a tougher line.



A U.S. State Department spokesperson said the the embassy in Nairobi had consistently called for restraint and the respect for constitutional rights.



Mwangi said that he advised the U.S. embassy last week to leverage their influence over the president to urge him to engage the protesters as the movement was swelling.



&#8220;People had to die for them say something,&#8221; he said. &#8220;They have bought this all shine and charming personality. They don&#8217;t see the iron first behind the velvet glove.&#8221;



(Additional reporting by Daphne Psaledakis in Washington; Editing by Ros Russell)

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<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>



JOHANNESBURG, July 1 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Monday.



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



Foreigners&#8217; trading in South African bonds and equities



South Africa June manufacturing sector PMI



South African Treasury bill auction



Vehicle sales data



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



South African food producer RCL Foods lists its poultry business, Rainbow Chicken



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



The South African rand rallied on Friday on optimism that the Democratic Alliance and African National Congress would reach an agreement over cabinet positions, a day after local media reported a major disagreement between the parties.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 1% higher.



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



Uncertainty over the U.S. rates outlook kept Asian shares steady on Monday, while the euro rose after the first-round voting in France&#8217;s shock snap election was won by the far-right, albeit with a smaller share than some polls had projected.



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



U.S. stocks ended weaker on Friday after an early rally fizzled as investors digested in-line inflation data and weighed political uncertainty after the U.S. presidential debate.



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



Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year.



&#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>



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&#8211; Santam’s procurement pick divides panel-beating industry



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



&#8211; &#8216;We are being allowed to reset&#8217;: Hope and caution as bloated, reconfigured GNU Cabinet announced



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 1

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



NAIROBI, July 1 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Asian stocks were subdued on Monday as traders pondered the U.S rates outlook, while the euro rose after the first-round voting in France&#8217;s shock snap election was won by the far-right, albeit with a smaller share than some polls had projected.



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



Oil prices edged up in early trade on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains.



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



The South African rand rallied on Friday on optimism that the Democratic Alliance (DA) and African National Congress (ANC) would reach an agreement over cabinet positions, a day after local media reported a major disagreement between the parties.



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



Kenya&#8217;s shilling eased slightly on Friday as markets awaited the outcome of protests against a now-shelved tax increase plan.



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



At least 18 people were killed and 30 others injured after a series of attacks by suspected female suicide bombers in Nigeria&#8217;s northeastern Borno state on Saturday, the head of the local state emergency management agency said.



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



The International Monetary Fund&#8217;s executive board approved the second review of Ghana&#8217;s $3 billion loan programme on Friday, allowing for the immediate disbursement of around $360 million, the Fund said.



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



Kenyan activists on Friday circulated calls for fresh protests, strikes and sit-ins demanding President William Ruto quit, after nationwide demonstrations forced him to U-turn on proposed tax hikes.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 1

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-820x573.jpg" alt="" class="wp-image-502453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Opposition Democratic Alliance party leader John Steenhuisen speaks at South Africa&#8217;s parliament in Cape Town, South Africa, December 13, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, June 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s President Cyril Ramaphosa appointed the Democratic Alliance party&#8217;s leader John Steenhuisen as agriculture minister in his new cabinet, Ramaphosa said in a televised address to the nation on Sunday.



Ramaphosa reappointed the African National Congress&#8217;s Enoch Godongwana as finance minister and named Gwede Mantashe as mineral and petroleum resources minister, while Ronald Lamola was appointed minister of international relations and cooperation.



This is a developing story&#8230;



(Reporting by Bhargav Acharya, Tannur Anders and Alexander Winning)

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<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, June 28 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled political and economic events, equity and currency market moves may affect South African markets on Friday.



POLITICAL EVENTS



Media reports of a major disagreement between the pro-business Democratic Alliance party and President Cyril Ramaphosa over cabinet posts in the government of national unity delaying the announcement of the executive.



ECONOMIC EVENTS



The South African Reserve Bank published the country&#8217;s M3 money supply and private sector credit figures for May.



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



Statistics South Africa will release data on the country&#8217;s May trade and budget balance figures.



SOUTH AFRICAN MARKETS



The South African rand fell sharply on Thursday after media reports of a major disagreement between the pro-business Democratic Alliance (DA) party and President Cyril Ramaphosa over cabinet posts.



The Johannesburg Stock Exchange&#8217;s Top-40 index .JTOPI closed down 0.4%. The benchmark 2030 government bond slumped, as the yield rose 30 basis points to 10.12%.



GLOBAL MARKETS



Asian stocks were on track for a fifth straight month of gains on Friday, bolstered by a growing view that cooling U.S. inflation could prompt the Federal Reserve to ease rates this year, while the yen tumbled to a 38-year low against the dollar.



WALL STREET



U.S. stocks ended Thursday around the unchanged mark as investors awaited fresh inflation data, with the Nasdaq able to eke out a slight gain after data showed a continued slowdown in economic activity, raising investors&#8217; hope for rate cuts.



GOLD



Gold prices eased on Friday, but were set for a third straight quarterly rise, while investors looked forward to U.S. inflation data due later in the day for more clarity on the Federal Reserve&#8217;s interest rate-cut timeline.



EMERGING MARKETS



(Compiled by Tannur Anders; Editing by Janane Venkatraman )

South African Markets – Factors to watch on June 28

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NAIROBI, June 28 (Reuters)&nbsp;&#8211;&nbsp;After their stunning success forcing the government to shelve $2.7 billion in tax hikes, young Kenyan activists are setting their sights higher, taking aim at deeply ingrained corruption and misgovernance.



Protesters say the finance bill President William Ruto abandoned on Wednesday was only a symptom of the problems plaguing a country where many young people face dwindling job prospects despite strong economic growth.



The movement has little precedent in its mass mobilisation of Kenyans across ethnic and regional divisions while rejecting any kind of political leadership. Protests in Kenya have historically been led by elites, often ending in power-sharing deals that yielded few tangible benefits for demonstrators.



Protesters now face the challenge of maintaining unity and momentum while pursuing broader, less immediate goals. They will also have to decide how to respond to Ruto&#8217;s offer of dialogue, which the president made on Wednesday without offering specifics.



Writer and activist Nanjala Nyabola said most of those involved in the recent protests were motivated by legitimate, strongly held grievances with the government.



&#8220;Until those grievances are addressed, it&#8217;s unlikely that they&#8217;re going to be willing to make concessions.&#8221;



How the diffuse and leaderless movement, which largely organised via social media, pursues its objectives moving forward remains an open question &#8211; and a source of internal debate.



Christine Odera, co-chair of the Kenya Coalition on Youth, Peace and Security, a civil society organisation, said there was a need for it to develop more formalised structures to advance the interests of young people and speak to the government.



&#8220;If we go organically then we might lose the whole conversation,&#8221; said Odera, who participated in the protests. &#8220;The president has said we need to have conversations. All of us cannot sit in a stadium and have a conversation.&#8221;



Others strongly disagree.



Ojango Omondi, a member of the Social Justice Centres Working Group, a community activist group in a poor district of Nairobi, said creating formal structures and designating national representatives could let the movement be corrupted by politicians.



&#8220;We don&#8217;t need to negotiate anything,&#8221; he said. &#8220;All we want is better living conditions. All we want is the leaders to stop using our resources &#8230; to sponsor their lavish lifestyle.&#8221;



<h2 class="wp-block-heading" id="h-question-of-unity">QUESTION OF UNITY</h2>



Omondi said there was plenty to keep the past week&#8217;s protesters engaged &#8211; from organising funerals for the nearly two dozen people&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3IM15H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">killed in clashes</a>&nbsp;with police on Tuesday to forcing recall elections against members of parliament.



Another key moment could be the government&#8217;s next bid to pass a finance bill, which is needed to fund expenditures in the upcoming fiscal year. Some protesters suspect the government will still try to jam through tax raises.



In a country where ethnic affinities have traditionally been a key driver of protest, the current youth-driven demonstrations have stood out for building unity around common grievances.



But cracks are already emerging.



Despite Ruto&#8217;s U-turn on the tax hikes, some protesters called for a planned march on the presidential residence to go ahead on Thursday in an attempt to force the president from power. Others rejected the idea as a dangerous gambit.



In the end, there were protests in&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IP064&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">several cities</a>, although they were smaller than on Tuesday.



In Ruto&#8217;s hometown and political stronghold of Eldoret, where thousands from different ethnic groups took to the streets on Tuesday, a human rights activist said some tensions were resurfacing since the president withdrew the bill.



Nicholas Omito, CEO of the Centre for Human Rights and Mediation, said demonstrators from Ruto&#8217;s Kalenjin ethnic group were arguing that protests should end now that the bill was dropped. Ethnic Kikuyu demonstrators were insisting they should continue until Ruto resigned.



Nyabola, the writer, conceded that the solidarity on display as Kenyans across all walks of life took to the streets in the bold showdown with their government could not undo the country&#8217;s long history of ethnic division.



&#8220;You&#8217;re never going to get rid of it completely,&#8221; she said. &#8220;But for now the class and wealth disparity between politicians and ordinary people has been the focus.&#8221;



(Reporting by Aaron Ross and Giulia ParaviciniAdditional reporting by Edwin OkothEditing by Joe Bavier)

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