African Markets - Factors to watch on Jan. 29

  • Reuters
  • Stock Market News
African Markets - Factors to watch on Jan. 29
Credit: © Reuters.

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

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GLOBAL MARKETS Asian shares erased earlier gains on Wednesday, swinging into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fuelled fears about the economic impact of the outbreak. MKTS/GLOB

WORLD OIL PRICES Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day fall on talk OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles helped steady prices. O/R

EMERGING MARKETS For the top emerging markets news, double click on STOCKS For the latest news on African stocks, click on .J

SOUTH AFRICA MARKETS South Africa's rand clawed back losses on Tuesday, firming slightly alongside local bonds as a selloff triggered by the spread of the coronavirus was halted by technical factors curbing big movements in either direction. ENGLISH Ask a Nigerian what corrupt politicians do with public funds and he or she may say, "They chop it." The Oxford English Dictionary agrees. MARKETS The Kenyan shilling KES= was broadly stable on Tuesday with inflows from remittances and portfolio investors buying government debt helping meet end month dollar demand from merchandise importers, traders said. ECONOMY Kenya's economy is forecast to grow 6.2% this year, up from 5.7% last year, central bank governor Patrick Njoroge said on Tuesday, as regional trade shields Kenya from the effects of a global downturn. COAST POLITICS Former Ivory Coast rebel leader Guillaume Soro said on Tuesday he would not drop out of presidential elections set for the end of the year, despite an arrest warrant out against him. MARKETS The Ugandan shilling UGX= traded in the same position on Tuesday, amid subdued appetite for hard currency from both commercial banks and merchandise importers. FASO SECURITY Thirty-nine people were killed in northern Burkina Faso on Saturday, in what the government called a terrorist attack on a village in Soum province. ECONOMY The International Monetary Fund forecast that Ethiopia's economy will grow at 6.2% in the 2020 fiscal year, it said in a statement on Tuesday, well below the government forecast of 10.8% but in line with World Bank estimates. AFRICAN REPUBLIC SECURITY Militia infighting in Central African Republic (CAR) killed around 40 people over the weekend and forced several hundred from their homes, local authorities said on Tuesday. the latest precious metals report click on GOL/

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