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African Markets - Factors to watch on August 22

Published 2018/08/22, 06:55
Updated 2018/08/22, 07:00
© Reuters. African Markets - Factors to watch on August 22
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NAIROBI, Aug 22 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

- - - - - GLOBAL MARKETS Asian stocks eked out gains on Wednesday, with sentiment boosted by Wall Street's rise and a record intraday high for the S&P 500 index on Tuesday, but fragile Chinese markets retreated after two days in the black. MKTS/GLOB

WORLD OIL PRICES Oil prices rose on Wednesday, supported by a drop in U.S. crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to U.S. sanctions. 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 firmed on Tuesday as the dollar weakened after U.S. President Donald Trump criticised the head of the Federal Reserve for raising interest rates.

MARKETS The Kenyan shilling KES= held steady against the dollar on Monday boosted by banks cutting long dollar positions to meet local reserve ratio requirements, traders said. Tuesday was a public holiday in the East African nation.

OIL Royal Dutch Shell (LON:RDSa)'s Nigerian subsidiary has recovered more than 95 percent of the oil from two spills that took place this year, although the pipeline that carries crude to the coast for export remains closed, the company said on Monday.

ECONOMY The International Monetary Fund (IMF) said on Tuesday it would begin talks with Angola over providing financial support after the oil producing country's economic growth was weaker than expected this year.

POLITICS Western hostility towards Zimbabwe is deterring investment, the presidential spokesman said on Tuesday, comments in sharp contrast with President Emmerson Mnangagwa's previous efforts to woo Western governments.

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