African Markets - Factors to watch on Oct. 10

  • Reuters
  • Stock Market News
African Markets - Factors to watch on Oct. 10
Credit: © Reuters.

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

- - - - - EVENTS: *Rwanda statistics bureau releases latest inflation data *Zimbabwe court to rule on whether doctors strike is legal

GLOBAL MARKETS Global stocks recouped early losses as news reports raised hopes that the United States and China would settle some economic disputes, but investors were kept on edge by an earlier report that trade talks due to begin on Thursday could be cut short. MKTS/GLOB

WORLD OIL PRICES Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy. O/R

SOUTH AFRICA MARKETS South Africa's rand firmed on Wednesday as global market sentiment improved, with investors hopeful that a trade agreement can be reached between United States and China. ECONOMY Nigeria's government may drive up inflation when it increases a sales tax to partly finance its record 2020 budget and implements a new minimum wage, the International Monetary Fund (IMF) warned. STOCKS Nigerian stocks dropped for the seventh straight session on Wednesday to near a two-and-half year low as Dangote Cement DANGCEM.LG , and consumer shares led by Guinness GUINNES.LG declined. ECONOMY The World Bank on Wednesday cut its economic growth forecast for sub-Saharan Africa for 2019 to 2021 by 0.2 percentage points from its earlier projection, citing a slowdown in fixed investment and policy uncertainty in the global economy. MARKETS The Kenyan shilling KES= strengthened against the dollar on Wednesday due to inflows from offshore investors buying government debt and tightening liquidity in the local money market, traders said. GOLD Tanzania's earnings from gold exports rose 25.1% in the year to August, buoyed by higher output of the precious metal, its central bank said on Thursday. PRIZE ETHIOPIA During a high-level meeting at Ethiopia's foreign ministry in July, officials were shocked by social media reports that their prime minister was visiting Eritrea. DAM/EGYPT Egypt denounced Ethiopia on Wednesday for moving forward with building and operating a hyropower dam on the Nile, which Cairo worries will threaten already scarce water supplies. AUDITOR The Somali government is keeping some donor funds offshore and none of the ministries have completed last year's accounts, the auditor general said in a report published on Wednesday. POLITICS Zimbabwe's public sector workers demanded to be paid U.S. dollar-indexed salaries on Wednesday to cushion them against soaring inflation, and will decide this week whether to strike. MINING Zambia's Konkola Copper Mines (kCM) smelter was on Wednesday shut down for annual maintenance two days earlier than planned after a leak, the provisional liquidator Milingo Lungu said. OIL Senegal has delayed the launch of an oil and gas licensing round due on Wednesday until Nov. 4 as contract documents still need to be finalised, oil minister Mahamadou Makhtar Cisse said. SUDAN OIL South Sudan will kick-start an auction of licences to develop eight oilfields around the country later this month, an oil ministry official said on Wednesday. the latest precious metals report click on GOL/

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