NAIROBI, June 10 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.
EVENTS:
*Tanzania’s and Rwanda’s statistics offices are expected to release their respective consumer inflation data for May.
GLOBAL MARKETS
Asian stocks sank on Monday as traders heavily pared back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns and weighed on the euro.
WORLD OIL PRICES
Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday.
[O/R]
SOUTH AFRICA MARKETS
The South African rand gained on Friday, after the African National Congress (ANC) said it would seek to form a government of national unity following its failure to win a majority in last week’s election.
KENYA MARKETS
Kenya’s shilling <KES=> gained ground against the dollar on Friday, as hard-currency demand waned and foreign investors bought the local unit to purchase short-term government debt, traders said.
KENYA BUDGET
Kenya’s parliament has approved government spending of 4.00 trillion shillings ($31.01 billion) in the fiscal year that starts in July, up from the 3.75 trillion shillings it approved last June for the current fiscal year.
AFRICAN DEVELOPMENT BANK
Africa needs quicker debt restructurings, more favourable lending terms and some $25 billion for the Africa Development Fund to avoid a lost decade, the head of its development bank said.
MAURITIUS BUDGET
Mauritius forecasts its budget deficit to drop to 3.4% of gross domestic product in 2024/25 from 3.9% in the fiscal year that ends in June, its finance minister said on Friday.
ETHIOPIA BUDGET
Ethiopia’s cabinet on Friday approved a roughly 25% increase in its 2024/2025 budget, worth around one trillion birr ($17.51 billion), the Prime Minister’s office said.
GHANA DEBT
Ghana and its official creditors have finalised core issues on a debt rework and will sign a draft memorandum of understanding very soon, two sources told Reuters, a key step required to access more International Monetary Fund financing.
((Compiled by Nairobi Newsroom))