
<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>



<p>NAIROBI, Oct 14 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.</p>



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



<p>Asian stocks swung between gain and loss on Monday as investors struggled to reach a consensus view on China&#8217;s economic stimulus promises made over the weekend which, though broad, were light on specifics.</p>



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



<p>Oil prices fell by more than $1 a barrel, losing over 1.5% in early trading on Monday, after disappointing Chinese inflation data and a lack of clarity on Beijing&#8217;s economic stimulus plans stoked fears about demand.</p>



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



<p>South Africa&#8217;s rand gained against the dollar on Friday after U.S. data this week helped sustain expectations for an interest rate cut by the Federal Reserve next month.</p>



<h2 class="wp-block-heading" id="h-nigeria-natural-gas">NIGERIA NATURAL GAS</h2>



<p>Nigeria took a major step in its quest to earn revenue from its vast gas reserves, signing a deal with joint venture partners to supply gas to a proposed $3.5 billion Brass fertilizer and petrochemical plant, an official said on Friday.</p>



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



<p>Nigeria&#8217;s local fuel traders can now buy petrol directly from the Dangote Oil Refinery, ending state-oil firm NNPC&#8217;s exclusive buying rights as the country moves to fully deregulate its processing sector, the finance minister said on Friday.</p>



<h2 class="wp-block-heading" id="h-nigeria-binance">NIGERIA BINANCE</h2>



<p>Binance&#8217;s head of financial crime compliance was denied bail for a second time on Friday as his trial on money laundering charges started in Nigeria, with a judge ruling that the prison in which he is being held is capable of meeting his medical needs.</p>



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



<p>Kenya&#8217;s shilling was steady against the dollar on Friday, and is expected to remain so for the next week, one commercial bank trader said.</p>



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



<p>Kenya&#8217;s high court ruled on Friday that a case challenging Deputy President Rigathi Gachagua&#8217;s impeachment should be referred to the Chief Justice.</p>



<h2 class="wp-block-heading" id="h-ghana-ratings">GHANA RATINGS</h2>



<p>Global credit ratings agency Moody&#8217;s on Friday upgraded Ghana&#8217;s long-term local and foreign currency issuer ratings to &#8220;Caa2&#8221; from &#8220;Caa3&#8221; and &#8220;Ca,&#8221; respectively, citing extensive debt treatment that has significantly alleviated the government&#8217;s financial burdens.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 14


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-820x547.jpg" alt="" class="wp-image-541965" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An atrium is seen at the World Bank headquarters building in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



<p>WASHINGTON, Oct 13 (Reuters)&nbsp;&#8211;&nbsp;The world&#8217;s 26 poorest countries, home to 40% of the most poverty-stricken people, are more in debt than at any time since 2006 and increasingly vulnerable to natural disasters and other shocks, a new World Bank report showed on Sunday.</p>



<p>The report finds that these economies are poorer today on average than they were on the eve of the COVID-19 pandemic, even as the rest of the world has largely recovered from COVID and resumed its growth trajectory.</p>



<p>Released a week before World Bank and International Monetary Fund annual meetings get underway in Washington, the report confirms a major setback to efforts to eradicate extreme poverty and underscores the World Bank&#8217;s efforts this year to raise $100 billion to replenish its financing fund for the world&#8217;s poorest countries, the International Development Association (IDA).</p>



<p>The 26 poorest economies studied, which have annual per-capita incomes of less than $1,145, are increasingly reliant on IDA grants and near-zero interest rate loans as market financing has largely dried up, the World Bank said. Their average debt-to-GDP ratio of 72% is at an 18-year high and half of the group are either in debt distress or at high risk of it.</p>



<p>Most of the countries in the study are in sub-Saharan Africa, from Ethiopia to Chad and Congo, but the list also includes Afghanistan and Yemen.</p>



<p>Two thirds of the 26 poorest countries are either in armed conflicts or have difficulty maintaining order because of institutional and social fragility, which inhibit foreign investment, and nearly all export commodities, exposing them to frequent boom-and-bust cycles, the report said.</p>



<p>&#8220;At a time when much of the world simply backed away from the poorest countries, IDA has been their lifeline,&#8221; World Bank chief economist Indermit Gill said in a statement. &#8220;Over the past five years, it has poured most of its financial resources into the 26 low-income economies, keeping them afloat through the historic setbacks they suffered.&#8221;</p>



<p>IDA normally is replenished every three years with contributions from World Bank shareholding countries. It raised a record $93 billion in 2021 and World Bank President Ajay Banga is aiming to exceed that with more than $100 billion in pledges by Dec. 6.</p>



<p>Natural disasters have also taken a greater toll on these countries over the past decade. Between 2011 and 2023, natural disasters were associated with average annual losses of 2% of GDP, five times the average among lower-middle-income countries, pointing to the need for much higher investment, the World Bank said.</p>



<p>The report also recommended that these economies, which have large informal sectors operating outside their tax systems, do more to help themselves. This includes improving tax collections by simplifying taxpayer registration and tax administration and improving the efficiency of public spending.</p>



<p>(Reporting by David Lawder; Editing by Andrea Ricci and Jacqueline Wong)</p>


FILE PHOTO: Atrium is seen at World Bank headquarters in Washington

World Bank says 26 poorest nations in worst financial shape since 2006


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-820x521.jpg" alt="" class="wp-image-541092" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-1536x977.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Russian President Vladimir Putin speaks at the BRICS Parliamentary Forum in Saint Petersburg, Russia July 11, 2024.  Valeriy Sharifulin/Host Photo Agency BRICS-RUSSIA2024.RU/Handout via REUTERS/File Photo</figcaption></figure>



<p>MOSCOW, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;Most finance ministers and central bank chiefs from the BRICS group of countries did not attend a high-level meeting in Moscow on Friday ahead of a BRICS summit later this month, sending more junior officials instead, official documents showed.</p>



<p>Finance ministers from Egypt and the United Arab Emirates and the head of Iran&#8217;s central bank were present as Russian Finance Minister Anton Siluanov called for the creation of an alternative to the Western-dominated global financial system.</p>



<p>But finance ministers and bank chiefs from China, India and South Africa stayed away, sending deputies or more junior officials instead, a day after Kremlin aide Yuri Ushakov accused the West of pressuring countries not to attend the BRICS summit.</p>



<p>BRICS, originally comprising Brazil, Russia, India, and China, has expanded to include South Africa, Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia.</p>



<p>The Moscow meeting is modeled on the Group of 20 schedule, where summits are preceded by meetings of top economic policy officials who outline proposals to be reviewed by leaders at the summit.</p>



<p>Russia, heavily sanctioned by the West over its war in Ukraine and cut off from international capital markets, is trying to woo BRICS partners with initiatives such as the creation of the BRICS Bridge international payment system.</p>



<p>&#8220;The creation of a cross-border payment initiative is our main task,&#8221; Siluanov told the officials. Russia is also pushing for the creation of a BRICS clearing centre, a rating agency, a reinsurance company, and a commodities exchange.</p>



<p>Siluanov has also proposed setting up a joint investment platform based on the group&#8217;s New Development Bank, its only functioning financial institution. The platform will use a new digital form of transactions, he said, without elaborating.</p>



<h2 class="wp-block-heading" id="h-transaction-delays">TRANSACTION DELAYS</h2>



<p>Russia has recently experienced delays in international transactions with its trading partners, including BRICS member countries, as banks in these countries fear punitive actions from Western regulators.</p>



<p>The payment problems have forced Russian companies to use barter deals and cryptocurrencies to facilitate payments.</p>



<p>China was represented in Moscow by Deputy Finance Minister Liao Min and Deputy Central Bank Governor Changneng Xuan, and India by Finance Ministry Secretary Ajay Seth.</p>



<p>The summit is scheduled for Oct. 22-24 in Kazan, capital of Russia&#8217;s Tatarstan region.</p>



<p>President Vladimir Putin&#8217;s foreign policy aide, Yuri Ushakov, said nine of the 10 BRICS states would send their leaders, though Saudi Arabia would send its foreign minister, Prince Faisal bin Farhan Al Saud. The Saudi delegation was absent from the Friday meeting.</p>



<p>(Reporting by Gleb Bryanski; Editing by Gareth Jones)</p>


FILE PHOTO: Russian President Vladimir Putin speaks at the BRICS Parliamentary Forum in Saint Petersburg

Top BRICS economic officials stay away from Moscow meeting


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg" alt="" class="wp-image-536645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File.   REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened against the dollar on Friday, after U.S. data firmed up bets on another interest rate cut by the Federal Reserve next month.</p>



<p>At 0809 GMT, the rand traded at 17.4575 against the dollar&nbsp;ZAR=D3, about 0.4% stronger than its previous close.</p>



<p>The dollar index was last down 0.04% against a basket of currencies.</p>



<p>Bets for a 25-basis point Fed rate cut increased after US inflation data on Thursday came in slightly higher than expected and jobless claims rose, leading markets to moderate expectations of bigger cuts by the Fed.</p>



<p>&#8220;Inflation did come down yesterday, but&#8230; it is the jobless claims that has helped the ZAR back to 17.50,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.</p>



<p>The local currency has tracked the dollar and U.S. economic data points this week in the absence of major domestic events.</p>



<p>South African investor focus will now turn towards an inflation-linked bond auction (ILB) due later on Friday.</p>



<p>&#8220;The ILB auction today will provide further insight into inflation expectations in South Africa,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>On the stock market, the Top-40  index was up 0.4%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 7 basis points to 9.07%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Toby Chopra)</p>


New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand rises after U.S. data fuels Fed rate cut bets


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Friday.</p>



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



<p>South African inflation-linked bond auction</p>



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



<p>The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.</p>



<p>On the Johannesburg stock market, the Top-40 index closed little changed.</p>



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



<p>Asian shares were headed for their first weekly loss in five on Friday as a stunning rally in Chinese shares took a breather, although all eyes are on the details of much-anticipated fiscal stimulus from Beijing this weekend.</p>



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



<p>Wall Street&#8217;s main indexes closed lower on Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the U.S. economy and the path for interest rates. </p>



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



<p>Gold prices climbed on Friday after recent data firmed bets for a Federal Reserve rate cut next month, while market participants awaited the U.S. Producer Price Index (PPI) report for further direction.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Township malls thrive despite high rates, Nedbank says</p>



<p>&#8211; Manganese the target in Exxaro’s search for assets</p>



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



<p>&#8211; &#8216;Severe threat&#8217; of disruption at OR Tambo amid SARS delays, industry warns</p>



<p>&#8211; &#8216;Nothing to work with&#8217;: Good intentions, quick fixes not solving SA&#8217;s deep logistics problem</p>



<p>(Compiled by Bhargav Acharya)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 11


<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>



<p>Oct 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



<p>Nigeria court to rule on Binance executive&#8217;s bail request</p>



<p>A Kenyan court is due to rule on whether a a case challenging deputy president Rigathi Gachagua&#8217;s impeachment should be referred to the Chief Justice for further direction.</p>



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



<p>Asian shares were headed for the first weekly loss in five as the stunning rally in Chinese shares took a breather, although all eyes are on the details of the much-anticipated fiscal stimulus from Beijing this weekend.</p>



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



<p>Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites.</p>



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



<p>The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.</p>



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



<p>The Nigerian and Ghanaian currencies are expected to fall in the next week to Thursday, while Uganda&#8217;s and Zambia&#8217;s could be relatively steady, traders said.</p>



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



<p>Votes were being counted by Mozambique&#8217;s national election authorities on Thursday as civil society monitors were compiling a parallel tally to try to detect possible signs of fraud.</p>



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



<p>Rights activists and local responders said scores of civilians had been killed at sites across Sudan in the past week as the army escalates air strikes nearly 18 months into its war with the paramilitary Rapid Support Forces.</p>



<h2 class="wp-block-heading" id="h-somalia-security">SOMALIA SECURITY</h2>



<p>The presidents of Egypt, Eritrea and Somalia agreed on Thursday to boost cooperation for the Somali army to confront &#8220;terrorism&#8221; and protect its land and sea borders, a joint statement said, leaving Ethiopia further isolated in the region.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Oct 11


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-820x547.jpg" alt="" class="wp-image-540667" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



<p>ABUJA, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;The Nigerian and Ghanaian currencies are expected to fall in the next week to Thursday, while Uganda&#8217;s and Zambia&#8217;s could be relatively steady, traders said.</p>



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



<p>Nigeria&#8217;s naira could lose ground due to rising dollar demand from individuals paying school fees abroad and importers stocking up for the festive season.</p>



<p>The central bank has only intermittently intervened to support the currency.</p>



<p>The naira was quoted at 1,648 to the dollar on the official market on Thursday, LSEG data showed, compared with around 1,671 a week earlier.</p>



<p>The currency changed hands in street trading at 1,690 naira to the dollar on Thursday.</p>



<p>&#8220;The panic button is 1,700 naira and as it approaches those levels the central bank has intensified intervention, but it is not enough to quench demand,&#8221; one trader said.</p>



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



<p>Ghana&#8217;s cedi is expected to weaken further next week due to corporate foreign-currency demand, mainly from the manufacturing and energy sectors.</p>



<p>LSEG data showed the cedi trading at 15.88 to the dollar on Thursday, compared to 15.77 at last Thursday&#8217;s close.</p>



<p>&#8220;The cedi weakened slightly against the dollar this week, driven by a reduced supply of dollars despite the central bank&#8217;s 7-day funded forward support of approximately $54 million,&#8221; head of trading Stanbic Bank Ghana Chris Nettey said.</p>



<p>&#8220;We anticipate a similar trend in the coming sessions,&#8221; he added.</p>



<h2 class="wp-block-heading" id="h-uganda">UGANDA</h2>



<p>Uganda&#8217;s shilling is seen broadly stable, underpinned by healthy inflows of hard currency from remittances and mid-month tax payments.</p>



<p>Commercial banks quoted the shilling at 3,670/3,680 to the dollar, compared to last Thursday&#8217;s close of 3,660/3,670.</p>



<p>&#8220;Remittances are coming in and we expect the volumes to increase for the remainder of October and going into November,&#8221; one trader said.</p>



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



<p>Zambia&#8217;s kwacha is likely to be little changed.</p>



<p>On Thursday the kwacha was trading at 26.37 per dollar from 26.20 a week ago.</p>



<p>&#8220;The kwacha is anticipated to remain rangebound, with factors of demand and supply dictating the currency&#8217;s next move,&#8221; Zambia National Commercial Bank said in a note.</p>



<p>(Reporting by Chijioke Ohuocha, Christian Akorlie, Elias Biryabarema and Chris Mfula; Editing by Alexander Winning)</p>


7XVXXY5BZZKBDMNDKCX3HG2N4A

Nigerian and Ghanaian currencies seen falling


<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/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged higher against the dollar on Thursday, ahead of local mining and manufacturing data and a U.S. inflation report.</p>



<p>At 0727 GMT, the rand traded at 17.6275 against the dollar, 0.13% stronger than its previous close.</p>



<p>The dollar index was steady against a basket of currencies. It had gained earlier following the release of minutes from the Federal Reserve&#8217;s September meeting on Wednesday, which confirmed the central bank would take a cautious approach to monetary easing.</p>



<p>The rand has lost some steam after rallying against the dollar in late September and much of its recent weakness can be attributed to the resurgence of the greenback, analysts said.</p>



<p>South African investor focus is now on the release of August mining and manufacturing data, while a U.S. consumer price index report looms later in the day.</p>



<p>&#8220;Even if (U.S.) CPI comes in lower than expected, the market seems to have largely priced in the Fed’s cautious approach, meaning that significant ZAR recovery against the USD is unlikely in the near term,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>On the stock market, the Top-40 index was up 0.2%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was marginally weaker, with the yield up 1 basis point to 9.18%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Christopher Cushing)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand edges higher ahead of local data, US inflation report


<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>



<p>Oct 10 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>Vote counting is underway in Mozambique after a general election on Wednesday that is widely expected to deliver another victory for the ruling Frelimo party, which has been in power since 1975.</p>



<p>Rwanda&#8217;s statistics office releases September inflation data.</p>



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



<p>Chinese stocks resumed their rally on Thursday, fanned by expectations a briefing from finance officials this weekend would deliver anticipated fiscal stimulus, while the dollar lingered near a two-month high before a U.S. inflation report.</p>



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



<p>Oil prices rose on Thursday underpinned by a spike in fuel demand as a major storm barreled into Florida and concerns about potential supply disruptions in the Middle East amid heightened tensions between Israel and major oil producer Iran.</p>



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



<p>South Africa&#8217;s rand softened on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.</p>



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



<p>Kenya&#8217;s shilling was steady against the dollar on Wednesday, supported by dollar inflows from the tea sector and diaspora remittances, one commercial bank trader said.</p>



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



<p>Vote counting started in Mozambique on Wednesday evening for an election that is widely expected to deliver another victory for the ruling Frelimo party, which has been in power since 1975.</p>



<h2 class="wp-block-heading" id="h-sudan-war">SUDAN WAR</h2>



<p>The leader of the Sudanese paramilitary Rapid Support Forces (RSF) Mohamed Hamdan Dagalo, known as Hemedti, accused Egypt of being involved in airstrikes on the group&#8217;s troops in a recorded speech on Wednesday.</p>



<h2 class="wp-block-heading" id="h-chad-flood">CHAD FLOOD</h2>



<p>The Logone river in Chad&#8217;s capital has risen to its highest level in 30-40 years, the authorities said on Wednesday, threatening further turmoil to a country that has been battling devastating nationwide floods for weeks.</p>



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



<p>Kenya&#8217;s parliament voted on Tuesday to impeach Deputy President Rigathi Gachagua on charges including enriching himself and stirring ethnic hatred, the chamber&#8217;s speaker said, paving the way for the senate to consider the motion.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Oct 10


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Thursday.</p>



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



<p>Statistics South Africa to release August mining production data at 0930 GMT</p>



<p>Statistics South Africa to release August manufacturing production data at 1100 GMT</p>



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



<p>South Africa&#8217;s rand softened on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.</p>



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



<p>Chinese stocks resumed their rally on Thursday, fanned by expectations a briefing from finance officials this weekend would deliver anticipated fiscal stimulus, while the dollar lingered near a two-month high before a U.S. inflation report.</p>



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



<p>Wall Street stocks advanced on Wednesday with the S&amp;P 500 and the Dow scoring record closing highs after the release of Federal Reserve meeting minutes and ahead of September inflation data and the earnings season.</p>



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



<p>Gold prices nudged higher on Thursday, while traders await a key U.S. inflation data due later in the day to gauge the Federal Reserve&#8217;s future monetary policy stance.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Minimum corporate tax proposal widely criticised and called unfair</p>



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



<p>&#8211; SARS warns it&#8217;s on the trail of taxpayers hiding crypto assets offshore</p>



<p>(Compiled by Bhargav Acharya)</p>


South African Markets – Factors to watch on Oct 10


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017.   REUTERS/Thomas White/Illustration</figcaption></figure>



<p>JOHANNESBURG, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged lower on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.</p>



<p>At 0746 GMT, the rand traded at 17.6125 against the dollar, 0.11% lower than its previous close.</p>



<p>The dollar index was last up 0.17% against a basket of currencies.</p>



<p>Fed minutes due later in the day are expected to provide an explanation for the central bank&#8217;s big interest rate cut last month, and could potentially offer more clues on its interest rate trajectory.</p>



<p>The risk-sensitive rand is susceptible to global movers like the direction of U.S. monetary policy and its recent weakness was expected ahead of closely watched U.S. data, analysts say.</p>



<p>&#8220;Uncertainties in the US are keeping the rand under pressure. A stronger USD would make the ZAR relatively weaker, and the Fed&#8217;s messaging regarding interest rate cuts is a key factor here,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>On Thursday, September U.S. consumer inflation figures will be released, while domestic investors also turn their focus towards monthly mining and manufacturing data.</p>



<p>On the stock market, the Top-40 index was down 0.85%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 2.5 basis points to 9.210%.</p>



<p>(Reporting by Bhargav Acharya, Editing by Louise Heavens)</p>


Illustration photo of South African rand

South African rand edges lower ahead of Fed minutes


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>The South African rand weakened on Tuesday, and is likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.95% lower.</p>



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



<p>Chinese shares slumped and commodities were struggling to find a footing on Wednesday as investors tempered expectations for a robust Chinese economic recovery, while a downbeat outlook from New Zealand&#8217;s central bank sent the kiwi to a seven-week low.</p>



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



<p>Wall Street&#8217;s benchmarks finished up on Tuesday, recouping some of the previous session&#8217;s losses, as investors bought back in to technology stocks and investors shifted their focus to upcoming inflation data and the start of third-quarter earnings season.</p>



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



<p>Gold prices were subdued on Wednesday as investors strapped in for minutes from the Federal Reserve&#8217;s latest policy meeting for insights into the U.S. central bank&#8217;s interest rate trajectory. </p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Visa relief for SA employers as Schreiber gazettes reforms</p>



<p>&#8211; ARC Investments reassesses JSE listing</p>



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



<p>&#8211; Facebook body to make key ruling over posts glorifying apartheid, old SA flag</p>



<p>&#8211; SA&#8217;s new transmission company needs cost-reflective power tariff &#8211; chair</p>



<p>(Compiled by Bhargav Acharya)</p>


South African Markets – Factors to watch on Oct 9


<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>



<p>Oct 9 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



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



<p>Mozambicans talks about their hopes and fears as the country votes in presidential and parliamentary elections.</p>



<p>Nigeria&#8217;s Federal High Court in Abuja will rule on whether to release on bail Binance&#8217;s head of financial compliance Tigran Gambaryan or keep him in prison custody while he undergoes trial on money laundering charges, which he denies.</p>



<p>Kenya&#8217;s central bank governor holds a news conference a day after announcing the bank&#8217;s latest lending rate decision.</p>



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



<p>Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.</p>



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



<p>Oil prices steadied in Asian trading on Wednesday as traders weighed developments in the Middle East conflict against continued bearish expectations for demand.</p>



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



<p>The South African rand weakened on Tuesday, and is likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.</p>



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



<p>Kenya&#8217;s shilling was unchanged against the dollar on Tuesday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



<p>Kenya&#8217;s parliament voted on Tuesday to impeach Deputy President Rigathi Gachagua on charges including enriching himself and stirring ethnic hatred, the chamber&#8217;s speaker said, paving the way for the senate to consider the motion.</p>



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



<p>Mozambique votes on Wednesday in a tense general election highly likely to deliver victory to the ruling party, Frelimo, which has governed the Southern African nation since 1975.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Oct 9


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="500" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg" alt="" class="wp-image-495627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South African Rand coins are seen in this illustration picture taken October 28, 2020.  REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trade on Tuesday, and was likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.</p>



<p>At 0720 GMT, the rand traded at 17.48 against the dollar, about 0.6% weaker than its previous close.</p>



<p>&#8220;The USD/ZAR is influenced by U.S. CPI data, the Fed’s monetary policy direction, and the U.S. election,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>&#8220;The dollar remains strong, supported by solid U.S. jobs data, while the ZAR awaits further clarity on these factors.&#8221;</p>



<p>Minutes from the Fed&#8217;s September meeting due on Wednesday are expected to explain the central bank&#8217;s big rate cut last month, possibly offering further clues to the bank&#8217;s future path on interest rates.</p>



<p>Thursday&#8217;s focus will also be on U.S. September inflation figures, which Cilliers said could provide signs of disinflation, crucial for shaping Fed policy.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. monetary policy in the case of a light domestic calendar.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 1.7% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, with the yield up 0.5 basis points at 9.215%.</p>



<p>(Reporting by Tannur Anders; Editing by Clarence Fernandez)</p>


FILE PHOTO: South African Rand coins are seen in this illustration picture

South African rand weakens, focus on upcoming US data


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled events, equity and currency market moves may affect South African markets on Tuesday.</p>



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



<p>Africa Oil Week conference commences</p>



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



<p>South African government&#8217;s weekly long-term bonds auction</p>



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



<p>South Africa&#8217;s rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.</p>



<p>On the stock market, the Top-40 index closed little changed.</p>



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



<p>Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.</p>



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



<p>Wall Street&#8217;s three major indexes closed down around 1% on Monday while Treasury yields rose, as traders tamped down bets for Federal Reserve interest-rate easing and worried about the Middle East conflict&#8217;s impact on oil prices.</p>



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



<p>Gold prices edged lower on Tuesday, pressured by a stronger dollar, while market participants awaited minutes of the Federal Reserve&#8217;s last meeting and economic data for further cues on U.S. interest rate path.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; SA to file memorial against Israel at ICJ by month end, Lamola says</p>



<p>&#8211; Industry conditions still challenging but De Beers expects return to growth in 2025</p>



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



<p>&#8211; SA grid crisis: New National Transmission Company to open door for private sector</p>



<p>(Compiled by Tannur Anders; Editing by Kim Coghill)</p>


South African Markets – Factors to watch on Oct 8


<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>



<p>NAIROBI, Oct 8 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Kenya&#8217;s Deputy President Rigathi Gachagua will defend himself in parliament against an impeachment motion launched by allies of President William Ruto which accuses him of stirring ethnic hatred and undermining the government.</p>



<p>Tanzania statistics office releases consumer inflation data for September.</p>



<p>Kenya&#8217;s central bank is due to announce its latest lending rate decision.</p>



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



<p>Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.</p>



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



<p>Oil prices fell more than $1 on Tuesday as traders took profits from a rally in the previous session that lifted the market to its highest level in over a month amid fears that the Middle East could be on the brink of a region-wide war.</p>



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



<p>South Africa&#8217;s rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.</p>



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



<p>Kenya&#8217;s shilling was steady against the dollar on Monday, and is expected to remain level in the coming week, traders said.</p>



<h2 class="wp-block-heading" id="h-congo-mining">CONGO MINING</h2>



<p>A U.S. congressional watchdog has found no evidence that a 2012 Securities and Exchange Commission (SEC) conflict minerals disclosure rule has reduced violence in Democratic Republic of Congo, it said in a report on Monday.</p>



<h2 class="wp-block-heading" id="h-uganda-rates">UGANDA RATES</h2>



<p>Uganda&#8217;s central bank trimmed its key lending rate on Monday by 25 basis points for the second time in a row, lowering it to 9.75%, saying that inflation was expected to remain below its target in the near term.</p>



<h2 class="wp-block-heading" id="h-burkina-faso-mining">BURKINA FASO MINING</h2>



<p>Fortuna Mining said on Monday that the government of Burkina Faso does not plan to withdraw the Canadian company&#8217;s existing mining permits in the country.</p>



<h2 class="wp-block-heading" id="h-rwanda-marburg">RWANDA MARBURG</h2>



<p>The U.S. Centers for Disease Control and Prevention will issue its second-highest level of travel notice for Rwanda, recommending people to avoid nonessential travel due to the Marburg disease outbreak in the east African country, the U.S. government said on Monday.</p>



<h2 class="wp-block-heading" id="h-zambia-mining">ZAMBIA MINING</h2>



<p>Rescue efforts were underway after a mine pit collapsed in Zambia&#8217;s Mumbwa District, killing 10 people and injuring five, police said on Monday.</p>



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



<p>Above average rainfall recorded in most of Ivory Coast’s main cocoa producing regions boosted farmers’ hopes of higher output in the ongoing October to March season.</p>



<h2 class="wp-block-heading" id="h-congo-mining-0">CONGO MINING</h2>



<p>Ivanhoe Mines plans to build a copper mine in the Democratic Republic of Congo, as it favours boosting output through organic growth in a sector dominated by deal-making.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Oct 8


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;The South African rand recuperated some losses in early trade on Friday, ahead of a key U.S. payrolls data and after slumping on Thursday as tensions escalated in the Middle East.</p>



<p>By 0730 GMT, the rand traded about 0.5% firmer at 17.4275 against the dollar. Since the start of the week, however, the local unit was down nearly 2%.</p>



<p>&#8220;The ZAR had a tough week, largely driven by a USD resurgence fuelled by better-than-expected U.S. labour data and rising geopolitical risks,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>The dollar hovered near a six-week high ahead of a payrolls report that could give hints on the path of interest rate cuts in the world&#8217;s biggest economy.</p>



<p>The greenback was also supported by demand for safe-haven assets after an Iranian missile attack on Israel on Tuesday left investors assessing widening Middle East tensions and their impact on the global economy.</p>



<p>Like other risk-sensitive currencies, the rand often takes direction from global drivers in the absence of major local factors.</p>



<p>The local unit has gained more than&nbsp;4.5%&nbsp;against the greenback over the last three months.</p>



<p>&#8220;The ZAR&#8217;s correction was overdue after a period of significant appreciation, and the nonfarm payroll data today will play a key role in determining its next move,&#8221; Cilliers added.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index was about 0.6% up in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly softer in early deals, with the yield up 3.5 basis points to 9.19%.</p>



<p>(Reporting by Tannur Anders; Editing by Varun H K)</p>


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