
<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="(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, Sept 11 (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>West Africa&#8217;s central bank, the BCEAO, is expected to announce its rate decision.</p>



<p>The Kenya Aviation Workers’ Union are due to start a strike notice on Wednesday about the planned lease of airport operations to the Indian company Adani Holdings.</p>



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



<p>Asian markets wobbled and U.S. stock futures slipped on Wednesday after Democratic Vice President Kamala Harris and Republican Donald Trump clashed in a keenly-awaited U.S. presidential debate.</p>



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



<p>Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand.</p>



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



<p>The South African rand weakened alongside other emerging market currencies on Tuesday, with markets looking to Wednesday&#8217;s U.S. inflation print for clues about the Federal Reserve&#8217;s interest rate path.</p>



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



<p>The Kenyan shilling was broadly steady against the U.S. dollar on Tuesday, with the supply of foreign exchange matched by demand from all sectors in a muted session, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-strike">KENYA STRIKE</h2>



<p>The biggest union of Kenya&#8217;s aviation workers plans to go on strike on Wednesday to protest against a proposed deal for India&#8217;s Adani Group to lease the country&#8217;s main airport for 30 years in exchange for expanding it, a union official said on Tuesday.</p>



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



<p>Floods in north Nigeria have killed more than 80% of animals in a large zoo with an array of wildlife from lions and crocodiles to buffaloes and ostriches, the facility said on Tuesday.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 11


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg" alt="" class="wp-image-502655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020.  REUTERS/Mike Hutchings/File Photo</figcaption></figure>



<p>JOHANNESBURG, Sept 10 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Tuesday, ahead of domestic manufacturing data for July.</p>



<p>At 0618 GMT the rand traded at 17.8350 against the dollar, about 0.2% firmer than its previous close.</p>



<p>Statistics South Africa is due to publish the country&#8217;s manufacturing production data for July at 1100 GMT.</p>



<p>Economists polled by Reuters predict the manufacturing sector will register year-on-year growth after declining in June, reflecting volatile conditions in a key sector of Africa&#8217;s most industrialised economy.</p>



<p>The rand is also likely to take direction from dollar movements as markets await a U.S. inflation report on Wednesday for more clues about the size of a predicted Federal Reserve cut to interest rates next week.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was firmer in early deals, with the yield slipping by 1 basis point to 9.01%.</p>



<p>(Reporting by Tannur Anders; Editing by David Goodman)</p>


South African Rand coins are seen in this illustration picture

South African rand firms ahead of manufacturing 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="(max-width: 612px) 100vw, 612px" /></figure>



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



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



<p>South Africa&#8217;s government will hold its weekly auction of long-term bonds.</p>



<p>Statistics South Africa will publish manufacturing production data for July.</p>



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



<p>The South African rand slipped against a stronger dollar on Monday, with looming U.S. data likely to dictate currency moves this week.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed slightly stronger, up 0.07%.</p>



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



<p>Asian stocks inched slightly higher on Tuesday but struggled to sustain an upbeat rally on Wall Street as concerns about a faltering Chinese economy dampened the market mood.</p>



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



<p>Wall Street&#8217;s three major indexes gained more than 1% on Monday as investors looked for bargains after the previous week&#8217;s sell-off while they also waited for inflation reports in coming days and the Federal Reserve&#8217;s next policy decision next week.</p>



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



<p>Gold prices eased on Tuesday, pressured by a firmer dollar, while traders braced for key U.S. inflation figures that could offer hints about the size of the Federal Reserve&#8217;s interest rate reduction next week.</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; Transnet’s R26bn trade-off to privatise Durban terminal</p>



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



<p>&#8211; Godongwana fires broadside at financial sector as Land Bank ends default</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 10


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slipped against a stronger dollar in early trade on Monday, and analysts said the U.S. currency and economic data were likely to largely determine the rand&#8217;s trajectory this week.</p>



<p>At 0635 GMT, the rand traded at 17.8850 against the dollar, about 0.3% weaker than its previous close.</p>



<p>The dollar was up around 0.2% against a basket of global currencies, as markets looked to Wednesday&#8217;s U.S. inflation report for more clues about the size of a Federal Reserve rate cut expected next week.</p>



<p>U.S. producer inflation and consumer sentiment data are scheduled for release.</p>



<p>&#8220;Direction in currency markets will likely be taken from U.S. data releases,&#8221; ETM Analytics said in a research note, adding that a bigger Fed rate cut would likely boost the risk-sensitive rand&#8217;s prospects.</p>



<p>Local data points this week include July manufacturing output figures on Tuesday and mining production numbers on Thursday.</p>



<p>Economists polled by Reuters predict both sectors will register year-on-year growth after declines in June, reflecting volatile conditions in key sectors of Africa&#8217;s most industrialised economy.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was unchanged in early trade, the yield at 8.99%.</p>



<p>(Reporting by Alexander Winning; Editing by Gareth Jones)</p>


South African Economy As Inflation Rate Rises For First Time In 2017

South African rand slips with dollar in driving seat


<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.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.</p>



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



<p>Treasury bill auction</p>



<p>Offshore trading in bonds and equities</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>Sun International half-year earnings</p>



<p>Avi annual results</p>



<p>Land Bank briefing on agreement to cure default</p>



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



<p>The South African rand slipped on Friday after U.S. data suggested a big Federal Reserve interest rate cut was likely not warranted, while the benchmark government bond hit an almost three-year high on improved investor sentiment.</p>



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



<p>Asian share markets slid on Monday after worries about a possible U.S. economic downturn slugged Wall Street, though U.S. stock futures did rally from an early dip and bond yields came off their lows.</p>



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



<p>U.S. stocks fell on Friday, weighed down by a jobs report that showed a continued labour market slowdown but left traders uncertain about how far the Federal Reserve will go in cutting interest rates.</p>



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



<p>Gold prices were flat on Monday, as investors awaited U.S. inflation print due this week to strengthen their bets on the size of a likely reduction in Federal Reserve&#8217;s interest rates.</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; Big accounting hurdle for Transnet&#8217;s 11 bln rand tender</p>



<p>&#8211; Carmakers ration supply of petrol vehicles to UK</p>



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



<p>&#8211; What happened to the BRICS bank&#8217;s Medupi loan?</p>



<p>&#8211; SA&#8217;s financial watchdog has approved the split of the JSE&#8217;s main board. Here&#8217;s what it means</p>



<p>(Compiled by Alexander Winning)</p>


South African Markets – Factors to watch on Sept 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="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



<p>Sept 9 (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-events">EVENTS:</h2>



<p>Kenya&#8217;s finance ministry is expected to start preparations for the 2025/26 (July-June) fiscal budget.</p>



<p>Ethiopia&#8217;s statistics agency is expected to release inflation data for August.</p>



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



<p>Asian share markets slid on Monday after worries about a possible U.S. economic downturn slugged Wall Street, though U.S. stock futures did rally from an early dip and bond yields came off their lows.</p>



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



<p>Oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October, alongside dwindling hopes of a hefty U.S. interest rate cut next month, following data showing strong consumer spending.</p>



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



<p>The South African rand slipped on Friday after U.S. data suggested a big Federal Reserve interest rate cut was likely not warranted, while the country&#8217;s benchmark government bond hit an almost three-year high on improved investor sentiment.</p>



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



<p>Kenya&#8217;s shilling slipped slightly on Friday, but it was expected to strengthen later in the session due to dollar inflows from remittances and the tourism sector, traders said.</p>



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



<p>The World Bank and French Development Agency (AFD) have given Uganda more than $600 million to fund infrastructure development and manage waste in the capital Kampala, the government and World Bank said on Thursday.</p>



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



<p>Both sides in Sudan&#8217;s civil war have committed abuses that may amount to war crimes, and world powers need to send in peacekeepers and widen an arms embargo to protect civilians, a U.N.-mandated mission said on Friday.</p>



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


African Markets – Factors to watch on Sept 9


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration .  REUTERS/Mike Hutchings</figcaption></figure>



<p>JOHANNESBURG, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was stable in early trade on Friday, as markets looked to U.S. jobs data for hints on the depth of an expected interest rate cut by the Federal Reserve this month.</p>



<p>At 0715 GMT, the rand traded at its Thursday closing level of 17.70 against the dollar.</p>



<p>&#8220;Markets remain on edge as traders await today&#8217;s key U.S. nonfarm payrolls and unemployment data which is likely to dictate the upcoming Fed monetary policy decisions,&#8221; Andre Cilliers, currency strategist at TreasuryONE, said.</p>



<p>&#8220;Analysts are also still leaning toward a soft landing for the U.S. economy which is seeing EM (emerging market) currencies like the rand trade firmer over the last few days,&#8221; Cilliers added.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from U.S. monetary policy and other global drivers in addition to domestic factors.</p>



<p>Local central bank data on Friday showed that South Africa&#8217;s net foreign reserves rose to $60.141 billion at the end of August from $59.165 billion in July.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 0.86% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond hit its strongest level in almost three years in early deals on Friday, as the yield slipped 2 basis points to 8.985%.</p>



<p>(Reporting by Tannur Anders; Editing by Andrew Heavens)</p>


South African Rand coins are seen in this photo illustration

South African rand stable, focus on US jobs data


<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="(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, Sept 6 (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>*Seychelles and Mauritius&#8217; statistics offices are due to release their respective consumer inflation data for August.</p>



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



<p>Asian shares clung to tight ranges and the dollar nursed losses on Friday, with investors on tenterhooks ahead of U.S. jobs data that could decide the size and speed of coming rate cuts in the world&#8217;s largest economy.</p>



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



<p>Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data.</p>



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



<p>The South Africa rand extended gains on Thursday as risk sentiment improved on bets for a deeper interest rate cut this month in the United States, analysts said.</p>



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



<p>The Kenyan and Ugandan shillings are expected to hold steady against the dollar in the next week to Thursday, while Ghana&#8217;s cedi and Zambia&#8217;s kwacha could fall, traders said.</p>



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



<p>Nigeria&#8217;s state-oil firm will supply the Dangote Oil refinery a total of 13 crude cargoes in October to ease pressure on local gasoline supply, head of the firm&#8217;s downstream operations said on Thursday.</p>



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



<p>The Kenyan shilling  eased slightly on Thursday due to increased importer demand for dollars that outstripped supply from remittances, tea exporters and telecommunications companies, traders said.</p>



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


African Markets – Factors to watch on Sept 6


<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="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Friday.</p>



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



<p>The South African Reserve Bank will publish data on the country&#8217;s foreign reserves for August.</p>



<p>South Africa&#8217;s government will holds it weekly auction of inflation-linked bonds.</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>African Rainbow Minerals (ARM) said on Friday its annual profit declined 43%, hit mainly by weaker prices for platinum group metals and coal.</p>



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



<p>The South Africa rand extended gains on Thursday as risk sentiment improved on bets for a deeper interest rate cut this month in the United States, analysts said.</p>



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



<p>Asian shares clung to tight ranges and the dollar nursed losses on Friday, with investors on tenterhooks ahead of U.S. jobs data that could decide the size and speed of coming rate cuts in the world&#8217;s largest economy.</p>



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



<p>The benchmark S&amp;P 500 index and the Dow ended lower in choppy trading on Thursday after a short-lived boost from a string of economic reports faded and investors eyed key jobs data due on Friday. The Nasdaq finished slightly higher.</p>



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



<p>Gold held below a one-week high on Friday and was on track for a weekly gain, as market participants focussed on U.S. jobs data that could shape the size of an expected rate cut this month. </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; Justice minister Thembi Simelane to state her case over VBS claims</p>



<p>&#8211; Many moving parts but Treasury ‘still intends to meet fiscal targets’</p>



<p>&#8211; SA bonds rally as GNU helps brighten outlook</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 6


<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.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, 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>Q2 current account data</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South Africa&#8217;s Harmony Gold increased its dividend on Thursday as it reported a 132% jump in annual profit, boosted by higher gold production, better grades and record prices.</p>



<p>South African insurer Sanlam  will report its half-year results.</p>



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



<p>The South African rand strengthened against a weaker dollar on Wednesday, after U.S. jobs data showed a softening labour market.</p>



<p>On the stock market, the Top-40 index closed 0.37% lower.</p>



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



<p>Asian share markets tried to regain their footing on Thursday after a steep sell-off, while a rally in Treasuries dented the dollar and lifted the yen as U.S. economic worries raised the odds of the Federal Reserve going big on rate cuts.</p>



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



<p>U.S. stocks finished slightly lower in choppy trading on Wednesday following labor market data and comments from a Federal Reserve official that bolstered the case for an interest rate cut.</p>



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



<p>Gold was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month.</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; Rich South Africans flock to Portugal for stability</p>



<p>&#8211; IMF adopts a more upbeat tone on SA</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 5


<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="(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, Sept 5 (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-global-markets">GLOBAL MARKETS</h2>



<p>Asian share markets tried to regain their footing on Thursday after a steep sell-off, while a rally in Treasuries dented the dollar and lifted the yen as U.S. economic worries raised the odds of the Federal Reserve going big on rate cuts.</p>



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



<p>Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns.</p>



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



<p>The South African rand strengthened against a weaker dollar on Wednesday, after U.S. jobs data showed a softening labour market.</p>



<h2 class="wp-block-heading" id="h-china-africa-debt">CHINA AFRICA DEBT</h2>



<p>A China-Africa summit in Beijing this week takes place as a continent slowly emerging from a series of defaults seeks to define its future cooperation with the Asian nation that partly fuelled its debt binge and now faces its own economic headwinds.</p>



<h2 class="wp-block-heading" id="h-china-africa-financing">CHINA AFRICA FINANCING</h2>



<p>Chinese President Xi Jinping on Thursday pledged $51 billion in fresh financing to Africa, support for 30 infrastructure projects across the resource-rich continent, and promised to create at least 1 million jobs.</p>



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



<p>Kenya&#8217;s shilling firmed slightly against the dollar on Wednesday, LSEG data showed.</p>



<h2 class="wp-block-heading" id="h-kenya-private-sector-activity">KENYA PRIVATE SECTOR ACTIVITY</h2>



<p>Kenya&#8217;s private sector activity picked up in August as firms recovered from disruption caused by anti-government protests the previous month, a survey showed on Wednesday.</p>



<h2 class="wp-block-heading" id="h-mtn-cameroon">MTN CAMEROON</h2>



<p>The Cameroon subsidiary of South African mobile operator MTN Group said late on Tuesday it won&#8217;t exit the country despite the seizure of its bank accounts since 2022 under a Cameroon court order.</p>



<h2 class="wp-block-heading" id="h-mauritius-china-currency-swap">MAURITIUS CHINA CURRENCY SWAP</h2>



<p>Mauritius and China&#8217;s central banks have signed a three-year currency swap agreement worth 13 billion Mauritian rupees or 2 billion Chinese yuan (about $281 million), the Bank of Mauritius said on Wednesday.</p>



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


African Markets – Factors to watch on Sept 5


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-820x547.jpg" alt="" class="wp-image-527088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CXVAOPAQTVLKREUIGTWRSKEOGU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s President Xi Jinping and his wife Peng Liyuan pose with Secretary-General of the United Nations Antonio Guterres for a photography during a reception at the Forum on China-Africa Cooperation (FOCAC) in the Great Hall of the People in Beijing, China, 04 September 2024.  ANDRES MARTINEZ CASARES/Pool via REUTERS</figcaption></figure>



<p>BEIJING, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;African countries&#8217; inadequate access to debt relief and scarce resources is a recipe for social unrest, United Nations Secretary-General Antonio Guterres said on Thursday, proposing fresh reforms to the international financial architecture.</p>



<p>A growing debt crisis across the 1 billion-strong continent has seen a conflagration of civil unrest in recent months, after protests in Kenya, where police clashed with demonstrators rallying against proposed tax hikes, inspired people to take to the streets in Nigeria and Uganda over the cost of living.</p>



<p>African nations have been seeking to restructure their debts through a rework architecture designed by the G20 called the &#8216;Common Framework,&#8217; but the scheme did not as expected expedite talks between a myriad of leaders from Chinese state-owned banks to London-based asset managers and New York banks.</p>



<p>Zambia in June became the first country to successfully restructure its debt through the scheme, more than three years after it defaulted on its loans.</p>



<p>Guterres told a major China-Africa cooperation summit in Beijing that Africa&#8217;s debt &#8220;situation is unsustainable and a recipe for social unrest&#8221;.</p>



<p>&#8220;They have no access to effective debt relief, scarce resources, and clearly insufficient concessional funding to respond to the basic needs of their population,&#8221; he said.</p>



<p>Guterres proposed &#8220;deep reforms to the outdated, ineffective and unfair international financial architecture&#8221; and further stimulus &#8220;to provide developing countries with the liquidity they need while seeking medium- and long-term solutions.&#8221;</p>



<p>Beijing, the world&#8217;s biggest bilateral lender, is hosting 50 African nations for the ninth Forum on China-Africa Cooperation Summit this week, at which China&#8217;s President Xi Jinping pledged 360 billion yuan ($50.70 billion) in fresh financing to the continent over the next three years.</p>



<p>China approved loans worth $4.61 billion to Africa last year, the first annual increase since 2016.</p>



<p>Guterres praised China&#8217;s initiatives across Africa and said they could drive a &#8220;renewable energy revolution&#8221; and &#8220;be a catalyst for key transitions on food systems and digital connectivity.&#8221;</p>



<p>Angola&#8217;s finance minister on Tuesday told Reuters that Luanda was considering proposals from Beijing, Brussels and elsewhere, with a view to quickly securing funds to help bring down inflation and do more through public-private partnerships.</p>



<p>($1 = 7.1005 Chinese yuan renminbi)</p>



<p>(Reporting by Joe Cash; Editing by Jacqueline Wong and Michael Perry)</p>


Forum on China-Africa Cooperation in Beijing

UN chief warns Africa’s inadequate access to debt relief is recipe for social unrest


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-820x547.jpg" alt="" class="wp-image-527085" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BZN7UA65UJPHFLAB6CZSRO237U-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s President Xi Jinping delivers a keynote speech at the opening ceremony of the ninth Forum on China-Africa Cooperation (FOCAC) Summit, at the Great Hall of the People in Beijing, China September 5, 2024. REUTERS/Florence Lo</figcaption></figure>



<p>BEIJING, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;President Xi Jinping pledged on Thursday to step up China&#8217;s support to the world&#8217;s fastest-growing continent with funding of nearly $51 billion, backing for more infrastructure initiatives and a promise to create at least 1 million jobs.</p>



<p>The world&#8217;s biggest two-way lender, Beijing showed a desire to move away from funding big-ticket infrastructure and focus instead on selling to developing economies the advanced and green technologies in which Chinese firms have invested heavily.</p>



<p>Still, Xi told delegates from more than 50 African nations that the world&#8217;s second-largest economy would carry out 30 infrastructure projects across the resource-rich continent, and offer 360 billion yuan ($50.70 billion) in financial assistance.</p>



<p>&#8220;China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment,&#8221; Xi told delegates at a major China-Africa summit in Beijing.</p>



<p>He called for &#8220;a China-Africa network featuring land-sea links and co-ordinated development,&#8221; as he told Chinese contractors to return to the 1-billion-strong continent, after the lifting of COVID-19 curbs that disrupted its schemes.</p>



<p>Last year, China approved loans worth $4.61 billion to Africa, in the first annual increase since 2016.</p>



<p>Xi said 210 billion yuan of the financing pledge would be disbursed through credit lines and at least 70 billion in fresh investment by Chinese companies, with smaller amounts provided through military aid and other projects.</p>



<p>The Forum on China-Africa Cooperation Summit, held this year in the Chinese capital, chalks out a three-year programme for China and every African state bar Eswatini, which retains ties to Taiwan.</p>



<p>Besides 30 infrastructure connectivity projects, Xi added, &#8220;China is ready to launch 30 clean energy projects in Africa,&#8221; offering to co-operate on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.</p>



<p>But the Chinese leader did not reiterate his pledge at the 2021 forum in Dakar for the Asian giant to buy $300 billion worth of African goods, pledging only to unilaterally expand market access.</p>



<p>Analysts say Beijing&#8217;s phytosanitary rules for market access are too strict, making China unable to meet that promise.</p>



<p>&#8220;We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial co-operation for the benefit of trans-regional development in Africa,&#8221; Xi added.</p>



<p>($1=7.0976 Chinese yuan renminbi)</p>



<p>(Reporting by Laurie Chen; Writing by Joe Cash; Editing by Jacqueline Wong and Michael Perry)</p>


China offers Africa $51 bln in fresh funding, promises a million jobs


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Sept 4 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was weaker in early trade on Wednesday, as markets awaited U.S. jobs data for clues on the interest rate path in the world&#8217;s biggest economy.</p>



<p>At 0626 GMT, the rand traded at 18.0025 against the dollar, about 0.17% weaker than its previous close.</p>



<p>&#8220;The USD-ZAR now looks to be targeting the 18.0000 handle once more. Whether it sustains a break above that level will depend on the market reaction to the U.S. data scheduled for release in the upcoming session,&#8221; ETM Analytics said in a research note.</p>



<p>U.S. job openings data is expected on Wednesday and could hint at the Federal Reserve&#8217;s interest rate path for this year.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers in addition to local factors.</p>



<p>Local investors will look to the S&amp;P Global South Africa Purchasing Managers&#8217; Index for August on Wednesday for hints on the health of Africa&#8217;s most industrialised economy.</p>



<p>Data on Tuesday showed South Africa&#8217;s second-quarter economic growth was slightly weaker than expected.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 1.5 basis points to 9.2%.</p>



<p>(Reporting by Tannur Anders; Editing by Andrew Heavens)</p>


South African rand softens ahead of US jobs 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-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 4 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, and equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>S&amp;P Global Whole Economy PMI for August</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South African upmarket fashion and food retailer Woolworths reported a 16.8% decline in full-year headline earnings on weak sales, as higher living costs continue to weigh on discretionary spend.</p>



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



<p>The South African rand weakened on Tuesday after data showed the country&#8217;s second-quarter economic growth was slightly weaker than expected.</p>



<p>On the stock market, the Top-40 index closed 1.6% lower.</p>



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



<p>Asian shares and global stock futures tumbled on Wednesday, led by a heavy decline in technology names and as worries about the global growth outlook drove investors out of risky assets, while oil prices hit multi-month lows. </p>



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



<p>U.S. stocks slumped on Tuesday, at the start of one of the market&#8217;s historically worst months, ahead of data likely to influence how much the Federal Reserve will lower interest rates. </p>



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



<p>Gold prices held steady on Wednesday as investors braced for a monthly U.S. payrolls report that could influence how swiftly and deeply the Federal Reserve cuts interest rates this year.</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; ‘Worst is probably behind us’ after modest lift in GDP</p>



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



<p>&#8211; MPs stunned as Post Office warns of liquidation within a month without R4bn bailout</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 4


<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="(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, Sept 4 (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-global-markets">GLOBAL MARKETS</h2>



<p>Asian shares and global stock futures tumbled on Wednesday, led by a heavy decline in technology names and as worries about the global growth outlook drove investors out of risky assets, while oil prices hit multi-month lows.</p>



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



<p>Oil prices fell on Wednesday, extending a plunge of more than 4% the previous day, on expectations that a political dispute halting Libyan exports could be resolved and concerns over lower global demand growth.</p>



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



<p>The South African rand weakened on Tuesday after data showed the country&#8217;s second-quarter economic growth was slightly weaker than expected.</p>



<h2 class="wp-block-heading" id="h-nigeria-china-investments">NIGERIA CHINA INVESTMENTS</h2>



<p>China vowed to encourage its more &#8220;powerful&#8221; companies to invest in Nigeria, which in turn said it was open to Chinese companies building factories and developing its energy and mineral resources, after the two nations&#8217; leaders met in Beijing.</p>



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



<p>Kenya&#8217;s shilling was unchanged on Tuesday, and traders said it was expected to strengthen, helped by tea export dollar inflows.</p>



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



<p>Uganda&#8217;s main opposition leader Bobi Wine, who has emerged as the most formidable opponent of veteran President Yoweri Museveni, was shot in the leg by security agents in a northern suburb of the capital Kampala on Tuesday, his party said.</p>



<h2 class="wp-block-heading" id="h-ethiopia-airline">ETHIOPIA AIRLINE</h2>



<p>Ethiopian Airlines said on Tuesday it had suspended flights to neighbouring Eritrea because its bank account there was frozen.</p>



<h2 class="wp-block-heading" id="h-angola-china-financing">ANGOLA CHINA FINANCING</h2>



<p>China needs to step up its financing for Angola if the African nation is to absorb more Chinese-made goods from solar panels to electric cars, Angola&#8217;s finance minister said on Tuesday, as the former OPEC member considers vying bids from Beijing and Europe.</p>



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


African Markets – Factors to watch on Sept 4


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-820x550.jpg" alt="" class="wp-image-526731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-1536x1030.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/ZVSRSPYVAZJG3FTZT47LLKO4HQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s President Xi Jinping attends Shanghai Cooperation Organization (SCO) summit in Astana, Kazakhstan July 4, 2024. REUTERS/Turar Kazangapov/File Photo</figcaption></figure>



<p>BEIJING, Sept 4 (Reuters) &#8211; China&#8217;s President Xi Jinping will open the ninth Forum on China-Africa Cooperation Summit on Thursday, where he is expected to urge African leaders gathered in Beijing to absorb more Chinese goods in exchange for pledges of loans and investment.</p>



<p>The three-yearly forum officially kicks off today with a welcome dinner for the 50 African nations in attendance and will close on Friday, after negotiations over cooperation documents setting the course of China-Africa relations up until 2027.</p>



<p>China approved loans worth $4.61 billion to Africa last year, the first annual increase since 2016.</p>



<h2 class="wp-block-heading" id="h-what-is-china-s-pitch">WHAT IS CHINA&#8217;S PITCH?</h2>



<p>The world&#8217;s biggest bilateral lender wants to slim down its investment portfolio and re-align its relations with developing economies around Xi&#8217;s new mantra of &#8220;small and beautiful projects,&#8221; instead of big-ticket infrastructure.</p>



<p>Infrastructure appeared only once in Xi&#8217;s address to the last summit in Dakar in 2021, where he pledged to support 10 projects to improve the interconnectivity of African states.</p>



<p>On Thursday, analysts anticipate the Chinese leader to talk up the competitiveness of its green technologies, which the U.S. and Europe maintain it has overcapacity in, and Beijing needs to find buyers for, as well as technology transfer schemes and more people-to-people exchanges.</p>



<p>China could also pledge to increase the amount availabe to African central banks and businesses through credit lines, after committing $10 billion dollars at the last summit, in addition to support in developing digital finance and e-payment systems.</p>



<h2 class="wp-block-heading" id="h-what-do-the-african-delegates-want">WHAT DO THE AFRICAN DELEGATES WANT?</h2>



<p>African leaders will be looking for quicker financing solutions to a growing debt crisis across the continent in the Beijing Action Plan of the Forum on China-Africa Cooperation for 2025-2027, as well as fresh job-creating investment pledges and assurances projects proposed in Dakar will be completed.</p>



<p>South Africa&#8217;s president on Monday told Xi he wanted to narrow his country&#8217;s trade deficit with China, an aspiration almost all African states share, which leaders will be hoping Beijing responds to with better terms for their agricultural and natural resources exports.</p>



<p>Delegates will also be looking for assurance that a pledge from the 2021 summit that China would buy $300 billion worth of African goods will be met.</p>



<p>Analysts say Beijing&#8217;s phytosanitary market access barriers are too strict, preventing African food exporters from selling into the 1.4 billion strong consumer market.</p>



<p>Over the course of the week, African leaders have also been meeting Chinese firms to encourage them to set up manufacturing hubs in their countries, to help move their industrial sectors up the value chain.</p>



<h2 class="wp-block-heading" id="h-what-happens-in-beijing">WHAT HAPPENS IN BEIJING?</h2>



<p>On Tuesday, China&#8217;s foreign and commerce ministers met with delegates at Beijing&#8217;s Diaoyutai State Guesthouse to begin discussions over two documents: the action plan for 2024-2027 and a report on the implementations of the last summit in Dakar.</p>



<p>The two documents will be finalised and signed off by all delegates by the end of the summit.</p>



<p>African and Chinese negotiating teams have been meeting at least twice a year since the last forum, but the in-person meeting presents presidents with a chance to personally involve themselves in the negotiations.</p>



<p>A procession of presidents has passed through Beijing&#8217;s Great Hall of the People in the days leading up to the summit, with Xi having already met more than 20 heads of state, according to Chinese state media.</p>



<p>This year&#8217;s forum is the first in-person summit since COVID, with the Dakar meeting taking place largely online, and Chinese and African leaders alike are using the gathering to hold various bilateral meetings.</p>



<p>(Reporting by Joe Cash; Editing by Michael Perry)</p>


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