
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1152" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w, 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-1-2-820x461.jpg 820w, 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" sizes="(max-width: 2048px) 100vw, 2048px" /><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, June 20 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged lower early on Thursday, as investors turned cautious ahead of newly re-elected President Cyril Ramaphosa&#8217;s cabinet appointments under a unity government.</p>



<p>At 0726 GMT, the rand traded at 17.9850 against the dollar, 0.15% weaker than its previous close.</p>



<p>The local currency had strengthened to a near 11-month high of 17.9200 on Wednesday after five political parties joined the African National Congress last week in forming a government of national unity, after it lost its absolute majority in general election.</p>



<p>&#8220;Markets will now be watching President Ramaphosa&#8217;s cabinet appointments with interest,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>There is no major economic data due in South Africa till next Thursday when Statistics South Africa will release monthly producer inflation figures.</p>



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



<p>South Africa&#8217;s benchmark 2030 government bond was weaker, with the yield up 4 basis points at 9.785%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Shinjini Ganguli)</p>


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

South African rand edges lower, focus on president’s cabinet picks


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1254" height="836" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w" sizes="(max-width: 1254px) 100vw, 1254px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



<p>JOHANNESBURG, June 20 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Thursday.</p>



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



<p>South Africa&#8217;s rand strengthened on Wednesday, following the release of local inflation figures and the inauguration of President Cyril Ramaphosa for a second term.</p>



<p>On the stock market, the Top-40 index closed1.28% higher.</p>



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



<p>Asian stocks took a breather on Thursday, hovering near their highest in two years as traders waited for more U.S. policy clues, while sterling was steady before a Bank of England meeting where rates are expected to remain unchanged.</p>



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



<p>The S&amp;P 500 and Nasdaq closed at record highs on Tuesday, buoyed by Nvidia&#8217;s continued surge to new peaks, while the Dow ended barely higher in subdued pre-holiday trading following softer-than-expected U.S. retail sales data.</p>



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



<p>Gold prices climbed to their highest level in two weeks on Thursday as softer U.S. economic data increased the likelihood of interest rate cuts from the Federal Reserve 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; Health Funders Association hoping for NHI rethink under new government</p>



<p>&#8211; Trustco slapped with punitive costs in battle with JSE</p>



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


Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

South African Markets – Factors to watch on June 20


<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>June 20 (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>Kenyan citizens are due to hold protests in Nairobi and at least three other towns to reject the country&#8217;s proposed 2024 finance law.</p>



<p>The trial of Binance and its two executives on charges of laundering more than $35 million continues in a court in Nigerian capital Abuja.</p>



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



<p>Asian stocks took a breather on Thursday, hovering near their highest in two years as traders waited for more U.S. policy clues, while sterling was steady before a Bank of England meeting where rates are expected to remain unchanged.</p>



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



<p>Brent oil futures were little changed in Asia on Thursday, hovering slightly below seven-week highs, as the market weighed geopolitical developments in the Middle East while waiting for the upcoming U.S. inventory data.</p>



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



<p>South Africa&#8217;s rand strengthened on Wednesday, following the release of local inflation figures and the inauguration of President Cyril Ramaphosa for a second term.</p>



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



<p>The Kenyan shilling was stable on Wednesday, supported by the sale of dollars by the central bank and tepid demand for hard currency, traders said.</p>



<h2 class="wp-block-heading" id="h-africa-development">AFRICA DEVELOPMENT</h2>



<p>Africa&#8217;s hope of reaching sustainable development goals by 2030 are &#8220;all but dead&#8221; amid an annual funding shortfall of around $1.3 trillion, according to a report by Sudanese-British billionaire businessman Mo Ibrahim&#8217;s foundation.</p>



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



<p>Nigerian energy firm Aiteo has shut down all oil production at its Nembe Creek facility, nearly 50,000 barrels per day of output, after detecting a leak, the company said on Wednesday.</p>



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



<p>At least five people, including three women and a girl, were killed in the bombardment of a town in eastern Congo&#8217;s North Kivu province on Wednesday, an army spokesperson said, accusing the M23 rebel group of the attack.</p>



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



<p>Separatist leader Nnamdi Kanu is willing to negotiate with the Nigerian government over his continued detention and trial on terrorism charges, his lawyer said on Wednesday.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on June 20


<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>June 19 (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>A terrorism trial of Nigerian separatist leader Nnamdi Kanu begins in the capital Abuja.</p>



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



<p>Asian shares rose to their highest in three weeks on Wednesday, buoyed by a rally in tech stocks, while the dollar wobbled after soft U.S. retail sales data reinforced expectations of the Federal Reserve cutting rates later this year.</p>



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



<p>Oil prices held steady during trade on Wednesday, as the market weighed concerns over escalating conflict in Europe and the Middle East with demand worries following an unexpected build in U.S. crude inventories.</p>



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



<p>South African assets gained on Tuesday, building on momentum after unity government members were confirmed last week and ahead of talks by U.S. Federal Reserve officials later in the day.</p>



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



<p>The Kenyan shilling was flat against the dollar on Tuesday, LSEG data showed.</p>



<h2 class="wp-block-heading" id="h-sudan-security">SUDAN SECURITY</h2>



<p>Sudan and the United Arab Emirates clashed at the U.N. Security Council on Tuesday over accusations by the army-aligned Sudanese government that the UAE is providing weapons and support to a rival warring party in the country&#8217;s 14-month long conflict.</p>



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



<p>Ghana&#8217;s economy grew 4.7% year-on-year in the first quarter of 2024, the country&#8217;s statistics agency said on Tuesday.</p>



<h2 class="wp-block-heading" id="h-niger-security">NIGER SECURITY</h2>



<p>An armed group opposed to Niger&#8217;s ruling junta disabled a section of the country&#8217;s PetroChina-funded 601857.SS crude oil pipeline in an attack on Sunday night, it said in a statement.</p>



<h2 class="wp-block-heading" id="h-chad-blast">CHAD BLAST</h2>



<p>A fire at a military ammunition depot in Chad&#8217;s capital N&#8217;Djamena triggered a series of blasts on Tuesday night, Foreign Affairs Minister Koulamallah Abderaman said, with witnesses saying at least one person was killed and several wounded.</p>



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


African Markets – Factors to watch on June 19


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



<p>JOHANNESBURG, June 18 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, 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>The Johannesburg Stock Exchange will release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.</p>



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



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



<p>Telkom, South Africa&#8217;s third-biggest telecom company, said on Tuesday its headline earnings jumped 201% in the full-year to March.</p>



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



<p>South Africa&#8217;s rand gained on Friday after the Democratic Alliance said a deal had been struck with the African National Congress to form a unity government.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed around 0.7% stronger. South Africa&#8217;s benchmark 2030 government bond was flat at 10.125%.</p>



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



<p>Asian stocks tracked Wall Street higher on Tuesday ahead of a chorus of Federal Reserve officials due to speak later in the day, while the Australian dollar held steady after its central bank offered few surprises in its policy decision.</p>



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



<p>The S&amp;P 500 and Nasdaq scored record closing highs on Monday as technology shares rallied on enthusiasm over artificial intelligence ahead of this week&#8217;s economic data and Federal Reserve officials&#8217; speeches that could shed light on monetary policy.</p>



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



<p>Gold prices edged higher on Tuesday as Treasury yields eased, with market participants awaiting U.S. data and comments from Federal Reserve officials for more clarity on the central bank&#8217;s roadmap for interest rate cuts. </p>



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



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



<p>BUSINESS DAY</p>



<p>&#8211; Surge of optimism boosts stocks as cabinet haggling begins</p>



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


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on June 18


<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>June 18 (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>Ivory Coast&#8217;s President Alassane Ouattara is scheduled to address the upper and lower houses of parliament, raising expectations he may clarify whether he plans to contest the 2025 election.</p>



<p>Kenyan citizens are expected to gather at the parliament for a protest, dubbed &#8220;Occupy Parliament&#8221;, to implore lawmakers to reject a proposed finance law, called Finance Bill 2024.</p>



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



<p>Asian stocks tracked Wall Street higher on Tuesday ahead of a chorus of Federal Reserve officials due to speak later in the day, while the Australian dollar held steady and domestic shares rose ahead of the country&#8217;s interest rate decision.</p>



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



<p>Oil prices edged down in Asian trade on Tuesday, after posting gains in the previous session, as markets remained cautious about global demand growth prospects amid expectations of stronger supplies.</p>



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



<p>Ghana will start purchases from the cocoa light crop on Friday, maintaining the price it pays farmers at 33,120 cedi ($2,215) per metric ton, the country&#8217;s Cocobod regulator said on Sunday.</p>



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



<p>Mainly above-average rains last week in most of Ivory Coast&#8217;s major cocoa regions augur well for a strong finish of the April-to-September mid-crop, farmers said on Monday.</p>



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


African Markets – Factors to watch on June 18


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-820x547.jpg" alt="ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions" class="wp-image-365501" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/shutterstock_392452534_ZAR-spread_cu-1024x683-1.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions</figcaption></figure>



<p>JOHANNESBURG, June 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was slightly stronger in early trade on Tuesday, building on gains after unity government members were confirmed last week and ahead of talks by U.S. Federal Reserve officials later in the day.</p>



<p>At 0641 GMT, the rand traded at 18.2350 against the dollar, about 0.15% stronger than its previous close.</p>



<p>South Africa&#8217;s National Assembly sat for the first time on Friday after last month&#8217;s election. Cyril Ramaphosa of the African National Congress (ANC) was re-elected as president.</p>



<p>Five political parties have signed up to join a government of national unity after the ANC lost its majority in the vote, including the pro-business Democratic Alliance which is favoured by markets.</p>



<p>&#8220;The formation of a government of national unity is being liked by investors as the new government sets a platform for accelerated infrastructure and other reforms, to get the economy back on track after years of low growth and high unemployment,&#8221; Rand Merchant Bank analysts said in a research note.</p>



<p>Traders will on Tuesday look for hints from Fed officials on the future interest rate path of the world&#8217;s biggest economy.</p>



<p>Like other emerging market economies, the risk-sensitive rand often takes cues from global factors.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 3 basis points to 10.095%.</p>



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


ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

South African rand extends gains after unity government confirmed, Fed talks ahead


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1024" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1.jpg" alt="" class="wp-image-497710" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1.jpg 1024w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1-300x150.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1-820x410.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1-160x80.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/AFREXIMBANK-HQ-scaled-1-768x384.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



<p>LONDON, (Reuters) &#8211; Some of Africa&#8217;s smaller multilateral development banks, including the Africa Export-Import Bank (Afrexim) and the Trade and Development Bank (TDB), could be stripped of their Preferred Credit Status, JPMorgan analysts warned.</p>



<p>Preferred Creditor Status (PCS) is a widely accepted principle under which MDBs are given priority for repayment of debt when a country or company they have lent to experiences financial stress.</p>



<p>It is at the heart of why the banks are able to provide cheaper financing to developing countries. However, larger MDBs have suggested that some smaller regional ones, especially in Africa, may not provide enough concessional loans to justify the privilege.</p>



<p>It is something that has been source of tension in debt restructurings taking place in Zambia, Ghana and Malawi where there is uncertainty about what happens to the loans Afrexim, TDB and others have provided to the countries.</p>



<p>JPMorgan&#8217;s analysts said in a research note on Monday that it, &#8220;looks more likely to us now that PCS gets tested negatively in a few sovereign restructurings for smaller MDBs.&#8221;</p>



<p>&#8220;This could result in their claims being treated as part of overall restructured debt,&#8221; adding that if that was the case it would raise the riskiness of their bonds.</p>



<p>They estimated that TDB’s exposure to the governments of Malawi and Zambia was likely to be included in both countries debt restructurings.</p>



<p>Afrexim’s exposure to Ghana and Malawi&#8217;s governments is also at risk, although this is less certain with Ghana&#8217;s big official sector creditors reportedly wanting Afrexim to take losses but the government also approaching the IMF in support of the bank.&#8221;Taking this risk and banks’ loan concentrations in mind and also bond valuations, we position underweight Afrexim and TDB,&#8221; JPMorgan&#8217;s analysts said, underweight effectively being a recommendation to sell or avoid a bond.</p>



<p>Afrexim primarily makes direct loans to central banks, commercial banks and central governments. Its big shareholders include Nigeria&#8217;s government and Egypt&#8217;s central bank which both have a 15% stake but it has some private shareholders too.</p>



<p>TDB focuses on trade and project financing in Eastern and Southern Africa. The African Development Bank has a 9% shareholding. Egypt, Ethiopia, Kenya and Tanzania have 5-7% each and, like Afrexim, it has some private ownership as well.</p>



<p>(Reporting by Marc Jones; Editing by Sharon Singleton)</p>


AFREXIMBANK-HQ-scaled-1

Smaller African development banks Preferred Credit Status under threat, JPMorgan warns


<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, June 14 (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-global-markets">GLOBAL MARKETS</h2>



<p>Asian stocks fell on Friday as investors pondered the outlook for U.S. rates after the Federal Reserve tempered its rate-cut views even as inflation came in softer than expected, while the yen was shaky before the Bank of Japan&#8217;s policy meeting.</p>



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



<p>Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand.</p>



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



<p>The South African rand edged lower on Thursday as talks to try to form a government of national unity continued.</p>



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



<p>The Kenyan shilling is forecast to firm against the dollar over the next week to Thursday while Ghana&#8217;s cedi is expected to weaken and Zambia&#8217;s kwacha to hold steady, traders said.</p>



<h2 class="wp-block-heading" id="h-nigeria-world-bank">NIGERIA WORLD BANK</h2>



<p>The World Bank has approved a total of $2.25 billion loan for Nigeria to help stabilise its economy following reforms and scale up support for the poor, it said in a statement on Thursday.</p>



<h2 class="wp-block-heading" id="h-nigeria-dangote-refinery">NIGERIA DANGOTE REFINERY</h2>



<p>Nigerian billionaire Aliko Dangote says his petroleum refinery on the outskirts of Lagos owes $2.7 billion in loans taken out to help build the 650,000 barrels per day plant.</p>



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



<p>Kenya&#8217;s shilling was steady on Thursday and was expected to gain ground, helped by dollar inflows from the agriculture and tourism sectors, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-budget">KENYA BUDGET</h2>



<p>Kenya&#8217;s 2024/25 budget aims to tackle the country&#8217;s debt while protecting its fragile economic recovery, with growth estimated at 5.5% in 2024 and 2025, Finance Minister Njuguna Ndung&#8217;u said on Thursday.</p>



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



<p>Uganda hopes to limit rising debt by focusing on concessional borrowing and curbing commercial loans next fiscal year, its finance minister said on Thursday, after a credit rating downgrade last month.</p>



<h2 class="wp-block-heading" id="h-tanzania-budget">TANZANIA BUDGET</h2>



<p>Tanzania&#8217;s budget will rise 11.2% to 49.35 trillion Tanzanian shillings ($18.90 billion) in the 2024/25 financial year starting in July, largely aimed to help the government service its debts, the finance minister said on Thursday.</p>



<h2 class="wp-block-heading" id="h-burundi-budget">BURUNDI BUDGET</h2>



<p>Burundi&#8217;s budget will rise 15.9% to 4.4 trillion Burundi francs ($1.5 billion) in the 2024/25 financial year starting in July, largely because of the unfreezing of civil servants&#8217; salary bonuses, Finance Minister Audace Niyonzima said on Thursday.</p>



<h2 class="wp-block-heading" id="h-rwanda-politics">RWANDA POLITICS</h2>



<p>Rwanda has named statistics official Yusuf Murangwa as its new finance minister, Prime Minister Edouard Ngirente said, while the foreign minister will be Olivier Nduhungirehe, its ambassador to the Netherlands.</p>



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



<p>Ghana and its bondholders will restart talks next week to hash out a debt restructuring deal on $13 billion of international bonds, four sources told Reuters, on the heels of a deal finalised with official creditors earlier this week.</p>



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



<p>Ivory Coast&#8217;s cocoa regulator has suspended purchase and export of cocoa beans for the month of June, sources said on Thursday, in a bid to retain sufficient stock for local grinders to keep their factories running.</p>



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


African Markets – Factors to watch on June 14


<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, June 13 (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>*Kenya, Tanzania and Uganda finance ministers present their respective 2024/25 (July-June) fiscal budgets to their parliaments.</p>



<p>*Tanzania&#8217;s finance minister presents to parliament a report giving details of its 2023 economic performance.</p>



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



<p>Asian equities rallied on Thursday, while bond yields slid, as investors weighed cooling U.S. inflation against a more hawkish posture by the Federal Reserve.</p>



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



<p>Oil prices fell in early trade on Thursday as investors digested news that the U.S. Federal Reserve has opted against cutting interest rates in the near future, while ample U.S. crude and fuel stocks further weighed on the market.</p>



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



<p>The South African rand strengthened on Wednesday, as investors waited for collaboration signs between parties trying to form a government of national unity before lawmakers&#8217; swearing in on Friday.</p>



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



<p>Nigeria&#8217;s President Bola Tinubu said on Wednesday economic reforms would continue despite increasing hardships that have fuelled public anger, and promised to send an executive bill to parliament soon to set a new minimum wage.</p>



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



<p>Singapore, Asia&#8217;s oil hub, will be receiving this week its first low-sulphur straight-run fuel oil (LSSR) cargo exported from Nigeria&#8217;s new Dangote refinery, according to ship-tracking data and market sources.</p>



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



<p>Kenya&#8217;s shilling gained ground on Wednesday, boosted by dollar inflows from tea exporters and low importer hard-currency demand, traders said.</p>



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



<p>Ghana&#8217;s cocoa output is expected to rebound strongly next season to over 800,000 metric tons, the cocoa regulator&#8217;s chief executive said on Wednesday.</p>



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



<p>Ghana&#8217;s finance ministry said on Wednesday it has finalised a pact with the official creditor committee to formalise a debt restructuring deal agreed in January, smoothing the path to a new funding tranche from the International Monetary Fund.</p>



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



<p>Zambia will set up a new entity for investment and trading in minerals as it seeks to earn more from its natural resources, the Cabinet said on Wednesday after giving its approval.</p>



<h2 class="wp-block-heading" id="h-botswana-mining">BOTSWANA MINING</h2>



<p>Chinese miner MMG Ltd will invest $700 million to double production at Botswana&#8217;s Khoemacau copper mine as part of a growth strategy to secure the critical metal, an official said on Wednesday.</p>



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


African Markets – Factors to watch on June 13


<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, June 12 (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 were subdued on Wednesday after data showed China&#8217;s consumer prices still remained soft, while the dollar held firm ahead of a key U.S. inflation report and Federal Reserve policy decision that would set the near-term course for interest rates.</p>



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



<p>Oil prices ticked higher on Wednesday amid upbeat global demand views from the U.S. Energy Information Administration and OPEC, reinforced by industry data showing U.S. crude oil inventories fell more than expected last week.</p>



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



<p>The South African rand gained on Tuesday, as political parties continued talks to try and form a government of national unity in the country, days away from the first sitting of lawmakers.</p>



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



<p>Nigeria&#8217;s state firm NNPC has signed an agreement with Golar LNG to deploy a floating liquefied natural gas (LNG) vessel off the coast of its oil-rich Niger Delta, NNPC said on Tuesday.</p>



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



<p>Singapore-based consumer group Tolaram on Tuesday agreed to buy Diageo&#8217;s 58.02% shareholding in Guinness Nigeria and enter into long-term licence and royalty agreements, the Nigerian brewer said in a statement.</p>



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



<p>Kenya&#8217;s shilling was unchanged on Tuesday, with dollar inflows from tea, coffee and horticulture exports expected to strengthen it in the coming days, traders said.</p>



<h2 class="wp-block-heading" id="h-ethiopia-budget">ETHIOPIA BUDGET</h2>



<p>Ethiopia&#8217;s budget deficit is estimated at 2.1% of gross domestic product next fiscal year, the East African country&#8217;s finance minister Ahmed Shide said on Tuesday.</p>



<h2 class="wp-block-heading" id="h-malawi-vice-president">MALAWI VICE PRESIDENT</h2>



<p>Malawi&#8217;s Vice President Saulos Klaus Chilima and nine others, including former first lady Shanil Dzimbiri, were killed when the military plane they were travelling in crashed, President Lazarus Chakwera said on Tuesday.</p>



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


African Markets – Factors to watch on June 12


<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, June 11 (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-global-markets">GLOBAL MARKETS</h2>



<p>Asian stocks traded in a narrow range on Tuesday, as investors pondered fresh political uncertainty in European markets after right-wing gains in elections and a snap poll in France revived concerns about the cohesion of the bloc.</p>



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



<p>Oil prices traded lower on Tuesday, as investors waited for key U.S. inflation data and the outcome of the Federal Reserve&#8217;s policy meeting to glean a clearer picture of where inflation is heading, and how that will affect fuel demand.</p>



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



<p>The South African rand strengthened on Monday, as focus remained on talks between political parties on forming a government of national unity in the country.</p>



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



<p>Kenya&#8217;s shilling was stable on Monday, as importers from the manufacturing sector held off from buying dollars as they anticipate that the local currency will strengthen, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



<p>Kenya has reached a staff level agreement with the International Monetary Fund on Tuesday, the organisation said, paving the way for the disbursement of about $976 million.</p>



<h2 class="wp-block-heading" id="h-malawi-vice-president">MALAWI VICE PRESIDENT</h2>



<p>Malawi&#8217;s president Lazarus Chakwera said late on Monday that he had ordered that search and rescue operations continue until the plane carrying Vice President Saulos Klaus Chilima was found.</p>



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


African Markets – Factors to watch on June 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/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



<p>June 10 (Reuters)&nbsp;&#8211;&nbsp;Emerging market assets fell on Monday with political uncertainties preoccupying investors after a spate of elections, while U.S. inflation reports and Federal Reserve policy decisions topped this week&#8217;s watchlist.</p>



<p>The MSCI EM equities index and the currencies gauge slipped 0.3% each after last week&#8217;s gains. The Chinese stock market was shut due to a public holiday.</p>



<p>At the top of investors&#8217; radar is the Fed&#8217;s rate decision due on Wednesday, with a slew of inflation reports throughout the week further shaping the outlook for policy after last week&#8217;s hot&nbsp;jobs data&nbsp;pointed to a robust U.S. economy.</p>



<p>&#8220;High U.S. rates can also exacerbate capital flight out of EMs in favour of the U.S., which will further tighten local financial conditions. A significant number of EMs will be hoping the Fed starts to cut rates soon,&#8221; said Stuart Cole, head macro economist at Equiti Capital.</p>



<p>Mexico&#8217;s ruling Morena party and its allies won a super-majority in the lower house of Congress but not the Senate,&nbsp;falling just short&nbsp;of the two-thirds majority needed in both houses to change the constitution.</p>



<p>The Mexican peso inched up 0.3% against the dollar in early trade after logging its steepest weekly decline since March 2020.</p>



<p>In Central and Eastern Europe, official results reported by the media showed Polish Prime Minister Donald Tusk&#8217;s Civic Coalition (KO)&nbsp;came first in European Parliament elections.</p>



<p>The zloty was up 0.1% against the euro, which fell sharply on political uncertainty after French President Emmanuel Macron called a snap parliamentary election following his party&#8217;s big losses to the far right in the EU vote.</p>



<p>Hungarian Prime Minister Viktor Orban&#8217;s Fidesz party&nbsp;was on track&nbsp;for its worst result in a national vote in nearly two decades, where a political newcomer trounced all other opposition parties.</p>



<p>The forint fell 0.2%, leading losses among CEE peers, after Hungarian inflation spiked less than expected, keeping rate cut expectations alive.</p>



<p>&#8220;In CEE, the far right were kept in check and did not do as well as in some other EU states&#8230;The far right certainly made gains and are now more of a force to be reckoned with, but they did not do quite as well as had been feared,&#8221; Cole added.</p>



<p>Israeli minister&nbsp;Benny Gantz&nbsp;resigned from Prime Minister Benjamin Netanyahu&#8217;s emergency cabinet, withdrawing the only centrist grouping from the otherwise far-right coalition. While this won&#8217;t pose an immediate threat of a government collapse, it could leave Netanyahu reliant on hardliners, with no end in sight to the Gaza war and a possible escalation in tensions.</p>



<p>Narendra Modi was sworn in as India&#8217;s prime minister for a third term. Stocks were muted after recouping steep losses made on June 4 following a shock election setback.</p>



<p>(Reporting by Ankika Biswas in Bengaluru)</p>


Emerging markets assets slip after elections, Fed decision in spotlight


<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, June 10 (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>*Tanzania&#8217;s and Rwanda&#8217;s statistics offices are expected to release their respective consumer inflation data for May.</p>



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



<p>Asian stocks sank on Monday as traders heavily pared back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns and weighed on the euro.</p>



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



<p>Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday.</p>



<p>[O/R]</p>



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



<p>The South African rand gained on Friday, after the African National Congress (ANC) said it would seek to form a government of national unity following its failure to win a majority in last week&#8217;s election.</p>



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



<p>Kenya&#8217;s shilling &lt;KES=> gained ground against the dollar on Friday, as hard-currency demand waned and foreign investors bought the local unit to purchase short-term government debt, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-budget">KENYA BUDGET</h2>



<p>Kenya&#8217;s parliament has approved government spending of 4.00 trillion shillings ($31.01 billion) in the fiscal year that starts in July, up from the 3.75 trillion shillings it approved last June for the current fiscal year.</p>



<h2 class="wp-block-heading" id="h-african-development-bank">AFRICAN DEVELOPMENT BANK</h2>



<p>Africa needs quicker debt restructurings, more favourable lending terms and some $25 billion for the Africa Development Fund to avoid a lost decade, the head of its development bank said.</p>



<h2 class="wp-block-heading" id="h-mauritius-budget">MAURITIUS BUDGET</h2>



<p>Mauritius forecasts its budget deficit to drop to 3.4% of gross domestic product in 2024/25 from 3.9% in the fiscal year that ends in June, its finance minister said on Friday.</p>



<h2 class="wp-block-heading" id="h-ethiopia-budget">ETHIOPIA BUDGET</h2>



<p>Ethiopia&#8217;s cabinet on Friday approved a roughly 25% increase in its 2024/2025 budget, worth around one trillion birr ($17.51 billion), the Prime Minister&#8217;s office said.</p>



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



<p>Ghana and its official creditors have finalised core issues on a debt rework and will sign a draft memorandum of understanding very soon, two sources told Reuters, a key step required to access more International Monetary Fund financing.</p>



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


African Markets – Factors to watch on June 10


<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, June 7 (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>A financial sector trade union representing workers in banks, insurance companies and other businesses has called for a two-day protest strike following the arrest of its secretary-general.</p>



<p>Niger court will debate about a possible lifting of ousted President Mohamed Bazoum&#8217;s immunity and his incarceration.</p>



<p>The United States and Kenya are due to hold their sixth in-person negotiating round under the Strategic Trade and Investment Partnership (STIP) in Mombasa, Kenya.</p>



<p>Mauritius&#8217; Finance Minister Renganaden Padayachy is due to present the 2024/25(July-June) budget to parliament.</p>



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



<p>Asian stocks are set to snap a two-week losing streak on Friday after major central banks kick-started their rate easing cycle this week, adding to expectations the U.S. Federal Reserve could soon follow suit.</p>



<p>[MKTS/GLOB]</p>



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



<p>Oil prices ticked higher on Friday, as reassurances from OPEC+ members Saudi Arabia and Russia indicating readiness to pause or reverse output agreements, but markets were headed for their third straight weekly losses.</p>



<p>[O/R]</p>



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



<p>The Nigerian and Kenyan currencies are expected to fall over the next week to Thursday, while Zambia&#8217;s and Ghana&#8217;s are seen trading relatively stable and Uganda&#8217;s could gain, traders said.</p>



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



<p>South Africa&#8217;s rand was steady on Thursday, as markets awaited the outcome of a meeting between senior African National Congress (ANC) leadership figures on the future of the country&#8217;s government.</p>



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



<p>Kenya&#8217;s shilling gained ground on Thursday, helped by commercial banks selling off their long dollar positions, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-rates">KENYA RATES</h2>



<p>Kenya&#8217;s central bank held its benchmark lending rate at 13.0% on Wednesday, saying inflation was stable within its near-term target range, and it aimed to keep exchange rate stability.</p>



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



<p>Sudan&#8217;s army said on Thursday it would deliver a &#8220;harsh response&#8221; to an attack a day earlier on a village by the Sudanese paramilitary Rapid Support Forces that pro-democracy activists said killed more than 100 people.</p>



<h2 class="wp-block-heading" id="h-climate-change-africa">CLIMATE CHANGE AFRICA</h2>



<p>A group of 10 West African countries has weighed into a debate over whether companies around the world should be allowed to use carbon offsets to cut emissions, arguing they are critical to attracting financing for climate and conservation efforts.</p>



<h2 class="wp-block-heading" id="h-nigeria-fidelity-bank">NIGERIA FIDELITY BANK</h2>



<p>Nigeria&#8217;s Fidelity Bank said on Thursday it would raise up to 127.1 billion naira ($88 million) via a rights issue and a public share offering to comply with a new minimum capital requirement for local lenders introduced by the central bank in March.</p>



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


African Markets – Factors to watch on June 7


<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>June 6 (Reuters)&nbsp;&#8211;&nbsp;Emerging market equities extended gains on Thursday, as soft U.S. labour market data renewed bets of an interest rate cut by the Federal Reserve this year, while investors assessed the political path in major economies following a slew of elections.</p>



<p>The MSCI&#8217;s index of EM equities .MSCIEF climbed 0.9%, rising for a second session as U.S. Treasury yields came under pressure after data pointed to a moderating labour market.</p>



<p>The dollar slipped against major currencies as investors priced in nearly 50 basis points of rate cuts from the Fed this year, with the first expected to come in September.</p>



<p>The South African rand&nbsp;ZAR=D3&nbsp;rose slightly to 18.89 per dollar, after touching a six-week low on Wednesday on concerns about who the African National Congress would form a coalition with, after it lost its majority for the first time in 30 years in last week&#8217;s election.</p>



<p>The ANC is leaning towards trying to form a government of national unity for South Africa, it&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3I30PF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">said</a>&nbsp;on Wednesday, but the second-largest party said it would not join a government that included some of its smaller rivals.</p>



<p>&#8220;The option of a coalition with EFF (Economic Freedom Fighters) and MK (uMkhonto we Sizwe) implies a big shift&#8230;many things will be very complicated for the mining sector that will have a big cost for the budget,&#8221; said Sergi Lanau, director of global EM strategy at Oxford Economics.</p>



<p>&#8220;If it&#8217;s with the Democratic Alliance and other small parties, then it&#8217;s a government that mixes a bit of everything. It would be a relief for markets and over the next few years it would most likely be a status quo.&#8221;</p>



<p>The Indian rupee&nbsp;INR=&nbsp;slipped, while the Mexican peso&nbsp;MXN=&nbsp;strengthened in volatile trading sparked by their respective election outcomes this week.</p>



<p>In Central and Eastern Europe, the Hungarian forint EURHUF= and the Polish zloty EURPLN= dipped against the euro ahead of the European Central Bank&#8217;s policy decision, which is widely expected to be a rate cut.</p>



<p>Currencies in the region hit multi-month or multi-year highs in May amid signs of an economic recovery as central banks continue to pause or look to slow interest rate cuts.</p>



<p>Poland&#8217;s central bank left its main interest rate on hold at 5.75% on Wednesday as expected. The National Bank of Poland&#8217;s Governor Adam Glapinski is set to host a press conference later in the day.</p>



<p>Stock markets in Budapest&nbsp;.BUX, Warsaw&nbsp;WIG20&nbsp;and Prague&nbsp;.PX&nbsp;rose marginally, tracking a positive mood in Europe.</p>



<p>(Reporting by Sruthi Shankar in Bengaluru; Editing by Rashmi Aich)</p>


EM equities extend gains; South Africa politics in focus


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DILFJA7KOJJ4VATMVNSVVR47UU-820x547.jpg" alt="" class="wp-image-494062" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DILFJA7KOJJ4VATMVNSVVR47UU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DILFJA7KOJJ4VATMVNSVVR47UU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DILFJA7KOJJ4VATMVNSVVR47UU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DILFJA7KOJJ4VATMVNSVVR47UU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DILFJA7KOJJ4VATMVNSVVR47UU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DILFJA7KOJJ4VATMVNSVVR47UU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Mauritanian President Mohamed Ould Cheikh El Ghazouani speaks as South Korean President Yoon Suk Yeol looks on during a joint news conference during 2024 Korea-Africa Summit in Goyang, South Korea, June 4, 2024.   REUTERS/Kim Hong-Ji</figcaption></figure>



<p>SEOUL, June 5 (Reuters)&nbsp;&#8211;&nbsp;Nearly 50 deals and agreements have been signed during South Korea&#8217;s first summit with leaders from 48 African countries to cooperate in areas such as mining, energy and manufacturing, South Korea&#8217;s industry ministry said on Wednesday.</p>



<p>Hyosung Corp&nbsp;004800.KS, a South Korean conglomerate, signed a contract to supply electric transformers to Mozambique worth $30 million, the ministry said in a statement.</p>



<p>The industry ministry also signed agreements to cooperate on critical minerals with Madagascar and Tanzania in order to secure supplies for industries such as batteries, it said.</p>



<p>The 47 agreements with 23 African countries were made during the summit as Asia&#8217;s fourth-largest economy seeks to tap the minerals and the vast export market in Africa.</p>



<p>&#8220;Despite its enormous potential, Africa still accounts for only 1-2% of South Korea&#8217;s trade and investment..,&#8221; South Korean President Yoon Suk Yeol told a gathering of about 200 political and industry leaders from African countries and South Korea at a business summit on Wednesday.</p>



<p>&#8220;My hope is that mutually beneficial resource cooperation will be expanded,&#8221; Yoon said.</p>



<p>Yoon pledged on Tuesday that South Korea would increase development aid for Africa to $10 billion over the next six years, and said will offer $14 billion in export financing to promote trade and investment for South Korean companies in Africa.</p>



<p>(Reporting by Joyce Lee; Editing by Ed Davies)</p>


Mauritanian President Mohamed Ould Cheikh El Ghazouani speaks as South Korean President Yoon Suk Yeol looks on during a joint news conference during 2024 Korea-Africa Summit in Goyang

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