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Views Article – Sharenet Wealth

Asia, Forex

African Markets – Factors to watch on Oct. 9

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS Asian stocks fell the most in a week on Wednesday as the United States and China’s broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth. WORLD OIL PRICES Oil prices slipped for a third consecutive session on Wednesday as the prospect of the United States and China striking a trade deal in talks this week dimmed, raising uncertainties for global economic growth and oil demand. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa’s rand firmed early on Tuesday, shaking off the risk aversion sparked by geopolitical tensions as Turkey said it was preparing a military operation in northeast Syria. NIGERIA BUDGET Nigerian President Muhammadu Buhari presented a record 10.33 trillion-naira ($33.8 billion) budget for 2020 to lawmakers on Tuesday as he aims to spur growth in Africa’s largest economy at the start of his second term in office. NIGERIA OIL An $875 million Nigerian government lawsuit against U.S. bank JPMorgan is clear to move forward after a London-based appeals court on Tuesday rejected the bank’s bid to have the case dismissed. KENYA MARKETS The Kenyan shilling firmed slightly against the dollar on Tuesday as inflows from diaspora and offshore investors buying government debt helped ease liquidity pressure in the local money market, traders said. UGANDA MARKETS The Ugandan shilling was inclined to the weaker side on Tuesday, undermined by negative sentiment after the central bank made an unexpected cut by 100 basis points to its policy rate this week. RWANDA PASTOR Rwanda’s government has deported an American pastor hours after his arrest for “disturbing public order”, officials said. MALI SECURITY Al Qaeda’s West Africa affiliate on Tuesday claimed responsibility for coordinated, deadly attacks last week on two army bases in central Mali, it said in a statement. ETHIOPIA VIOLENCE Police teargassed hundreds of protesters outside a court in Ethiopia’s northern city of Bahir Dar on Tuesday, a local party official and an eyewitness said, reflecting public tensions over high profile violence that left dozens dead there in June. ETHIOPIA SENEGAL An Ethiopian Airlines plane was forced to make an emergency landing minutes after taking off in Senegal on Tuesday because an engine had caught fire, an airport spokesman said. ETHIOPIA DAM Ethiopia has accused Egypt of trying to maintain its grip over the waters of the Nile with a proposal it says would imperil a giant hydropower dam under construction on Ethiopia’s Blue Nile, in a growing diplomatic spat. SIERRA LEONE MINING Sierra Leone’s government has cancelled the mining licence of a subsidiary of Gerald Group, the mines minister told Reuters on Tuesday, amid a dispute over royalty payments. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on


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