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Africa, Forex

African Markets – Factors to watch on Dec. 3

NAIROBI, Dec 3 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. – – – – – GLOBAL MARKETS Asian shares tumbled on Tuesday after U.S. President Donald Trump stunned markets with tariffs against imports from Brazil and Argentina, recharging fears about global trade tensions, while weak U.S. factory data added to the investor gloom. WORLD OIL PRICES Oil prices rose for a second day on Tuesday as Saudi Arabia, the de facto OPEC leader and the world’s biggest oil exporter, is pushing producers to deepen a supply cut agreement when suppliers meet this week, potentially lowering supply in 2020. 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 powered to a 5-week best as a contraction in the U.S. manufacturing sector boosted bids for risk and emerging markets’ currencies and fuelled bets the Federal Reserve would cut lending rates. KENYA MARKETS The Kenyan shilling was under pressure on Monday as strong dollar demand by merchandise importers outstripped inflows from non-governmental organisations, traders said. MOZAMBIQUE DEBT A U.S. jury on Monday cleared a lead salesman for a Lebanese shipbuilding company of charges that he helped to defraud U.S. investors in bonds backed by the Mozambican government. UGANDA MINING Uganda has contracted a South African company to conduct a mineral survey and mapping exercise in a northeast region that may hold substantial deposits of gold, copper and other lucrative minerals. ETHIOPIA BANKING Ethiopia will not open up its banking and insurance firms to foreign ownership even as it clears the way for overseas investors to buy into other sectors of its economy, a draft law seen by Reuters on Monday showed. UGANDA OIL Uganda said on Monday it had settled a tax dispute with international oil firms, clearing the way for Britain’s Tullow Oil to revive plans to sell a stake in its assets and allow the firms to move to a final decision on development. 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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