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Africa, Forex

African Markets – Factors to watch on June 29

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. – – – – – GLOBAL MARKETS Asian share markets began the week with a cautious tone on Monday as the relentless spread of the coronavirus finally made investors question their optimism on the global economy, benefiting safe harbour bonds and the U.S. dollar. WORLD OIL PRICES Oil prices fell for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading countries to resume partial lockdowns that could hurt fuel 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 slipped against the U.S. dollar on Friday as concerns about a surge in coronavirus cases globally continued to weigh on hopes of a swift economic recovery. NIGERIA ECONOMY Nigeria needs to deepen economic reforms and boost government revenues in order to have a sustained recovery after a coronavirus-induced oil price shock that slashed income and weakened its currency, the World Bank’s country director told Reuters on Friday. KENYA AIRLINE Kenya Airways has lost an estimated $100 million in revenue as a result of the COVID-19 pandemic and related lockdowns, CEO Allan Kilavuka told reporters on Friday. GHANA POLITICS Ghana’s ruling New Patriotic Party (NPP) has picked incumbent Nana Akufo-Addo as its presidential candidate in this year’s election, setting up a third consecutive head-to-head battle against former president John Dramani Mahama. MALAWI ELECTION Malawi’s new president Lazarus Chakwera was sworn in for a five-year term on Sunday, hours after unseating former leader Peter Mutharika in a re-run election. CONGO JUSTICE Democratic Republic of Congo’s prime minister protested on Sunday over the brief arrest of the justice minister, saying the coalition government could resign over the issue and calling on the president to guarantee cabinet members’ legal protections. UGANDA MARKETS The Ugandan shilling was stable on Friday, with typical end-of-month hard currency inflows from some commodity exporters and charities helping to offer support, traders said. 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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