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Africa, Forex

African Markets – Factors to watch on June 30

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. – – – – – EVENTS: *Kenya statistics office to release first quarter 2020 economic growth data *Uganda’s statistics office to release June inflation *Gabon senate votes to decriminalise homosexuality GLOBAL MARKETS Asian shares rose on Tuesday after data showed China’s manufacturing sector grew more than expected in June, a hopeful sign for a global economy still struggling to recover from the sweeping impact of the coronavirus crisis. WORLD OIL PRICES Oil prices fell on Tuesday as optimism for a straightforward recovery in fuel demand faded and a looming increase in supply weighed on the market, with Libya’s state oil company flagging progress on talks to resume exports. 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 The South African rand steadied against the U.S. dollar on Monday as the spread of the coronavirus at home and around the world dampened optimism over a swift economic recovery. NIGERIA SECURITY Islamist militants have abducted four aid workers and a private security worker in northeast Nigeria, the hostages said in a video seen by Reuters on Monday. KENYA MARKETS The Kenyan shilling was stable on Monday supported by increased diaspora remittances amid low demand for dollars from merchandise importers, traders said. KENYA TOURISM Kenya has lost 80 billion shillings ($752 million) so far in tourism revenue, about half of last year’s total, due to the coronavirus crisis, its tourism minister said on Monday. UGANDA ELECTRICITY Uganda’s sole electricity distributor, Umeme Limited , plans to spend 310 billion shillings ($83.27 million) this year to boost grid capacity and quality, its chief executive said on Monday. CONGO POLITICS Congolese President Felix Tshisekedi said on Monday he would not accept any reforms that undermined the independence of the judiciary, the latest salvo in a standoff within the ruling coalition over proposed judicial changes. BURUNDI POLITICS New Burundi President Evariste Ndayishimiye unveiled a 15-member cabinet including two ministers who are under U.S. or European sanctions over their alleged role in violently crushing street protests. IVORY COAST COCOA Above-average rains last week in most of Ivory Coast’s cocoa regions bode well for the start of the next main crop in October but high humidity has caused mould to grow on some beans being harvested for the ongoing mid-crop, farmers said on Monday. SENEGAL CORONAVIRUS Senegalese President Macky Sall on Monday said he had decided to lift a state of emergency over COVID-19 to support the struggling economy, which he warned could grow less than 1.1% this year due to fallout from the epidemic. 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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