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Europe, Forex

African Markets – Factors to watch on July 1

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 struggled for headway on Wednesday as the second half of the year got underway, with improving economic data offset by worries that surging coronavirus cases in the United States could derail the world’s recovery before it properly begins. WORLD OIL PRICES Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world. 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 fell against the U.S. dollar on Tuesday as data showed the domestic recession deepened in the first quarter of this year – before the coronavirus pandemic hit the country and put further strain on the economy. NIGERIA OIL Nigeria has changed the way marginal oilfields are allocated to avoid legal problems that bedevilled a previous bidding round, the director of the Department of Petroleum Resources (DPR) said on Tuesday. NIGERIA WTO/TRADE Nigeria’s candidate to head the World Trade Organization (WTO) said she feels “strong support” from Africa and expects African leaders to unite behind one candidate as sources following the race said she is gaining broader backing. NIGERIA STOCKS Nigerian stocks fell to a five-week low on Tuesday as moves to relax some coronavirus curbs stirred fears of new spikes while prices dropped for the nation’s main export earner, oil. KENYA MARKETS The Kenyan shilling edged slightly downwards on Tuesday due to dollar demand from the energy sector and some multinational companies exceeding inflows from remittances and horticulture exports, traders said. KENYA ECONOMY Kenya’s economic growth slowed to 4.9% in the first quarter of this year from 5.5% a year earlier, hit by the uncertainty created by coronavirus pandemic, the statistics office said on Tuesday. UGANDA MARKETS The Ugandan shilling was stable on Tuesday, mainly due to demand for hard currency from both merchandise importers and banks. ETHIOPIA PROTESTS At least 10 people died and more than 80 were wounded when the killing of a popular singer triggered blasts and protests in Ethiopia’s capital and the surrounding Oromiya region on Tuesday, police and a doctor said. ZIMBABWE RATES Zimbabwe’s central bank will raise its main lending rate to 35% from 15% from Wednesday to curb speculative borrowing, its governor said, as the country grapples with soaring inflation. CONGO BELGIUM Belgium’s King Philippe expressed deep regret on Tuesday for the “suffering and humiliation” inflicted on the Democratic Republic of Congo during its 75 years under Belgian rule. 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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