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Africa, Forex

African Markets – Factors to watch on July 3

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. – – – – – GLOBAL MARKETS Asian shares rallied to a four-month high on Friday on robust U.S. payrolls data and a brisk pickup in Chinese service sector activity but a surge in coronavirus cases in the United States kept a lid on further risk-taking. WORLD OIL PRICES Oil prices eased on Friday, reversing earlier gains, as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, stoked worries that a fuel demand recovery could stall. 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 on Thursday after the country recorded a surprise current account surplus and demand for emerging market currencies was boosted by strong jobs data in the United States that encouraged risk-taking. AFRICA TOURISM African countries have lost almost $55 billion in travel and tourism revenues in three months due to the coronavirus pandemic, the African Union (AU) commissioner for infrastructure and energy said on Thursday. AFRICA CURRENCIES The Kenyan shilling is expected to trade on the back foot next week while that of Tanzania is seen strengthening and the Nigerian, Ugandan and Zambian currencies holding steady. NIGERIA OIL Pirates attacked an oil production vessel off Nigeria in the early hours of Thursday and kidnapped nine Nigerian nationals, the ship’s owner BW Offshore said. KENYA MARKETS The Kenyan shilling was stable on Thursday, thanks to inflows from remittances and horticulture exports, traders said. ETHIOPIA PROTESTS Imprisoned as a teenager for his political activism, singer Haacaaluu Hundeessaa grew into one of Ethiopia’s biggest stars and his songs became anthems for the young protesters who brought down one of Africa’s most repressive regimes. CONGO MINING Israeli billionaire mining investor Dan Gertler denied on Thursday that he had tried to evade U.S. sanctions after watchdogs said he appeared to have funnelled millions of dollars through a bank in the Democratic Republic of Congo. MALI SECURITY At least 32 civilians were killed in central Mali when unidentified armed men on motorbikes attacked ethnic Dogon farming villages on Wednesday, local authorities said. CAMEROON SECURITY A small homemade bomb exploded in Cameroon’s capital on Thursday, wounding two people, a senior official told Reuters, the third minor explosion of its kind in Yaounde in recent weeks. BOTSWANA ELEPHANTS Botswana is investigating a growing number of unexplained deaths of elephants, having confirmed 275 had died, up from 154 two weeks ago, the government said on Thursday. NAMIBIA AIRLINE The Namibian government is weighing several options regarding the future of struggling national carrier Air Namibia, new Finance Minister Iipumbu Shiimi told parliament on Thursday. 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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