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Africa, Forex

African Markets – Factors to watch on July 31

NAIROBI, July 31 (Reuters) – 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 wobbled in a choppy session on Friday as abysmal economic data from the United States and rising global COVID-19 cases weighed on sentiment, despite strong U.S. tech earnings and signs of manufacturing recovery in China and Japan. WORLD OIL PRICES Oil prices recovered further ground on Friday, after touching three-week lows in the previous session, responding to a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer. 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 weakened more than 2% on Thursday, falling alongside other emerging market currencies as a surge in global coronavirus infections spooked investors fearing a return of strict lockdowns. NIGERIA CRUDE OIL Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday. Also, Royal Dutch Shell said on Thursday its second-quarter writedowns include the OPL 245 licence for an offshore oilfield in Nigeria which it holds alongside Eni and which is at the centre of an ongoing corruption court case in Italy. KENYA MARKETS The Kenyan shilling was unchanged on Thursday due to subdued end month dollar demand from merchandise importers and the energy sector, traders said. KENYA ECONOMY Kenya’s central bank governor said on Thursday that policymakers still had plenty of firepower left to limit the damage to the country’s economy from the coronavirus crisis. KENYA SAFARICOM Kenya’s biggest telecoms operator Safaricom has chosen its former chief executive, Michael Joseph, as board chairman, it said on Thursday. UGANDA PETROLEUM French energy major Total has launched calls for tenders for its Uganda onshore oil project for the next quarter and plans to sanction the project as soon as possible, CEO Patrick Pouyanne said on Thursday. MADAGASCAR IMF CORONAVIRUS SUPPORT The International Monetary Fund (IMF) approved $171.9 million of funding to Madagascar, it said on Thursday, bringing the total COVID-19 emergency support to the country to $337.9 million as the island nation’s economy struggles due to the pandemic. BOTSWANA CORONAVIRUS Botswana’s capital city Gaborone returned to a two-week lockdown from midnight on Thursday to stem the latest local coronavirus surge in the country, an official said. ZIMBABWE PROTESTS Zimbabwe’s security forces on Thursday cleared people off streets of the capital Harare and forced shops to close, a day before planned anti-government protests during the worst economic crisis in more than a decade. IVORY COAST POLITICS Ivory Coast President Alassane Ouattara has appointed Defence Minister Hamed Bakayoko as prime minister after his predecessor died suddenly this month, the presidency said 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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