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Africa, Forex

African Markets – Factors to watch on August 6

NAIROBI, Aug 6 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS The dollar languished and just about everything else rose on Thursday, as markets took patchy U.S. economic data as a harbinger of ever more stimulus and brinkmanship on Capitol Hill as a sign that a deal on a new U.S. stimulus package is close. WORLD OIL PRICES Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections. 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 recovered on Wednesday from a two-month low set the previous session, thanks to a weaker dollar, while stocks jumped to a more than five-week high led by gold miners. SOUTH AFRICA ECONOMY South Africa’s economic downturn extended into last month, though businesses still reeling from the impact of the COVID-19 pandemic reported slightly less steep in output and new orders, a survey showed on Wednesday. KENYA MARKETS The Kenyan shilling traded largely unchanged on Wednesday, and traders said they expected it to weaken due to dollar demand, especially from oil companies. KENYA TELCOM Telkom Kenya said on Wednesday it was no longer looking to merge its business with the Kenyan unit of India’s Bharti Airtel BRTI.NS, citing challenges of securing the required regulatory approvals for the deal. ZIMBABWE SANCTIONS The United States on Wednesday imposed sanctions on Zimbabwean Kudakwashe Tagwirei, an adviser to President Emmerson Mnangagwa, accusing the prominent businessman of being corrupt and helping support the government of Zimbabwe. GAMBIA COVID-19 Gambia, mainland Africa’s smallest country, imposed a three-week curfew on Wednesday after coronavirus cases surged over 60% in the last seven days to nearly 800. COBALT PRICE Transport delays from South Africa against a backdrop of increasingly robust Chinese demand have fuelled a price rally for cobalt hydroxide, used to make chemicals for electric vehicle batteries. 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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