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Africa, Forex

African Markets – Factors to watch on Oct. 16

NAIROBI, Oct 16 (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 stocks edged higher on Friday, buoyed by gains in China, but the mood was cautious due to a resurgence of coronavirus infections in Europe and the United States. WORLD OIL PRICES Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world’s biggest fuel consuming regions. 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 weakened on Thursday, as market participants digested an economic recovery plan focusing on infrastructure investment and job creation unveiled by President Cyril Ramaphosa. KENYA MARKETS The Kenyan shilling inched down on Thursday as demand from energy and merchandise importers exceeded supply from tourism, remittances and exporters in the horticulture, tea and coffee sectors, traders said. KENYA ECONOMY Kenya’s economy shrank by 5.7% in the second three months of 2020, its first quarterly contraction since the global financial crisis 12 years ago, as the COVID-19 pandemic shut businesses and kept people at home. NIGERIA PROTESTS Hundreds of protesters marched to the gates of Nigeria’s parliament on Thursday, hours after the army said it was ready to step in and restore order after more than a week of demonstrations against police brutality. NIGERIA INFLATION Annual inflation in Nigeria rose in September for the 13th month in a row, hitting a more-than two-year high, as disruption to supply chains and services by the coronavirus pandemic continued to have an impact. IVORY COAST ELECTION The two main challengers to Ivory Coast President Alassane Ouattara said on Thursday they will boycott the Oct. 31 presidential election, calling on their supporters to prevent the vote from going forward. BURKINA FASO MINING Endeavour Mining , the biggest gold mining company in Burkina Faso, has restarted the Boungou mine in the east of the country which was shut last November after 39 people were killed in an attack on a convoy carrying employees. ANGOLA CORRUPTION Angolan prosecutors have taken control of assets ranging from factories to residences belonging to two close allies of former President Jose Eduardo dos Santos, state news agency ANGOP said, in the latest move in a crackdown on alleged corruption. 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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