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Africa, Forex

African Markets – Factors to watch on Feb. 22

NAIROBI, Feb 22 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. – – – – – GLOBAL MARKETS Asian shares turned mixed on Monday as expectations for faster economic growth and inflation globally battered bonds and boosted commodities, while rising real yields made equity valuations look more stretched in comparison. WORLD OIL PRICES Oil prices rose on Monday as the slow return of U.S. crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from the depths of the coronavirus pandemic. 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 on Friday afternoon in increasingly cautious trade ahead of the budget speech next week, which will give the government’s outlook on the economy and public finances. KENYA MARKETS Kenya’s shilling was steady on Friday and traders said it was expected to weaken in the next few days due to dollar demand from the energy sector and other general goods importers. NIGERIA OIL A federal court in Lagos has issued an injunction barring Royal Dutch Shell’s Nigerian subsidiares from withdrawing money at 20 local banks until it ringfences potential damages in a lawsuit brought against the oil major by Aiteo Eastern E&P. AFRICA INFRASTRUCTURE The African Union is setting up a fund to finance the construction of much-needed roads, railways and power plants on the continent, its infrastructure head said, turning to new sources of cash due to donor fatigue and higher debt levels. ZIMBABWE MONETARY POLICY Zimbabwe’s central bank said on Friday its monetary policy committee had been dissolved with effect from Jan. 31 because a number of members’ other appointments were deemed in conflict with their work at the bank. SUDAN CURRENCY Sudan’s central bank sharply devalued the currency on Sunday, announcing a new regime to “unify” official and black-market exchange rates in an effort to overcome a crippling economic crisis and access debt relief. SOMALIA ELECTIONS Somalia’s president, whose four-year term expired this month, should not take part in talks aimed at resolving a dispute that has caused a delay in choosing a new head of state, two of Somalia’s five regional governments said on Sunday. SUDAN ETHIOPIA BORDER Sudan on Saturday accused Ethiopia of an “unforgivable insult” in its sharpest statement since a decades-old border dispute flared late last year. LIBYA SECURITY Libyan Interior Minister Fathi Bashagha said he escaped a “well-planned” assassination attempt on Sunday in which gunmen fired on his motorcade in the capital Tripoli, though an armed force that said its members were involved disputed his account. 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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