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Africa, Forex

African Markets – Factors to watch on May 3

NAIROBI, May 3 (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 share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the U.S. leading a global economic recovery. WORLD OIL PRICES Oil prices fell on Monday as a catastrophic second wave of a coronavirus epidemic in India cut short a recovery in oil demand there, offsetting optimism about a strong rebound in demand in developed countries and China in the second half of the year. 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 eased on Friday as weaker-than-expected Chinese factory indicators and firmer economic growth in the United States put demand for riskier currencies under pressure. KENYA MARKETS The Kenyan shilling was stable on Friday, traders said, amid lack of demand for dollars in the market. TANZANIA ECONOMY Tanzania’s new President Samia Suluhu Hassan said on Saturday the government would reduce the income tax rate by 1 percentage point to 8%, in the 2021/22 financial year beginning in July, and also planned to remove “unfriendly taxes and charges to Tanzanians”. CHAD POLITICS Chad’s military rulers named a new government on Sunday after the battlefield death of President Idriss Deby, but leading opposition figures rejected the appointments as a continuation of an old order they hoped to erase. UGANDA TAX Uganda says it has introduced a 12% tax on internet data, potentially hiking prices for online access in the east African country where consumers are already paying some of the world’s highest internet costs. SOMALIA POLITICS Somali lawmakers voted unanimously on Saturday to cancel a two-year presidential term extension they had approved last month, after clashes in the capital Mogadishu between factions of the security forces, which are divided over the issue. CONGO SECURITY Militants killed at least 19 people, including 10 soldiers, in raids on two villages in the east of Democratic Republic of Congo on Saturday, hours after President Felix Tshisekedi declared a state of siege in two provinces. IVORY COAST COCOA Ivory Coast’s cocoa output in the 2020/21 season is expected to rise slightly to about 2.225 million tonnes from 2.2 million tonnes the previous season, the head of the cocoa sector regulator said on Friday. 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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