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Africa, Forex

African Markets – Factors to watch on June 10

NAIROBI, June 10 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – EVENTS: *Kenya, Uganda, Tanzania and Rwanda finance ministers to present their 2021/22 (July-June) fiscal budgets to their respective parliaments. GLOBAL MARKETS Asian shares edged higher but held their recent trading range on Thursday as investors focused on U.S. inflation data and the risk of an upside surprise that could prompt the Federal Reserve to start tapering its massive stimulus. WORLD OIL PRICES Oil prices fell on Thursday as inventory data in the United States, the world’s top oil consumer, showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the start of summer, the country’s peak season for motoring. 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 dipped on Wednesday as caution ahead of U.S. inflation data and a European Central Bank policy meeting on Thursday eclipsed better-than-expected local economic growth. NIGERIA BUDGET Nigeria plans to borrow 722.53 billion naira ($1.76 billion) from domestic capital markets for additional security spending, Finance Minister Zainab Ahmed said on Wednesday. NIGERIA SOCIAL MEDIA Social media firms wanting to operate in Nigeria must register a local entity and be licensed, the country’s information minister said on Wednesday, the government’s latest move since it banned Twitter last week. KENYA MARKETS Kenya’s shilling was little changed on Wednesday, and traders said it was expected to ease due to dollar demand from importers in the energy sector and commercial banks. DEMOCRATIC REPUBLIC OF CONGO MINING China’s Zijin Mining said one of its subsidiaries and Citic Metal will each buy 50% of the copper output from the first phase of its Kamoa-Kakula mine in Democratic Republic of Congo (DRC), which has now won approval to export concentrate. GHANA INFLATION Ghana’s consumer price inflation was at 7.5% year-on-year in May, down from 8.5% in the previous month, due to an ongoing decline in food inflation, the West African nation’s statistics service said on Wednesday. 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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