Views Article – Sharenet Wealth

Africa, Forex

African Markets – Factors to watch on Oct 22

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. – – – – – GLOBAL MARKETS Tech stocks climbed in Asia on Friday, following U.S. peers higher, while Chinese property stocks rallied following a surprise interest payment by debt-ridden property developer China Evergrande Group. WORLD OIL PRICES Oil prices resumed their climb on Friday on continued tightness in U.S. supply, but were headed for a flat finish on the week as coal and gas prices eased, curbing fuel-switching which had stoked demand for oil products for power. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on AFRICA CURRENCIES The Kenyan shilling is expected to weaken in the coming week, while the currencies of Zambia, Uganda and Tanzania are expected to be broadly stable. AFRICA ECONOMIC GROWTH A lack of access to vaccines is dampening economic recovery in sub-Saharan Africa and the region will lag behind developed nations for years, the International Monetary Fund said on Thursday. SOUTH AFRICA MARKETS South Africa’s rand, stocks and government bonds fell on Thursday as risk aversion rippled through global markets. KENYA MARKETS The Kenyan shilling KES= was stable on Thursday after the central bank sold dollars to some commercial banks at the start of the session, a senior trader at a leading commercial bank said. MOZAMBIQUE LOANS A Mozambican watchdog on Thursday called on Credit Suisse CSGN.S to fully cancel debt estimated at $2 billion linked to a scandal involving the bank, ten times more than it has offered to write off. ETHIOPIA CONFLICT Ethiopia carried out an air strike on the city of Mekelle for the third day this week, a government spokesperson said, in a campaign to weaken rebellious Tigrayan forces they have been fighting for nearly a year. UGANDA MINE Uganda is seeking an investor to revive copper and cobalt production at a defunct mine and will soon start a tender process to find one, the vice president said on Thursday. 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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