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Africa, Forex

African Markets – Factors to watch on Nov 24

NAIROBI, Nov 24 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations. WORLD OIL PRICES Oil prices fell on Wednesday as the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day’s rally ahead of the U.S. Thanksgiving holiday. 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 slipped further on Tuesday, trading near a one-year low, as the dollar held firm on bets for U.S. interest rate increases after Federal Reserve Chair Jerome Powell was nominated for a second term. KENYA MARKETS The Kenyan shilling was little-changed on Tuesday, though inclined on the weaker side on the back of demand for hard currency from energy, manufacturing and other importers. NIGERIA RATES Nigeria’s central bank kept its benchmark interest rate unchanged at 11.5% for a seventh straight time on Tuesday but cited persistent insecurity in large parts of the country as a major downside risk to the recovery of Africa’s biggest economy. NIGERIA SUBSIDIES Nigeria needs to end its costly petrol subsidy within the next three-to-six months, improve exchange-rate management and speed up other reforms to boost growth, the World Bank said on Tuesday. ETHIOPIA CONFLICT U.S. Special Envoy for the Horn of Africa Jeffrey Feltman said on Tuesday that “nascent progress” toward getting all parties to Ethiopia’s conflict into negotiations on a ceasefire is at risk of being outpaced by an “alarming” military escalation. 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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