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Africa, Forex

African Markets – Factors to watch on Dec 1

NAIROBI, Dec 1 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS Asian stocks rose from a one-year low on Wednesday as U.S. share futures and oil recovered from the previous day’s selloff, but uncertainty over the impact of the Omicron coronavirus variant kept investors on edge. WORLD OIL PRICES Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant. 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 strengthened on Tuesday, benefiting from a weaker dollar after Moderna’s chief executive said COVID-19 vaccines are unlikely to be as effective against the Omicron variant as they have been with other types. KENYA MARKETS The Kenyan shilling stabilised on Tuesday after touching an all-time low in the previous session on the back of robust importer dollar demand and muted inflows, traders said. KENYA ECONOMY Kenya’s economy is forecast to grow 6.4% in 2021 and 6.0% next year, Central Bank Governor Patrick Njoroge said on Tuesday, helped by the economy reopening after the lifting of COVID-19 restrictions. UGANDA-CONGO Uganda and Democratic Republic of Congo carried out joint air and artillery strikes against an Islamic State-linked militia in eastern Congo on Tuesday, both countries said, vowing to continue working together to secure the targeted area. IVORY COAST COCOA Ivory Coast exported 75,231 tonnes of raw cocoa beans in October of the 2021/22 season, up nearly 99% from a year earlier, provisional port data showed on Tuesday. GHANA BUDGET Ghana’s parliament on Tuesday approved the proposed 2022 budget, after the ruling party pushed through a vote despite objections from the opposition about a tax on electronic transactions. IVORY COAST GUINEA ELECTRICITY Ivory Coast has signed a deal to export 11 megawatts (MW) of electricity to Guinea per year as its ramps up its generation capacity and strengthens its position as the regional power hub, the West African nation’s energy minister said on Tuesday. 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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