Gold prices rise from 2-wk low with focus on Russia-Ukraine, Jackson Hole
NAIROBI, April 6 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.
EVENTS:
*Uganda to central bank to announce its latest benchmark lending rate decision.
*NIGERIA - The finance ministry to give details of its proposed stimulus measures in response to the coronavirus outbreak and low oil prices.
GLOBAL MARKETS Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.
SOUTH AFRICA MARKETS South Africa's bond yields soared on Friday and the rand crashed to all-time lows as the growing likelihood of a global recession due to the spreading novel coronavirus compounded concerns about the local economy following a ratings downgrade to junk
CORONAVIRUS FUND Nigeria plans to create a 500 billion naira ($1.39 billion)coronavirus fund to strengthen its healthcare infrastructure to tackle the virus, the government said on Saturday.
CORONAVIRUS JOB LOSSES About 20 million jobs are at risk in Africa as the continent's economies are projected to shrink this year due to the impact of the coronavirus pandemic, according an African Union (AU) study.
MARKETS The Kenyan shilling KES= was stable on Friday but traders said it faced more weakening pressure from the dollar in the days ahead due the coronavirus-related economic disruptions.
ECONOMY Private sector activity in Kenya tumbled in March as the global coronavirus pandemic hammered consumer demand and forced businesses to reduce their operations and staffing levels, a survey showed on Friday.
COAST COMMODITY SUPPORT Ivory Coast will provide 300 billion CFA francs ($503.17 million) of support to the cocoa, coffee, cotton and other commodity sectors, President Alassane Ouattara said on Twitter on Friday.
REPUBLIC OF CONGO ECONOMY Democratic Republic of Congo has cut its 2020 economic growth forecast to 1.1% from 4.1% due to the negative impact of the coronavirus pandemic, the country's central bank said in a statement seen by Reuters on Sunday.
ECONOMY Malawi's president and cabinet will take a 10% salary cut and redirect the money towards the fight against coronavirus, President Peter Mutharika said on Saturday as he announced a stimulus package in an address on state television.