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African Markets - Factors to watch on Sept. 4

Published 04/09/2020, 05:49
Updated 04/09/2020, 05:54
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The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

GLOBAL MARKETS

Asia's stock markets had their worst session in two weeks on Friday following a tech-led plunge on Wall Street, though gains in safer assets like bonds and dollars were muted as investors awaited U.S. job data to see if it triggers a bigger selloff.

WORLD OIL PRICES

Oil futures slipped 1% on Friday, with prices on both sides of the Atlantic heading for their biggest weekly drops since June, as lacklustre demand and ample fuel supplies offset support from a weaker dollar.

CURRENCIES

Nigeria's naira is expected to strengthen while the Kenyan shilling is seen treading water as foreign exchange traders eye whether the central bank will intervene in the market again to lend support to the local currency.

CORONAVIRUS

The World Health Organization wants to secure an initial 230 million doses of any COVID-19 vaccine for Africa, officials said Thursday, while emphasising that any vaccine in development should also be tested on the continent.

SOUTH AFRICA MARKETS

South Africa's rand firmed on Thursday, joining fellow emerging market currencies in an advance against a weaker dollar that shielded it from domestic economic issues.

MARKETS

Nigeria is "no longer in the business of fixing" fuel prices, Timipre Sylva, the minister of state for oil, said after the global oil price crash had made removing the subsidies "inevitable", Sylva told an online briefing.

MARKETS

The Kenyan shilling (KES=) held steady against the dollar on Thursday but traders said it was still under pressure from importers.

MTN

A high court in Ghana has dismissed the local MTN MTNJ (JO:MTNJ).J unit's challenge to a move by the national telecommunications regulator aimed at exposing it to greater competition, the company said on Thursday.

CORRUPTION

The former first-daughter of Angola Irene Neto has denied any wrongdoing by her husband, a top figure in the oil industry who is the focus of a Swiss money-laundering probe and subject to one of the largest personal asset freezes in Swiss history.

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