#Africa #Markets | 23 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global markets
Dollar dumped, bonds buoyant on Fed inflation caution

Oil markets
Oil prices near 2-year high on US pipeline shutdown, crude inventories fall

Key African events or data releases today

* Kenya’s central bank to decide on interest rates [Forecast is for the benchmark rate to remain unchanged at 10%] #Kenya #MPC

* South Africa’s central bank to announce its interest rate decision today [Forecast is for the repo rate to remain unchanged at 6.75%] #SouthAfrica #MPC

* Ghana’s central bank would start its MPC meeting tomorrow (24 Nov)[As recent price pressure has persisted, the BoG would likely choose to end 2017 cautiously by keeping its policy rate unchanged at 21%. There would probably be an opportunity to continue the easing cycle in Q1 2018, as inflation likely slows to high single-digits due to base effects at least.] #Ghana #MPC

Key African events or data releases yesterday

* Zimbabwe’s new leader Emmerson Mnangagwa returned to a jubilant crowd in Harare yesterday. He will be sworn-in on 24 November

* Ghana producer inflation in October at 8.2% yy (prev. 7.6%).

* South Africa consumer inflation in October at 4.8% yy (prev. 5.1%) [In line with forecast]

* Zambia central bank cuts benchmark rate by 75bps to 10.25%, says delayed IMF programme affecting kwacha. [Forecast was for a 100bps cut; so largely within expectation]

* Fitch downgrades 4 Namibian issuers; outlook stable

* Uganda denies corruption allegations against its foreign minister

* South African gold miners’ silicosis lawsuit nearing settlement as firms set aside $360M

* South Africa’s Zuma appoints permanent police commissioner

* South Africa’s Ramaphosa leads in nominations for ANC leader: poll

* Kenya 7-year infrastructure bond yield down to 12.232%

* South Sudan risks famine within months – charity

* Egypt to receive next IMF loan disbursal in December – minister

* Egypt’s GDP growth at 5.2% during Q1 FY2017-18 – planning minister

* South Africa to stabilise debt in next year’s budget- Gigaba

* Facebook to open Nigerian hub next year in African tech drive

* Uganda police say raid newspaper, detain staff over article about president

* Mauritius 3-year Treasury note yield rises to 2.75%

* Interest rates on Ugandan treasury bills decline – c. bank

* Ugandan shilling stable, helped by remmittance and commodity flows

Full story of above headlines are available on Reuters

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