#Africa #Markets | 24 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global markets

  • Asian shares off 10-year peak, China hits 3-month low
  • China to cut import tariffs on some consumer products from 1 Dec
  • Gold prices edge higher on weaker dollar

Oil markets

  • US oil prices hit fresh 2-year highs on Keystone pipeline outage
  • WTI flips into big backwardation after pipeline spill
  • OPEC chatroom dead as Qatar crisis hurts Gulf oil cooperation

Key African events or data releases today

  • Zimbabwe’s Emmerson Mnangagwa to be sworn in today as president [Unity transitional government ruled out as Mnangagwa expected to lead ZANU-PF government till July 2018 elections] #Zimbabwe #Politics #Mnangagwa
  • S&P Global Ratings & Moody’s decide on South Africa’ credit rating [A downgrade by at least one is expected; Moody’s perhaps] #SouthAfrica #Ratings #S&P #Moodys 
  • Ghana’s central banks starts MPC meeting today, to announce decision on 27 Nov [As recent price pressure persists, 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

  • Mnangagwa the “Crocodile” to be sworn in as Zimbabwe’s president
  • Journalists detained by Uganda charged with treason, police say
  • Namibia’s president says won’t seek IMF or World Bank bailouts
  • Mugabe granted immunity, assured of safety in Zimbabwe
  • Zimbabwe’s bourse loses $6 billion, index falls 40 percent after military takeover
  • Fitch keeps South Africa’s credit ratings unchanged at BB+, stable outlook
  • Zimbabwe’s Mnangagwa says against any form of “vengeful retribution”
  • South Africa holds repo rate at 6.75 percent, says inflation risks rising [In line with forecast] #SouthAfrica #MPC
  • South Africa’s Treasury says Fitch reprieve a chance to improve
  • Yields on Kenya’s 91-day and 364-day T-bills rise, 182-day dip at auction
  • Chad’s President Deby sacks finance minister
  • Egypt housing minister to head government while premier receives treatment abroad
  • Kenyan shares fall in correction after Supreme Court verdict bounce
  • Kenya central bank holds main lending rate at 10.0 pct [In line with forecast] #Kenya #MPC
  • Fighting between rebel and army kills 27 in South Sudan
  • Algeria’s Bouteflika orders payment of debt owed foreign and local firms
  • Sudan president wants Russia to help with nuclear energy
  • South Africa’s NUM union signs 3-year wage deal in coal sector
  • Mauritius offers 3-year Treasury note worth 1.8 bln rupees
  • Zambia moves to slow down debt accumulation as it seeks IMF aid
  • Zimbabwe’s economic situation “very difficult”, IMF says
  • Rwanda raises 10 bln francs with 7-year Treasury bond

Full story of above headlines available on Reuters

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