African Markets - Factors to watch on Feb 22

GLOBAL MARKETS Asian share markets followed Wall Street into the red on Wednesday as surprising strength in global surveys of services stoked fears that central banks would have to lift interest rates yet further and keep them up for longer. WORLD OIL PRICES Oil prices were steady on Wednesday as investors await the U.S. Federal Reserve's comments after recent data pointed to the possibility of more interest rates hikes, which may lower economic growth and limit global fuel demand. 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 on Tuesday slipped to its lowest level this year, with investors awaiting the finance minister's budget speech due on Wednesday that is likely to provide cues on the government's policy trajectory. NIGERIA ELECTION Nigerian governing party presidential candidate Bola Tinubu promised to renew the hope of those losing faith in the country if elected in Saturday's poll, as Africa's biggest democracy faces rampant insecurity and a worsening economic crisis. Also, Gunmen have killed seven Nigerian police officers since the weekend in the southeast, a police spokesperson said on Tuesday, in the latest violence to rock the volatile region ahead of elections on Saturday. KENYA MARKETS The Kenyan shilling weakened to a fresh record low on Tuesday due to increased demand for dollars from oil-retailing companies and other firms in the energy sector, traders said. META KENYA
Facebook parent company Meta has filed an appeal in Kenya challenging a ruling that said the company could be sued in the East African country even though it has no official presence there. UGANDA MINING The Ugandan government has started to set up a national mining company that will aim to take equity stakes of up to 15% of all medium and large scale mining operations in the country, the minister for energy and minerals said on Tuesday. MADAGASCAR CYCLONE Madagascar's government suspended schools and transport in the path of tropical cyclone Freddy, which made landfall in the southeast of the island on Tuesday evening, causing a storm surge, ripping roofs off houses and killing at least one person. GHANA DEBT Ratings agency Fitch on Tuesday downgraded Ghana's long-term foreign-currency issuer default rating to 'restricted default', after the country missed the grace period to make a coupon payment on one of its Eurobonds. MALI SECURITY Three peacekeepers from Senegal were killed and five seriously injured after their convoy hit an improvised explosive device in central Mali, the U.N. peacekeeping mission in the country and Senegal's army 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 (Compiled by Nairobi Newsroom)