off-the-wire

African Markets - Factors to watch on May 8

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, May 8 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. - - - - - EVENTS: Tanzania releases consumer inflation data for April. Inflation was 4.7% year-on-year in March.


GLOBAL MARKETS Asian shares crept higher on Monday as investors braced for a week where U.S. inflation data will test wagers the next move in interest rates will be down, while worries about a possible credit crunch weighed on the dollar. WORLD OIL PRICES Oil prices rose slightly on Monday as traders remained cautious despite receding fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November. 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 slipped against the dollar on Friday after stronger-than-expected U.S. jobs data signaled that the Federal Reserve could continue with its rate hike cycle.


KENYA MARKETS


Kenya's shilling was stable on Friday, and traders said it was forecast to lose ground, undermined by increased demand for dollars from oil retailers and other importers.


SUDAN POLITICS


Fighting could be heard in south Khartoum on Sunday as envoys from Sudan's warring parties met in Saudi Arabia for talks that international mediators hope will bring an end to a three-week-old conflict that has killed hundreds and triggered an exodus.


CAMEROON SECURITY


Gunmen shot dead a journalist late on Sunday in Bamenda, a city in Cameroon's troubled northwest region, the local journalists' union said, in at least the third killing of a media worker in the country this year.


NIGERIA REFINERY


Nigerian President Muhammadu Buhari will commission the multi-billion dollar Dangote oil refinery in two weeks, a presidency spokesperson said on Sunday, setting up the plant for its first production since construction started in 2016.


CONGO SECURITY


U.N. Secretary-General Antonio Guterres on Saturday urged all armed groups in eastern Democratic Republic of Congo to lay down their weapons, saying their presence was causing "humanitarian tragedies" and threatening regional security.


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