African Markets - Factors to watch on July 24
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Zambia Finance Minister Situmbeko Musokotwane to present the country’s mid-year budget review; Asian stocks were subdued on Wednesday after lacklustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment; Oil prices rebounded on Wednesday, snapping three straight sessions of decline, as falling U.S. crude inventories and growing supply risks from wildfires in Canada boosted prices; The South African rand weakened on Tuesday, as investors looked towards June inflation data due on Wednesday and markets watched for developments in the U.S. presidential race; Nigeria’s central bank raised its benchmark interest rate for the fourth time this year; Nigerian lawmakers passed legislation to more than double the minimum wage to 70,000 naira ($44.16) a month; Nigeria’s police chief warned against Kenyan-style protests on Tuesday; Kenya’s shilling weakened against the dollar on Tuesday; Kenya expects the International Monetary Fund to review its revised fiscal repair plan at the end of August; Kenya’s police fired tear gas to prevent scuffles between groups of protesters and government supporters in the capital Nairobi on Tuesday; Ugandan security forces detained dozens of young people on Tuesday, as they took part in a banned protest rally in downtown Kampala against official corruption and alleged human rights abuses; Australia’s Peak Rare Earths said on Wednesday Chinese miner Shenghe Resources would acquire a 50% stake in an U.K.-based firm that owns 84% of its Ngualla project in Tanzania; Ghana’s finance minister raised the country’s 2024 growth forecast on Tuesday and said the West African nation was rebounding faster than expected from its worst economic crisis in a generation; Botswana is proposing a law that will ask mining companies, once granted a licence, to sell a 24% stake in mines to locals if the government does not exercise its option to acquire the shareholding

#AfricanMarkets #Economy #Finance #OilPrices #SouthAfrica #Nigeria #Kenya #Uganda #Tanzania #Ghana #Botswana

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