African Markets: Factors to Watch on July 8 Economic Data: * South Africa: PPI YoY (June): Consensus estimate of 17.3%, up from 15.9% in May. A higher-than-expected reading could indicate persistent inflationary pressures. * Kenya: CPI YoY (June): Expected to remain elevated around 7.0%, driven by rising food and fuel prices. * Nigeria: GDP Growth (Q1 2022): First-quarter GDP growth figures will provide insights into the pace of economic recovery. Central Bank Meetings: * Kenya Central Bank (CBK): Monetary Policy Committee meeting. No change in interest rates is widely anticipated, but guidance on inflation and economic growth will be closely monitored. * South African Reserve Bank (SARB): Monetary Policy Committee meeting. The SARB is expected to raise its benchmark interest rate by 50 basis points to 5.00%. Corporate Earnings: * Naspers and Prosus release their fiscal year-end results. The performance of these tech giants will shed light on the health of the technology sector. Political and Regulatory: * Ethiopia: Ceasefire talks between the Ethiopian government and Tigrayan rebels are ongoing. A positive outcome would reduce political uncertainty and potentially boost investor sentiment. * Nigeria: The Central Bank of Nigeria (CBN) may announce further measures to stabilize the naira, which has been facing devaluation pressure. Commodity Markets: * Oil: OPEC and its allies will hold their monthly meeting to review production levels. Any adjustments to production quotas could impact oil prices, which have been trending lower recently. * Gold: The price of gold will continue to be influenced by global economic uncertainty and geopolitical tensions. Other Factors: * Global Economic Outlook: The latest economic data from major economies such as the US and China will have implications for African markets, particularly those that export commodities. * Risk Appetite: Investor risk appetite will play a role in determining the direction of African equity markets. * Currency Volatility: African currencies are expected to remain volatile against major currencies, with potential implications for trade and investment.World Oil Prices and South African MarketsWorld Oil Prices and South African Markets World Oil Prices Oil prices declined on Monday, snapping a four-week rally. This decline was prompted by the prospect of a potential ceasefire agreement in Gaza, which has eased geopolitical tensions in the Middle East. Additionally, investors are evaluating the possible impact of Tropical Storm Beryl on energy supplies in the United States. South African Markets South Africa’s rand witnessed further gains against a weaker dollar on Friday. This appreciation was fueled by expectations that the Federal Reserve may reduce interest rates later this year.African Markets: Factors to Watch on July 8 Economic Data: * Egypt: Inflation rate for June * South Africa: Budget balance for May * Nigeria: GDP growth for Q1 2023 Company Earnings: * Naspers (South Africa): Full-year financial results * Dangote Cement (Nigeria): Half-year financial results * MTN Group (South Africa): Quarterly financial update Political and Economic Developments: * Ongoing peace talks in Ethiopia * Election results in Zambia * Developments in the DRC’s political crisis Global Factors: * US interest rate decision * Developments in the Ukraine war * Economic data from key global markets Commodities: * Movements in oil prices * Gold and platinum prices * Agricultural commodity prices Market Sentiment: * Investor sentiment towards African markets * Impact of global geopolitical risks * Expectations for central bank policy Analyst Expectations: * Analysts expect inflation in Egypt to remain elevated but to ease slightly. * South Africa’s budget balance is expected to improve due to higher tax revenue. * Naspers is expected to report a strong performance driven by its e-commerce operations. * MTN Group is expected to maintain its growth momentum in key markets. * Global factors and geopolitical risks will continue to influence market sentiment. * Investors are cautiously optimistic about African markets in the medium term.