Reuters Africa Business

Wall Street ends sharply lower, Treasury yields slide as recession fears mount

25 Apr 2023

By Stephen Culp NEW YORK (Reuters) – U.S. stocks sold off, closing deep in negative territory, and Treasury yields dropped on Tuesday as disappointing earnings and soft economic data fueled recession fears, sending investors fleeing for safe havens. All three major indexes ended the session down 1% or more, with the tech-laden Nasdaq plunging 2%, …

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South African rand slips as central bank warns on price pressures

25 Apr 2023

JOHANNESBURG (Reuters) -South Africa’s rand slipped on Tuesday against the dollar, as the central bank warned core inflation in the country remained elevated and a leading business cycle indicator fell. At 1530 GMT, the rand traded at 18.3825 against the dollar, about 1.35% weaker than its closing level on Monday. The dollar index, which measures …

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South Africa central bank says elevated core inflation weighing on prices outlook

25 Apr 2023

JOHANNESBURG (Reuters) – The South African Reserve Bank (SARB) said on Tuesday that headline inflation had peaked but core inflation remained elevated, putting upward pressure on the consumer prices outlook. The central bank in its April Monetary Policy Review said rolling power cuts also continued to slow growth, reiterating that they would shave off up …

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Congo state miner and China’s CMOC reach agreement on royalties

25 Apr 2023

(Reuters) – An agreement on royalties between Congo’s state miner and China’s CMOC has been reached, paving the way for the resumption of minerals exports from the world’s second largest cobalt mine, Congo’s finance minister said late on Monday. Copper and cobalt exports from Tenke Fungurume Mining (TFM) were suspended in July after an escalation …

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Morocco not planning currency band changes in near term – finance minister

25 Apr 2023

LONDON (Reuters) – Morocco is not planning any changes for now to its currency trading band, Finance Minister Nadia Fettah Alaoui said on Monday. Morocco began gradual currency market reforms in 2018 but has not made any significant changes since 2020 when it increased how much the dirham was allowed to fluctuate from a centrally …

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IMF approves immediate disbursement of about $153 million to Tanzania

25 Apr 2023

WASHINGTON (Reuters) -The executive board of the International Monetary Fund on Monday approved the first review of Tanzania’s three-year extended credit facility, allowing immediate disbursement of about $153 million in budgetary support, the IMF said in a statement. The IMF said Tanzania’s economic reform program is progressing well in a challenging global economic environment, but …

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U.S. stocks end mixed, Treasury yields dip with earnings, data on tap

24 Apr 2023

By Stephen Culp NEW YORK (Reuters) – Wall Street shuffled to a mixed close on Monday, with interest rate-sensitive momentum shares weighing on the Nasdaq and U.S. Treasury yields dipping as investors braced for a week of high-profile quarterly earnings and closely watched economic data. The benchmark S&P 500 and the Dow ended the session …

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Dollar slides as rate cuts priced in; yen falls ahead of BOJ meeting

24 Apr 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar fell to a more than one-week low against major currencies on Monday in generally thin trading, as investors continued to price in interest rate cuts this year by the Federal Reserve after a widely expected rate increase at next week’s policy meeting. The Japanese currency, on …

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