The Editorial Team |

South Africa’s Mminele Downplays Chance of Imminent Rate Cuts

JOHANNESBURG (Capital Markets in Africa) – Uncertainty limits the opportunity for rate cuts in South Africa even as inflation remains within the central bank’s target band, according to Deputy Governor Daniel Mminele. The bank unexpectedly kept its key rate unchanged at 6.75 percent at its last policy meeting in September, concerned about higher inflation expectations. Price growth quickened to 4.8 percent in August, its fifth month within the central bank’s target range of 3 percent to 6 percent. “Amid…

Richemont Signals Worst Is Over for High-End Watch Market

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LAGOS (Capital Markets in Africa) – The worst is over in the high-end Swiss watch market, if a 45 percent gain in profit at luxury-goods maker Richemont is any indication. The surge in first-half earnings came as retail inventories return to normal following Richmond’s repurchase of excess stock last year, the Geneva-based owner of Cartier and Montblanc said Tuesday in an unscheduled announcement. The shares approached a two-year high in Zurich, and their 33 percent year-to-date gain has…

Iron Ore Seen Back in $40s as China Challenges Loom in 2018

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LAGOS (Capital Markets in Africa) Iron ore may get a reprieve for the remainder of this year before tougher times return in 2018, according to Schroders Plc, which says the raw material may sink back below $50 a metric ton as the effect of credit-led stimulus in China wears off and demand concerns resurface in the top user. “The underlying supply and demand is pretty negative, so over a decent time period we wouldn’t be surprised to…

Kenya Opposition Suspends Vote Protests as Supporters Killed

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NAIROBI (Capital Markets in Africa) – Kenya’s main opposition group suspended protests calling for electoral reform as it accused the government of deliberately targeting supporters in a series of killings since the country’s annulled presidential election in August. The death of a student in the western city of Kisumu on Monday was the latest in a series of murders as the country gears up for a rerun of the election next week, National Super Alliance…

EU Is Said to Seek a Road Map for Future U.K. Deal by December

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LONDON (Capital Markets in Africa) – European Union countries are seeking to complete preparatory work on a future relationship with the U.K. before the end of the year, in a move intended to keep hope alive for Theresa May’s government as Brexit negotiations stall. The European Council, which represents member states, will start working with the European Commission as soon as this month on the key points, according to an EU government official familiar with the matter. The plan…

Franco-German Brexit Stance Is Said to Have Broad EU Support

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LONDON (Capital Markets in Africa) – Germany and France insist they’re not alone in refusing British pleas to move ahead with Brexit talks, as they lay the blame for the impasse with Prime Minister Theresa May’s government. Officials in Berlin and Paris said their stance in negotiations is no tougher than that of other member states. Even though the bloc’s positions have been unanimously agreed, there is a concern in the German government that some countries…

Nigeria Inflation Little Changed in September as Food Costs Rise

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LAGOS (Capital Markets in Africa) – Nigerian inflation was little changed in September as food prices continued to rise, limiting the scope for the central bank to ease policy before the end of the year. The inflation rate in Africa’s most-populous nation decreased to 15.98 percent from 16.01 percent in August, the Abuja-based National Bureau of Statistics said in an e-mailed report on Tuesday. That was in line with the median of 13 economists’ estimates compiled by Bloomberg. Prices rose…

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