Market News

Sept 9 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

EVENTS:

Ethiopia launches massive hydropower dam against bitter Egyptian opposition.

GLOBAL MARKETS

Asia stocks rose on Tuesday, buoyed by expectations of a U.S. rate cut as early as next week, even as political upheavals around the world kept currency and bond investors on edge.

WORLD OIL PRICES

Oil prices gained on Tuesday after OPEC+ decided to increase production by less than what market participants had anticipated, while concerns over tighter supply due to potential new sanctions on Russia continued to lend support.

SOUTH AFRICA MARKETS

The South African rand was stronger on Monday as markets awaited the release of local gross domestic product (GDP) figures for clues on the health of Africa’s largest economy.

ETHIOPIA DAM

Ethiopia officially inaugurates Africa’s largest hydroelectric dam on Tuesday, a project that will provide energy to millions of Ethiopians while deepening a rift with downstream Egypt that has unsettled the region.

IVORY COAST POLITICS

Former Credit Suisse chief Tidjane Thiam and former President Laurent Gbagbo are barred from contesting next month’s presidential election in Ivory Coast, although Gbagbo’s ex-wife, Simone Gbagbo, will be able to run, an official said on Monday.

((Compiled by Nairobi Newsroom))