Kenya: Anti-government protests resume with police firing tear gas
Anti-government protests resumed in Kenya on May 2, with police firing tear gas to disperse crowds. The demonstrations were held in several cities across the country and were organized by opposition groups calling for the resignation of President Uhuru Kenyatta, accusing him of corruption and mismanagement. Protests have become frequent in Kenya since the disputed presidential elections in 2017. Police have been criticized by human rights groups for using excessive force to disperse protesters.
South Africa: Factory activity contracts less in April – ABSA PMI
South Africa’s factory activity contracted less in April, according to the ABSA Purchasing Manager’s Index (PMI). The index rose to 56.2 points in April from 52.4 in March, indicating a slower rate of contraction. However, the factory activity index has remained below the key 50 point mark since last July, reflecting ongoing economic challenges for the country. The PMI measures the activity level of purchasing managers in the manufacturing sector and is an important indicator of economic health.
Sudan: Over 100,000 refugees crossed to neighboring countries – UN
The UN has reported that over 100,000 refugees have crossed from Sudan to neighboring countries. The recent conflict in Sudan has resulted in a flood of refugees fleeing the violence and seeking safety across the borders. The UN refugee agency has been working to support the refugees and aid in their resettlement. The refugees come from both Sudanese as well as foreign populations who have been affected by the conflict.
Japan and South Africa: Yen sinks 15-year low vs euro, dovish BOJ contrasts with ECB
The yen has dropped to a 15-year low against the euro, reflecting a dovish stance by the Bank of Japan (BOJ) in contrast to the European Central Bank (ECB). The BOJ has maintained its ultra-loose monetary policy, while the ECB has indicated that it may scale back its bond-buying program in response to rising inflation. The weaker yen is seen as a sign of Japan’s flagging economy, which has struggled with deflation and weak growth for many years.
Global Markets: Stocks fall; oil slips on weak China demand fears
Stocks fell in global markets on May 2, with investors concerned about weak economic data from China. The rising number of Covid-19 cases in India and Japan also weighed on markets. Meanwhile, oil prices slipped amid concerns over weak demand from China, the world’s largest importer of oil. The ongoing Covid-19 pandemic has disrupted global trade and caused significant economic challenges for many countries.
South Africa: Rand up slightly; focus on local PMIs and Fed this week
The South African rand rose slightly on May 2, amid global economic concerns and a focus on local purchasing managers’ indices (PMIs) as well as the US Federal Reserve’s upcoming meeting. The PMIs measure the activity level of purchasing managers in the manufacturing sector and are an important indicator of economic health. The rand has been volatile in recent months, reflecting the ongoing challenges facing the South African economy.
Global Markets: Oil falls as economic fears weigh against potential crude draw
Oil prices fell on May 2 amid concerns over weak economic data from China and other major economies. The fear of a potential crude draw was outweighed by concerns over weak demand and rising supply. However, there was some hope that the global economic recovery could still support a rebound in oil prices, as countries begin to lift Covid-19 restrictions and return to pre-pandemic economic activity levels.
US: World Bank nominee Banga set for vote on Wednesday after 4-hour interview
World Bank nominee Anshula Kant Banga is set for a vote on May 5, after a four-hour interview with the Senate Foreign Relations Committee. Banga, who has served as the chief financial officer of the World Bank, has been nominated for the position of managing director of the International Monetary Fund. The IMF is responsible for promoting global economic cooperation and addressing global economic challenges. Banga’s nomination is expected to be closely watched by the financial community and economists worldwide.
African Boulevard News – (2023-05-02)