African markets begin the week against a backdrop of shifting global oil prices, monetary-policy expectations, fiscal adjustments and security developments across the continent.

Global Markets

Asian share markets edged higher on Monday, supported by strong demand for artificial-intelligence infrastructure that continued to boost chipmakers. Oil prices eased as markets assessed signs that more crude was reaching global markets from the Middle East despite the ongoing Gulf conflict.

World Oil Prices

Oil prices fell to their lowest level in more than a week as investors watched for possible diplomatic developments around the Iran conflict during the UN meetings this week. Markets were also monitoring a partial recovery in Saudi Arabian oil shipments amid continued attacks by Yemen’s Houthis.

For African oil exporters, movements in global crude prices remain important for export revenues, government finances and foreign-exchange markets.

Africa Stocks

Investors will monitor African equities for developments in currencies, commodities, interest rates and company announcements.

South Africa Markets

The South African rand was broadly steady as investors turned their attention to upcoming inflation data and the South African Reserve Bank’s monetary-policy meeting, where markets were expecting an interest-rate increase.

The inflation figures could provide an important signal for the direction of monetary policy and the rand.

Uganda Budget

Uganda plans to reduce public spending by 6.2% in the 2027/28 financial year, running from July to June, as the government moves to reduce borrowing, according to the finance ministry.

The move highlights Kampala’s focus on fiscal consolidation as it manages borrowing requirements.

Somalia Security

The United States has agreed to give the United Nations another year to wind down its support for African peacekeepers in Somalia, according to a document.

The extension provides additional time for the peacekeeping mission as questions remain over its longer-term financing and security role.

Mozambique — IMF

Mozambique’s finance ministry said it hoped an IMF mission that concluded this week would help pave the way for a new support programme.

The IMF indicated that additional reforms may be required before a new programme can move forward.

Nigeria — Security

Authorities imposed an overnight curfew in Minna, central Nigeria, after security forces opened fire during protests over the deaths of 37 detainees held by a paramilitary force.

The development adds to security concerns in Niger State and could affect local economic activity and movement.

West Africa Crude

Angola is scheduled to export fewer crude-oil cargoes in November than in October, according to a preliminary loading programme.

The reduction will be closely watched by West African crude buyers and the wider global oil market.

Source: Reuters