Market news factors Nov. 26, 2017

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NAIROBI, Nov 27 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Monday.
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GLOBAL MARKETS
Asian stocks gave back earlier modest gains and fell back
from a decade high on Monday, weighed by weakness in the
Chinese and South Korean markets, while the euro reached a
two-month top against the dollar.

WORLD OIL PRICES
U.S. oil prices dipped on Monday, easing from two-year highs
on the prospect of increased U.S. output, although global
markets were slightly better supported by expectations an
OPEC-led supply cut will be extended.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
South Africa’s rand was weaker against the dollar on
Thursday ahead of ratings decisions that could see the
country’s debt downgraded to junk and kicked-out of global
indices, triggering a massive selloff of local
assets.

SOUTH AFRICA ECONOMY
S&P Global Ratings downgraded South African local currency
debt to “junk” territory on Friday, citing a further
deterioration in the country’s economic outlook and public
finances, sending the rand tumbling.

KENYA CURRENCY
The Kenyan shilling <KES= was stable against the dollar on
Friday, with demand from fuel importers matched by purchases
of stock and government debt by offshore investors, traders
said.

EGYPT ATTACK TO SPUR SUNNI ALLIANCE
Saudi Arabia’s powerful Crown Prince Mohammed bin Salman
said on Sunday an attack on an Egyptian mosque that killed
more than 300 worshippers would galvanise an Islamic
military coalition that aimed to counter “terrorism and
extremism”.

ALGERIA BUDGET
Algeria’s lower house of parliament on Sunday approved
increases in subsidised gasoline and diesel prices for the
third straight year as part of the 2018 budget, amid
government attempts to compensate for a sharp fall in oil
and gas revenues.

ZIMBABWE SPECIAL REPORT ON MUGABE’S DOWNFALL
Inside State House in Harare, Robert Mugabe was in the
tightest spot of his 37-year rule. Tanks were on the streets
and troops had occupied the state broadcaster, from where
the army had announced it had taken control of Zimbabwe.