Market Strategy Update: Bearish Equities, Cautious FX

As we head into the final months of the year, we see little to like in Sub-Saharan African (SSA) financial markets. The external environment is increasingly inhospitable with the US economy stagnating and the eurozone at risk of severe upheaval, boding ill for trade and investment inflows into the region. On the domestic front, too, there are a number of concerns ranging from confusing monetary policy in Kenya, to uncertainties surrounding the September 20 presidential election in Zambia. In broad terms, we are bearish equities, cautious FX and neutral fixed income

To read the full article, please choose one of the following options: