BSI was unchanged in May at 66.9, still consistent with robust growth
• However, future expectations softened, as 13 of 15 indicators fell
• May production rose and stayed close to series-highs, but new orders and export orders were down
• CBK me...
Kenya’s BSI has continued to improve, rising to 66.9 in April from 60.6 in March
• Domestic demand appears to be strong: New orders, production and order backlogs increased in April
• Firms continued to report greater credit availability; the indi...
Kenya’s BSI rebounds strongly in March to 60.6 from 47.0 in February
• Sentiment is more positive across the board – 12 of the 15 current conditions indicators rose in March
• Kenyan demand is accelerating; both production and new orders rise str...
Kenya’s BSI continued its correction in February
• February BSI fell to a series low of 47.0, from 58.5 in January
• Three-month BSI average is still above 50, indicating expansion...
Top 3 data/events
• Hong Kong – January exports probably stayed soft
• Kenya – CBK expected to keep rates on hold, despite deflation
• Japan – Key January data to show recovery; inflation likely slowed
• Market focus
• China’s onshore FX marke...
Kenya’s BSI Index corrected in January after a strong holiday season
• January BSI fell to 58.5 from a series high of 69.1 in December
• Seasonal effects aside, the trend is favourable; three-month BSI continues to trend higher...
Nigeria: Oil-price weakness and FX outlook constrain offshore bid; bonds offer value onshore
• Ghana: GHS bonds look nominally attractive, despite FX, convertibility and investment-horizon risks
• Kenya: KES infrastructure bonds will likely contin...
Business sentiment in Kenya was 69.1 in December after 62.1 in November
• Stronger output and new orders helped boost business sentiment
• Holiday sales raised indicators significantly...
• Kenya will probably benefit from lower oil prices in the very near term
• Credit growth is healthy; rebasing has revealed a faster growth trend
• Issues around security and meaningful fiscal devolution must still be resolved...
GDP growth will likely remain robust in 2015; oil prices will be a key differentiator
• Interplay between domestic politics and resource taxation regimes will be closely watched
• Expectations of rising resource revenue have driven Eurobond issuan...
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