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...
Business sentiment in Kenya bounces back to 62.1 in November, from 53.4 in October
• Rising external demand and easier credit availability help lift business sentiment
• The approach of the festive season may be providing a significant lift to ind...
• The Standard Chartered MNI Business Sentiment Indicator declined to 53.4 in October
• This followed a surge to a series high of 65.3 in September, most likely driven by seasonal factors
• Nonetheless, the findings are still consistent with an ...
• Pricing on eurobond reflects favourable sentiment towards the sovereign
• Business confidence appears robust, pointing to a likely growth acceleration
• The MPC has pledged to pursue a tightening bias through the use of OMOs...
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