Confirmed reports of major territorial gains for Ukraine in counter-offensive around Kharkiv. War exacerbated fuel and food inflation, and US dollar strength, but united most of the G7, NATO, EU. Maybe a decisive pivot but all outcomes still possible...

Forex: Loan inflows to provide support for the weakening Ghanaian cedi. Fixed Income: Fitch upgrades Mozambique’s credit rating as LNG boom bolsters the country’s fiscal outlook. Macroeconomic: Have global food prices really reached peaked?

Forex: The Zambian kwacha’s strength is limiting external price pressures. Fixed Income: Fitch flags concerns over Kenya’s fiscal consolidation plans. Macroeconomic: Botswana hikes interest rates for the third consecutive time.

Forex: Kenyan shilling set to remain on the back foot. Fixed Income: Egyptian Eurobonds rally after the CBE surprises markets by leaving interest rates on hold. Macroeconomic: Grain prices continue to fall as Ukraine increases exports.

Regional sovereign Eurobond market: Risk sentiments toward regional Eurobonds improved in July-22. AZERB 24 was the best performer of the month, followed by GEORGIA 26 among regional sovereign Eurobonds, with yields narrowing by 115.6bps and 78.2bps....

Global bonds rallied yesterday as recession risks intensified after the US posted a quarterly economic contraction for Q2. Zambia: Data from Zambia Statistics Agency showed that Zambia’s January to June copper exports fell by 0.4% y/y amid slowing gl...