REASSESSING DOWNSIDE RISKS Market participants appear to be getting more nervous about the global economic outlook. Latest Q2 GDP figures from the US show a mindblowing 32.9% contraction. Coupled with that are concerns about political risks if the result of the US election result, in key states, is less than decisive in less than 100 days' time. BOE POLICY AFTER THE “V-SHAPED” RECOVERY Next week Thursday, the Bank of England will announce its latest monetary policy decision

The Central Bank of Kenya (CBK) has kept rates on hold at 7%, noting that the previous cuts of 150bp this year alongside reductions in the cash reserve requirement ratio, was having the desired effect | The Kenyan shilling is trading slightly stronger this week mainly on the back of dollar weakness and and steady diaspora remittances The IMF has approved $4.3 billion in emergency support to South Africa to address the Covid-19 pandemic, the largest such disbursement to any

CONCERNS ABOUND FOR UK RETAILS SALES & CONSUMER CONFIDENCE This week saw much stronger-than-expected out-turns for June's Retail Sales and the July Manufacturing and Services PMIs, providing support for forecasts of a V-shaped recovery. Unfortunately, this was not enough to lift Sterling against the Euro. This is because, despite the positive June Retail Sales picture, there continues to be concerns about its sustainability given consumers’ concerns about both the virus and a