South African Markets - Factors to watch on Oct 23

JOHANNESBURG Oct 23 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Friday.

EVENTS

CAPE TOWN - UNEP Financial Initiative press conference where final message expected from its first African global roundtable meeting, which brought together international financiers and investors, ahead of Copenhagen climate summit in December. 0930 GMT

GLOBAL MARKETS

Asian shares nudged higher on Friday on the back of upbeat earnings reports from the United States and Asia while the dollar resumed a broad slide after a Fed official indicated U.S. interest rates would remain low.

Japan's Nikkei index rose 0.6 percent as exporters like Sony Corp (6758.T) gained, helped by optimism about the global economy and on a weaker yen JPY=. [ID:nLN134682]

SOUTH AFRICAN MARKETS

South Africa's rand reversed earlier sharp losses against the dollar on Thursday, which were partly triggered by a report -- later denied by the government -- that it planned to freeze the currency.

Blue-chip stocks ended slightly up, clocking a new 13-month high on the back of firmer commodities and a stronger Dow.

The Johannesburg Top-40 index .JTOPI rose 0.66 percent to 24,084 points, while the broader All-Share index .JALSH gained 0.63 percent to 26,6731.89 points. [ID:nLM663388]

COAL OF AFRICA (CZAJ.J)

South African miner Coal of Africa Ltd (CZA.L) (CZA.AX) said on Friday it had increased its stake to 80 percent in Limpopo Coal Company, which owns the Vele project. [ID:nWEA6383]

SOUTH AFRICAN ECONOMY

South Africa's central bank held rates steady on Thursday after a series of cuts this year aimed to spur an economy forecast to contract by around 2 percent in 2009.

Announcing the rates decision, Reserve Bank Governor Tito Mboweni -- in his final announcement as head of the bank -- also mocked a media report suggesting the rand may be frozen that had added to investors fears about a leftward shift in policy. [ID:nLM726988]

SOUTH AFRICAN BUDGET

South Africa's Treasury will likely follow a global trend next week in announcing a swelling budget deficit and sharply lower growth, just as investors grow wary of a possible shift in policy to the left. [ID:nLL105576]

GOLD XAU=

Spot gold hovered around $1,060 an ounce on Friday, after rising in the past two sessions, with investors focusing on the pace of the dollar's slide after it hit a new 14-month low versus the euro.

Gold XAU= edged up to $1,060.70 an ounce by 0315 GMT, compared with New York's notional close of $1,060.00. It is poised to rise 0.7 percent on the week, posting its fourth straight week of gains. [GOL/]

WALL STREET

U.S. stocks rose on Thursday after quarterly results from insurer Travelers and regional bank PNC Financial gave a boost to financial stocks.

Financials were among the top gainers after insurer Travelers Cos Inc (TRV.N) posted gains after it raised its full-year outlook and regional bank PNC Financial Services Group Inc (PNC.N) shares jumped 12.7 percent to $50.65 on far better-than-expected quarterly earnings. [.N]

EMERGING MARKETS

For the top emerging markets news, double click on [nTOPEMRG]

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Some of the main stories out of the South African press:

BUSINESS DAY

- No cut as Mboweni bows out of Bank

- Cabinet hikes age limit for grants to children

- Failed Xtrata (XTA.L) bids spur big shake-ups

- Implats (IMPJ.J) chief ousted in boardroom revolt

BUSINESS REPORT

- Claimed plan to peg rand causes jitters

- Mboweni signs off with rate hold; markets see future hike

- Anglo's (AGLJ.J) new business units to sever jobs, save 900 million rand a year

THE STAR

- Madiba-Congo spat erupts: Congo Republic's President upset by foundation's response to book

(Reporting by Serena Chaudhry)