South African Markets - Factors to watch on May 22

JOHANNESBURG, May 22 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Friday.

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GLOBAL MARKETS

The dollar fell on Friday to its weakest in almost five months against major currencies on investor worries that the United States would lose its AAA rating, though Asian stocks headed for a solid weekly gain.

In Japan, exporters' shares such as Canon (7751.T) fell amid worries about the strengthening yen eating into profits earned abroad, leaving the Nikkei average .N225 flat on the day.

Elsewhere, the MSCI index for Asian stocks outside Japan .MIAPJ0000PUS still rose 0.4 percent, putting it on track for a about a 4.5 percent gain for the week.

For a story, please double click on [ID:nLM598789]

SOUTH AFRICAN MARKETS

South African stocks faltered on Thursday, weighed down by risk aversion after Standard & Poor's warned it could downgrade Britain's credit rating and the U.S. Fed cut its economic outlook.

The Johannesburg bourse recoiled more than 3 percent, snapping a five session winning streak as global markets retreate, but the rand staged a late comeback, partly on a higher gold price.

The JSE Top-40 index of blue chips .JTOPI ended 3.13 percent lower at 19,898.20 points, after rising to the best level in more than four months on Wednesday. The broader All-share index .JASLH retreated 2.9 percent to 22,015.59 points.

For Thursday's South African financial markets closing report, double click on [ID:nLL668459]

SOUTH AFRICAN ECONOMY

South Africa faces a sharp downturn after a prolonged boom and is responding with counter-cyclical measures to boost growth, Treasury Director-General Lesetja Kganyago said on Thursday.But he said the government must manage its borrowing carefully to avoid overburdening the country with debt.