South African Markets - Factors to watch on June 2

JOHANNESBURG, June 2 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.

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GLOBAL MARKETS

Improving global manufacturing data lifted Asian shares on Tuesday, bringing a regional index near to levels before the collapse of Lehman Brothers in September, but the pace of gains slowed as investors weighed how much longer a heady, three-month rally will last.

The gains come after reports on Monday showed contractions in manufacturing activity in the United States, the euro zone and the United Kingdom last month had eased, while China saw factory activity expanding for a third consecutive month. [ID:nSP428779]

For a story, please double click on [ID:nL2317921]

SOUTH AFRICAN POLITICS

A major South African trade union on Monday threatened mass strikes for bigger interest rate cuts after the ruling ANC cautioned that labour unrest could deepen the country's first recession in 17 years.

For a story, double click on [ID:nL1561027]

SOUTH AFRICAN ECONOMY

South Africa's rand may be "on the strong side" and its current levels might be unwelcome for the economy in general, central bank Governor Tito Mboweni said on Monday.

For a story, double click on [ID:nBEL131817]

SOUTH AFRICAN MARKETS

South African stocks climbed to an 8-month high, led by heavyweight commodity shares and boosted by higher global markets, but the rand lost ground after the central bank warned the currency may be too strong.

The JSE Top-40 index of blue chips .JTOPI jumped 3.63 percent to 21,354.34 points, a level last seen on Oct. 2 last year. The broader All-share index gained 3.42 percent to 23,548.65 points.

For Monday's South African financial markets closing report, double click on [ID:nL144515]

ADCOCK INGRAM (AIPJ.J)

South Africa's No.2 drug maker Adcock Ingram (AIPJ.J) scrapped its plan to buy rival Cipla Medpro SA (CMPJ.J) on Tuesday after CMSA's drug supplier threatened to cancel the supply agreement.

Adcock Ingram also posted an 18 percent rise to 204.8 cents in first-half headline EPS.

For a story, double click on [ID:nL2353460]

HARMONY (HARJ.J)

At least 36 illegal miners have been killed in an underground fire at a disused gold mine in South Africa and it is too dangerous to search for more bodies, Harmony Gold Mining Co. (HARJ.J) said on Monday.

For a story, double click on [ID:nL1734672]

GENERAL MOTORS SOUTH AFRICA

The South African unit of General Motors GM.N would not be affected by its parent's bankruptcy filing, a senior official at General Motors South Africa said on Monday.

For a story, double click on [ID:nL1105946]

GOLD XAU=

Gold was steady on Tuesday as investors continued to track moves in the dollar, with the metal remaining within striking distance of the key $1,000-an-ounce mark.

Bullion touched $988.50 on Monday, the highest level since February 24, as strong U.S. data reduced safe-haven demand for the dollar pushing it to its lowest level this year against the euro and a basket of currencies.

For the latest precious metals report, double click on [GOL/]

WALL STREET

U.S. stocks rose on Monday, sending the S&P 500 to its highest close in seven months, as reassuring economic data reinforced hopes that demand will stabilize, while General Motors'GM.N long-expected bankruptcy filing ended uncertainty about the automaker's fate.

Data showing that the U.S. manufacturing sector contracted in May at a slower rate than expected fueled hopes the U.S. recession that began in December 2007 is moderating. (For details, double-click [ID:nN01259240]

For the New York stock market report, double click on [.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

- Judges order Judicial Services Commission to start Western Cape province Judge President John Hlophe's hearing from scratch

- S.Africa Reserve Bank governor Tito Mboweni in bid to talk down currency

- U.S. President Barack Obama takes a big gamble on GM

BUSINESS REPORT

- Oil leads commodities recovery

- Raw materials hike puts policy makers in a pickle

- Tongaat Hulett (TONJ.J) heads for land clash with state

THE STAR

- MEC in murky Merc deal: questions raised after 1 million rand official vehicle stolen at couple's home

- South African on ill-fated Air France flight

- Dozens of illegal miners die in fire (Reporting by Serena Chaudhry)