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.

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BHP BILLITON (BILJ.J)

Global miner BHP Billiton Ltd (BHP.AX) (BLT.L) is looking to develop a uranium mine in western Australia, a BHP spokesman said on Friday, confirming a newspaper report.

"It is at a very early stage and is conditional on a number of approvals," said spokesman Illtud Harri.

For story double click on [ID:nSYU006570]

BLUE FINANCIAL SERVICES (BFSJ.J)

Blue Financial Services Ltd said on Thursday headline earnings per share rose 5.5 percent to 12.96 cents per share for the year to end February.

Its loan book increased by 201 percent to 1.45 billion rand ($173.4 million) and said it was well positioned to maintain its strong growth path through expansion into new geographies.

For story double click on [ID:nWEA3835]

ESKOM [ESCJ.UL]

South Africa's state-owned utility Eskom said it had received a 530 million euros ($730.6 million) loan from seven European banks to help pay for its Medupi power plant.

A senior official at Eskom said separately South Africa plans to secure a buffer of 2,000 megawatts to ensure a blackout-free World Cup next year.

For story double click on [ID:nLL175100] and [ID:nLL970363]

NAMPAK (NPKJ.J)

Africa's biggest packaging firm, Nampak, expects no sharp upturn in business in the coming months after a tough first half as it struggles to find buyers for assets it wants to sell under a turnaround plan.

Nampak, which supplies plastic milk bottles to Britain and operates in 12 African countries, posted a 39.1 percent drop in first-half profit on Thursday due to fair value adjustments on foreign exchange contracts, and said trading since the start of April had been quiet.

For story double click on [ID:nLL451966]

GOLD XAU=

Gold held steady on Friday near a two-month high, with investors turning to the safe-haven asset as the dollar remained weak and as U.S. data on jobless claims and business conditions dented hopes for a quick return to growth.

Spot gold XAU= was steady at $952.65 per ounce at 0242 GMT, little changed from New York's notional close of $953.40. Gold rose as high as $955.95 on Thursday, its highest since March 23. In March, gold prices rose as high as $966.

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

WALL STREET

U.S. stocks slid in a broad sell-off on Thursday as investors, concerned about the U.S. budget deficit, exited dollar-denominated assets across the board.

The Dow Jones industrial average .DJI dropped 129.91 points, or 1.54 percent, to 8,292.13. The Standard & Poor's 500 Index .SPX fell 15.14 points, or 1.68 percent, to 888.33. The Nasdaq Composite Index .IXIC lost 32.59 points, or 1.89 percent, to 1,695.25.

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

- South Africa's powerful trade union federation COSATU warns ANC of "uncontrollable strikes"

- JSE (JSEJ.J) hit as recovery doubts grip global markets

- Treasury chief warns on jobs and poverty-relief targets

BUSINESS REPORT

- Ministries' battle lines drawn

- Minister of National Planning Trevor Manuel urges economic boost

THE STAR

- Struggle veteran to lead "new Scorpions"

(Reporting by Gugulakhe Lourie)