South African Markets - Factors to watch on Oct 16

JOHANNESBURG, Oct 16 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Thursday.

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GLOBAL MARKETS

A warning of tough times ahead by Fed Chairman Ben Bernanke sent global markets sharply lower, with Tokyo shares tumbling 10 percent on Thursday, as investors brace for looming recession.

Shrugging-off recent optimism about massive government efforts to prop up the global financial system, investors fled from stocks, commodities and other risky assets to the relative safety of cash.

The biggest monthly decline in U.S. retail sales in more than three years added to the gloom, with the price of oil falling to a new 13-month low below $73 on fears of a collapse in demand.

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SOUTH AFRICA ECONOMY

South Africa's central bank Governor Tito Mboweni said on Wednesday the weaker rand currency had erased the benefits of a lower oil price for inflation.

Mboweni also said the world was experiencing its worst financial crisis since the 1930, and needed a new global organisation because the International Monetary Fund was not policing developed countries.

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SOUTH AFRICAN MARKETS

South Africa's rand weakened as much as 4 percent on the dollar on Wednesday and stocks fell to their lowest closing level in more than 2 years as risk aversion deepened on renewed fears of a U.S. recession.

The Johannesburg Top-40 index of blue-chip stocks fell 7.54 percent to 18,584.01 points, erasing two days of robust gains to hit its lowest closing level since June 2006. The All-share index .JALSH fell 6.99 percent to 20,571.87 points.  Continued...