#Africa #Markets | 7 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global markets

  • Asia shares hover near 2-month low
  • Softer oil and copper as well as US policy uncertainty sap sentiment

Oil markets

  • U.S. oil edges up after drop in crude inventories, but soaring output weighs
  • U.S crude stocks down by 5.6 mln barrels at 448.1 mln
  • U.S. crude production rises 25,000 bpd to 9.71 mln
  • Gasoline stocks up 6.8 mln barrels, to 220.9 mln

Precious metals

  • Gold slips as dollar holds firm
  • Spot gold was down 0.1 pct at $1,262.50 an ounce (0053GMT), after hitting its lowest since Oct. 6 at $1,260.71 on Tuesday
  • U.S. gold futures were 0.1 pct lower at $1,265.30

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • South Africa gross gold & FX reserves (Nov-17) (est. $48.8B, prev. $48.9B) [fcst: $49.1B]
  • South Africa Mining production (Oct-17) (est. 4.2% yy, prev. -0.9%) [fcst: 5.8%]

Key African events or data releases yesterday
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • World Bank cuts Kenya’s 2017 economic growth estimate to 4.9 pct
  • US’ Tillerson to visit Africa in first quarter of 2018
  • Six arrested in Zambia in crackdown on illegal sale of foreign aid
  • Ivory Coast to retire 1,000 soldiers to slim down military
  • Malawi domestic debt rises to over 25 pct/GDP – finmin
  • World Bank approves $1.15 bln development policy loan for Egypt
  • Ivory Coast in talks with Hershey over cocoa products factory
  • South Africa’s ANC wants to avoid split after vote – senior official
  • Libya launches voter registration with election date unclear
  • MTN Ghana to sign 510 mln cedi syndicated loan via Ecobank
  • Nigeria replaces commander in fight against Boko Haram after six months
  • South Africa stocks fall as Steinhoff plummets, rand retreats
  • Nigeria police official defends unit against brutality accusations
  • Nigeria’s BUA asks president to intervene in Dangote mining feud
  • Uganda leader says supports extending presidential terms to seven years
  • Zimbabwe agrees first post-Mugabe loan deal with China
  • Eni says $4.7 bln Mozambique Coral South FLNG financing closed
  • South Africa’s Steinhoff bonds selloff on CEO resignation, accounting scandal
  • France’s Macron says to move on from Algeria’s colonial past
  • Nigeria aims to raise 100 bln naira at bond auction
  • Zambia lifts ban on night driving for truckers to ease cargo movement
  • Tanzania-Zambia railway halts copper transportation after strike
  • South Africa’s business confidence rises in November
  • Nigeria’s SEC to go ahead with forensic audit of Oando
  • Zimbabwe’s court again postpones former finmin’s bail hearing
  • Namibia’s central bank leaves lending rate unchanged at 6.75 pct
  • CEO of Kenya’s Uchumi Supermarkets resigns
  • Kenya shilling rises to 3-month high as investors eye local assets
  • Egypt to retain tariffs on steel rebar from China, Turkey and Ukraine for 5 years
  • South Africa’s Steinhoff Africa Retail appoints Leon Lourens as CEO
  • Mauritius inflation inches up 3.6 pct in November

N.B
Full story of above headlines are available on Reuters

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