#Africa #Markets | 28 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global markets

  • Asian shares at 1-mth highs
  • Copper stays near 4-yr peak
  • MSCI ex-Japan up 32 pct in 2017, best showing since 2009
  • MSCI world equity index near record highs, up 21.5 pct YTD
  • Copper, gold strength props commodity currencies higher
  • Dollar slips as US Treasury yields come off recent highs

Oil markets

  • Oil prices near 2015 highs on tight market
  • Brent, WTI crude both near mid-2015 highs
  • OPEC, Russian led supply cuts prop up prices
  • Libya, North Sea pipeline outages also support crude
  • But both pipelines due to return in January
  • Soaring US oil production undermines efforts to cut supplies

Precious metals

  • Gold holds steady as dollar remains subdued
  • Spot gold was little changed at $1,287.80 an ounce (0051GMT), having its highest since 1 Dec. at $1,289 in the previous session
  • US gold futures were steady at $1,291.20 an ounce

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

  • Preliminary election results of Liberian runoff presidential poll expected today
  • Ex-army chief Chiwenga to be sworn-in as Zimbabwean vice-president today
  • South Africa M3, PSCE and trade data due
Time Data/Event Period Previous Consensus Forecast
0600GMT South Africa M3 Money Supply YoY Nov-17 5.0% 6.5% 6.0%
0600GMT South Africa Private Sector Credit YoY Nov-17 5.4% 5.9% 5.5%
1200GMT South Africa Balance of Trade Nov-17 ZAR4.56B ZAR1.3B

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

  • Liberia presidential camps offer duelling predictions before first results
  • New South Africa soda tax could hurt US beverage exports – USDA
  • Libya needs a week to repair blown-up oil pipeline – NOC
  • Nigeria says US agrees delayed $593 mln fighter plane sale
  • Congo Republic to cut 2018 spending by 9 pct as growth lags
  • Libya puts 142 migrants on plane back to Guinea
  • Ghana stock exchange says three firms on delisting watch list
  • Eastern Libyan force says “terrorist group” probably responsible for pipe explosion
  • Weah’s camp says he set to win Liberia presidential election
  • Ex-army boss to be sworn in as Zimbabwe vice president
  • Jailed Cameroon writer who criticised government to be expelled – lawyer
  • South Africa November budget deficit 15 billion rand
  • Offshore investors net buyers of South African stocks, bonds

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

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