#Africa #Markets | 29 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global markets

  • Bumper year for stocks and commodities, downer for the dollar
  • Asia stocks ex-Japan up a third in value for 2017
  • Dollar on track for biggest annual loss since 2003
  • Copper heading for largest gain since 2009 as commodities fly

Oil markets

  • US oil prices climb to highest since mid-2015 on surprise output drop
  • US WTI crude jumps back above $60 per barrel
  • US output falls to 9.754 million bpd
  • Most analysts saw output reaching 10 mln bpd by year-end
  • Ongoing OPEC/Russia production cuts support Brent

Precious metals

  • Gold set for best year since 2010
  • Spot gold was little changed at $1,294.70 an ounce (0041GMT), having hit its highest since 29 Nov. at $1,295.21 in the previous session
  • US gold futures were steady at $1,296.80 an ounce

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

  • South Africa’s top court to rule on Zuma impeachment motion today (29 Dec)
  • South Africa M3, PSCE data for Nov. expected
  • Kenya, Uganda inflation data for Dec. may also be released
Time Data/Event Period Actual 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%
Kenya Inflation YoY (MoM) Dec-17 4.7% (-0.2%) 4.0% (0.0%)
Uganda Inflation YoY (MoM) Dec-17 4.0% (-0.2%) 3.0% (0.2%)
Zambia Inflation YoY (MoM) Dec-17 6.3% (1.4%) 6.2% (0.8%)

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

  • Tunisia annual inflation rises to 6.3 pct in Nov, key rate unchanged
  • Libya oil company to fix blown-up pipeline in “very few” days
  • Italy aims to send up to 470 troops to Niger to curb people-smuggling
  • Egypt’s central bank keeps key interest rates unchanged
  • Eastern Libyan forces say they fully control Benghazi
  • Cocoa, sugar, coffee march higher on short-covering
  • Soccer star George Weah wins Liberian presidential election
  • Algeria’s shale gas plans will take time, require tough reforms
  • Sudan, Saudi Arabia to restore banking ties
  • Namibian deputy prime minister survives crash that killed three
  • Yields on Kenya’s 91-day, 182-day and 364-day T-bills rise at auction
  • Main African currencies seen steady amid slow holiday trading
  • Zimbabwe’s ex-army boss sworn in as Mugabe gets diplomat’s rights
  • South Africa’s top court to rule on Zuma impeachment motion Friday
  • South Africa trade surplus soars to 13 bln rand in November
  • Uganda shilling weaknes on uptick in demand by commercial banks
  • Rwanda central bank trims key repo rate to 5.5 pct from 6 pct
  • Moody’s downgrades South Africa’s Steinhoff to CAA1 corporate family rating
  • Kenya shilling weak due to dollar demand from oil importers
  • Zambia’s inflation slows to 6.1 pct y/y in December
  • South Africa’s MTN assigns $231 mln shareholder loan to African phone tower group
  • South Africa’s rand hits 2-1/2 year high on bet on leadership change
  • Yields on Ugandan Treasury bonds fall at auction

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

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