#Africa #Markets | 2 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji 

Global Markets

  • Dollar downtrodden after suffering worst year since 2003
  • Asian shares consolidate past gains as Japan takes holidays
  • Commodities benefit from dollar weakness, China demand

Oil Markets

  • Oil marks highest January opening price since 2014
  • Brent, WTI crude begin year above $60, 1st time since 2014
  • Ongoing OPEC supply cuts have lifted crude prices
  • Strong demand also supports, despite rising US output
  • US production capacity has reached 10mbpd – Rystad 

Precious metals

  • Gold begins 2018 on a firmer note on strong technicals
  • Spot gold rose 0.2 pct to $1,305 an ounce (0114GMT), having hit its highest since 26 Sept. at $1,307.63 earlier in the session
  • US gold futures inched down 0.2 pct to $1,307.20 an ounce

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

  • South Africa & Nigeria manufacturing PMI for December due
Time Data/Event Period Previous
0900GMT South Africa ABSA Manufacturing PMI Dec-17 48.6
1000GMT Nigeria Manufacturing PMI Dec-17 55.9

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

  • Congo forces kill at least seven during anti-government protests – UN
  • Tunisia raises fuel prices in push to reduce deficit
  • Sudan parliament passes 2018 budget with 2.4 pct deficit
  • Congo security forces shoot dead two men during anti-govt demos – HRW
  • Egypt to keep customs exchange rate at 16 pounds in January
  • Namibia’s foreign reserves hit 5-month low in November
  • Congo orders internet and SMS cut ahead of anti-govt demos
  • Mali’s Keita names ex-defence and foreign minister as PM
  • President-elect Weah says Liberia “open for business”, vows to fight corruption
  • Sudan announces state of emergency in Kassala, North Kurdufan – SUNA
  • Egypt sentences ex-President Mursi, 19 others to 3 years in jail for insulting judiciary
  • Zambia president orders military to help fight cholera spread
  • Congo Republic releases US citizen detained for nearly 2 years
  • Liberia’s Weah under pressure to deliver after election win
  • White House: Liberia transfer of power a “major milestone”
  • Kenya’s GDP growth at 4.4 pct in Q3 2017
  • Nigeria’s FX reserves up 10 pct in Nov
  • South Sudan military raids home of exiled former army chief
  • South Africa’s rand, stocks end 2017 on high note
  • Liberia VP Boakai concedes presidential race to soccer star Weah
  • Kenya’s inflation falls to 4.5 pct in December
  • Guinea gives go ahead to $2.8 bln Chinese bauxite, aluminium investments
  • Tanzania threatens to de-register churches who rap president from pulpit
  • African Export Import Bank says raised additional $121.2 mln through private placement
  • Tunisia trade deficit widens year-on-year by 23.5 pct in Nov
  • IMF sees Gabon GDP growth at 0.8 pct in 2017, rising to 2.7 pct in 2018
  • Algeria’s shale gas plans will take time, require tough reforms
  • South Africa’s top court rules parliament failed to hold Zuma to account over scandal
  • Uganda’s inflation down to 3.3 pct y/y in December
  • South Africa’s credit demand growth quickens to 6.45 pct in Nov

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

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